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The Board received
2,186 new listings in October, a decrease of 3.8 per cent compared to
September, and on par with October 2021. The month ended with a total
active inventory of 5,642, a decrease of 2.8 per cent from last month but
up 63.7 per cent compared to October 2021.
With a sales-to-active
listings ratio of 16 per cent, the overall market was again balanced for
the fifth straight month after a prolonged sellers’ market earlier in the
year. (The market is considered balanced when the sales-to-active
listings ratio is between 12 per cent and 20 per cent.)
“These trends suggest
that the market is looking to re-establish equilibrium in the wake of
last year’s intense activity and in the face of continued interest rate
pressures,” said Sandra Benz, President of the Fraser Valley Real Estate
Board. “With sales continuing to lag and new inventory slow to come
onstream, we’re seeing a holding pattern regarding whether to buy or list
a property and expect this to continue through to year-end.”
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Prices continued to
soften, with month-over-month Benchmark prices down slightly across all
property categories. For detached homes, prices are on par with October
2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5
per cent, respectively, over 2021.
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“With interest rates
at their highest levels since 2006, it’s understandable that buyers and
sellers are hesitant,” said Board CEO Baldev Gill. “Accordingly, they
look to Fraser Valley REALTORS® for area knowledge and market expertise
and analysis before making such a significant investment decision.”
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The average number of
days spent on the market before selling was relatively unchanged for
detached homes and apartments compared to last month (34 days and 31
days, respectively). Townhomes moved more quickly at 27 days (compared to
32 days in September).
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,436,400, the
Benchmark price for an FVREB single-family detached home
decreased 1.8 per cent compared to September 2022 and decreased 0.8
per cent compared to October 2021.
- Townhomes: At $809,800, the
Benchmark price for an FVREB townhome decreased
1.5 per cent compared to September 2022 and increased 7.7 per cent
compared to October 2021.
- Apartments: At $527,900 the
Benchmark price for an FVREB apartment/condo
decreased 0.5 per cent compared to September 2022 and increased 11.5
per cent compared to October 2021.
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