Surrey (GLOBE NEWSWIRE) — Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.
The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 per cent from March, but off by 5 per cent compared to April 2023.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020. Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”
The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.
Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,532,700, the Benchmark price for an FVREB single-family detached home increased 1.0 per cent compared to March 2024 and increased 5.3 per cent compared to April 2023.
- Townhomes: At $854,700, the Benchmark price for an FVREB townhome increased 0.9 per cent compared to March 2024 and increased 4.9 per cent compared to April 2023.
- Apartments: At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to March 2024 and increased 5.7 per cent compared to April 2023.
The Fraser Valley Real Estate Board is an association of 5,183 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
