Fraser Valley Monthly Statistics Package April 2024

by Vishav Brar

Last month, the supply of available homes in the Fraser Valley market continued to grow, yet buyers remained relatively cautious, resulting in a more subdued resale market in April. The Fraser Valley Real Estate Board documented 1,471 transactions on its Multiple Listings Service® (MLS®) in April, marking a 5 percent increase from March but a 5 percent decline compared to April 2023. Despite being the third-lowest recorded for an April in the last decade, sales remained tepid while inventory continued to expand, reaching levels unseen since September 2020. Active listings reached 7,313, surging by 18 percent over the previous month and standing 17 percent above the 10-year average.

“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser
Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without
the pressure of a few years ago, and while prices are holding fairly steady across all property types.”

The influx of new listings contributed to the overall growth in inventory, soaring by 33 percent in April to 3,976. With a sales-to-active listings ratio of 20 percent, the market conditions overall are deemed balanced, falling within the range of 12 to 20 percent indicating equilibrium.

"There's a notable sense of caution prevailing in the market at present," remarked FVREB CEO Baldev Gill. "Buyers are exhibiting hesitancy in committing to home purchases until there's a potential reduction in the Bank of Canada's rate. Nevertheless, we encourage anyone considering entering the market to consult their REALTOR® and financial advisor to explore the current rate landscape."

The average number of days homes spend on the market continued to decrease, with single-family detached homes averaging 23 days (down from 27 in March), apartments at 23 days (down from 26 in March), and townhomes moving even quicker at 19 days (down from 20 in March).

Benchmark prices overall experienced a slight uptick again in April, rising by 0.5 percent from March and up 1.5 percent compared to April 2023.

MLS® HPI Benchmark Price Activity:

Single Family Detached: With a benchmark price of $1,532,700, FVREB single-family detached homes saw a 1.0 percent increase compared to March 2024 and a 5.3 percent increase compared to April 2023.
Townhomes: With a benchmark price of $854,700, FVREB townhomes witnessed a 0.9 percent increase compared to March 2024 and a 4.9 percent increase compared to April 2023.
Apartments: With a benchmark price of $561,900, FVREB apartments/condos saw a 1.2 percent increase compared to March 2024 and a 5.7 percent increase compared to April 2023.