I’ve been selling real estate in Langley and the Fraser Valley for over 12 years, and I have never experienced a condo market as challenging as this one. Below I have broken down months of Inventory (MOI) for condos in Langley, Willoughby and the Fraser Valley. Months of Inventory measures the absorption rate- how quickly things are selling- and gives us a good idea on the overall health of the market.
October’s numbers are out, and while overall sales picked up slightly month-over-month, we’re still very much in a buyer’s market, especially in the condo market sector. The Fraser Valley is being hit the hardest, with only 113 condos selling out of 2,053 in the last 30 days, producing 18.1 MOI. That means if no new condo listings hit the market, it would take 18.1 months for them to sell out.
In Willoughby, we’re looking at roughly 15 months of condo inventory. Across Langley, it’s around 13 months.
To put that into perspective, anything over 6 months is considered a buyer’s market and we are well beyond that.
A Quick Look at October’s Numbers for All Property Types 📊
Across the Fraser Valley, we saw:
- 1,051 sales — up 14% from September.
- 9,164 active listings — plenty of inventory for buyers.
- $860,000 benchmark price — down 6.4% from last year.
- 11% sales-to-active listings ratio — still a buyer’s market.
So, while we’re seeing a little more activity, buyers are still taking their time.
The Condo Market Breakdown
In October, the benchmark condo price across the Fraser Valley was $460,800, down 8.1% from last year. In Langley, we’re sitting at $522,300, down 8.4%. But what really stands out to me is the amount of inventory compared to how many condos are actually selling.
So, Why Are People Selling?
A big part of what I’m seeing right now is investors who purchased condos when prices were at their peak and interest rates were much lower. Now, as those mortgages come up for renewal, the monthly numbers aren’t looking quite as attractive. Higher carrying costs, negative cash flow, and softer prices are causing some investors to sell. And when you’ve got more people looking to sell than buyers ready to purchase, that puts downward pressure on prices.
But There Is Opportunity Here!!
For first-time buyers and investors entering the market today (not at the peak), I’m starting to see some interesting opportunities.
In my latest video, I walk through a real one-bedroom condo in Langley City and break down the numbers, including the mortgage, strata fees, property taxes, and estimated rental income.
Depending on your down payment, the monthly ownership costs might be more manageable than you’d expect.
Of course, every property is different, and the numbers still need to make sense.
🎥 Watch My Full Condo Market Breakdown
I go into more detail about inventory levels, where prices have been heading, and what I think we could see over the next year.
My Takeaway
I don’t think we can confidently say we’ve reached the bottom of the condo market just yet.
But I also don’t think buyers should be sitting on the sidelines waiting for the perfect moment, especially becasue interest rates are on the rise, so even if you might save another 10K or so by waiting for prices to fall, when you finance that out monthly at a higher rate, it can cost you more/month.
If you’re planning to own a property for the next several years, the combination of today’s prices, your financing costs, and your long-term plans matters a lot more than trying to time the market perfectly.
And if you’re thinking about selling, understanding the competition and pricing your property correctly is going to be especially important.
As always, if you want to talk through your situation or have questions about the market, feel free to reach out. I’m always happy to chat.
Caileigh Anderson
