Housing prices in Fraser Valley increase slightly, home sales rise

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The composite benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.

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“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, president of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board.

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

Single-family detached homes sold in February 2023 at a benchmark price of $1,364,300, an increase of 0.5 per cent compared to January 2023.

Townhomes that sold in February 2023 carry a benchmark price in the FVREB catchment of $776,200, an increase of 0.4 per cent versus January 2023.

Lastly, apartments have a benchmark price of $510,100, an increase of 1.3 per cent over January 2023.

The Fraser Valley Real Estate Board is an association of 4,946 real estate professionals who live and work in the B.C. communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.