Fraser Valley Market Update - Apr 26

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

The Fraser Valley Real Estate Board recorded 1,118 home sales in April, representing an 11 per cent increase from March and a 7.2 per cent increase from April of last year. 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 April there were 9,816 active listings, which is still well above seasonal norms and 45 per cent above the 10-year seasonal average. 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 composite benchmark price for a typical home in the Fraser Valley is now $899,200, representing a 0.1 per cent increase from March and the second consecutive monthly price uptick.

Benchmark prices by property type currently sit at:

•Single-family detached homes: $1,374,800

•Townhomes: $771,600

•Apartments/condos: $491,000

Homes are also taking a reasonable amount of time to sell. In April, most properties were moving in the 32 to 42 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.