Fraser Valley realtors report cautious optimism following March report

SURREY —The Fraser Valley Real Estate Board is an association of 4,958 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

1,550 sales were posted in March, representing an increase of more than 70 per cent from a month earlier. It also marks just the first time since August that monthly sales topped one thousand. However the mark is still nearly 40 per cent lower than March 2022 and nearly 25 per cent off the ten-year average.

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”

More people are putting their properties up for sale. There was a 32 per cent increase in the number of listings in March when compared to February and active listings were up by 2.8 per cent. However both figures are below March 2022 figures and well off the ten-year average.