Trevor Miller

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.

September FVREB stats out today show it’s still very much a buyer’s market in the Fraser Valley, with the average number of days to sell a single-family detached home at 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell. Compared to August, benchmark prices in September are down 1.4 per cent to $978,800.

Nice to see the BC Real Estate and Canadian Mortgage Brokers Association speak out (and offer solutions) following the ridiculous recent BC Gov’t amendments to the Residential Tenancy Act, which make home ownership even more difficult than it already is for many potential buyers.

Read more here:
https://businessexaminer.ca/victoria-articles/item/organizations-call-on-government-to-amend-residential-tenancy-act/

Sales are down and inventory is up according to the latest market stats, leading to headlines like this:

Fraser Valley real estate sales fall double digits despite Bank of Canada interest rate cut – Fraser Valley Today

“Hesitant” buyers keep home sales slow in Metro Vancouver and the Fraser Valley – Daily Hive

So, if you’re buying or selling, what should you do? Call me to discuss your best options!

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

YIKES! Fraser Valley Real Estate Board says last month’s sales were the second lowest recorded for a March in a decade as buyers seem to still be waiting on the sidelines for rates to drop. BUYERS, DO NOT WAIT! You could end up paying more to outbid competitors (when everyone re-enters the market at once) than you would on a new mortgage.

LINK to my Facebook Post

https://www.realtor.ca/real-estate/26641016/1403-3071-glen-drive-coquitlam

Enjoy STUNNING Park/City/Mountain VIEWS from the 14th floor of the charming Parc Laurent. Lots of space in this 1017 square foot 2BR/2BA corner unit, which features updated flooring, counters and all s/s appliances. Views from both large bedrooms, kitchen, dining and living room with south-facing balcony. Building has exercise facility, games/party room, and workshop. Underground parking stall comes w/EV CHARGER ($4000 value). Location is close to shopping and transit, yet quiet & tranquil across from GLEN PARK. Quick possession possible.

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.

The new FVREB sales-to-active listings ratio is reported as 19%, which means a “balanced market”, while overall Benchmark prices continue to edge downward — half a per cent from December, and down six per cent from the 12-month peak in July. This is the time to get off the sidelines, before an interest rate cut sees the market (already suffering with low inventory) flooded with buyers! Feb 2,2024 FVREB Press release below:

Signs of stability in Fraser Valley housing market

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.

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.

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.

The Fraser Valley Real Estate Board says sales are down 8% and listings 20% from the previous month, while buyers continue to wait on the sidelines hoping for a drop in interest rates. If/When that happens, we’ll likely see a rush of buyers competing for what little inventory is on the market, so if you’re planning to buy now could be the opportune time!