Buyers Gaining Upper Hand in Fraser Valley Real Estate Market

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 continues to shift as home buyers gain the upper hand. For the first time in four months, home sales have increased as buyers take advantage of more selection and weakening prices. Here’s everything you need to know:

Sales trends. In February, the Fraser Valley Real Estate Board recorded 920 sales, reflecting a 13% increase from January. However, sales remain 26% lower than in February of last year. Despite a 9% drop in newly listed homes, new listings were still 14% above the ten-year average, totaling 3,121 homes.

Inventory. Overall inventory remains high, with 8,070 active listings, marking a 45% increase from February 2024 and standing 55% above the ten-year seasonal average. The sales-to-active listings ratio remains at 11%, signaling a continued buyer’s market. A balanced market typically falls within a 12-20% ratio.

Price movements. The benchmark price for a single-family home now sits at $1,489,100, reflecting a 0.5% increase from January but a 0.6% decrease from February of last year. Townhomes are priced at $820,600, down 2.1% year-over-year, while condos have a benchmark price of $533,200, reflecting a 2.4% decline from the previous year.

Market outlook. The combination of rising inventory and softening prices is giving buyers increased leverage, especially in the single-family detached category. If this trend continues, further shifts toward a stronger buyer’s market and additional price declines could occur. Economic uncertainties, including ongoing tariff negotiations, may also contribute to this evolving landscape.

With enough inventory, buyers now have greater flexibility and more time to explore their options before making decisions. Additionally, expectations are high that the Bank of Canada may reduce interest rates this month. If that happens, it could catalyze the spring market, which is historically the busiest time of the year.

For those considering a move in 2025, understanding how this market shift affects home value is crucial. If you have questions or need guidance, don’t hesitate to reach out. You can call me at (604) 805-5897 or send an email to Jayson@JaysonSidhu.com. I look forward to hearing from you.