Fraser Valley Housing Market Shows Signs of Stability in January 2024

In Surrey, BC, the Fraser Valley housing market has begun to exhibit encouraging signs of stability and recovery in January 2024. Following a six-month period of declining sales, the latest data reveals an uptick in home transactions and a remarkable surge in new listings, signaling a potential shift in market dynamics.

Rising Home Sales and Listings:

January 2024 witnessed a notable increase in home sales within the Fraser Valley, as reported by the Fraser Valley Real Estate Board (FVREB). With 938 transactions recorded, this marks a 12% growth over December, albeit still trailing the 10-year regional sales average. Furthermore, new listings have dramatically risen to 2,368, a 151% jump from the previous month, showcasing the largest month-over-month increase in five years.

Market Optimism and Buyer Sentiment:

Narinder Bains, the Chair of the FVREB, highlights a renewed optimism in the housing market. The anticipation of an end to the Bank of Canada's interest rate hikes has encouraged more buyers to reconsider entering the market. This optimism is evidenced by increased activity at open houses.

Balanced Market Conditions:

January's active listings totaled 4,877, marking a 4% increase from the previous month and an 18% rise from January 2023. With a sales-to-active listings ratio at 19%, the market is currently in a balanced state. This equilibrium offers unique opportunities for both buyers and sellers, emphasizing the value of professional real estate guidance in navigating the market.

Housing Market Performance:

The average time homes spent on the market has been on the rise since October, with detached homes listed for 44 days, apartments for 41 days, and townhomes moving quicker at 33 days. Despite a continuous decrease in overall benchmark prices for the past six months, there has been a slight variation in price adjustments across different housing types.

Benchmark Price Trends:

• Single Family Detached Homes: The benchmark price has decreased slightly by 0.4% from December 2023 to $1,466,100 but shows an 8.6% increase from January 2023.

• Townhomes: Experiencing a minimal decrease of 0.1% from December 2023 to $825,600, yet up by 6.9% from the previous year.

• Apartments: Contrarily, apartments saw a 0.4% increase to $539,700 from December 2023, marking a 6.5% rise from January 2023.

Conclusion:

The Fraser Valley housing market's January 2024 performance suggests a promising start to the year, with increased sales and listings indicating a move towards market stability. This balanced market condition not only fosters a conducive environment for transactions but also empowers buyers and sellers to make informed decisions with the assistance of experienced realtors. As the market continues to evolve, keeping a close watch on these trends will be crucial for stakeholders looking to capitalize on current opportunities.

Additional Resources

• Fraser Valley Real Estate Board January 2024 Monthly Stats

• Start your Home Search today

Contact Us

For more information or to get in touch with a local real estate expert, contact us.