What’s Going on in the Fraser Valley Housing Market?

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.

If you’ve been watching the real estate market, you know that interest rates have dropped—four cuts in a row. You’d think this would ignite a frenzy in the market, right? I mean, who wouldn’t expect buyers to come rushing in? But here’s the twist: the market’s not quite doing that. Here’s what’s currently happening in Fraser Valley:

Sales are up, but inventory isn’t in October. There were 1,330 home sales in the Fraser Valley. That’s a 35% jump from September and 33% more than last year. It’s no surprise—sales usually pick up when we head into fall. But here’s the kicker: while sales were climbing, active listings dropped.

Currently, 8,799 homes are on the market, down 2.7% from September but up 33% from last year. It’s a puzzling trend. As buyer interest grows, you’d expect more homes for sale, but that’s not what we see. And as we approach the holiday season, don’t count on a sudden surge of new listings until early next year.

Why should you care? Understanding the current market is crucial if you’re looking to buy or sell a home. Your decisions now could mean between securing your dream home or watching it slip away, getting the best price for your property, or settling for less. If inventory stays low and rates keep dropping, we could see buyers scrambling over a limited number of homes. This could push the market into seller’s territory as early as spring 2025.

What the numbers tell us. Want to know how balanced a market is? Look at the sales-to-active-listings ratio. That number was 15% for October, squarely in a balanced market (12%–20%). Compare that to 10.8% in September, and the market’s heating up. If this trend continues, we’ll hit a seller’s market before you know it.

Here’s what you need to know about prices in Fraser Valley:

• Single-family homes are down 1% year-over-year, sitting at $1,385,000.
• Townhomes? Also down 1%, now at $670,000.
• Condos are the wild card here, up 5% over last year, now priced at $428,000.

What does this mean for you? If you’re a buyer, don’t wait too long. If inventory stays tight and rates continue downward, competition will only increase. If you’re a seller, start preparing now—you could be looking at a much stronger market come spring. You don’t want to be on the sidelines watching others scoop up opportunities you could have had.

Managing the real estate market can be confusing, but it doesn’t have to be. Whether you’re thinking about buying or selling or want a deeper understanding of your community’s trends, contact me at (604) 805-5897 or jaysonsidhu@gmail.com. Take advantage of what’s happening in the market and make informed decisions that align with your goals.