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Fraser Valley’s
decade-high inventory could open doors for buyers
SURREY, BC — Growing inventory and stable prices could lead to
opportunities for buyers in the Fraser Valley market this winter
despite uncertain economic conditions.
Newly
listed homes jumped 167 per cent from December to January, with
3,432 listed on the Fraser Valley Real Estate Board’s Multiple
Listing Service® (MLS®). At 7,251 active listings, inventory is
at a 10-year seasonal high, 54 per cent above the 10-year
average.
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While sales remained slow in January, with 818
properties sold (down 18% from December), the combination of
stable prices and abundant selection presents potential
opportunities for buyers to get back into the market.
The sales-to-active listings ratio appears to bear
this out. At 11 per cent, the overall ratio is signaling a
buyer’s market, with detached homes firmly in buyer’s market
territory. The market is considered to be balanced when the
ratio is between 12 per cent and 20 per cent.
It took longer to sell homes in January compared
to December. Across the Fraser Valley, the average number of
days to sell a single-family detached home was 52, while for a
condo it was 42. Townhomes took, on average, 38 days to sell.
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“The market appears to be in a holding pattern at
the moment,” said Baldev Gill, CEO of the Fraser Valley Real
Estate Board. “There is no doubt that economic uncertainty is
playing a role, especially the spectre of a trade war, which
could lead to even more rate cuts by the Bank of Canada. The
confluence of these conditions could provide unique buying
opportunities, but we urge buyers and sellers to work with a
REALTOR® to ensure they align with financial objectives.”
Benchmark prices in the Fraser Valley held
relatively steady in January, with the composite Benchmark
price down 0.03 per cent to $964,800.
MLS® HPI Benchmark
Price Activity
- Single Family Detached: At $1,482,400,
the Benchmark price for an FVREB single-family detached home increased
0.1 per cent compared to December 2024 and increased 0.6
per cent compared to January 2024.
- Townhomes: At $826,000, the Benchmark price for
an FVREB townhome decreased
0.2 per cent compared to December 2024 and decreased 0.2
per cent compared to January 2024.
- Apartments: At $534,600, the Benchmark price for
an FVREB apartment/condo
increased 0.1 per cent compared to December 2024 and
decreased 1.2 per cent compared to January 2024.
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