December 2024 Fraser Valley Real Estate Board Statistics – New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley
SURREY, BC – Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales.
The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine percent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one percent over 2023 and 24 percent below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51 percent, with Langley and Abbotsford accounting for 24 percent and 15 percent respectively.
“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”
The composite Benchmark home price in the Fraser Valley closed the year at $965,000, down two percent year-over-year, and down four percent from its 2024 peak in March.
December 2024
The Board recorded 994 sales on its MLS® in December, a decline of 13 percent from November, but 19 percent above sales from December 2023. New listings declined 46 percent from November to December, from 2,367 to 1,288, contributing to a 23 percent decline in overall inventory in December. With a sales-to-active listings ratio of 16 percent in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 percent and 20 percent.
“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”
It took longer to sell townhomes and condos in December compared to November. Townhomes spent 36 days on the market, up from 33 days in November, while condos spent 38 days on the market, up from 36 days in the previous month. Single-family homes spent 43 days on the market — no change from November.
The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 percent compared to November.
MLS® HPI Benchmark Price Activity:
Single Family Detached: At $1,480,400, the Benchmark price for an FVREB single-family detached home decreased 0.1 percent compared to November 2024 and increased 0.9 percent compared to December 2023.
Townhomes: At $827,900, the Benchmark price for an FVREB townhome decreased 0.9 percent compared to November 2024 and increased 0.3 percent compared to December 2023.
Apartments: At $533,900, the Benchmark price for an FVREB apartment/condo decreased 0.4 percent compared to November 2024 and decreased 0.2 percent compared to December 2023.
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