SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, a drop of 8% from the previous month, representing the 9th slowest November in a decade.

At 2,030 new listings also fell again, decreasing by 20% from October and by 43% since peaking in May at 3,533.

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

Active listings in November were 6,254, down by 5% over last month and up by 17% over November 2022. The sales-to-active listings ratio was 14%, creating balanced conditions in the overall market.

Detached houses are in balanced market territory at 12%, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12% and 20%.

“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR® who can provide expert advice and guidance.”

On average, properties spent approximately one month on the market, with single family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1% compared to October.

MLS® HPI Benchmark Price Activity

Single Family Detached : At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94% compared to October 2023 and increased 6.22% compared to November 2022.
Townhomes : At $837,200, the Benchmark price for an FVREB townhome decreased 0.95% compared to October 2023 and increased 5.08% compared to November 2022.
Apartments : At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02% compared to October 2023 and increased 5.60% compared to November 2022.

Click here to view the November 2023 stats package.

Home Sales Fall for Fifth Straight Month in The Fraser Valley by FVREB