Fraser Valley real estate market rebounds in January

SURREY — The Fraser Valley real estate market displayed encouraging signs of recovery in January, with a notable uptick in home sales following six consecutive months of decline. The Fraser Valley Real Estate Board (FVREB) reported a surge in new listings, providing a glimmer of optimism for the region’s housing market.

In January, the Multiple Listing Service recorded 938 transactions, marking a substantial 12 per cent increase compared to December. Despite this positive trend, the sales figures remained below the 10-year average for the region. New listings, however, experienced a remarkable rebound, more than doubling to reach 2,368. This surge represents the most significant month-over-month percentage increase in new listings in the past five years.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “It appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.” Bains suggested that the potential end of the Bank of Canada rate hike cycle might be the optimism.

Active listings in January rose by four per cent compared to the previous month, reaching 4,877. It represents an 18 per cent increase over January 2023. The sales-to-active listings ratio stood at 19 per cent, indicating balanced conditions in the overall market. Detached houses were in balanced market territory at 19 per cent, while townhomes and apartments remained in seller’s market territory at 34 and 27 per cent, respectively.