Fraser Valley real estate market weakens as sales and prices continue to edge downward

In October 2023, the Fraser Valley Real Estate Board recorded a decrease of 12% in property sales and 11% in new listings compared to the previous month, with elevated interest rates causing consumers to put home buying and selling decisions on hold. The sales-to-active listings ratio was 15%, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12%. Benchmark prices decreased 1.4% compared to September, with single-family detached homes decreasing 1.5% and townhomes decreasing 0.4%.