Signs of Stability in Fraser Valley Create Opportunities

Positive Shift in Fraser Valley Housing Market

House prices in the Fraser Valley saw a slight but positive increase in February. This rise came after nearly a year of continuous month-over-month decreases. Sales also recorded their first monthly gain since October, despite trending lower than usual.

Sales and Listings Overview

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February. This marked a 43.5 percent increase over January. However, it was still only half the number of sales recorded a year ago. New listings in February rose by 5.7 percent from last month to 1,938. Despite this increase, new listings were 48.2 percent lower than the same time last year. Active listings grew by 7.0 percent over January and by 16.3 percent compared to February 2022.

Benchmark Price Trends

The composite Benchmark price in February was $946,700. This price showed a negligible gain of 0.5 percent compared to January, reversing the price slide that began in April 2022. Although well below the record prices of that time, it remains more than 36 percent higher than pre-pandemic levels in February 2020.

Market Stability and Outlook

“In recent months, uncertainty regarding rates and prices has negatively impacted inventory, keeping many clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. She added, “With a growing consensus suggesting a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. We expect to see sales pick up slowly but steadily heading into spring.”

Market Balance

The overall market had a sales-to-active listings ratio of 20 percent, indicating a balanced market. However, the ratio for townhomes was higher at 36 percent, signifying a seller’s market for this category. The market is considered balanced when the ratio is between 12 percent and 20 percent.