Return to flip book view
Monthly Statistics Package Fraser Valley Real Estate Board September 2024
News Release Fraser Valley Real Estate Board For Immediate Release October 2 2024 Sluggish sales and rising inventories see Fraser Valley moving toward a buyer s market SURREY BC With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10year average Fraser Valley real estate is building towards a buyer s market if sales continue to lag The Fraser Valley Real Estate Board recorded 982 sales in September down by eight per cent over August and by more than 10 per cent over September 2023 Again seasonally adjusted sales were the second slowest in a decade in the Fraser Valley With three rate cuts already and more expected before the end of the year buyers are watching the market closely to time their purchasing decisions said Jeff Chadha Chair of the Fraser Valley Real Estate Board The current conditions should favour buyers particularly in the detached market however until we start to see some movement in asking prices properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement New listings rose in September up 21 per cent to 3 352 an increase of 17 per cent year over year Overall inventory increased five per cent from August to September to 9 045 up 39 per cent over last year The combination of declining sales and rising inventories has helped to create balanced and in some cases buyers market conditions in the Fraser Valley We know the demand is there among Fraser Valley buyers said Baldev Gill CEO of the Fraser Valley Real Estate Board After months on the sidelines buyers want to get into the market but many also need to sell before they can buy When you factor in affordability challenges and the anticipation of more interest rate cuts we are seeing persistent weakness in the market In conditions like these we encourage buyers and sellers alike to talk to their REALTOR to assess the risks and opportunities before making a decision Across the Fraser Valley in September the average number of days to sell a single family detached home was 35 while for a condo it was 37 Townhomes took on average 30 days to sell Benchmark prices in the Fraser Valley dipped again in September with the composite Benchmark price down 1 4 per cent to 978 800 MLS HPI Benchmark Price Activity Single Family Detached At 1 501 100 the Benchmark price for an FVREB single family detached home decreased 1 5 per cent compared to August 2024 and decreased 1 3 per cent compared to September 2023 Townhomes At 834 400 the Benchmark price for an FVREB townhome decreased 1 4 per cent compared to August 2024 and decreased 1 6 per cent compared to September 2023 Apartments At 545 000 the Benchmark price for an FVREB apartment condo decreased 0 2 per cent compared to August 2024 and increased 0 4 per cent compared to September 2023 30 The Fraser Valley Real Estate Board is an association of 5 225 real estate professionals who live and work in the BC communities of Abbotsford Langley Mission North Delta Surrey and White Rock Contact Nikki Hewitt Senior Communications Specialist Fraser Valley Real Estate Board nikki hewitt fvreb bc ca Telephone 604 930 7654 www fvreb bc ca FVREB Stats
