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 9% 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 1% over 2023 and 24% below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51%, with Langley and Abbotsford accounting for 24% and 15% 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 2% year-over-year, and down 4% from its 2024 peak in March.
December 2024
The Board recorded 994 sales on its MLS® in December, a decline of 13% from November, but 19% above sales from December 2023.
New listings declined 46% from November to December, from 2,367 to 1,288, contributing to a 23% decline in overall inventory in December. With a sales-to-active listings ratio of 16% in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12% and 20%.
“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% 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% compared to November 2024 and increased 0.9% compared to December 2023.
• Townhomes : At $827,900, the Benchmark price for an FVREB townhome decreased 0.9% compared to November 2024 and increased 0.3% compared to December 2023.
• Apartments : At $533,900, the Benchmark price for an FVREB apartment/condo decreased 0.4% compared to November 2024 and decreased 0.2% compared to December 2023.
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