Fraser Valley Real Estate Board says a modest increase in April home sales took a lead from cooler spring weather in the region covered by the board, including Surrey, North Delta, White Rock, Langley, Abbotsford and Mission.
The supply of available homes continued to build last month, but buyers remained relatively hesitant, leading to a cooler resale market in April, the Surrey-based FVREB says in its monthly housing market stats, posted online (fvreb.bc.ca).
The board recorded 1,471 transactions on its Multiple Listings Service (MLS) in April, up five per cent from March but off by five per cent compared to April 2023.
While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020, the FVREB reports. Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, FVREB chair, “which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976. With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent, the board notes.
“There is a lot of caution in the market right now,” said Baldev Gill, FVREB CEO. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate.”
The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March. Apartments are now spending 23 days on the market, down from 26 days in March, and townhomes are moving more quickly at 19 days, down from 20 days on the market in March.
Overall benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023.
The 103-year-old FVREB is an association of more than 5,000 real estate professionals.