SURREY, BC — Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35% from September, and 37% year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

New listings declined in October, down 5% to 3,194, but increased 26% year-over-year. Overall inventory dipped in October to 8,799, down 3% from September, but up 34% over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15%. The market is considered to be balanced when the ratio is between 12% and 20%.

“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”

Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7% to $971,700.

MLS® HPI Benchmark Price Activity

• Single Family Detached : At $1,488,000, the Benchmark price for an FVREB single-family detached home decreased 0.9% compared to September 2024 and decreased 0.6% compared to October 2023.
• Townhomes : At $832,200, the Benchmark price for an FVREB townhome decreased 0.3% compared to September 2024 and decreased 1.4% compared to October 2023.
• Apartments : At $543,300, the Benchmark price for an FVREB apartment/condo decreased 0.3% compared to September 2024 and increased 0.1% compared to October 2023.

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Rising Home Sales A Sign of Market Shift in The Fraser Valley? by FVREB