Active inventory remains at a 10-year seasonal high and 30% above last year\u2019s levels.\u00a0 The overall market continues to be balanced, with a sales-to-active ratio of 14%, favoring neither buyers nor sellers. Although there are certain neighbourhoods and product types that are leaning towards either buyers or sellers.
Benchmark prices dipped ever so slightly, with November being the eighth consecutive month of decline.\u00a0<\/div>\r\n
Looking ahead, recent changes to mortgage lending guidelines set to take effect on December 15, including longer amortization periods and reduced down payment requirements, as well as another anticipated rate drop by the Bank of Canada could pave the way for increased buyer activity in 2025.
If you’re considering making a move, now is the time to plan ahead and position yourself strategically for the opportunities the new year will bring. Let\u2019s discuss how we can help you achieve your real estate goals in this evolving market!<\/div>\r\n\r\n\r\n\r\n\r\n\r\n
See Listed Properties For Sale in Langley BC<\/a><\/p>\r\n\r\n\r\n\r\n If you are considering selling, buying or just have questions about the market<\/strong>, please give us a call today and let\u2019s chat<\/a>.<\/p>\r\n What Does The Fraser Valley Real Estate Board Have To Say?<\/p>\r\n\r\n\r\n\r\n SURREY, BC \u2013 Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.<\/p>\r\n The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.<\/p>\r\n \u201cBuying and selling activity is typically quiet at this time of year,\u201d said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. \u201cBut it\u2019s worth noting that November 2024 sales are higher than they\u2019ve been compared to the past two Novembers \u2014 a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.\u201d<\/p>\r\n A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.<\/p>\r\n \u201cWith seasonality expected to slow sales activity towards year-end, we are optimistic that the new mortgage lending guidelines, which come into effect on December 15, will slowly start to work their way into the market,\u201d said Baldev Gill, CEO of the Fraser Valley Real Estate Board. \u201cLonger amortization periods and lower minimum down payments should help more buyers who want to get into the market in 2025.\u201d<\/p>\r\n Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.<\/p>\r\n Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.<\/p>\r\n MLS\u00ae HPI Benchmark Price Activity<\/p>\r\n \u2022 Single Family Detached: At $1,482,600, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to October 2024 and decreased 0.1 per cent compared to November 2023.<\/p>\r\n \u2022 Townhomes: At $835,100, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to October 2024 and decreased 0.2 per cent compared to November 2023.<\/p>\r\n \u2022 Apartments: At $536,100, the Benchmark price for an FVREB apartment\/condo decreased 1.3 per cent compared to October 2024 and decreased 1.2 per cent compared to November 2023.<\/p>\r\n\r\n\r\n\r\n Find the November 2024 Statistics Package HERE.<\/span><\/a><\/strong><\/p>\r\n Whether you\u2019re <\/b>buying<\/b><\/a>, <\/b>selling<\/b><\/a>, or simply seeking to feel more at home, we\u2019re here to help you every step of the way.<\/b><\/p>\r\n Fraser Valley home sales returning to seasonal norms in November after October surge Following a surge in activity during October, Fraser Valley home sales returned to …<\/p>\n","protected":false},"author":2,"featured_media":73281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117,4,35,27,30,10,64,116,300,40],"tags":[44,121,172,323,39],"class_list":["post-72774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-askschreders","category-blog-post","category-cloverdale","category-featured","category-fraser-valley","category-langley","category-monthly-market-updates","category-real-estate-news","category-rented","category-surrey","tag-langley","tag-market-report","tag-real-estate-news","tag-realtor","tag-surrey"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=72774"}],"version-history":[{"count":9,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72774\/revisions"}],"predecessor-version":[{"id":73672,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/72774\/revisions\/73672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/73281"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=72774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=72774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=72774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.schreders.ca\/blog\/wp-content\/uploads\/2024\/12\/Market-Report-Nov24-Schreder-819x1024.png\")
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