Tariffs, economic uncertainty stall spring market in the Fraser Valley
April 2, 2025
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.
The composite Benchmark price in the Fraser Valley increased just under half a per cent in March, up 0.4 per cent to $974,400.
MLS® HPI Benchmark Price Activity
Detached Homes:
At $1,505,500, the Benchmark price for an FVREB single-family detached home increased 0.4 per cent compared to February 2025 and decreased 1.2 per cent compared to March 2024.
Townhomes:
At $833,700 the Benchmark price for an FVREB townhome increased 0.5 per cent compared to February 2025 and decreased 1.7 per cent compared to March 2024.
Apartments:
At $540,900 the Benchmark price for an FVREB apartment/condo increased 0.5 per cent compared to February 2025 and decreased 2.6 per cent compared to March 2024.
To view the complete package: Stats Package - Cover
OPEN HOUSE- Saturday, April 26th 1-4pm
Prepping Your Home for a
Successful Spring Sale
Are you planning to sell your property this spring? Here are some tips for a successful spring sale.
•Price your home competitively — Research comparable properties in your area for what they listed and sold for and use these as a guide.
• Be prepared to negotiate on price and terms- Think about the lowest price that would be acceptable to you.
• Give your home’s exterior some love — Expect potential buyers to examine the exterior more closely in the warmer months. Ensure your patio furniture is clean and wash the windows inside and outside if possible. For balconies, planters of colourful flowers go a long way. If you have a yard, clear any debris from the winter, consider putting down some fresh mulch, and tend to landscaping.
• Air out your home — Open the windows to let a cross-breeze through for fresh air. Also, consider placing some diffusers throughout your home for a pleasant scent
• Stage seasonally — For example, since it’s springtime, setting out a vase of fresh tulips would be in tune with the season. Work with a professional stager.
• The entryway — This is your first opportunity to make a statement. Choose items that creates a lasting impression, such as a brand-new doormat, a nice framed mirror, a console and a matching bench.
• Give your home a good spring clean - Depending on your region, winter can create a lot of extra dust from continuous heating. Consider hiring professional deep cleaners.
• Tend to any repairs - While this may seem obvious, depending on your region, winter can be rough on a home, so scan your home to see if you need to do any minor repairs or improvements.
• Declutter — Donate or sell anything that doesn’t have a practical or aesthetic purpose for a well presented home.
Even if you aren’t preparing for a spring sale, many of these tips can be used to stay on top of home maintenance and keep your home humming into spring.
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 April 16, 2025
The Bank of Canada holds key interest rate at 2.75%
The Bank of Canada held its benchmark interest rate at 2.75%, marking an end to its consecutive rate cuts. The Bank based its decision on "extreme market volatility" which was adding to global economic uncertainty which continued to slow the economy down. The bank is expecting domestic demand in Canada to be relatively flat in the first quarter of 2025 and the second quarter to be weaker.
“Consumption, residential investment and business spending all look to have weakened in the first quarter. Trade tensions are also disrupting recovery in the labour market. Employment declined in March and businesses are reporting plans to slow their hiring. Wage growth continues to show signs of moderation" said Bank of Canada governor Tiff Macklem, adding "At this meeting, we decided to hold our policy rate unchanged as we gain more information about both the path forward for U.S Tariffs and their impacts."
Tu Nguyen, economist at RSM Canada said, "The reality is that volatility in trade policy, which impacts economic outlook, remains simply too high, and the Bank of Canada will need to continue taking their rate decision one at a time, taking into account constantly shifting dynamics across jobs, prices, and financial markets. As the policy rate inches closer to neutral, we expect a rate cut in June. As recession risks rise, concerns about growth would outweigh those about inflation."
The Bank of Canada's next interest rate decision of the year comes on
June 4, 2025
To read the full article:
Current Mortgage Rates in BC :
Fixed Rates
1-year
Fixed rate: 4.99% insured, 5.14% bank rate
3-year
Fixed rate: 3.79% insured, 4.14% bank rate
5-year
Fixed rate: 3.79% insured, 4.24% bank rate
Variable Rates
5-year
Variable rate: 3.95% insured, 4.24% bank rate
Prime Rate:
4.95%
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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