Fraser Valley Housing Affordability Challenges Persist in the Fraser Valley Despite Rate Cuts. Despite the introduction of interest rate reductions by the Bank of Canada in mid-2024, housing affordability remained a significant challenge for potential buyers in the Fraser Valley region, resulting in decreased annual transactions.
According to recent data from the Fraser Valley Real Estate Board, the market saw 35,698 new properties listed throughout 2024, marking the highest number in a decade and exceeding the 10-year average by 9%. However, actual sales figures told a different story, with only 14,570 transactions completed through the Multiple Listing Service® – the lowest in ten years. This represented a slight decrease of 1% compared to 2023 and fell 24% below the decade’s average. The market activity was predominantly concentrated in Surrey, which represented 51% of all sales, followed by Langley at 24% and Abbotsford at 15%.
The region’s composite Benchmark home price finished 2024 at $965,000, reflecting a 2% decrease from the previous year and dropping 4% from its March peak.
The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 per cent 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 per cent compared to November 2024 and increased 0.9 per cent compared to December 2023.
- Townhomes: At $827,900, the Benchmark price for an FVREB townhome decreased 0.9 per cent compared to November 2024 and increased 0.3 per cent compared to December 2023.
- Apartments: At $533,900, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to November 2024 and decreased 0.2 per cent compared to December 2023.
** Information and stats above, courtesy of the Fraser Valley Real Estate Board.
If you have any real estate questions, please don’t hesitate to reach out and I’d be happy to chat with you! ~Candy