Grand Totals Sales New Listings Active Listings Average Price All Areas Combined Sales New Listings Active Listings Benchmark Price Median Price Average Price Abbotsford Sales New Listings Active Listings Benchmark Price Median Price Average Price Mission Sales New Listings Active Listings Benchmark Price Median Price Average Price MLS Summary Fraser Valley September 2024 All Property Types Sep 24 Sep 23 change Aug 24 982 1 100 10 7 1 067 3 352 2 860 17 2 2 778 9 045 6 532 38 5 8 626 1 025 762 1 001 364 2 4 1 049 774 change 8 0 20 7 4 9 2 3 Grand Totals year to date Sales year to date New Listings year to date All Property Types 2024 2023 change 11 127 12 015 7 4 28 849 24 103 19 7 Sep 24 Sep 23 317 352 1 252 1 102 3 294 2 580 1 501 100 1 520 300 1 420 000 1 450 000 1 557 112 1 558 956 Detached change Aug 24 9 9 367 13 6 953 27 7 3 140 1 3 1 523 500 2 1 1 443 000 0 1 1 546 542 Townhouse change Sep 24 Sep 23 change Aug 24 13 6 263 278 5 4 259 31 4 690 554 24 5 578 4 9 1 419 884 60 5 1 371 1 5 834 400 847 700 1 6 846 300 1 6 830 000 831 750 0 2 828 000 0 7 853 469 857 404 0 5 833 529 Apartment change Sep 24 Sep 23 change Aug 24 1 5 296 344 14 0 322 19 4 950 753 26 2 824 3 5 2 255 1 391 62 1 2 080 1 4 545 000 543 000 0 4 546 200 0 2 529 000 527 000 0 4 529 450 2 4 557 198 546 077 2 0 546 772 change 8 1 15 3 8 4 0 2 0 1 1 9 Sep 24 Sep 23 64 47 190 146 440 372 1 200 700 1 188 300 1 097 500 1 195 000 1 206 471 1 206 247 Detached change Aug 24 36 2 54 30 1 132 18 3 421 1 0 1 222 000 8 2 1 087 500 0 0 1 146 787 Townhouse change Sep 24 Sep 23 change Aug 24 18 5 30 41 26 8 29 43 9 69 75 8 0 68 4 5 172 116 48 3 166 1 7 657 500 645 100 1 9 664 500 0 9 683 500 670 000 2 0 642 000 5 2 644 726 656 736 1 8 638 772 Apartment change Sep 24 Sep 23 change Aug 24 3 4 50 69 27 5 60 1 5 142 103 37 9 113 3 6 283 174 62 6 264 1 1 433 600 439 300 1 3 443 100 6 5 435 000 432 000 0 7 447 500 0 9 442 864 459 988 3 7 447 980 change 16 7 25 7 7 2 2 1 2 8 1 1 Sep 24 Sep 23 22 28 83 91 259 222 1 003 400 1 049 500 915 000 930 000 973 772 971 357 Detached change Aug 24 21 4 25 8 8 61 16 7 246 4 4 1 045 900 1 6 875 000 0 2 957 079 Townhouse change Sep 24 Sep 23 change Aug 24 12 0 7 4 75 0 7 36 1 10 17 41 2 15 5 3 39 37 5 4 42 4 1 672 000 656 900 2 3 684 400 4 6 704 900 615 000 14 6 714 900 1 7 699 042 642 000 8 9 680 117 Apartment change Sep 24 Sep 23 change Aug 24 0 0 4 5 20 0 5 33 3 13 11 18 2 16 7 1 36 48 25 0 35 1 8 462 800 453 900 2 0 462 000 1 4 439 250 465 000 5 5 450 000 2 8 479 100 471 980 1 5 450 380 change 20 0 18 8 2 9 0 2 2 4 6 4 Source Fraser Valley Real Estate Board MLS Summary Page 1 of 3
