Buyers gaining upper hand in Fraser Valley real estate market
March 4, 2025
SURREY, BC — For the first time in four months, home sales in the Fraser Valley have increased as buyers capitalize on more selection and weakening prices.
The Fraser Valley Real Estate Board recorded 920 sales in February, up 13 per cent from January, but 26 per cent below sales recorded in February 2024.
Despite a nine per cent drop in newly listed homes on the Board’s Multiple Listing Service® (MLS®), new listings remained 14 per cent above the 10-year seasonal average, at 3,121. Overall inventory remains high, at 8,070 active listings, 45 per cent above February 2024 and 55 per cent above the 10-year seasonal average.
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 with the ratio is between 12 per cent and 20 per cent.
“The combination of inventory accumulation and softening prices is providing buyers with increased leverage, especially in the single-family detached category,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Should this pattern persist, we could see a further shift toward a buyer's market, particularly given the ongoing economic uncertainties and impending tariffs. With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”
Homes across the Fraser Valley sold in fewer days in February compared to January. The average number of days to sell a single-family detached home was 39, while for a condo it was 36. Townhomes took, on average, 32 days to sell.
The composite Benchmark price in the Fraser Valley dipped less than a quarter of a per cent in February, down 0.2 per cent to $962,500.
MLS® HPI Benchmark Price Activity
Detached Homes:
At $1,489,100, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2025 and decreased 0.6 per cent compared to February 2024.
Townhomes:
At $820,600, the Benchmark price for an FVREB townhome decreased 0.7 per cent compared to January 2025 and decreased 2.1 per cent compared to February 2024.
Apartments:
At $533,200 the Benchmark price for an FVREB apartment/condo decreased 0.3 per cent compared to January 2025 and decreased 2.4 per cent compared to February 2024.
To view the complete package: Stats Package - Cover
*Pending Offer
Staging Blunders to Avoid
When priming your home for sale there are some definite missteps you can make if you just “wing it,” which can affect the sale of your home. So, to prevent this from happening, read on for staging mistakes to avoid.
•Hodge-podge of styles — Maintain a cohesive style throughout your home to create a harmonious “look and feel.”
• Personal and bold — Put away your personal photos and mementos and keep your home décor neutral. Buyers want to imagine themselves living in the home, so those personal items can be distracting.
• Simple repairs or updates neglected — Repaint dull or chipped paint and update outdated light fixtures or décor.
• Layout and size of furniture — If you have a massive sectional occupying most of your living room, it’s going to make the room appear much smaller. If you have room, keep some space between the furniture and the walls to create an illusion of spaciousness.
• Clutter — Perhaps obvious, but those various coloured shampoo bottles in the bathtub and small appliances on the counter create an immediate eyesore for prospective buyers. Declutter and find a home to hide those unsightly items.
• Too little or too much lighting — Strike the right balance using soft, layered lighting throughout your home.
• Grungy linens - It doesn’t have to cost much to refresh your bed linens and towels that will be on display, and it's worth the difference it makes.
• Unpleasant scents — We become accustomed to the familiar smell of our home over time, but even if you think your home smells pleasant, have a friend come over to do the “smell test” and get an outside opinion.
Hiring a reputable professional staging company with plenty of good reviews will help you avoid these staging mistakes, so you stand your best chance of a speedy and successful sale.
Call or email today for any questions you may have: 604-309-5453 or email: bonetti@telus.net
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How to Choose a Real Estate Lawyer
When buying and selling real estate, besides a good REALTOR®, the person who helps protect your interests the most is a good real estate lawyer. So, what are the top qualities and traits of a good real estate lawyer?
Seasoned — 90 percent of their practice should be focused on real estate in your location.
A transparent fee structure — Are there hidden fees? Do their fees include title insurance? If not, research another lawyer.
Good online reviews — Also, ask for recommendations from your network.
Communication skills — Do they respond to you in a reasonable time frame? Do they explain things in a way that is easy to understand? Do they listen attentively to you?
Involvement — Ask how involved the lawyer will be since many lawyers work with assistants, and you want to be sure the lawyer will closely attend to your file.
So, before you hire a real estate lawyer, be sure to shop around. It could mean the difference between smooth sailing and a nightmare.
Get Your Spring Cleaning Done In Half The Time
Spring cleaning can seem like a great idea until you actually get started. Then it often turns out to be more work than expected. Follow these proven tips so you can get it done faster...
