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.

Royal LePage trims year-end price forecast after sluggish third quarterWhile many Canadians have adjusted to the increased cost of borrowing, elevated interest rates continue to impact activity in markets across the country, keeping some buyers and sellers stuck on the sidelines. During the third quarter, inventory rose and sales activity softened, although this did not necessarily translate into steep price declines. Canada’s chronic shortage of housing supply is keeping property prices relatively stable.

“With activity slowing, home prices softened in some of our major markets over the last three months, following a stronger-than-expected second quarter. Prices remain up on a year-over-year basis, with today’s stable market standing in sharp contrast to the steep declines experienced in the third quarter of 2022,” said Phil Soper, president and CEO of Royal LePage. “While trading volumes in most regions remain sluggish, Canada’s housing market is on solid footing, with pent-up demand building....