The early autumn momentum in the Fraser Valley housing market came to a halt in November, with sales activity declining significantly despite more favourable conditions for purchasers. The Fraser Valley Real Estate Board (FVREB) reported that 943 sales were processed through its MLS® system last month, marking a substantial 16 per cent drop from October and a 17 per cent decrease compared to November 2024.
Market Dynamics Shift Toward Buyers
While the number of new listings also slowed, dipping 26 per cent from October to 2,210, the overall inventory of available homes remains elevated. The region ended November with 9,201 active listings, a figure that is 47 per cent above the 10-year seasonal average for the Fraser Valley. This abundance of choice has solidified a buyer's market, with the sales-to-active listings ratio falling to 10 per cent, down from 11 per cent in October. A ratio between 12 and 20 per cent typically indicates market balance.
"Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households," stated Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. He noted that while decisions are complex, there are positive signals for those looking to buy. "Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we've had in recent years."
Prices Ease Across All Property Types
The composite Benchmark price for a typical home in the region declined by 0.7 per cent in November to $912,400. A closer look at the MLS® Home Price Index reveals softening across all major housing categories:
Single-Family Detached: The Benchmark price decreased 0.6 per cent month-over-month and 5.4 per cent year-over-year to $1,405,500.
Townhomes: The Benchmark price fell 0.8 per cent from October and 6.8 per cent from November 2024 to $778,700.
Apartments/Condos: The Benchmark price dropped one per cent month-over-month and 6.9 per cent year-over-year to $496,500.
Financing Hurdles and Selling Times
Baldev Gill, CEO of the FVREB, highlighted that tighter mortgage conditions are influencing market activity. "With mortgage conditions tightening, buyers are encountering increased scrutiny and higher down payment expectations from lenders," Gill explained. "These constraints can delay transactions and influence overall activity in the market." He emphasized the importance of working with an experienced REALTOR® to navigate these challenges.
The pace of sales varied by property type in November. On average, it took 52 days to sell a single-family detached home, while townhomes sold in 37 days, and condominiums moved in 41 days.
The Fraser Valley Real Estate Board represents over 5,000 real estate professionals serving the communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.