Make a list of what you need– Think of supplies and tools you need to make the task easier (hammer, boxes, tape, garbage bags, etc)
Consider renting a small moving trolley– This will make moving heavy objects, such as furniture, much easier as you are cleaning.
Plan how you're going to dispose of unwanted stuff–Find our where you can donate clothes, toys, furniture etc
Divide tasks into "heavy work" and "Light work"– Do the heavy work first, such as moving furniture and reorganizing rooms. After completing the heavy work, proceed to the light work such as packing boxes and sweeping
Consider getting help– There are many services available that will assist with cleaning, painting, junk removal, repairs and more.
Spring cleaning can be a big project, but these tips can help make it a lot easier. And, keep in mind that if you're thinking of selling this year, getting the spring cleaning done will be a big plus.
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REAL ESTATE NEWS
as of March 12, 2025
The Bank of Canada lowers key interest to 2.75%
The Bank of Canada reduced its benchmark interest rate by 25 basis points to 2.75%, marking its seventh consecutive rate cut. This decision coincided with U.S President Donald Trumps' announcement of new tariffs on Canadian steel and aluminum imports, adding a layer of complexity to the economic landcape.
“In recent months, the pervasive uncertainty created by continuously changing US tariff threats has shaken business and consumer confidence. This is restraining household spending intentions and businesses' plans to hire and invest” said Bank of Canada governor Tiff Macklem. When pressed about whether Canada was facing a recession, Macklem stated, "It's going to depend a lot what the U.S does with their trade policy."
"The economy came in quite strong at the end of last year. That would have been really good news but for this large cloud of uncertainty with the economy. What businesses are telling us is they're slowing investment, they're slowing hiring. Canadians are saving more, spending less. All of those things don't bode well for growth," said Carolyn Rogers, Canada senior deputy governor, who also said the central bank did not have a forecast.
Tu Nguyen, economist at RSM Canada said, "If further trade measures are introduced in early April, expect the Bank of Canada to cut the policy rate by another 25 basis points to support growth and ease tariff pains. At this point, tariffs will usher in a one-time increase in prices rather than de-anchoring inflation".
The Bank of Canada's next interest rate decision of the year comes on
April 16, 2025
To read the full article:
Current Mortgage Rates in BC :
Fixed Rates
1-year
Fixed rate: 5.44% insured, 5.24% bank rate
3-year
Fixed rate: 3.89% insured, 4.19% bank rate
5-year
Fixed rate: 3.84% insured, 4.34% bank rate
Variable Rates
5-year
Variable rate: 3.90% insured, 4.15% bank rate
Prime Rate:
5.20%
Get to Know...
Joanne Bonetti
Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.
Joanne has always lived in the Langley area and is very knowledgeable of the Fraser Valley market.
Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business.
Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.
Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.
A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.
A big Thank you to all her clients, friends, and family for their continued support.
Proud Supporter of the BC Cancer Foundation
Parting With Sentimental Clutter
Spring is right around the corner, so what better time to practice the art of letting go of your sentimental clutter, to clear your space and mind? Letting go of sentimental clutter can be challenging, so for some tips on making it easier, keep reading.
Ease into it by starting with a small, non-sentimental, decluttering task, such as weeding out a junk drawer, or getting rid of kitchen duplicates, expired products, or items that don’t work anymore.
As you move on to decluttering everywhere, set aside all your sentimental items.
Next, categorize your sentimental items into four boxes:
(1) keep,
(2) donate/sell,
(3) toss, and
(4) undecided (schedule a date to revisit them).
When making these decisions ask yourself: does this item bring up pleasant memories, do I have space to keep or display it, and would this be appreciated more by someone else?
To get rid of as much clutter as possible, separate the item from the memory by taking a photo of the item or writing about the memories associated with it. This can help you preserve the memory while freeing up space. If you have multiple items associated with the same memory, consider keeping just one of them.
Let go of guilt. Be honest with yourself. Is the item sentimental, or you are just keeping it because you don’t want to offend whoever gave it to you? Maybe it’s a family heirloom that isn’t part of your memories. And for those items you truly can’t part with, instead of creating clutter, showcase them by displaying them on a bookshelf or gallery wall.
While it can be difficult to part ways with items that hold special memories, the sense of loss can be replaced with pride in knowing that someone else can appreciate it and give it a new lease on life.
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