May brings much-needed lift to Fraser Valley housing market

June 3, 2025

SURREY, BC — On the heels of a quiet April, Fraser Valley home sales saw a modest but encouraging uptick in May — a sign that buyer confidence may slowly be returning to the market.

The Fraser Valley Real Estate Board recorded 1,183 sales on its Multiple Listing Service® (MLS®) in May, up 13 per cent from April. Despite the increase, sales were 22 per cent below May 2024 levels and 36 per cent below the 10-year seasonal average.

Overall inventory continues to build, with active listings up six per cent in May, to 10,626, an increase of 34 per cent year-over-year and 54 per cent above the 10-year seasonal average. New listings increased seven per cent from April to May to 4,007.

“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions.”

The overall sales-to-active listings ratio of 11 per cent indicates the Fraser Valley remains in a buyer’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in May, the average number of days to sell a single-family detached home was 34, while for a condo it was 33 days. Townhomes took, on average, 27 days to sell. 

“Many buyers are taking a wait and see approach, hoping for the economy to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Job security, inflation, and the cost of living continue to weigh on the minds of many families. As soon as greater confidence begins to return, we could start to see more activity in the market.”

The composite Benchmark price in the Fraser Valley decreased  one per cent in May, to $963,200.

MLS® HPI Benchmark Price Activity

Detached Homes: 

At $1,481,900, the Benchmark price for an FVREB single-family detached home decreased 1.6 per cent compared to April 2025 and decreased 3.2 per cent compared to May 2024.

Townhomes:  

At $832,800 the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2025 and decreased 2.5 per cent compared to May 2024.

Apartments:   

At $532,700 the Benchmark price for an FVREB apartment/condo decreased 0.9 per cent compared to April 2025 and decreased 4.0 per cent compared to May 2024.

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Living in the Sky: Pros and  Cons of Penthouses

Do you ever dream of living in style at the top of a building in a penthouse? If it’s something you think you might want to make a reality at some point,  read on for some pros and cons to weigh before buying a penthouse 

PROS—

•Panoramic views with lots of light 

•Often has added features lower floors don’t, such as more square footage and higher ceilings 

•Can be a great investment, especially if you buy a pre-construction when prices tend to be lower 

•Because there is less supply, there is less  market volatility 

•Demand sustains itself because they are unique 

•Usually, priced higher than lower-floor units 

•Can be quieter because there is no upper-floor noise (unless the building has rooftop amenities) and it is further from street noise 

•Typically, is more private than the rest of  the building   


CONS — 

•More expensive to buy and maintain (the greater the square footage the higher the  maintenance fees)  

•Greater exposure to the elements (e.g., storm damage to the roof)  

•You are liable for overflow of sinks, tubs, and washing machines, and need to account for having more floors below you to potentially damage. Check your insurance coverage to ensure it’s sufficient 

•Depending on the height of the building, the elevator ride could be long with many stops along the way. If the elevators aren’t working, keep in mind that you will have to take the stairs 

•Longer response time in case of emergencies 

• If mechanical systems are on the roof, it could  be noisy  


Call or email today  for any questions you may have: 604-309-5453  or email: bonetti@telus.net

















Bidding War Battles: How
 To Come Out Victorious

It happens. Desirable home. Desirable neighbourhood. Multiple buyers with offers. It can be a recipe for a bidding war. 

So, what do you do if you have your heart set on a home that other people want too?  

• Show them the cash — According to a report by Redfin, cash offers were 4 times more likely to win a bidding war. Of course, when considering making a cash offer don’t drain your emergency fund, and weigh factors such as if there is a penalty to pay if you withdraw from a certain account..  

• Get pre-approved —  Next to cash, getting preapproved before you shop is the next best option. This way you know what you can afford, and it ups your chances of winning a bidding war because the seller knows you are serious and can close faster.   

• 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. 

• Offer over asking   —  In doing so, make sure you know the highest amount you are willing to offer, thinking in terms of what the monthly payment would be. 

• Limit contingencies — Contingencies waived usually apply to inspections, appraisals, finances, and insurance. Be aware that waiving contingencies limits your ability to back out of the deal and you take a potentially serious financial risk.  

Navigating a bidding war can be tricky, so you need to be prepared for one before it happens.  As an experienced REALTOR®, that’s where I can help. If moving is on your mind, call or email me today for any questions you may have: 604-309-5453  or email: bonetti@telus.net



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REAL ESTATE NEWS
                    

as of June 4, 2025

The Bank of Canada holds key interest rate at  2.75% 


The Bank of Canada held its benchmark interest rate at 2.75% for the second consecutive month. Despite underlying inflationary pressures edging higher, annual inflation eased to 1.7 per cent in April, largely due to the removal of the consumer carbon price.

"With uncertainty about US tariffs still high... Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts."

Statistics Canada reported Friday that real GDP outpaced expectations in the first quarter, driven in part by businesses accelerating activity to get ahead of potential tariff impacts. Meanwhile, the Bank of Canada signaled in April that it would adopt a less forward-looking stance, opting not to release a central forecast for inflation and economic growth due to heightened uncertainty.

 

The Bank of Canada's next interest rate decision of the year comes on

July 30, 2025 




Current Mortgage Rates in BC :

https://wowa.ca/mortgage-rates-bc



Fixed Rates

1-year

Fixed rate: 4.69% insured, 5.24% bank rate

3-year

Fixed rate: 3.99% insured, 4.34% bank rate

5-year

Fixed rate: 3.99% insured, 4.34% bank rate


Variable Rates


5-year

Variable rate: 4.05% insured, 4.49% bank rate

     

Prime Rate:
    

  4.95%




Cues It’s Time to Downsize

If you are nearing retirement or you are already retired, you may be thinking about downsizing, as it can free up your finances and simplify your life, allowing you to enjoy a greater quality of life. 

So, what are some cues that it's time  to downsize?

- You are having frequent falls or trouble navigating the stairs. If this is the case, you may be safer in a single-story home or a condo  with elevators. 

- You are overwhelmed with home maintenance.  

- Your housing costs have risen above 30 percent a month.  

- You want to free up your home equity, perhaps so you have more disposable income for things  like travel.    

- The home no longer fits your needs.  

- There are unused rooms and amenities.

- Your career and family no longer tie you to the area.  

- You want to be closer to your family. 

- The demographics in your neighbourhood have changed and you no longer have a sense of belonging there. Perhaps a retirement community would make more sense, so you can make new friends and enjoy activities together. 


While it can be hard to let go of a home that holds so many memories, letting  go means you will create space for  new possibilities.








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 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.



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The Power of Scent

Over time, you can become so accustomed to the smell of your home that you may not think twice about it. But when a potential buyer first walks into your home, one of the very first things noticeable to them is the smell. So, you want it to be a good one.

To keep potential buyers sniffing for more use these scent tips:

Good Smells

•Light florals 

•Citrus 

•Vanilla 

•Natural wood (think pine, cedar) 

•Natural herbs (think basil, thyme) 

•Fragrant plants (think roses, eucalyptus, lavender, and rosemary – just make sure they get plenty of light)


Bad Smells

•Strong cooking smells (fish, eggs, garlic, onion, etc.) 

•Pet odours (clean all pet paraphernalia also for allergy reasons) 

•Strong cleaning chemicals (bleach) 

•Smoke (use an air filtration machine) 

•Stale, musty smells (open windows to let the fresh air flow in) 

•Too many smells (if even they are good) Focus on 1 or 2 scents

Remember, emotions are driven by senses, which play a role in the buying process. The scent of your home will trigger feelings, in your prospective buyer, so make sure it’s good feelings.



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