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VANCOUVER, BC – March 4, 2024 – While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR)  reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024.

Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024.

Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024.

Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024.

1. Editor’s Note: Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.

3. GVR is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.gvrealtors.ca.

For more information please contact:

Craig Munn

V.P., Communication and Events
Greater Vancouver REALTORS®
604.730.3146
cmunn@gvrealtors.ca

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SURREY, BC – Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.

The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above the 10-year average.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33 days on the market in January.

After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.

Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023. 

Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.

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SURREY, BC — House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over- month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.

The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.

February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.

The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.

“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”

With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.

“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”

Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.

  • Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.

  • Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.


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SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.


The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.


The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022. Sales remain strong at 18 per cent above the 10-year average.


By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.


“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”


“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board. “That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.


” In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for townhomes. Single family detached homes averaged 13 days before selling. The one-year comparison is 35, 21 and 21 respectively.


MLS® HPI Benchmark Price Activity


• Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021.


• Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.


• Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.

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SURREY, BC – On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales – still the third highest ever for January – cooled compared to December while the volume of new listings improved significantly.      


The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service® (MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.  


The Board received 2,135 new listings in January, an increase of 67.1 per cent compared to December 2021, and a decrease of 23.3 per cent compared to January of last year. Total active listings for the month were 2,332, down 44.6 per cent compared to January 2021, however an increase of 19.2 per cent compared to December 2021.  


Larry Anderson, President of the Board, said, “In January, REALTORS® saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.


“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply‐demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much‐needed balance to the market, but this is a step in the right direction.”


Baldev Gill, Chief Executive Officer of the Board, said, “For almost two years, Fraser Valley REALTORS® have worked hard to help their clients navigate safely during the longest, most intense seller’s market in our Board’s history. This protracted pandemic market has resulted in considerable upward pressure on home prices.


“We anticipate the seasonal influx of new inventory, such as we’re already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022.”


In January 2022, the average number of days to sell a single‐family detached home in the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to sell a townhome and 17 days for apartments, compared to 28 and 37 days respectively, in January of last year.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,569,300, the Benchmark price for an FVREB single‐family detached home increased 4.6 per cent compared to December 2021 and increased 41.8 per cent compared to January 2021.


 Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021.


 Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.

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SURREY, BC – For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100‐year history of the Fraser Valley Real Estate Board (FVREB).  


In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 per cent compared to February 2020 and 64 per cent more than were processed in January 2021. To provide a historical perspective, sales in February were 88 per cent above the 10‐year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016.    


Chris Shields, President of the Board said of this month’s record numbers, “This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.  


“What’s fueling the demand is the combination of record‐low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family‐sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”  


The Board received 3,265 new listings in February, an increase of 28 per cent compared to February of last year, placing it second highest for February for new listings in the last decade. The total active inventory for February was 4,120, down 28 per cent from last year’s 5,741 active listings, and the lowest ever for the month.


Baldev Gill, Chief Executive Officer of the Board, added, “We know more people are choosing to move to the Fraser Valley right now because they’re seeking more usable space, a better quality of life, and they recognize that their housing dollar goes further. The challenge is selection. We anticipate as the vaccination roll‐out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels. In the meantime, REALTORS® will continue to ensure consumer safety is at the forefront of all home viewings and transactions.”


Across Fraser Valley, in February, the average number of days to sell a single‐family detached home and a townhome was 21 days. Apartments took on average 35 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single‐family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.


 Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.


 Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020. —30 — The Fraser Valley Real Estate Board is an association of 3,840 real estate professionals who live and work in the BC

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SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.


The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10‐year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016.   


 “Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.  


“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”


The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per cent below the 10‐year average.


Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in‐person viewing.   


“And note, we’re already seeing an improvement in supply levels compared to December, a  trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.”   


In January 2021, the average number of days to sell a single‐family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.  


MLS® HPI Benchmark Price Activity

 Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.


 Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.


 Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.

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February home sales outpace new listings in Fraser Valley

SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10‐year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below‐average levels. 


The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year. Of the 1,352 total MLS® sales of residential and commercial combined in the Fraser Valley, 534 were single family detached homes, 341 were townhouses, and 315 were apartments.


“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.


There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year‐over‐year. Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.


“We are seeing more traffic at open houses, more multiple offers and a slight increase in year‐over‐year prices, so if you’ve been thinking about selling, talk to your local REALTOR® to find out if it’s the right time for you,” observed Germyn.


“Another indicator we look at is how long it takes to sell a home and in February, the three main residential property types sold on average six days faster than last year.”


For the Fraser Valley region, the average number of days to sell an apartment in February was 35, and 33 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.


MLS® HPI Benchmark Price Activity

 Single Family Detached: At $971,300, the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.

 Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019. *Preliminary number pending further review

 Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.

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Fraser Valley real estate market gears up for spring


SURREY, BC – Coming off a mild January, the Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with decreased prices in several of its communities.


The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.


Darin Germyn, President of the Board, said of the market: “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring.”

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9 per cent compared to January 2019’s inventory and an increase of 47.6 per cent year-over-year.


The Board received 2,216 new listings during the month, a 15.1 per cent decrease compared to January 2019’s intake of 2,609 new listings and a 3.4 per cent decrease compared year-over-year.


“Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively,” continued Germyn. “If you’re looking to list, contact a REALTOR® who can help you understand the local market and what price point will bring you the buyers you’re looking for.”


For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhomes. Single family detached homes remained on the market for an average of 43 days before selling.


HPI® Benchmark Price Activity

  • Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018.
  • Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018.
  • Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018
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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.