White Rock South Surrey Sales New Listings Active Listings Benchmark Price Median Price Average Price Langley Sales New Listings Active Listings Benchmark Price Median Price Average Price Delta North Sales New Listings Active Listings Benchmark Price Median Price Average Price Sep 24 Sep 23 43 49 232 184 580 407 1 934 500 1 980 400 1 770 000 1 900 000 2 379 721 2 143 878 Detached change Aug 24 12 2 60 26 1 148 42 5 536 2 3 1 966 700 6 8 1 892 500 11 0 2 189 815 Townhouse change Sep 24 Sep 23 change Aug 24 28 3 49 53 7 5 34 56 8 147 107 37 4 102 8 2 263 134 96 3 232 1 6 964 600 991 900 2 8 969 600 6 5 974 000 980 000 0 6 1 044 950 8 7 1 036 819 1 073 466 3 4 1 093 788 Apartment change Sep 24 Sep 23 change Aug 24 44 1 44 54 18 5 39 44 1 164 103 59 2 114 13 4 361 201 79 6 315 0 5 646 000 624 100 3 5 623 900 6 8 623 000 600 800 3 7 620 000 5 2 757 831 640 224 18 4 700 187 change 12 8 43 9 14 6 3 5 0 5 8 2 Sep 24 Sep 23 71 71 221 172 489 381 1 633 700 1 625 500 1 494 000 1 480 000 1 623 331 1 629 098 Detached change Aug 24 0 0 75 28 5 174 28 3 463 0 5 1 647 300 0 9 1 539 000 0 4 1 586 509 Townhouse change Sep 24 Sep 23 change Aug 24 5 3 78 53 47 2 63 27 0 153 114 34 2 127 5 6 238 141 68 8 248 0 8 873 100 866 500 0 8 884 700 2 9 865 950 865 000 0 1 840 000 2 3 883 929 854 467 3 4 855 870 Apartment change Sep 24 Sep 23 change Aug 24 23 8 86 85 1 2 86 20 5 234 165 41 8 212 4 0 455 275 65 5 401 1 3 606 500 604 700 0 3 611 600 3 1 551 500 569 900 3 2 556 250 3 3 567 633 584 508 2 9 579 605 change 0 0 10 4 13 5 0 8 0 9 2 1 Sep 24 Sep 23 20 32 78 88 182 191 1 468 200 1 397 300 1 410 000 1 360 000 1 476 225 1 437 625 Detached change Aug 24 37 5 33 11 4 59 4 7 172 5 1 1 473 600 3 7 1 360 000 2 7 1 388 773 Townhouse change Sep 24 Sep 23 change Aug 24 39 4 5 7 28 6 5 32 2 9 10 10 0 9 5 8 28 15 86 7 29 0 4 929 700 974 300 4 6 956 900 3 7 860 000 999 000 13 9 795 000 6 3 924 400 1 043 685 11 4 890 020 Apartment change Sep 24 Sep 23 change Aug 24 0 0 4 8 50 0 9 0 20 17 17 6 17 3 4 56 39 43 6 48 2 8 581 300 583 700 0 4 575 500 8 2 617 500 612 500 0 8 610 000 3 9 617 500 571 750 8 0 586 122 change 55 6 17 6 16 7 1 0 1 2 5 4 Source Fraser Valley Real Estate Board MLS Summary Page 2 of 3
Detached City of Surrey Combined Sep 24 Sep 23 change Aug 24 Sales 139 170 18 2 178 Benchmark Price 1 628 600 1 663 700 2 1 1 647 200 Average Price 1 795 744 1 743 413 3 0 1 773 988 North Surrey Central Surrey Cloverdale and South Surrey excl White Rock Townhouse change Sep 24 Sep 23 change Aug 24 21 9 143 170 15 9 155 1 1 861 200 881 700 2 3 872 600 1 2 885 725 904 634 2 1 865 994 Apartment change Sep 24 Sep 23 change Aug 24 7 7 151 148 2 0 162 1 3 539 300 538 400 0 2 541 800 2 3 590 162 540 548 9 2 566 720 change 6 8 0 5 4 1 Surrey Central Sales New Listings Active Listings Benchmark Price Median Price Average Price Sep 24 Sep 23 50 64 225 227 695 573 1 509 500 1 580 500 1 512 500 1 542 500 1 581 628 1 613 737 Detached change Aug 24 21 9 48 0 9 202 21 3 698 4 5 1 541 200 1 9 1 605 000 2 0 1 632 985 Townhouse change Sep 24 Sep 23 change Aug 24 4 2 43 65 33 8 65 11 4 194 160 21 3 144 0 4 461 310 48 7 431 2 1 828 000 857 500 3 4 854 000 5 8 829 900 852 500 2 7 830 000 3 1 822 322 868 926 5 4 822 368 Apartment change Sep 24 Sep 23 change Aug 24 33 8 16 26 38 5 23 34 7 83 74 12 2 75 7 0 233 131 77 9 206 3 0 574 700 565 800 1 6 571 300 0 0 540 