Joanne Taylor
Awarded
Rotarian of the Year
Rotary Club of South Surrey
2013
Search Listings Now
Listings on the Go!
Take your home search with you, view listings from your mobile phone.
Mortgage Calculator
| Purchase Amount: | Down Payment: | ||||||||||||||||||
| Interest Rate: | % | Payment Interval: | |||||||||||||||||
| Mortgage Term (Years) | |||||||||||||||||||
| Closing Costs ($): | Closing Costs (%): | ||||||||||||||||||
|
|
||||||||||||||||||
FVRB News Release January 6, 2025
New Listings at 10 Year High in 2024 but Affordability Still the Elephant in the Room
SURREY, BC — Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales.
The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.
“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”
The composite Benchmark home price in the Fraser Valley closed the year at $965,000, down two per cent year-over-year, and down four per cent from its 2024 peak in March.
The Board recorded 994 sales on its MLS® in December, a decline of 13 per cent from November, but 19 per cent above sales from December 2023.
New listings declined 46 per cent from November to December, from 2,367 to 1,288, contributing to a 23 per cent decline in overall inventory in December. With a sales-to-active listings ratio of 16 per cent in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”
It took longer to sell townhomes and condos in December compared to November. Townhomes spent 36 days on the market, up from 33 days in November, while condos spent 38 days on the market, up from 36 days in the previous month. Single-family homes spent 43 days on the market — no change from November.
The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 per cent compared to November.
Full package: https://www.fvreb.bc.ca/statistics/Package202412.pdf
MLS BENCHMARK PRICE ACTIVITY for DECEMBER 2024 for *WHITE ROCK/SOUTH SURREY*
• Single Family Detached: At $1,869,700, the Benchmark price for a single-family detached home in the South Surrey/White Rock area decreased 1.5% from $1,898,900 from December last year and decreased 0.1% from last month in November ($1,871,400).
• Townhomes: At $932,000, the Benchmark price for a townhome decreased 2% from December last year ($951,400) and decreased 2.1% from last month in November ($952,100).
• Apartments: At $610,000 the Benchmark price for apartments/condos decreased 2.1% from $622,900 compared to December last year, and decreased 0.9% from last month in November ($615,300).
SALES FOR DECEMBER 2024 (for *WHITE ROCK & SOUTH SURREY*)
Detached: 49 sales, down 16.9% from 59 last month and up 40% from December last year (35)
Townhouses: 40 sales, up 25% from 32 last month and up 21.2% from 33 last year in December.
Apartments: 52 sales, down 8.8% from 57 last month and up 44.4% from December last year (36).
Call Joanne today, for a free
no obligation
Complete and Current Market Evaluation
778-227-1443
The Importance of Market Data
One of the most important marketing tools Joanne uses in pricing and marketing a property is market statistics. This information includes comparisons between ‘listed’ properties (properties currently for sale) and ‘sold’ properties (properties that sold within a one-month period).
These comparisons are generated at the end of every month by the Multiple Listing Service® and are not available to the public. These reports help to determine the Current Market Conditions affecting your specific neighbourhood.
The “Sales-To-Actives Ratio” tells the percentage of inventory that is selling in a given month (sales for the month divided by the Active Listings = the per centage of homes that are selling). This provides a better idea of the sense of balance between total supply and demand.
To determine the type of Market, if 11 to 20 per cent of inventory is selling (with give & take), the market is balanced. A Seller's Market is when more than 20 per cent is selling, and when it's less than 11 per cent the reverse is the case and buyers have the upper hand.
| 
| |||||||||||||
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.