Image: REW.ca / This home for sale in Abbotsford, located at 29320 Duncan Avenue, has an asking price of $1.79 million. The Fraser Valley Real Estate Board says a slowdown in seasonal sales has boosted real estate inventory to its highest level in nearly five years. Meanwhile, single-family prices remain flat. 

By Mike Vanden Bosch

Fraser Valley real estate

As prices stall, slowdown in Fraser Valley home sales creates highest housing inventory in nearly 5 years

Jun 4, 2024 | 11:42 AM

FRASER VALLEY — The Fraser Valley Real Estate Board says a slowdown in seasonal sales has boosted real estate inventory to its highest level since pre-pandemic levels.

According to a statement from the FVREB, which represents over 5,100 realtors between Abbotsford and White Rock, housing inventory within the Fraser Valley is now at its highest level since September 2019, creating more balanced market conditions and contributing to a softening of price growth, perceived as a benefit for buyers.

Active listings increased eight per cent from April to May to 7,904, up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

“We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”

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New listings softened in May, down five per cent from April, to 3,760. With a sales-to-active listings ratio of 19 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“While the consensus seems to indicate rate cuts in the latter half of the year, there is considerably less agreement about either magnitude or timing,” said FVREB CEO Baldev Gill.

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May. Detached homes are spending 25 days on the market, up from 23 in April. Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Benchmark prices in the Fraser Valley remained flat in May, with the composite benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.

MLS HPI Benchmark Price Activity

• Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
• Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023.
• Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.