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Buyers gaining
upper hand in Fraser Valley real estate market
SURREY, BC — For the first time in four months, home sales in the
Fraser Valley have increased as buyers capitalize on more
selection and weakening prices.
The
Fraser Valley Real Estate Board recorded 920 sales in February,
up 13 per cent from January, but 26 per cent below sales recorded
in February 2024.
Despite
a nine per cent drop in newly listed homes on the Board’s
Multiple Listing Service® (MLS®), new listings remained 14 per
cent above the 10-year seasonal average, at 3,121. Overall
inventory remains high, at 8,070 active listings, 45 per cent
above February 2024 and 55 per cent above the 10-year seasonal
average.
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The overall sales-to-active listings ratio
continues to signal a buyer’s market in the Fraser Valley, with
a ratio of 11 per cent. The market is considered to be balanced
with the ratio is between 12 per cent and 20 per cent.
“The combination of inventory accumulation and
softening prices is providing buyers with increased leverage,
especially in the single-family detached category,” said Baldev
Gill, CEO of the Fraser Valley Real Estate Board. “Should this
pattern persist, we could see a further shift toward a buyer's
market, particularly given the ongoing economic uncertainties
and impending tariffs. With ample selection, buyers have
flexibility and time on their side to explore their options
before making a decision.”
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Homes across the Fraser Valley sold in fewer days
in February compared to January. The average number of days to
sell a single-family detached home was 39, while for a condo it
was 36. Townhomes took, on average, 32 days to sell.
The composite Benchmark price in the Fraser Valley
dipped less than a quarter of a per cent in February, down 0.2
per cent to $962,500.
MLS® HPI Benchmark
Price Activity
- Single Family Detached: At $1,489,100,
the Benchmark price for an FVREB single-family detached home increased
0.5 per cent compared to January 2025 and decreased 0.6
per cent compared to February 2024.
- Townhomes: At $820,600, the Benchmark price for
an FVREB townhome decreased
0.7 per cent compared to January 2025 and decreased 2.1
per cent compared to February 2024.
- Apartments: At $533,200 the Benchmark price for an
FVREB apartment/condo
decreased 0.3 per cent compared to January 2025 and
decreased 2.4 per cent compared to February 2024.
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