The market's February benchmark price was also markedly higher than pre-pandemic levels
Home prices in the Fraser Valley posted a slight uptick in February after nearly a year of month-over-month decreases, and sales activity was also up despite still trending lower than normal, according to the region’s housing industry association.
The composite benchmark home price in the market last month was $946,700. Despite a small 0.5% gain, this was a reversal from the price slide that the region has been experiencing since April 2022, the Fraser Valley Real Estate Board said in its latest report.
This price was also 36% higher than the pre-pandemic level seen in February 2020.
New listings amounted to 1,938 units in February, which was 5.7% higher on a monthly basis but 48.2% lower than the level seen during the same time list year. Active listings grew by 7% from January and by 16.3% from February 2022.
“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 FVREB.
“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.”
The region saw a total of 898 sales in February, representing an increase of 43.5% monthly but a nearly 50% decline annually. The sales-to-active listings ratio stood at 20%, placing the market in balanced territory.
“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, CEO of the FVREB.