SURREY, BC – Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions.
Newly listed homes jumped 167 per cent from December to January, with 3,432 listed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). At 7,251 active listings, inventory is at a 10-year seasonal high, 54 per cent above the 10-year average.
While sales remained slow in January, with 818 properties sold (down 18% from December), the combination of stable prices and abundant selection presents potential opportunities for buyers to get back into the market.
The sales-to-active listings ratio appears to bear this out. At 11 per cent, the overall ratio is signaling a buyer’s market, with detached homes firmly in buyer’s market territory. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
It took longer to sell homes in January compared to December. Across the Fraser Valley, the average number of days to sell a single-family detached home was 52, while for a condo it was 42. Townhomes took, on average, 38 days to sell.
“The market appears to be in a holding pattern at the moment,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada. The confluence of these conditions could provide unique buying opportunities, but we urge buyers and sellers to work with a REALTOR® to ensure they align with financial objectives.”
Benchmark prices in the Fraser Valley held relatively steady in January, with the composite Benchmark price down 0.03 per cent to $964,800.
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