The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 percent increase over December and below the 10-year average for sales in the region.

At 2,368, new listings increased 151 percent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in 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. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 percent over last month and up by 18 percent over January 2023. The sales-to-active listings ratio was 19 percent, representing balanced conditions in the overall market. Detached houses are in the balanced market territory at 19 percent, while both townhomes and apartments remain in the seller’s market territory at 34 and 27 percent respectively. The market is considered balanced when the ratio is between 12 percent and 20 percent.

 “Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers, and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single-family detached homes spending 44 days on the market, apartments spending 41 days on the market, and townhomes moving more quickly at 33 days.

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a percent from December, and down six percent from the 12-month peak in July.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased by 0.4 percent compared to December 2023 and increased 8.6 percent compared to January 2023.
• Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 percent compared to December 2023 and increased 6.9 percent compared to January 2023.
• Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 percent compared to December 2023 and increased 6.5 percent compared to January 2023.