000 569 500 5 2 560 000 0 0 531 367 566 396 6 2 539 561 change 30 4 10 7 13 1 0 6 3 6 1 5 Surrey Cloverdale Sales New Listings Active Listings Benchmark Price Median Price Average Price Sep 24 Sep 23 24 25 90 76 205 136 1 507 100 1 499 100 1 502 500 1 380 000 1 520 005 1 481 840 Detached change Aug 24 4 0 37 18 4 85 50 7 199 0 5 1 510 600 8 9 1 498 000 2 6 1 526 760 Townhouse change Sep 24 Sep 23 change Aug 24 35 1 36 37 2 7 34 5 9 70 39 79 5 72 3 0 115 65 76 9 116 0 2 850 600 849 700 0 1 845 900 0 3 778 750 809 000 3 7 808 500 0 4 800 439 814 767 1 8 800 577 Apartment change Sep 24 Sep 23 change Aug 24 5 9 14 11 27 3 9 2 8 32 14 128 6 26 0 9 65 32 103 1 62 0 6 605 300 577 700 4 8 606 700 3 7 585 000 495 000 18 2 530 000 0 0 609 171 484 272 25 8 523 333 change 55 6 23 1 4 8 0 2 10 4 16 4 Surrey North Sales New Listings Active Listings Benchmark Price Median Price Average Price Sep 24 Sep 23 22 35 129 117 431 295 1 498 300 1 490 300 1 440 000 1 499 500 1 441 772 1 637 351 Detached change Aug 24 37 1 33 10 3 90 46 1 393 0 5 1 510 900 4 0 1 354 000 11 9 1 500 227 Townhouse change Sep 24 Sep 23 change Aug 24 33 3 15 18 16 7 22 43 3 38 32 18 8 41 9 7 103 66 56 1 107 0 8 747 700 768 000 2 6 754 200 6 4 759 000 699 000 8 6 690 900 3 9 778 593 708 416 9 9 743 940 Apartment change Sep 24 Sep 23 change Aug 24 31 8 77 86 10 5 91 7 3 262 265 1 1 250 3 7 763 489 56 0 745 0 9 489 000 494 300 1 1 495 800 9 9 489 000 510 000 4 1 508 000 4 7 503 112 521 732 3 6 520 675 change 15 4 4 8 2 4 1 4 3 7 3 4 Source Fraser Valley Real Estate Board MLS Summary Page 3 of 3
RESIDENTIAL COMBINED DETACHED TOWNHOUSE APARTMENT MLS Home Price Index Fraser Valley September 2024 BENCHMARK INDEX PRICE HPI ONE MONTH CHANGE LOWER MAINLAND 1 110 900 339 1 1 4 FRASER VALLEY BOARD 978 800 351 3 1 4 NORTH DELTA 1 249 900 397 0 0 5 NORTH SURREY 741 500 337 0 1 6 SURREY 1 038 200 363 0 2 5 CLOVERDALE 1 046 900 346 9 0 2 SOUTH SURREY WHITE ROCK 1 190 400 312 2 0 8 LANGLEY 1 040 800 349 6 0 9 ABBOTSFORD 773 000 351 2 2 0 MISSION 901 600 354 1 4 1 LOWER MAINLAND 1 802 500 395 6 1 3 FRASER VALLEY BOARD 1 501 100 426 7 1 5 NORTH DELTA 1 468 200 440 9 0 4 NORTH SURREY 1 498 300 463 3 0 8 SURREY 1 509 500 432 8 2 1 CLOVERDALE 1 507 100 429 5 0 2 SOUTH SURREY WHITE ROCK 1 934 500 373 5 1 6 LANGLEY 1 633 700 431 7 0 8 ABBOTSFORD 1 200 700 415 3 1 8 MISSION 1 003 400 370 3 4 0 LOWER MAINLAND FRASER VALLEY BOARD NORTH DELTA NORTH SURREY SURREY CLOVERDALE SOUTH SURREY WHITE ROCK LANGLEY ABBOTSFORD MISSION 970 200 370 4 1 7 834 400 374 5 1 4 929 700 405 1 2 8 747 700 426 3 0 9 828 000 380 2 3 0 850 600 348 9 0 6 964 600 306 4 0 5 873 100 377 3 1 3 657 500 363 7 1 0 672 000 358 4 1 8 LOWER MAINLAND FRASER VALLEY BOARD NORTH DELTA NORTH SURREY SURREY CLOVERDALE SOUTH SURREY WHITE ROCK LANGLEY ABBOTSFORD MISSION 708 400 355 4 0 7 545 000 446 4 0 2 581 300 556 8 1 0 489 000 451 5 1 4 574 700 523 9 0 6 605 300 446 4 0 2 646 000 381 3 3 5 606 500 422 1 0 8 433 600 464 7 2 2 462 800 414 7 0 2 THREE MONTH CHANGE 2 2 2 3 0 1 3 3 4 2 1 1 1 9 0 5 2 7 5 0 1 7 1 8 1 0 1 1 3 7 