September was a record month in the Fraser Valley housing market, with the lowest number of sales and highest amount of inventory for the year.
On Tuesday, the Fraser Valley Real Estate Board said sales dropped 36 per cent last month compared to the same month last year.
Board president John Barbisan said buyers remain reluctant as the market continues to adjust to mortgage changes implemented by the federal government in January.
“We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate,” he said in a news release.
There were roughly 7,500 listings in the region, marking the highest level of supply for the Fraser Valley since July 2015.
Prices remained relatively stable. The average detached home in the region was priced at $989,900, a two-per-cent drop compared to August. Meanwhile, townhomes cost an average of $546,000 and apartments at $438,700.