A Closer Look Into Current Market Trends and Stats

Following a surge in activity during October, Fraser Valley home sales returned to typical seasonal patterns in November, with a 15% drop from October, but a notable 28% increase compared to November last year, highlighting growing buyer confidence as the year progresses. Active inventory remains at a 10-year seasonal high and 30% above last year’s levels.  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. 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’s discuss how we can help you achieve your real estate goals in this evolving market!