October Market Update

MLS® sales in the Fraser Valley remained strong in October while supply continued to diminish

Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record.
The Board processed a total of 1,938 property sales on its Multiple Listing Service® (MLS®) in October, an increase of
3.9 per cent compared to September and a decrease of 18.2 per cent compared to the same month last year.

Larry Anderson, President of the Board, said, “What we’re seeing is a combination of above‐average sales with
below‐average new listings which is placing strong upward pressure on home prices, for all residential categories,
month‐over‐month. “It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in community or even property type.”

After rebounding slightly in September, new listings decreased in October. The Board received 2,188 new listings, a
decrease of 29.0 per cent compared to last year, and a decrease of 6.6 per cent compared to September 2021. The
month ended with a total active inventory of 3,447, which is a 9.6 per cent decrease compared to September, and
a 49.8 percent decrease compared to October 2020.