The Fraser Valley Real Estate Board released its October 2026 numbers, and the headline is a familiar one with a small bright spot. Sales rose from September, but demand is still subdued, supply is ample, and buyers remain cautious.

Let's break this down. The Fraser Valley recorded 1,051 sales in October, up 14 per cent from September, but six per cent below the same month last year. Some of that increase is seasonal, and it has not changed the balance between buyers and sellers.

New listings followed the usual fall pattern. There were 2,551 new listings in October, down 10 per cent from September.

Inventory softened as well. Active listings fell six per cent from September and 10 per cent from October of last year, to 9,164. The sales-to-active listings ratio came in at 11 per cent, which keeps us in buyer's market territory. A balanced market is typically defined by a ratio between 12 and 20 per cent, so we are close, but not there yet.

Here is what the numbers look like on benchmark pricing. The composite benchmark price for a typical Fraser Valley home dipped 0.1 per cent in October to $860,000, down 6.4 per cent from a year ago.

Single-family detached homes are benchmarking at $1,293,800, down 0.5 per cent from September and down 8.5 per cent year-over-year.

Townhomes are at $742,300, down 0.4 per cent from September and down 5.5 per cent year-over-year.

Apartments are at $460,800, down 0.2 per cent from September and down 8.1 per cent year-over-year.

Average days to sell were 50 days for single-family detached homes, 44 days for condos, and 37 days for townhomes.

Here's the reality. Ishaq Ismail, Chair of the Fraser Valley Real Estate Board, noted that detached homes continued to lead sales activity in October, significantly outpacing townhomes and apartments. He said the substantial price correction appears to be bringing detached homes within reach for more buyers. Rock Lefebvre, CEO of the Board, said much of the pandemic-era price growth in the Fraser Valley has been erased, bringing affordability to its best level in five years. He also cautioned that with interest rates recently moving higher and the possibility of further increases, buyers need to consider how borrowing costs factor into their purchasing decisions.

If you are a move-up buyer, the detached segment is where prices have corrected the most, down 8.5 per cent from a year ago. It may be worth running the numbers on a move you could not make a couple of years ago.

If you are a first-time buyer, affordability is at its best level in five years, but borrowing costs matter. Talk to a mortgage broker about your pre-approval and what a higher rate would do to your payment before you start looking.

If you are a seller, buyers still have plenty of choice and they know it. Homes priced for today's market are selling. Homes priced for last year's market are sitting.

If you are looking for a local real estate expert in South Surrey, White Rock, or the Fraser Valley to help you get ahead in the market, feel free to reach out. I am here to help.