January Market Data & Eye on the Market

There were signs of life in the Fraser Valley real estate market in January following several months of declines and a seasonal lull in December.

Home sales rose 12 per cent in January and new listings jumped 151 per cent, both signs that buyers and sellers are reassured by the anticipated end to the Bank of Canada interest rate hikes.

The Board recorded 938 sales on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December, but still 13 per cent below the 10-year average.

At 2,368, new listings regained life in January, up 151 per cent, the largest month-over-month percentage increase in new listings in five years.

At 4,877, active listings rose slightly over December, up 4 per cent and 3 per cent above the 10-year average.

The market remains in overall balance in the Fraser Valley, as determined by the sales-to-active listings ratio. The market is considered balanced when this ratio is between 12 and 20 per cent. In January, the overall market was balanced at 19 per cent, up 1 per cent from December.

Detached: 19% (up 3% from December)
Townhouses: 34% (up 5% from December)
Apartments: 27% (up 1% from December)

The composite Benchmark price for an FVREB home dipped again in January, down 0.3 per cent and down for the sixth straight month. Of the three main types of homes, only the Benchmark price for condos increased in January, while prices for both detached and townhome edged downward.

Detached: $1,466, 100 (down 0.4%)
Townhomes: $825,00 (down 0.1%)
Apartments: $539,700 (up 0.4%)

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market in January, condos spending 41 days on the market and townhomes moving more quickly at 33 days.

To learn more about the FVREB Market Data for January, watch Eye on the Market with Board Chair, Narinder Bains.

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