In Surrey, BC, home sales in the Fraser Valley saw a second consecutive rise in February, coinciding with a continual increase in new listings, which are slightly surpassing the 10-year seasonal average. The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, marking a 32% surge from January, yet still remaining 21% below the 10-year average for regional sales. New listings rose to 2,797 in February, an 18% increase from January and 4% higher than the 10-year average.
Narinder Bains, Chair of the Fraser Valley Real Estate Board, noted a sense of increased activity in the market, with more new listings and heightened traffic at open houses. However, buyers are proceeding cautiously. Active listings in February totaled 5,561, up 14% from the previous month and 26% from February 2023. With a sales-to-active listings ratio of 22%, overall market conditions are leaning towards a seller’s market, defined as balanced when the ratio is between 12% and 20%.
FVREB CEO Baldev Gill expressed optimism, anticipating a potential mid-year decrease in the Bank of Canada's overnight rate, which could benefit both buyers and sellers. As the spring market approaches, seeking guidance from a professional REALTOR® who can offer detailed market analysis is recommended.
The average number of days homes spend on the market is decreasing across property types, with single-family detached homes at 35 days (down from 44 in January), apartments at 29 days (down from 41), and townhomes at 28 days (down from 33).
After six months of declines, overall Benchmark prices experienced a slight increase in February, rising 0.9% from January and 4.8% from February 2023.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
• Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
• Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2
CLICK HERE TO DOWNLOAD COMPLETE STATS PACKAGE
