Jeff Chadha, Chair of the Fraser Valley Real Estate Board
SURREY – Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.
Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.
Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.
“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”
New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,” said FVREB CEO Baldev Gill. “We strongly encourage buyers to have comprehensive discussions with their REALTORS® about market conditions and how they will impact mortgage rates in the coming year.”
The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.
Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
- Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023.
- Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
The Fraser Valley Real Estate Board is an association of 5,175 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
