March 2024 Market Update

So… this month’s market analysis is pretty interesting. Highlights?

• Total inventory increased in the Fraser Valley – which gives buyers even more options.
• Inventory is at its highest levels in the Fraser Valley  than in the past 5 years (for March). This is good news for buyers!
• Benchmark prices are up approximately 4.6% compared to last year. Good for sellers – not so good for buyers.
• Homes also sold faster in March than in February with the average number of days on market decreasing (see below charts).
• The number of sales in March was below the 10 year average by 30%.

A mixed bag of stats in my opinion! So let’s talk about Sales-to-Active Listing ratios. First a reminder:

• When the ratio is between 12-20%, the market (and prices) are balanced.
• Over 20% for a sustained period and there is upward pressure on prices. (Seller’s Market)
• Below 12% for a sustained period and there is usually downward pressure on prices (Buyer’s Market).

Right now the market is sitting at 25.9% for the combined Sales-to-Active Listing ratio (for all property types). So you see why I say mixed bag? More inventory but small price appreciations and properties selling faster plus a Sales-to-Active ratio that is pushing more solidly into seller’s territory.

So… what does this all mean?

The market is fluid and constantly evolving. Working with an experienced REALTOR who can navigate the “noise” and see through to the right signals for a property will go a long way to getting you the best options as a buyer or a seller. Reach out and I can explain how the above might impact your particular situation. Always happy to chat.

Current Real Estate Changes

I want to share some of the relevant real estate stories from the past month. These are from articles that I’ve read that I found covered the points succinctly and evenly with insight into today’s market changes.

• Bank of Canada Holds Policy Rate at 5%: What Does This Mean for Current and Potential Homeowners
• CBC – House-flipping tax legislation tabled in B.C. – up to 20% – article nicely summarizes the introduction of a BC house-flipping tax. One point I’ll make in addition to the article is a reminder that the tax is applied only to the profit if the home is sold within 2 years of ownership.

Bringing It All Home

The market is a living, changing Being in a constant state of evolution. If you are wondering “is now a good time to buy/sell” or want to know how any of this information might impact your particular circumstances, reach out. From my perspective, it will be interesting to see how the market responds to the upcoming rate decision on April 10th by the Bank of Canada – especially in combination with the higher inventory levels in the Fraser Valley this month.

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

March 2024 Market Update for Surrey

March 2024 Market Update for Fraser Valley