Home Prices Continue to Decline
Homes are sitting longer, buyers have more options, and prices have continued to soften across the Fraser Valley.
I took a closer look at the latest September market statistics and compared them with September 2022, shortly after the market peaked in March 2022. The numbers tell an interesting story, especially if you’re thinking about buying, selling, or simply wondering what your home might be worth today.
The Numbers: How Much Have Prices Dropped?
Fraser Valley Price Drops per Property Type:
| Property Type | Monthly Change | Year-over-Year |
|---|---|---|
| Detached Homes | -1.5% | -8.8% |
| Townhomes | -0.7% | -6.2% |
| Condos | -0.9% | -9.3% |
Condos have experienced the largest year-over-year decline, followed closely by detached homes.
And while percentages tell part of the story, sometimes a real-life example puts things into perspective.
A $208,000 Sticker Price Loss in 4 Years
Back in February 2022, near the peak of the market, we sold a two-bedroom townhome in an older Willoughby complex for $840,000.
Fast-forward to September 2026, and our team sold another two-bedroom townhome in that exact same complex for $632,000.
That’s a $208,000 difference, just in the sticker price, not to mention adding in legal fees, Property transfer tax and Realtor fees, which would bring the loss closer to $250,000.
Where are we from the Peak now?
Here’s how benchmark prices have changed between September 2022 and September 2026.
Fraser Valley Comparason from the Peak for each Property Type:
Using the stats centre, I have pulled Fraser Valley detached, townhomes and condos and compared them to the peak of the market in the Spring of 2022, to now, to show just how much our market has corrected.
What we are seeing in the Field!
We’re currently working with several condo listings throughout the Fraser Valley. They’re well-presented, competitively priced, and generating showings, but buyers aren’t necessarily writing offers.
Buyers seem to be interested, but they’re taking their time. They’re researching, comparing properties, and being selective about where they spend their money, whereas in past markets, we have seen Buyers compete with eachother and even waive subjects in their offers in order to secure something.
Meanwhile, new listings continue to come onto the market faster than existing inventory is selling.
For buyers, that means more choice, less pressure, and potentially more negotiating power.
For sellers, it means pricing, presentation and marketing is more important than ever in order to stand out and draw buyers in.
Mortgage Rates
Another factor we’re keeping a close eye on is mortgage rates.
The Bank of Canada has held its overnight lending rate for the last 7 times! This only affects variable rates, and not fixed rates, which are influenced by bond yields and move independently.
Bank of Canada Rate Announcement History
We’ve been speaking with mortgage professionals who are indicating potential increases in fixed rates toward the end of the year as bond yields continue to rise.
These are forecasts, not guarantees, but if your mortgage is coming up for renewal, now is a good time to connect with your mortgage broker and review your options.
What’s ahead?
I expect prices to continue to slowly trend downward, not by much, but given the state of the economy, I cannot see prices increasing anytime soon. Granted, if you are buying and selling in a similar market, it will all be relative. I have several clients who are actively looking while their hoem is on the market, becasue they understand knowing what you net and what your dates are help you secure a better deal on the purchase end. Trying to predict the exact bottom is nearly impossible. What matters more is making a decision that works for your finances, your lifestyle, and your long-term plans.
Want to See the Full Market Breakdown?
We’ve put together a short video walking through the latest Fraser Valley statistics, including how detached homes, townhomes, and condos have performed since the peak of the market in 2022.
Watch Our October Market Update
If you’re curious about what your home might be worth today, thinking about making a move, or simply want to talk through your options, we’re here to help.
