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.

SURREY, BC – 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...