Inventory levels in the Fraser Valley real estate markets have surged, reaching highs not seen since 2020. The Fraser Valley market currently has 7,313 active listings, an 18% increase from March and 17% higher than the 10-year April average. This influx was fueled by 3,976 new listings in April. However, demand hasn’t matched this surge, with 1,471 sales recorded, a 5% increase from March but 5% lower than April 2023. The amount of sales recorded in April in was the third-lowest April total of the past 10 years.

The market is moving towards a buyers’ market, as indicated by the sales-to-new-listings ratio dropping to 36.9% and the sales-to-active-listings ratio decreasing to 20.1%. Prices have remained relatively stable, with single-family homes at $1,532,700, townhouses at $854,700, and condominiums at $561,900 by the end of April. The average number of days on the market for single-family homes is down from 27 days to 23 days, for townhouses from 20 days to 19 days, and for condominiums from 26 days to 23 days. FVREB officials suggest this balanced market provides buyers with more time to explore options without pressure, despite slight decreases in the average days on the market for all property types.