Fraser Valley property sales drop over 50% in last 2 months: FVREB
Patrick Penner - Agassiz-Harrison Observer • June 15, 2022
Sales-to-active-listings ratio at 22%, peaked at 92% during pandemic
Last month’s property sales totalled 1,360, dropping 16.9 per cent from April’s 1,637 sales, which fell 37 per cent from March. In comparison to May 2021, sales are down 53.9 per cent.
“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market,” said FVREB President Sandra Benz.
“While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low interest rates – may have run their course.”
Inventory has bounced back from what the FVREB described as the “worst supply shortage in 40 years” at the end of 2021, which was accompanied by all-time sales records.
The number of active listings have more than tripled since December. At the end of the month, active listings totalled 6,183, up 5.4 per cent from May, 2021, and increased 14.8 per cent from April.
Sales-to-active listings ratio was 22 per cent, which is closing in on pre-pandemic levels, according to the FVREB report. Any ratio greater than 20 per cent favours buyers; it peaked at 92 per cent during the pandemic, FBREB said.
“The softening of prices will be welcome news for homebuyers, especially in the face of rising mortgage rates,” said FVREB CEO Baldev Gill.
“The volatility we’ve witnessed over the past couple of years not only underscores the power of external events to affect the market but, in light of recent trends, the ability of the market itself, to adapt and trigger corrective mechanisms.”
Benchmarks:
- Single Family Detached:
At $1,712,500, the Benchmark price for an
FVREB single-family detached home decreased 2.4 per cent compared
to April 2022 and increased 26.2 per cent compared to May 2021. - Townhomes:
At $918,900, the Benchmark price for an FVREB townhome
decreased 1.4 per cent compared to April 2022 and increased 31.3 per
cent compared to May 2021. - Apartments:
At $581,400 the Benchmark price for an FVREB apartment/condo
decreased 1.1 per cent compared to April 2022 and increased 30.0 per cent
compared to May 2021.
The Township of Langley Traffic Cameras for up to date traffic information. Click here
Langley Township will allow buildings between six and 12 storeys tall in pre-zoned areas along parts of 200 Street, council has decided at its Monday, Nov. 3 meeting. π More Details Here
Fraser Valley home prices have now fallen for seven straight months — here’s what it means for buyers and sellers. π October 2025 Fraser Valley Market Overview Fraser Valley home prices have now fallen for seven straight months — the longest correction since 2019. According to the Fraser Valley Real Estate Board’s October report: π Sales: 1,123 homes sold (+17% MoM / –16% YoY) π Active Listings: 10,121 (+15% YoY) π Sales-to-Active Ratio: 11% → firmly a buyer’s market π° Benchmark Prices π‘ Detached: $1,411,900 (–0.6% MoM / –5.1% YoY) ποΈ Townhomes: $786,000 (–1.2% MoM / –5.6% YoY) π’ Condos: $506,400 (–0.8% MoM / –6.8% YoY) π Composite: $919,900 (–0.7% MoM / –5.3% YoY) πΉ Interest Rates & Economy The Bank of Canada rate holds at 2.25%. Inflation is easing, but tariffs and a slower global economy add uncertainty. Major banks remain split — some expect stability through 2026, others forecast small rate cuts next year. π¬ Real Client Story One of my recent clients moved from Vancouver Island to Langley to be closer to family — proof that even in a slower market, the right timing and strategy still create success. π Read her review: π https://rankmyagent.com/agent/reviews/171562 π§ What This Means for You If you’re buying, inventory is strong and competition is light. If you’re selling, pricing for today’s reality — not last year’s memory — is key. After seven months of price declines, the market is recalibrating — not crashing. With realistic pricing and a clear plan, opportunities are still out there.
