April Market Data & Eye on the Market

Inventory in the Fraser Valley surged in April as more sellers chose to list their homes, while buyers remained cautious, likely due to high interest rates.

Active listings increased 18 per cent over March and surged 58 per cent over April 2023 to 7,313. Inventory has reached levels not seen since September 2020 when active listings reached 7,377.

New listings helped bolster overall inventory in April, up 33 per cent from March to 3,976 — a 61 per cent increase over April 2023. It was second busiest April in the last decade for new listings.

Demand, however, was subdued in April, with sales down five per cent year-over-year and just five percent above March. Sales for April were 21 per cent below the 10-year average.

Sales-to-Active Ratio

After edging up to a seller’s market in February, the Fraser Valley is back to an overall balanced market in April, with a sales-to-active ratio of 20 per cent. Robust levels of inventory and subdued buyer demand likely factor into the change in ratio. The market is considered balanced when this ratio is between 12 and 20 per cent.

Detached: 17% (down 4% from March)
Townhouses: 38% (up 6% from March)
Apartments: 26% (down 3% from March)

Benchmark Prices

Benchmark prices in the Fraser Valley ticked up again in April, with the composite price up 0.5 percent to $1,013,600. Detached homes, townhomes and apartments all saw increases in Benchmark prices in April around one per cent.

Detached: $1,532,700   + 1.0%
Townhouse: $854,700   + 0.9%
Apartment: $561,900   + 1.2%

Days on Market

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.

To learn more about the FVREB Market Data for April, watch Eye on the Market with Board Chair, Jeff Chadha.

For a more detailed look at the Fraser Valley market, click here to view the Monthly Statistics Package.