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FVREB October 2023 Stats: Market Sales and Prices Down

SURREY, BC – Property sales and new listings in the Fraser Valley fell again in October as consumers
continued to put home buying and selling decisions on hold in the face of elevated interest rates.
The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in
October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-
month high of 1,935 sales recorded in June.
At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since
peaking in May at 3,533.
“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high
interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This
has been the case since the latter half of the year so far, and we anticipate the trend will continue until we
start to see some downward movement in the policy rate.”
Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over
October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall
market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is
considered balanced when the ratio is between 12 per cent and 20 per cent.
“As the market continues to adjust to the new rate realities, pricing and financing strategies become
critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest
comparative market data and neighbourhood insights, can be the key to determining optimal market
timing.”
Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to
September. See below for price changes by housing category.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached
home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared
to October 2022.
• Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent
compared to September 2023 and increased 4.7 per cent compared to October 2022.
• Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per
cent compared to September 2023 and increased 3.7 per cent compared to October 2022


For more stats and details,  CLICK HERE

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.