Rising inventory and softening prices are tipping the scales in favor of buyers as the Fraser Valley market continues to shift. With inventory at a 10-year seasonal high, an uptick in sales in February wasn’t enough to shift the sales-to-active listings ratio, and the overall market ratio, at 11 per cent, favours buyers. The market is considered balanced when the ratio is between 12 and 20 per cent.
The Board recorded 920 sales in February, up 13 per cent from January, but down 26 per cent year-over-year. February sales are 39 per cent below the 10-year seasonal average.
New listings dropped to 3,121 in February, down nine per cent from January, but up 12 per cent year-over-year. Overall inventory remains at a 10-year seasonal high, with 8,070 active listings, an 11 per cent increase over January and 45 per cent higher than February 2024.
Sales-to-Active Ratio
Detached: 10% (no change from January)
Townhouses: 20% (no change from January)
Apartments: 13% (down 1% from January)
Benchmark Prices
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.
Change in price: month-to-month
Detached: $1,489,100 +0.5%
Townhouse: $820,600 -0.7%
Apartments: $533,200 -0.3%
Days on Market
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.
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 or click here to view the Monthly Statistics Package.