Here are the Highlights from the FVREB: 

• Sales Up: February saw a 13% increase in home sales from January, though still 26% below last year. 

• More Inventory: Active listings remain 45% higher than Feb 2024, giving buyers more choices. 

• Buyer’s Market: The sales-to-active listings ratio at 11% favours buyers. 

• Prices Softening: The benchmark price dipped 0.2% overall, with townhomes & condos seeing the biggest declines. 

• Homes Selling Faster: Average days on market dropped across all property types compared to January. 

  With more options, time, and negotiating power, buyers are taking charge!

  Read the full Fraser Valley Real Estate Boards Market update here. Contact me if you’re interested in how the market is doing in your specific neighbourhood.

The Fraser Valley real estate market is seeing a surge in inventory, creating potential opportunities for buyers despite economic uncertainty. January saw a 167% increase in new listings from December, with 3,432 properties added to the market. Active listings reached a 10-year seasonal high at 7,251—54% above the 10-year average.

Sales remained slow, with 818 properties sold, an 18% drop from December. However, stable prices and increased selection indicate a buyer's market, especially for detached homes, as the sales-to-active listings ratio sits at 11%. Homes also took longer to sell, averaging 52 days for single-family homes, 42 for condos, and 38 for townhomes.

Benchmark prices remained steady:

• Single-family homes: $1,482,400 (+0.1% from Dec, +0.6% YoY)

• Townhomes: $826,000 (-0.2% from Dec, -0.2% YoY)

• Condos: $534,600 (+0.1% from Dec, -1.2% YoY)

According to Fraser Valley Real Estate Board CEO Baldev Gill, economic uncertainty, including potential rate cuts from the Bank of Canada, could shape...