In April, the Fraser Valley real estate market saw a modest increase in home sales despite cooler spring weather. The Fraser Valley Real Estate Board (FVREB) recorded 1,471 transactions on its Multiple Listings Service® (MLS®) last month, marking a 5% increase from March. However, this figure was down by 5% compared to April 2023. Despite the rise in sales, buyer activity remained relatively hesitant, contributing to a cooler resale market.
Description Of Trends In Fraser Valley Real Estate Market
Inventory in the Fraser Valley market continued to increase, reaching levels not seen since September 2020. Active listings rose by 18% over the previous month, totaling 7,313 properties, which is 17% above the 10-year average. This increase in inventory has led to a relatively calm and balanced market environment, providing buyers with more time to explore their options without the pressure experienced in previous years.
New listings played a significant role in bolstering overall inventory, with a notable 33% increase in April, bringing the total to 3,976. Despite the rise in available homes, buyer caution persists, influenced by factors such as the Bank of Canada’s interest rates. The sales-to-active listings ratio, a measure of market balance, stood at 20%, indicating balanced market conditions.
Factors Influencing Buyer Behaviour
FVREB CEO Baldev Gill noted, “There is a lot of caution in the market right now. Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however, we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”
The average number of days homes spend on the market continued to decline, reflecting the brisk pace of transactions. Single-family detached homes spent an average of 23 days on the market, down from 27 days in March. Similarly, apartments and townhomes also saw decreases in days on the market, indicating heightened buyer interest across property types.
Benchmark Prices
Benchmark prices in the Fraser Valley edged up again in April, with a 0.5% increase from March and a 1.5% increase compared to April 2023. Here are the Benchmark prices for different property types:
- Single Family Detached: The Benchmark price for an FVREB single-family detached home reached $1,532,700, marking a 1.0% increase compared to March 2024 and a 5.3% increase compared to April 2023.
- Townhomes: With a Benchmark price of $854,700, townhomes in the Fraser Valley saw a 0.9% increase compared to March 2024 and a 4.9% increase compared to April 2023.
- Apartments: Apartments in the Fraser Valley had a Benchmark price of $561,900, reflecting a 1.2% increase compared to March 2024 and a 5.7% increase compared to April 2023.
Despite these modest increases in prices, the market remains relatively stable, providing opportunities for both buyers and sellers.
For further details and insights, you can access the full report from the Fraser Valley Real Estate Board here.
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