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...
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