Early fall momentum slows as Fraser Valley sales dip in November
Easing prices and abundant inventory weren’t enough to entice buyers to the Fraser Valley market in November, as sales declined in line with seasonal buying patterns.
New listings slowed again in November, down 26 per cent month-over-month and seven per cent year-over-year, to 2,210. Overall inventory remains well above seasonal norms for the Fraser Valley.
“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Our REALTORS® understand how personal and complex these decisions are. But there are encouraging signs for buyers. 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.”
The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of 10 per cent in November, down one per cent from October. A balanced market is typically defined by a ratio between 12 and 20 per cent.
"With mortgage conditions tightening, buyers are encountering increased scrutiny and higher down payment expectations from lenders,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “These constraints can delay transactions and influence overall activity in the market. That’s why working with an experienced REALTOR® is critical — someone who understands the landscape and can guide clients through these obstacles with confidence."
The composite Benchmark price for a typical home in the Fraser Valley decreased 0.7 per in November, to $912,400.
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