The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above the 10-year average.
“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”
Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”
The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33 days on the market in January.
After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
• Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
• Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.