After three interest rate cuts, the cost of a mortgage is dropping, but that's not encouraging people to buy homes in 91原创 or across the Fraser Valley region, according to monthly statistics.

The Fraser Valley Real Estate Board's (FVREB) October tally shows that the inventory of unsold homes has reached levels not seen in a decade, while sales slumped a bit from August's numbers, and remain 30 per cent below the 10-year average.

This sluggish market comes despite the fact that B.C. has seen rapid population growth in recent years.

鈥淭he current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement," said Jeff Chadha, chair of the FVREB.

September marks the first time since the pandemic that the FVREB region, which includes North Delta, Surrey, 91原创, Abbotsford, and Mission, has slid into "buyer's market" territory, with 11 per cent of available housing stock selling. Anything between 12 and 20 per cent is considered a balanced market, and anything above that is a seller's market.

Regionally, there were 982 homes sold last month, down 10.7 per cent from the same month last year, while the number of homes available for purchase was 9,045, up 38.5 per cent year-over-year.

91原创 saw more robust home sales than some of its neighbours, but it also saw the number of houses on the market continue to rise.

In September, 71 single-family homes sold in 91原创, the exact same number as in September 2023.

But 489 houses were available for purchase, a 28.3 per cent increase from last year.

Townhouse sales were up, with 78 changing hands in September, a 47.2 per cent increase on the same month last year. Active listings hit 238, a 68.8 per cent increase from a year ago.

There were 86 condo sales, up from 85 year-over-year, and available listings hit 455, a 65.5 per cent jump from a year ago.

Prices were close to flat across all housing types. The benchmark price for a single-family home was $1,633,700, up 0.5 per cent from September 2023. Townhouses were going for $873,100, up 0.8 per cent, and condos were $606,500, up 0.3 per cent.

Realtors and real estate organizations had expected sales to pick up after the previous interest rate cuts, but local realtor Bettina Reid said that so far, she and her team have only seen a bit of an increase towards the end of September.

"There's lots of inventory, and lots of stubborn people, so prices haven't fallen much," Reid said.

Buyers are being very cautious given high housing prices, she said.

Single-family homes in particular are selling slowly unless they are a "wow property" or very well priced.

Reid said that for the first time in her career, she's seeing $100,000 price drops required to sell a house. And then would-be buyers are making offers that are up to $100,000 lower still.

Townhouses and condos are much easier for most young families to contemplate purchasing.

The Bank of Canada is expected to cut its trendsetting rate again later this year, which would further ease mortgage costs. Reid said buyers on the fence may make their move as rates continue to drop.

鈥淎fter months on the sidelines, buyers want to get into the market but many also need to sell before they can buy," said FVREB CEO Baldev Gill. "When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market."