Buyers gaining upper hand in Fraser Valley real estate market

For the first time in four months, home sales in the Fraser Valley have increased as buyers capitalize on more selection and weakening prices.

The Fraser Valley Real Estate Board recorded 920 sales in February, up 13 per cent from January, but 26 per cent below sales recorded in February 2024. Despite a nine per cent drop in newly listed homes on the Board’s Multiple Listing Service® (MLS®), new listings remained 14 per cent above the 10-year seasonal average, at 3,121. Overall inventory remains high, at 8,070 active listings, 45 per cent above February 2024 and 55 per cent above the 10-year seasonal average.

The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. The market is considered to be balanced with the ratio is between 12 per cent and 20 per cent.

“The combination of inventory accumulation and softening prices is providing buyers with increased leverage, especially in the single-family detached category,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Should this pattern persist, we could see a further shift toward a buyer’s market, particularly given the ongoing economic uncertainties and impending tariffs. With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB February 2025 Market Report

Fraser Valley’s decade-high inventory could open doors for buyers

Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions.

Newly listed homes jumped 167 per cent from December to January, with 3,432 listed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). At 7,251 active listings, inventory is at a 10-year seasonal high, 54 per cent above the 10-year average.

While sales remained slow in January, with 818 properties sold (down 18% from December), the combination of stable prices and abundant selection presents potential opportunities for buyers to get back into the market.

The sales-to-active listings ratio appears to bear this out. At 11 per cent, the overall ratio is signaling a buyer’s market, with detached homes firmly in buyer’s market territory. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“The market appears to be in a holding pattern at the moment,” said Baldev Gill, CEO of the Fraser Valley
Real Estate Board. “There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada. The confluence of these conditions could provide unique buying opportunities, but we urge buyers and sellers to work with a REALTOR® to ensure they align with financial objectives.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB January 2025 Market Report

New listings at 10-year high in 2024, but affordability still the
elephant in the room in Fraser Valley

Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales.

The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.

“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB December 2024 Market Report

Fraser Valley home sales returning to seasonal norms in November after October surge

Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions. The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB November 2024 Market Report

Rising home sales a sign of market shift in the Fraser Valley?

Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October. The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB October 2024 Market Report

Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market

With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The 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.”

Read the full report on the FVREB website!

These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!

Download Printable Version – FVREB September 2024 Market Report