New listings at 10-year high in 2024, but affordability still the elephant in the room in Fraser Valley
January 6, 2025
SURREY, BC — Bank of Canada interest rate cuts that began mid-year were not enough to ease the affordability crisis for many home buyers in the Fraser Valley in 2024, leading to a decline in annual sales.
The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service® (MLS®) were the lowest seen in ten years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average. The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.
“2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market. At the same time, the modest price adjustments did not discourage sellers from listing.”
The composite Benchmark home price in the Fraser Valley closed the year at $965,000, down two per cent year-over-year, and down four per cent from its 2024 peak in March.
December 2024
The Board recorded 994 sales on its MLS® in December, a decline of 13 per cent from November, but 19 per cent above sales from December 2023.
New listings declined 46 per cent from November to December, from 2,367 to 1,288, contributing to a 23 per cent decline in overall inventory in December. With a sales-to-active listings ratio of 16 per cent in December, the overall market closed out the year in balance. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“While the Fraser Valley saw overall balanced market conditions for most of 2024, the low levels of buying and selling activity reflected a challenging year for many as would-be buyers waited for affordability to improve,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “Interest rate cuts by the Bank of Canada along with recent government policies aimed at boosting overall housing supply and improving affordability, should help to increase market conditions in 2025.”
It took longer to sell townhomes and condos in December compared to November. Townhomes spent 36 days on the market, up from 33 days in November, while condos spent 38 days on the market, up from 36 days in the previous month. Single-family homes spent 43 days on the market — no change from November.
The composite Benchmark home price in the Fraser Valley continued to slide for the ninth straight month, down 0.5 per cent compared to November.
MLS® HPI Benchmark Price Activity
Detached Homes:
At $1,480,400, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to November 2024 and increased 0.9 per cent compared to December 2023.
Townhomes:
At $827,900, the Benchmark price for an FVREB townhome decreased 0.9 per cent compared to November 2024 and increased 0.3 per cent compared to December 2023.
Apartments:
At $533,900, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to November 2024 and decreased 0.2 per cent compared to December 2023.
To view the complete package:
How to Avoid a 
Mortgage Scam
Scams are everywhere just waiting for you to take the bait if you aren’t careful. For many homeowners, their home is their biggest asset, so dodging a mortgage scam takes on extra importance. These scams can take the form of false promises for better mortgage terms, wire fraud phishing schemes during the closing process, stealing your home equity with reverse mortgages, loan flipping (where the borrower is persuaded to repeatedly refinance the same loan so the lender can collect fees) and more.
To avoid being a mortgage scam victim, read on for some helpful tips.
•Shop around for qualified lenders. Check their status on the Better Business Bureau website.
•Your mortgage payment should not exceed 28 to 32 percent of your gross monthly income depending on the lender. If you have a lender that approves you despite this, run the other way.
•Never give money to a lender without a contract.
•Don’t divulge personal or banking information in response to unsolicited mortgage offers.
•Always read the fine print on any documentation and understand the terms before signing.
•Monitor your credit report for any unauthorized transactions.
•Don’t work with lenders who discourage you from talking to a financial professional or lawyer.
•Avoid lenders who bully or try to pressure you.
For one final word of advice, be weary of offers that seem too good to be true. As the saying goes, “If something sounds too good to be true, it probably is.”
Call or email today for any questions you may have:
604-309-5453 or email: bonetti@telus.net
Check out our next ad in the Langley Advance Times :
Parting With Sentimental Clutter
It’s a new year, 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.
Freeze the Stress: Winter Moving Tips
Getting ready to move this winter? While it may not be as easy a move as in other seasons, with a little preparation you can accomplish a move that goes off without a hitch.
For some helpful tips, read on.
Be prepared to be flexible– Check the weather in the days leading up to your move. If a storm is forecasted for your moving day, consider rescheduling your move date. Get any pre-move errands completed in advance of your move, so you don’t get stuck trying to accomplish them in bad weather at the last minute.
Prepare both homes for winter moving– Ensure both your old and new homes have clear, wide paths for moving, plastic sheeting to protect floors, and if it will be dark during any part of your move, check that the exterior lighting works, and consider headlamps.
Protect belongings–Temperature changes from the warmth of your home to the cold of the moving truck can cause items like glass to break and electronics to malfunction, so secure these items according to the manufacturer’s instructions and have them loaded onto the truck last or transport them in your own vehicle to keep a closer eye on them.
Organize utilities– Schedule utility hook-up at your new home before you move so you aren’t stuck without the ability to control indoor temperatures in the height of winter.
Prepare your vehicle– Especially if you are making a long-distance move, make sure your vehicle has been serviced recently and is stocked with gas, washer fluid, first aid and emergency kits, and blankets.
Show your movers some appreciation– A warm drink and something to eat for your movers will be a nice gesture to show you care.
Don’t let Mother Nature make moving more stressful than it needs to be, and plan ahead if you have a winter move coming up.
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“What the new year brings to you will depend a great deal on what you bring to the new year.”
– Vern McLellan
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REAL ESTATE NEWS
December 11, 2024
The Bank of Canada lowers key interest to 3.25%
The Bank of Canada lowered the interest rate again by 50 basis points to 3.25%, its fifth consecutive rate cut this year, but signaled future cuts will ease at a slower pace.
"We anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected," Bank of Canada governor Tiff Mackem told reporters Wednesday, confirming the Bank of Canada is considering further reductions in the policy rate." But added that economic outlook is "clouded" due to the looming threat of tariffs by the US, and the effect of the Government's 2-month GST holiday on certain items.
RBC and CIBC economists are predicting the Bank of Canada will continue to lower the policy rate gradually in 2025, with CIBC coming in at a low of 2.25%, and RBC at 2%. The Bank of Canada's interest rate cut in October, which reduced borrowing costs, had a noticeable effect on the housing market, particularly in terms of increased sales activity. In November 2024, there was a rise in home sales, notably in regions such as Langley and major cities like Calgary and Vancouver. However, despite this uptick in transactions, home prices did not experience a significant surge. While lower rates helped reduce mortgage costs and sparked more buyer interest, it did not immediately drive up property values, suggesting a more cautious market recovery.
Senior deputy governor Carolyn Rogers told reporters that the central banks expects "some more pickup" in 2025 amid the sharp drops in the policy rate and mortgage changes coming from the federal government aimed at making it easier for some buyers to break into the housing market.
RBC and CIBC economists are predicting the Bank of Canada will continue to lower the policy rate gradually in 2025, with CIBC coming in at a low of 2.25%, and RBC at 2%.
The Bank of Canada's first interest rate decision of the new year comes on
January 29, 2025
To read the full article:
Bank of Canada cuts rates by half a point but signals ‘more gradual’ pace - National | Globalnews.ca
For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453
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
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