September 2023 - Fraser Valley Real Estate Market Snapshot mediaiqdigital tracking pixel
Home Buying, Market Intelligence, Real Estate News | October 1, 2023

September Sales Trends

In September, sales initially slowed due to the back-to-school rush but rebounded in the latter half of the month. As expected, sales declined compared to August across all product categories. However, compared to September 2022, sales increased by 18 to 24 percent across all product types. This indicates that despite interest rate increases in 2023, sales remained stronger than in 2022 for the Fraser Valley.

Increased Supply

For prospective home buyers, September saw a 4 to 6 percent increase in supply across all product types compared to the previous month. This increase resulted in more inventory and options for consumers. However, supply was higher for single-family homes and condominiums but significantly lower for townhomes (18 percent lower) compared to September of the previous year.

Home Values and Market Confidence

The average price for all product types increased by 4 to 12 percent compared to September 2022. This demonstrates gains for all homeowners, despite the sales slowdown and rising interest rates. As consumers adjust to interest rates ranging from 5 to 10 percent, market confidence will continue to strengthen. On average, these interest rates are where they should be.


Upcoming Interest Rate Decision

The Bank of Canada (BOC) will decide on interest rates again on October 25th, with everyone watching closely. Given the current financial situation in Canada and the BOC’s aim to reach a 2.5% inflation rate by mid-2025, there is hope that they will keep rates unchanged for now. They might prioritize 2024 for further adjustments once the economic landscape stabilizes, especially important before the holiday season, affecting all Canadians.

Looking Ahead

We will closely monitor developments throughout October and provide updates with relevant statistics.


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