Slow Market Continues in Greater Vancouver and Fraser Valley

Despite recent interest rate cuts, the real estate market in the Greater Vancouver and Fraser Valley remains sluggish. September, typically a month for increased buyer activity, saw a surge in listings instead.

To gauge market strength, we analyzed the Sales-to-Active Ratio (SAR) for detached and attached properties in various cities. A higher SAR indicates more homes are selling relative to available listings.

Key Findings:

• Detached Properties: Several cities, including New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, Vancouver, West Vancouver, Richmond, Surrey, White Rock, North Delta, and Mission, are currently in a buyer's market with SARs below 12%.

• Attached Properties: The market for attached properties (apartments and townhouses) is generally more balanced, with SARs ranging between 12% and 20% in most areas except for Downtown vancouver, Surrey, and West vancouver.

While the Bank of Canada is expected to announce another rate cut in October, the overall economic outlook remains uncertain.

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