February brought a measurable lift in home sales across the Fraser Valley, offering a welcome shift from January’s slower start. But while activity improved, the broader story hasn’t changed: inventory remains elevated, buyers remain selective, and market conditions continue to favour those with patience and negotiating power.
The Fraser Valley Real Estate Board recorded 843 sales on its MLS® in February — a 36 per cent increase over January. However, sales were down eight per cent year-over-year and still 38 per cent below the 10-year seasonal average, underscoring that while sales improved, overall activity remains muted compared to historical norms.
New listings declined nine per cent month-over-month to 2,796, down 10 per cent year-over year. With inventory already elevated, some sellers appear to be waiting for the height of the spring market before listing, rather than entering an already competitive landscape.
Active inventory climbed to 8,344 listings in February, up eight per cent from January and sitting 51 per cent above the 10-year seasonal average. Elevated supply continues to provide buyers with choice and negotiating leverage, while reinforcing the need for strategic pricing among sellers.
The overall sales-to-active listings ratio edged up to 10 per cent in February, compared to eight per cent in January. Despite the improvement, the Fraser Valley remains firmly in buyer’s-market territory. A balanced market is typically defined by a ratio between 12 and 20 per cent.
Sales-to-Active Listings Ratio
Detached: 9%
Townhouses: 16%
Apartments: 13%
Benchmark Prices
Price adjustments continued in February, though at a slower pace.
The composite Benchmark price decreased 0.2 per cent month-over-month to $895,100.
Change in price: month-to-month
- Detached: $1,370,900 (–0.2% month-over-month, –8.6% year-over-year)
- Townhomes: $770,700 (–0.3% month-over-month, –7.1% year-over-year)
- Apartments: $488,300 (–0.1% month-over-month, –8.9% year-over-year)
Days on Market
Across the Fraser Valley in January, the average number of days to sell a single-family detached home was 47 days, while for a condo it was 45 days. Townhomes took, on average, 39 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.