2024 was another slow year for the Fraser Valley real estate market. The 14,570 sales recorded by the Board marked the third decade-low total in as many years, down one per cent from 2023, five per cent from 2022, and 24 per cent below the 10-year average.
At the same time, new listings in the Fraser Valley continued to climb, hitting a 10-year high of 35,698, up 21 per cent over 2023 and nine per cent above the 10-year average.
December 2024
Despite the sales slump, there is reason for optimism as we head into 2025. Although December monthly sales, at 994, were 13 per cent below the previous month, they were higher than the two previous Decembers (including 19 per cent higher than December 2023).
Further, monthly sales closed in on the ten-year average, improving from 30 per cent below the 10-year average in September to 19 per cent below the 10-year average to close out the year.
Together with the five interest rate cuts by the Bank of Canada throughout 2024, consumers should expect to see an easing of the strain on overall affordability.
Listings
In line with seasonal patterns, overall inventory declined in December, with 6,285 active listings on MLS®, down 23 per cent from November, but up 35 per cent year-over-year. New listings dropped 47 per cent in December to 1,288, down from 2,367 in November.
Sales-to-Active Ratio
The sales-to-active listings ratio increased two per cent in December to close out the year with an overall ratio of 16 per cent. The market is considered balanced when the ratio is between 12 and 20 per cent.
Detached: 15% (up 1% from November)
Townhouses: 25% (up 5% from November)
Apartments: 20% (up 3% from November)
Benchmark Prices
The composite Benchmark price in the Fraser Valley dipped again in December, down 0.5 per cent to $965,000. The composite Benchmark price declined by 2.0 per cent over December 2023.
Change in price: month-to-month
Detached: $1,480,400 -0.1%
Townhouse: $827,900 -0.9%
Apartments: $533,900 -0.4%
Days on Market
The average number of days to sell a single-family detached home remained at 43 days in December, while a townhouse was 36 days (up from 33 in November). On average, condos sold in 38 days (up from 36 in November).
“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”
To learn more about HPI Benchmark prices by sub-area, click here. For a more detailed look at the Fraser Valley market, watch Eye on the Market with Board Chair, Jeff Chadha or click here to view the Monthly Statistics Package.