Joanne Taylor
Awarded
Rotarian of the Year
Rotary Club of South Surrey
2013
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FVRB News Release April 2, 2025
Tariffs & Economic Uncertainty Stall Spring Market in the Fraser Valley
SURREY, BC: — March home sales in the Fraser Valley remained nearly 50 per cent below the 10-year average — making for the slowest start to the spring market in more than 15 years.
The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13 per cent from February, but still 26 per cent below sales recorded this time last year.
Following a decline on the Board’s Multiple Listing Service® (MLS®) in February, new listings increased 22 per cent in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49 per cent above March 2024 and 59 per cent above the 10-year seasonal average.
“If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”
The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
“Currently, uncertainty is impacting all corners of the real estate and development sector,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board, “and as a result, we are seeing markedly lower seasonal activity. As we navigate these challenges, your local REALTOR® — with firsthand market insight and access to the latest data — is a valuable resource to help guide you through the critical timing decisions for buying or selling.”
Across the Fraser Valley in March, the average number of days to sell a single-family detached home was 31, while for a condo it was slightly higher at 33 days. Townhomes took, on average, 27 days to sell.
Full package: https://www.fvreb.bc.ca/statistics/Package202503.pdf
MLS BENCHMARK PRICE ACTIVITY for MARCH 2025 for *WHITE ROCK/SOUTH SURREY*
• Single Family Detached: At $1,904,300 the Benchmark price for a single-family detached home in the South Surrey/White Rock area decreased 3.9% from $1,980,700 from March last year and increased 1.3% from last month in February ($1,879,800).
• Townhomes: At $946,400 the Benchmark price for a townhome decreased 3.4% from March last year ($979,300) and increased 0.5% from last month in February ($941,900)
• Apartments: At $626,000 the Benchmark price for apartments/condos decreased 1.2% from $633,800 compared to March last year, and increased 1.6% from last month in February ($616,100).
SALES FOR MARCH 2025 (for *WHITE ROCK & SOUTH SURREY*)
Detached: 41 sales, up 5.1% from 39 last month and DOWN 37.9% from March last year (66)
Townhouses: 53 sales, up 1.9% from 52 last month and down 23.2% from 69 last year in March.
Apartments: 53 sales, (same from last month) and down 11.7% from March last year (60).
Call Joanne today, for a free
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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.
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