Trevor Miller

The Fraser Valley market showed early signs of a spring thaw in February with sales increasing over January but continuing to trail typical levels for this time of year. It remains a buyer’s market with the average number of days to sell a single family detached home at 47 days. While for a condo it was 45 days and townhomes taking on average 39 days to sell. The composite benchmark price for a typical home in the Fraser Valley decreased 0.2% in February to $895,100.

Navigating this current market can be challenging for both buyers and sellers, but it doesn’t have to be. With over a decade of local experience, I take pride in helping my clients “make the right move”.

Contact me anytime to discuss your options and move with confidence!

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Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021.

The latest stats from the Fraser Valley Real Estate Board show the Benchmark price for a typical home dropped one per cent in January to $897,200, down 6.9 per cent year-over-year.

The continued softening of prices wasn’t enough to get buyers off the sidelines, as the FVREB recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.

“January opened the year with negligible momentum,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Prices continued to weaken while at the same time selection remains high. Under normal market dynamics, these would be considered highly favourable conditions for buyers, however the uncertainty of the past year or so continues to loom large, subduing buyer confidence and muting overall market activity.”

Overall inventory remains above seasonal norms for the Fraser Valley, with 7,711 active listings, up 11 per cent from December and 54 per cent above the 10-year seasonal average.

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of eight per cent in January, down five per cent from December. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in January, the average number of days to sell a single-family detached home was 55 days, while for a condo it was 53 days. Townhomes took, on average, 50 days to sell.

Navigating this current market can be challenging for both buyers and sellers, but it doesn’t have to be. With over a decade of local experience I take pride in helping my clients make “the right move”. Contact me anytime at info@trevormillerhomes.com to discuss your options and move with confidence!

Easing prices and abundant inventory weren’t enough to entice buyers to the Fraser Valley market in November, as sales declined in line with seasonal buying patterns.

The Fraser Valley Real Estate Board recorded 943 sales on its Multiple Listing Service® (MLS®) in November, a 16 per cent decrease from October, and 17 per cent below sales from the same month last year.

New listings slowed again in November, down 26 per cent month-over-month and seven per cent year-over-year, to 2,210. Overall inventory remains well above seasonal norms for the Fraser Valley, with 9,201 active listings, down nine per cent from October and 47 per cent above the 10-year seasonal average.

“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Our REALTORS® understand how personal and complex these decisions are. But there are encouraging signs for buyers. Composite prices are closer to early-2023 levels, inventory has improved, and there is more space to negotiate than we’ve had in recent years.”

The Fraser Valley remains firmly in a buyer’s market, with an overall sales-to-active listings ratio of 10 per cent in November, down one per cent from October. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 52 days, while for a condo it was 41 days. Townhomes took, on average, 37 days to sell.

Need help navigating this market? Let’s talk.

According to the Fraser Valley Real Estate Board:

The Fraser Valley remains firmly in a buyer’s market as fall begins, with inventory levels holding at decade-high levels and prices continuing their downward trend.
Sales activity showed a slight improvement in September, edging up three per cent month-over-month. However, transactions remain subdued, down two per cent year-over-year and 28 per cent below the 10-year seasonal average.

Inventory levels remain elevated, with 10,583 active listings, up one per cent month-over-month and 17 per cent year-over-year. New listings rose 23 per cent in September to 3,447, up three per cent compared to the same month last year.

These dynamics combined to keep the overall sales-to-active listings ratio at nine per cent in September, firmly in buyer’s market territory. The market is considered balanced when this ratio is between 12 and 20 per cent.

Sales-to-Active Ratio
Detached: 9% (no change from August)
Townhouses: 13% (down 1% from August)
Apartments: 10% (no change from August)

Benchmark Prices
The composite Benchmark price in the Fraser Valley declined for the sixth straight month, down one per cent to $926,300.

Change in price: month-to-month
Detached: $1,420,000 –1.2%
Townhouse: $795,600 –1.5%
Apartments: $510,400 –0.7%

Days on Market
Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 37 days; for a townhome it was 38 days; and for a condo, 39 days.

Fraser Valley remains in a buyer’s market when it comes to real estate, with a sales-to-active listings ratio of 11 per cent (12-20% is considered a “balanced market”).

“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”

I can confirm this with my own experience, having just sold a 6-BR detached house in South Surrey for 98% of asking price in just 2 weeks and with just 2 open houses (more than 40 groups through!). This is because my seller clients understood the market and we priced their home accordingly — not undervalued, but fairly. So, if you’re thinking of selling, you don’t necessarily have to wait for “prices to go up”, especially if you’re planning to buy in the same market. Your competitively priced home will sell quickly. You can then take advantage of this same competitive pricing on your next property purchase!

Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell. The average benchmark price in May was $963,200.

The Bank of Canada has cut its overnight lending rate by 25 basis points to 2.75 per cent, it announced today, as an ongoing trade war with the U.S. begins to strain the Canadian economy.

How will this new cut affect our housing market?

The hope is that by making borrowing cheaper, it will encourage more people to take out mortgages. As a result, demand for homes could rise, potentially driving up home prices. Lower rates could also benefit current homeowners looking to refinance their mortgages or purchase additional properties.

However, the actual impact will depend on other factors like consumer confidence, housing inventory, and economic conditions. If the rate cut stimulates economic growth, it could further boost the housing market.

Want to talk real estate? It’s my favourite subject, so feel free to get in touch with me!

In 2024, the Bank of Canada cut interest rates, but it didn’t really help home buyers in the Fraser Valley. They faced the lowest sales in ten years! The Fraser Valley Real Estate Board logged a whopping 35,698 new listings but only managed to sell 14,570 homes. That’s a 1% drop from 2023 and a big 24% under the 10-year average. Surrey was the star of the show, making up 51% of the sales, followed by Langley and Abbotsford. Even though prices dipped a bit, buying a home was still a tough gig. By the end of the year, the average Benchmark home price was sitting at $965,000, which was 2% lower than last year and 4% off its peak back in March.

“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”

On the heels of a surge in sales in October, home sales in the Fraser Valley slowed in November with the Fraser Valley Real Estate Board recording 1,136 sales, down 15 per cent from October, but 28 per cent above November 2023 sales — “a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence,” according to FVREB Chair, Jeff Chadha. 

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 FVREB CEO, Baldev Gill. “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.

The BC Government’s new Short-Term Rental Accommodations Act is now in effect. As of May 1, 2024 short-term rentals are limited to a homeowner’s principal residence plus one secondary suite or accessory unit.

FAQ can be found HERE

Home sales in the Fraser Valley posted a second consecutive bump last month, as new listings continue to rise and trend slightly above the 10-year seasonal average.

The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above the 10-year average.
“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33 days on the market in January.

After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.