Fraser Valley Real Estate: New Listings Surge to 10-Year High, but Affordability Remains a Challenge

Surrey, BC – A Market in Flux

The Fraser Valley real estate market saw a record-breaking number of new listings in 2024, reaching a 10-year high of 35,698. However, despite an increase in available homes, affordability concerns persisted, leading to a decline in annual sales.

The Fraser Valley Real Estate Board (FVREB) reported that home sales hit a 10-year low at just 14,570 transactions, marking a 1% decrease from 2023 and a 24% drop below the 10-year average. This trend underscores a critical issue—inventory is rising, but buyers are still hesitant due to affordability constraints.

Surrey Leads Sales, but Overall Activity Remains Muted

Among Fraser Valley municipalities:

• Surrey accounted for 51% of total sales, leading the region.

• Langley and Abbotsford made up 24% and 15% of sales, 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 FVREB. He noted that despite modest price declines in some areas, affordability remained a major barrier for many prospective buyers.

Home Prices & Market Conditions

• The composite Benchmark home price in the Fraser Valley closed the year at $965,000, reflecting a 2% year-over-year decline.

• Prices also dipped 4% from their 2024 peak in March.

• Market activity remained slow, with homes taking longer to sell:

  • Single-family homes: 43 days on market (unchanged from November).

  • Townhomes: 36 days on market (up from 33 in November).

  • Condos: 38 days on market (up from 36 in November).

December 2024: A Snapshot

December brought a seasonal slowdown, with 994 sales, a 13% decline from November, yet still 19% higher than December 2023.

• New listings fell sharply, down 46% from November to 1,288, contributing to a 23% drop in total inventory.

• Despite lower activity, the market remained balanced, with a sales-to-active listings ratio of 16% (within the balanced range of 12%-20%).

Looking Ahead to 2025

“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,” said Baldev Gill, CEO of FVREB.

However, interest rate cuts by the Bank of Canada and government initiatives aimed at improving affordability and increasing housing supply are expected to provide some relief in 2025.

While it’s uncertain how quickly these changes will impact the market, buyers and sellers alike will be watching closely to see if 2025 brings a turning point for affordability in the Fraser Valley.

Disclaimer:

The information provided in this blog is for general informational purposes only and should not be considered professional real estate or financial advice. Market conditions can change rapidly, and it is always recommended to consult with a licensed real estate professional for personalized advice. The statistics and data referenced are sourced from the Fraser Valley Real Estate Board (FVREB) and are subject to change.

For full market statistics and official reports, visit: Fraser Valley Real Estate Board.

Stay updated on the latest Fraser Valley real estate trends:
📍 FVREB Market Stats: Click Here
📍 Property Listings: Click Here
📍 Bank of Canada Interest Rates: Click Here

For personalized real estate advice, contact your local REALTOR®.