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Fraser Valley January Stats: Home Sales on the Rise

SURREY, BC – The Fraser Valley real estate market showed signs of recovery in January as home sales rose
after six consecutive months of decline, and new listings more than doubled.


The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in
January, a 12 per cent increase over December and below the 10-year average for sales in the region.
At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in
December. This is the largest month-over-month percentage increase in new listings in five years.


“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said
Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the
Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we
are starting to see more traffic at open houses.”


Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January


2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall
market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and
apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered
balanced when the ratio is between 12 per cent and 20 per cent.


“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO,
Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and
take the time needed to work through the purchase or sale of a home with the help of a knowledgeable
and professional REALTOR®.”


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, apartments spending 41 days on the market
and townhomes moving more quickly at 33 days.


Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a
per cent from December, and down six per cent from the 12-month peak in July.


MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached
home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to
January 2023.
• Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent
compared to December 2023 and increased 6.9 per cent compared to January 2023.
• Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per
cent compared to December 2023 and increased 6.5 per cent compared to January 2023


For more stats CLICK HERE.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.