Fall Market Brings More Choice for Buyers

By Jayson Sidhu

Jayson Sidhu is a trusted real estate advisor with over 17 years of award-winning service in the North Delta and Surrey areas.

Are buyers finally gaining the upper hand in the Fraser Valley housing market? Sales slowed, inventory stayed high, and prices dipped, all signs that the market is leaning toward buyers. Let’s break down what happened in August.

Sales activity took a noticeable step back last month. The Fraser Valley Real Estate Board recorded 931 total home sales, which was down 22% compared to July and 13% lower than the same month last year. Against the 10-year seasonal average, sales were 36% lower, signaling that many buyers remain cautious and are sitting on the sidelines.

On the supply side, active listings ended August at 10,445. That’s just 2% lower than July, but still a strong number that gives buyers plenty of options. New listings, however, slowed to 2,793 for the month, showing a 19% decline from July, though still slightly higher than this time last year.

The sales-to-active listings ratio dropped to 9% in August, confirming the shift into a firm buyers’ market. For context, a balanced market typically sits between 12% and 20%.

Prices also edged lower across most housing types. The composite benchmark price for a home in the Fraser Valley dipped 0.9% in August to $936,200. Single-family detached homes fell 1% month over month to $1,436,800 and are now 5.7% lower than in August 2024. Townhomes are holding at $807,800, down 0.9% from July and 4.5% year-over-year. Condos saw the steepest annual drop, slipping to $514,100, down 1% from the previous month and 5.9% from a year ago.

What does all of this mean as we head into fall? For buyers, the current landscape offers more leverage, with high inventory, softer prices, and reduced competition creating conditions that allow for more time and flexibility when making decisions. For sellers, however, strategy is important. Homes that are priced correctly and presented well are still finding buyers, but the days of pushing aggressive price points are behind us.

Looking ahead, all eyes will be on the next Bank of Canada rate announcement scheduled for September 17th. This decision could influence buyer sentiment and play a major role in shaping activity as we move into the fall market.

It’s clear from August’s numbers that we’re still in a buyers’ market. Whether you’re buying or selling, understanding these trends is key to making the right move. If you have questions, reach out at (604) 805-5897 or Jayson@JaysonSidhu.com. I’m happy to guide you through your options.