Jeff Chadha, Chair of the Fraser Valley Real Estate Board
SURREY – Home sales in the Fraser Valley were up 28 percent in November over the same month in 2023, the Fraser Valley Real Estate Board reports.
There were 1,136 sales recorded in November, which were down 15 percent from October as slower seasonal buying trends set in, amidst balanced market conditions.
“Buying and selling activity is typically quiet at this time of year,” says Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”
A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023.
The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
“With seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Longer amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.”
Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell. Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.
Benchmark prices for single family detached are $1,482,600, townhomes $835,100 and apartments $536,100.
The Fraser Valley Real Estate Board covers from White Rock to Abbotsford and Mission.
Business Examiner Staff
