Fraser Valley Market Update: Dec 2024

By Jayson Sidhu

Jayson Sidhu is a trusted real estate advisor with over 17 years of award-winning service in the North Delta and Surrey areas.

The Fraser Valley real estate market faced notable challenges in 2024, with affordability remaining a major hurdle for many potential buyers. While new listings reached a 10-year high, sales activity reflected a quieter market shaped by high borrowing costs and cautious consumer behavior. Here are the key market highlights from 2024:

1. New listings

• Total new listings: 35,698
• A 10-year high, exceeding the 10-year average by 9%

2. Annual sales

• Total annual sales: 14,570
• The lowest in a decade, reflecting a 1% decline compared to 2023
• 24% below the 10-year average

3. Home prices

• Composite benchmark home price: $965,000
- Down 2% year-over-year
- Down 4% from the March 2024 peak

• Single-family detached: $1,480,400
- Up 0.9% compared to December 2023

• Townhomes: $827,900
- Up 0.3% compared to December 2023

• Condos: $533,900
- Down 0.2% compared to December 2023

Where did the sales come from? The majority of sales in 2024 came from Surrey, Langley, and Abbotsford, with the year marking another subdued performance following a 10-year low in 2023. Slight price declines across some areas provided relief for buyers, but affordability remained a concern. Despite these challenges, sellers were not discouraged from listing, taking advantage of balanced market conditions throughout the majority of the year.

Looking ahead to 2025. The Bank of Canada’s mid-year interest rate cuts helped but were not enough to overcome affordability issues. Many buyers remained on the sidelines, waiting for improved conditions. However, recent government policies aimed at increasing housing supply and reducing affordability pressures, coupled with continued interest rate cuts, are expected to create better market opportunities in 2025. These changes could provide a boost to both buying and selling activity in the Fraser Valley.

This update offers valuable insights for those navigating the Fraser Valley real estate market. For tailored advice or assistance, contact me at 604-805-5897 or email me at Jayson@JaysonSidhu.com. Let’s make 2025 the best year for your real estate career!