0 9 1 9 0 2 2 2 5 0 2 8 2 0 4 2 5 5 3 6 1 1 1 5 0 1 1 4 0 5 1 4 1 1 0 9 1 9 0 2 2 4 1 4 1 9 3 0 1 4 SIX MONTH CHANGE 1 9 3 1 1 6 4 7 4 2 1 8 3 2 0 5 4 4 6 3 0 1 1 5 2 7 0 2 2 7 0 6 2 3 0 6 3 2 5 6 1 9 1 6 1 5 5 4 3 4 2 1 1 5 1 3 0 0 1 5 1 6 1 9 1 1 2 9 0 1 1 6 1 9 2 3 5 0 1 6 ONE YEAR CHANGE 2 4 4 4 2 1 7 2 7 2 0 9 5 9 0 2 3 1 6 6 0 5 1 3 5 1 0 5 4 5 0 5 2 3 0 5 1 1 4 4 0 8 1 6 4 6 2 7 3 4 0 1 2 8 0 8 1 9 2 3 0 6 0 4 0 4 1 1 1 6 4 8 3 5 0 3 1 3 2 0 THREE YEAR CHANGE 6 0 3 4 9 9 3 1 2 1 7 9 7 1 8 3 0 5 2 2 10 5 7 6 12 7 7 6 6 5 7 6 12 5 8 0 2 1 0 6 14 4 13 6 11 9 14 0 12 1 13 6 14 5 16 6 11 4 13 9 13 0 18 9 22 0 15 2 26 7 18 3 22 1 18 6 19 2 20 3 FIVE YEAR CHANGE 37 6 46 3 52 4 38 0 45 1 52 4 45 1 47 0 46 0 48 4 48 8 56 7 60 8 61 1 53 8 56 2 48 5 57 8 54 4 52 7 45 8 49 9 39 6 40 7 49 0 50 1 52 3 53 3 48 7 53 8 30 8 48 8 32 9 39 1 58 7 46 1 47 6 51 7 53 6 49 1 TEN YEAR CHANGE 80 5 114 7 143 4 96 4 130 2 137 0 86 1 123 7 137 0 157 7 100 8 153 8 167 1 171 6 165 5 166 4 115 0 169 1 172 9 171 5 130 5 155 6 125 4 172 7 166 1 163 7 113 8 172 0 174 1 177 4 106 9 182 7 222 6 167 5 228 9 177 8 163 2 190 7 223 6 235 0 Fraser Valley Real Estate Board All indices equal 100 in January 2005 An index of 120 indicates a 20 increase in price since January 2005 Lower Mainland combines data across the Fraser Valley and Greater Vancouver real estate board areas
14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 Sales Listings Active Inventory All Types Fraser Valley Actives Listings Sales 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fraser Valley Real Estate Board
Sales to Active Listings Ratio All Types Fraser Valley 100 90 According to BCREA a balanced market in the Lower Mainland ranges between 12 20 This graph includes all Residential and Commercial property types 80 70 Sellers Market 60 50 40 30 Balanced Market 20 10 Buyers Market 0 September month end 11 Ratio 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fraser Valley Real Estate Board
MLS Home Price Index Fraser Valley Detached Townhouse Apartment 525 500 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fraser Valley Real Estate Board
1 900 000 1 800 000 1 700 000 1 600 000 1 500 000 1 400 000 1 300 000 1 200 000 1 100 000 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 MLS Home Price Index Benchmark Prices Fraser Valley Detached Townhouse Apartment 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fraser Valley Real Estate Board
2 000 000 1 800 000 1 600 000 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 Fraser Valley Real Estate Board Average Price Residential Detached all Fraser Valley 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 Annual Sales New Listings Average Price All Property Types Fraser Valley Sales New Listings Average Price Fraser Valley Real Estate Board 1 200 000 1 000 000 800 000 600 000 400 000 200 000
A person with collar shirtDescription automatically generated604-649-7040The enclosed information is provided as a courtesy; the agent is not liable for its accuracy or representations.Thinking of Selling?