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“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.”
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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.
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“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.
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MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,482,600, the
Benchmark price for an FVREB single-family detached home
decreased 0.4 per cent compared to October 2024 and decreased 0.1
per cent compared to November 2023.
- Townhomes: At $835,100, the
Benchmark price for an FVREB townhome increased 0.3 per
cent compared to October 2024 and decreased 0.2 per cent compared to
November 2023.
- Apartments: At $536,100, the
Benchmark price for an FVREB apartment/condo decreased
1.3 per cent compared to October 2024 and decreased 1.2 per cent
compared to November 2023.
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