New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley

Following a healthy boost in sales in October, Fraser Valley home sales dropped in November
as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but
28 per cent above November 2023 sales.
“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley
Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared
to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it,
growing buyer confidence.”

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 Baldev Gill, CEO of the Fraser Valley Real Estate Board. “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.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,482,600, the Benchmark price for an FVREB single-family detached
home decreased 0.4 per cent compared to October 2024 and decreased 0.1 per cent compared to
November 2023.
• Townhomes: At $835,100, the Benchmark price for an FVREB townhome increased 0.3 per cent
compared to October 2024 and decreased 0.2 per cent compared to November 2023.
• Apartments: At $536,100, the Benchmark price for an FVREB apartment/condo decreased 1.3 per
cent compared to October 2024 and decreased 1.2 per cent compared to November 2023.

For more stats and details, CLICK HERE.

Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024.

Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024.

Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024.

Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.

For more stats and details, CLICK HERE.

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.

For More local stats CLICK HERE

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 per cent from September, and 37 per cent 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 per cent to 3,194, but increased 26 per cent year-over-year.
Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent
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 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“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 per cent 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 per cent compared to September 2024 and decreased 0.6 per cent compared
to October 2023.
• Townhomes: At $832,200, the Benchmark price for an FVREB townhome decreased 0.3 per cent
compared to September 2024 and decreased 1.4 per cent compared to October 2023.
• Apartments: At $543,300, the Benchmark price for an FVREB apartment/condo decreased 0.3 per
cent compared to September 2024 and increased 0.1 per cent compared to October 2023.

For more Fraser Valley stats CLICK HERE

With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley. “With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley. “We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell. Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

MLS® HPI Benchmark Price Activity • Single Family Detached: At $1,501,100, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to August 2024 and decreased 1.3 per cent compared to September 2023. • Townhomes: At $834,400, the Benchmark price for an FVREB townhome decreased 1.4 per cent compared to August 2024 and decreased 1.6 per cent compared to September 2023. • Apartments: At $545,000, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to August 2024 and increased 0.4 per cent compared to September 2023.

For more stats on the Fraser Valley market, CLICK HERE!

Home sales registered on the MLS® in Metro Vancouver declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled
1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September
2023. This was 26 per cent below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed strength in
demand in response to recent mortgage rate reductions, but the September figures don’t
offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and
data analytics said. “Sales continue trending roughly 25 per cent below the ten-year seasonal
average in the region, which, believe it or not, is a trend that has been in place for a few years
now. With the September data, sales are now tracking slightly below our forecast however,
but we remain optimistic sales will still end 2024 higher than 2023.”

There were 6,144 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a
12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was
also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is
24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the
healthy gains achieved over the course of this year, providing much more selection to anyone
searching for a home,” Lis said.

With all this choice available, prices have trended sideways for the past few months. The
September figures, however, are now showing modest declines across all segments on a
month over month basis. This downward pressure on prices is a result of sales not keeping
pace with the number of newly listed properties coming to market, which has now put the
overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this
year, and all signs pointing to further reductions, it’s not inconceivable that demand may still
pick up later this fall should buyers step off the sidelines.”

The MLS® Home Price Index composite benchmark price for all residential properties in
Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over
September 2023 and a 1.4 per cent decrease compared to August 2024.

Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.

Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease
compared to the 988 sales in September 2023. The benchmark price of an apartment home is
$762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent
decrease compared to August 2024.

Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to
the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This
represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease
compared to August 2024.

For more stats and details, CLICK HERE!

– Home sales registered on the MLS® in Metro
Vancouver remained below their ten-year seasonal averages in August as summer holidays
come to a close.
Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled
1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023.
This total was also 26 per cent below the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In
this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and
data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20 per
cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of
higher borrowing costs, despite two recent quarter percentage point reductions to the policy
rate this summer.”

There were 4,109 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2 per
cent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 per
cent below the 10-year seasonal average (4,179).

