Howard is a Staff Writer based in Vancouver. He was formerly the Deputy Editor of 604 Now, and has written about the media industry for OneZero and international politics for WhoWhatWhy.
Buyers and sellers are both putting their decisions on hold as a result of elevated interest rates, says the Fraser Valley Real Estate Board.
With that batch of new listings, the total number of active listings in the Fraser Valley is now 6,580, representing a 1% increase from the 6,532 after September. Last month's total was an increase of 17% when compared to October 2022, however. For the sales-to-new-listings ratio, a ratio of 40% or lower is considered a buyers' market, a ratio of 55% or higher is viewed as a sellers' market, and anything in between is viewed as a sign of market balance.
With 970 home sales and 6,580 total active listings, the sales-to-active-listings ratio is now at 14.7%, after being at 16.8% in September, which would indicate a relatively balanced market, with movement in favour of buyers."What we're seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market," said FVREB Chair Narinder Bains.
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