Courtesy of Nav Khela

New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley

$533,900 apartment DOWN 0.2% year-to-year

$1,480,400 detached

UP 0.9% year-to-year

6,285 ACTIVE LISTINGS

BENCHMARK PRICES

$827,900 townhouse UP 0.3% year-to-year

apartment 1,590 985 townhouse

detached 2,101

994 SOLD LISTINGS

1,288 NEW LISTINGS

15.8% SALES TO ACTIVE LISTING RATIO

6.3 MONTHS OF INVENTORY

BC, January 6, 2025 – The Fraser Valley Real Estate Board recorded 994 sales on its Multiple Listing Service ® (MLS ® ) in December 2024. “2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.” New listings declined 46 per cent from November to December, from 2,367 to 1,288, contributing to a 23 per cent decline in overall inventory in December.

“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.” 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 38. Townhomes took, on average, 36 days to sell. Statistics reflect market activity in December 2024 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

NAV KHELA REALTOR ® , PREC Cell: Office: Email: Website: 604.700.8568 778.387.0367 nav.khela@exprealty.com navkhela.ca

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