Gelderman.ca Fraser Valley Real Estate

Monday, January 6, 2025

Fraser Valley Housing Market Statistics - December 2024

New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley

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 to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”

The composite Benchmark home price in the Fraser Valley closed the year at $965,000, down two per cent year-over-year, and down four per cent from its 2024 peak in March.

December 2024

The Board recorded 994 sales on its MLS® in December, a decline of 13 per cent from November, but 19 per cent above sales from December 2023.

New listings declined 46 per cent from November to December, from 2,367 to 1,288, contributing to a 23 per cent decline in overall inventory in December. With a sales-to-active listings ratio of 16 per cent in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”

It took longer to sell townhomes and condos in December compared to November. Townhomes spent 36 days on the market, up from 33 days in November, while condos spent 38 days on the market, up from 36 days in the previous month. Single-family homes spent 43 days on the market — no change from November.

The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 per cent compared to November.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,480,400, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to November 2024 and increased 0.9 per cent compared to December 2023.
Townhomes: At $827,900, the Benchmark price for an FVREB townhome decreased 0.9 per cent compared to November 2024 and increased 0.3 per cent compared to December 2023.
Apartments: At $533,900, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to November 2024 and decreased 0.2 per cent compared to December 2023.

For the FULL STATISTICS PACKAGE click

HERE

Know someone moving ANYWHERE in the WORLD?

Call us today--we know the BEST agents everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

📞 Office Phone: 604-743-7653

ALL GTeam contact 📲 info can be found on

either of our Team Web Sites below:

🌍www.fvluxuryhomes.com

🌍www.gelderman.ca

Tuesday, December 3, 2024

Fraser Valley Housing Market Statistics - November 2024

Fraser Valley home sales returning to seasonal

norms in November after October surge

Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.

The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”

A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.