The total number of properties currently listed for sale on the MLS® system in Metro
Vancouver is 13,812, a 37 per cent increase compared to August 2023 (10,082). This total is
also 20.8 per cent above the 10-year seasonal average (11,432).

Across all detached, attached and apartment property types, the sales-to-active listings ratio
for August 2024 is 14.3 per cent. By property type, the ratio is 9.6 per cent for detached
homes, 18 per cent for attached, and 17.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers
that is in line with historical averages, has allowed inventory to accumulate for a number of
months and has moved the market firmly into balanced conditions,” Lis said.
“With the Bank of Canada’s decision to reduce the policy rate today by another quarter 

percentage point, and with September being a month that typically sees an increase in sales
from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines.
We will watch the upcoming September data to see whether they decide to show up.”
The MLS® Home Price Index composite benchmark price for all residential properties in
Metro Vancouver is currently $1,195,900. This represents a 0.9 per cent decrease over August
2023 and a 0.1
3 per cent decrease compared to July 2024.
Sales of detached homes in August 2024 reached 509, a 13.9 per cent decrease from the 591
detached sales recorded in August 2023. The benchmark price for a detached home is
$2,048,400. This represents a 1.8 per cent increase from August 2023 and a 0.1 per cent
decrease compared to July 2024.
Sales of apartment homes reached 1,012 in August 2024, a 20.3 per cent decrease compared
to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200.
This represents a 0.1 per cent decrease from August 2023 and is unchanged compared to
July 2024.
Attached home sales in August 2024 totalled 370, a 12.3 per cent decrease compared to the
422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a
0.8 per cent increase from August 2023 and a 0.5 per cent decrease compared to July 2024.

For more details and stats, CLICK HERE.

The Fraser Valley residential resale market slowed again in August, as homebuyers continue
to face affordability challenges.
The Fraser Valley Real Estate Board recorded 1,067 sales in August, down by 13 per cent over last month
and by 30 per cent over the 10-year seasonal average. August sales were the second slowest seasonally
adjusted sales in a decade.
Inventory levels in the Fraser Valley dipped slightly in August with active listings at 8,626, down one per
cent from July, but 37 per cent higher than August 2023.
“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall
affordability challenges in BC,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “With prices
for single-family homes, townhouses and condos holding relatively flat year-over-year, many continue to
face challenges buying their first home or moving up in the market, as reflected in seasonally slow August
sales.”
New listings dropped nearly 20 per cent in August, to 2,778. With a sales-to-active listings ratio of 12 per
cent, overall market conditions are just shy of a buyer’s market. The market is considered balanced when
the ratio is between 12 per cent and 20 per cent. The last time the Fraser Valley dipped into buyer’s market
territory was spring 2020.
“Buyers continue to wait on the sidelines in anticipation of more cuts to the Bank of Canada’s policy rate,”
said FVREB CEO Baldev Gill. “However, we encourage anyone looking to get into the market to speak with
their REALTOR® and lending professional to fully understand where interest rates may be heading in the
coming months to determine the optimal long-term strategy.”
Across the Fraser Valley in August, the average number of days to sell a single-family detached home was
33, while for a condo it was 32. Townhomes took, on average, 28 days to sell.
Benchmark prices in the Fraser Valley dipped again in August, with the composite Benchmark price at
$992,800.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,523,500, the Benchmark price for an FVREB single-family detached
home decreased 0.4 per cent compared to July 2024 and decreased 0.4 per cent compared to
August 2023.
• Townhomes: At $846,300, the Benchmark price for an FVREB townhome decreased 0.3 per cent
compared to July 2024 and increased 0.1 per cent compared to August 2023.
• Apartments: At $546,200, the Benchmark price for an FVREB apartment/condo decreased 0.9 per
cent compared to July 2024 and decreased 0.8 per cent compared to August 2023.

For more stats, CLICK HERE.

New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley

Following a healthy boost in sales in October, Fraser Valley home sales dropped in November
as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded...