'Like going to a buffet with no one else in line': Housing sales stall in Metro Vancouver, Fraser Valley

New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.

New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.

“It’s like going to a buffet with no one else in line,” said Jeff Chada, Chair of the Fraser Valley Real Estate Board.

Chada says housing listings are way up but demand has stalled.

“Inventory has increased around 5 per cent since last month, But the very big number is, it’s about 39 per cent from this time last year,” Chada told CTV News, describing the market in the region that includes Surrey, Langley, Abbotsford and White Rock.

According to a new report from Greater Vancouver Realtors, listings have also increased in that region by more than 30 per cent since September 2023, with sales trending 25 per cent below the 10-year average.

One analyst says this was unexpected with interest rates coming down in recent months.

“Typically, you would expect to see an increase in buyer appetite as the mortgage rates come down but we’re still not seeing it quite yet this year,” said Andrew Lis, director of economics with Greater Vancouver Realtors.