January 2024 Market Update

Here is the January 2024 market overview. Starting this month I’ve incorporated more of the changes you have been asking for! You will find an overview for the Fraser Valley as a whole and a separate breakout for the City of Surrey. Hope you like the change. Overall, benchmark prices are up 5% year-over-year but has been down slightly in each of the past 6 months. If wanting details for your specific neighbourhood you know how to find me.

Let’s go!

The year over year numbers show price appreciation for all categories of housing in the Fraser Valley. Prices are up approximately +5% for the Fraser Valley¹ when compared to January 2023 (one year ago). When you look further into the numbers you can see some differences. For instance, Detached homes and Townhouses have experienced small price declines now in each of the past six months… down almost 6% from the July 2023 peak. Apartments in the Fraser Valley have remained relatively flat for the past two months reflecting some resilience for this category of housing. As always, if you want more detail or information for a specific neighbourhood or property, reach out – always great hearing from you.

QUICK JANUARY HIGHLIGHTS

• We held our First-Time Home Buyer webinar on January 25. The turnout was beyond our expectations and I was privileged to present an overview and advice for those interested in the real estate market. Our next session will be announced soon. Join us by sending me a message and I can make sure you get an invite (there is no cost). We gave away two pairs of free tickets to some lucky participants during the session to the BC Home and Garden Show. Congrats to the winners! I was fortunate to share the stage with the very talented and knowledgeable Katrina Madarang of Winch+Kat Financial Solutions. I’m looking forward to our next joint session! Join us.
• Check out this property highlight of the week. This property is a double sized lot (12,000SF lot!) in Mission BC listed at $995,000.  If interested in viewing send me a message.

Lastly, the BC Home and Garden Show is February 9 – 11, 2024. I’ll be at the show on February 10th at BC Place Stadium – if you see me there please stop me and say hi!

SO IS IT A SELLER’S OR BUYER’S MARKET?

An explanation I cover almost every post:

Sales-to-Active Listing Ratio: Simply put, this ratio is calculated by dividing the number of sales by the number of active listings for a given period (usually monthly) and tells us if we are experiencing a Buyer’s or Seller’s market.

• When this factor is below 12% for a sustained period there is usually downward pressures on home prices (think “buyer’s” market).
• Between 12-20% is considered a balanced market.
• Over 20% for sustained periods generally provides upward pressure on home prices (think “seller’s” market).

January 2024 Sales to Active Listing Ratio

• Detached homes for the Fraser Valley have a sales-to-active listing ratio of 15.8% and  13.5% for The city of Surrey. This keeps detached homes in balanced territory
• Townhouses for the Fraser Valley have a sales-to-active listing ratio of 33.2% and 29.3% for The city of Surrey. This keeps Townhouses in seller’s territory
• Apartments for the Fraser Valley have a sales-to-active listing ratio of 26.5% and 27.5% for The city of Surrey. This keeps apartments also in seller’s territory

Looking forward to hearing from you and hope to see you at the BC Home And Garden Show.

1 – The Fraser Valley Real Estate Board consists of the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock

January 2024 Fraser Valley Market Overview

January 2024 City of Surrey Market Overview