Housing Market Snapshot
On the heels of a surge in sales in October, home sales in the Fraser Valley slowed in November with the Fraser Valley Real Estate Board recording 1,136 sales, down 15 per cent from October, but 28 per cent above November 2023 sales — “a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence,” according to FVREB Chair, Jeff Chadha.
A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said FVREB CEO, Baldev Gill. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”
Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell. Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.
