Fraser Valley Market Shows Early Spring Momentum in March

The Fraser Valley housing market showed early signs of renewed activity in March, with sales increasing compared to February while overall conditions continue to favour buyers.

The Fraser Valley Real Estate Board recorded 1,007 home sales in March, representing a 19.5 per cent increase from February. While this improvement signals growing momentum as the spring market approaches, sales remain below normal seasonal levels, suggesting many buyers are still approaching the market cautiously.

Inventory levels remain elevated across the region. At the end of March there were 9,201 active listings, which is still well above seasonal norms. The increased supply of homes continues to give buyers more options and more time to make purchasing decisions compared to the highly competitive markets seen in recent years.

The sales-to-active listings ratio sits at approximately 11 per cent, keeping the Fraser Valley firmly in buyer’s market territory. A balanced market is typically defined by a ratio between 12 and 20 per cent.

Home prices have shown a slight uptick month-to-month. The benchmark price for a typical home in the Fraser Valley is now $898,300, representing a 0.3 per cent increase from February and the first monthly price uptick we’ve seen in quite a while.

Benchmark prices by property type currently sit at:

•Single-family detached homes: $1,370,000

•Townhomes: $772,000

•Apartments/condos: $489,000

Homes are also taking a reasonable amount of time to sell. In March, most properties were moving in the 36 to 43 day range, depending on property type and price point.

As the spring market approaches, improving activity levels combined with elevated inventory may present opportunities for buyers who have been waiting for more choice and negotiating room.

For sellers, strategic pricing and strong property presentation remain key to attracting serious buyers in today’s competitive environment.

If you are considering buying or selling in the Fraser Valley and would like a personalized market update for your neighbourhood, feel free to reach out.