March real estate sales in the Fraser Valley are nearly 50 per cent below the 10-year average. As a result, this is the slowest start to the spring market in more than 15 years.
Contributing factors could be the central bank holding its policy rate at 2.75% after seven straight rate cuts since June of last year.
Sales
After a slower start to the year, sales activity picked up through March and April. In Langley real estate, both detached homes and townhouses are seeing increased interest, particularly from young families and move-up buyers. Across the Fraser Valley, sales are trending up month-over-month, although they remain slightly below the 10-year seasonal average.
Average Canadian Real Estate Sales Volume
Home Prices
Prices have stabilized compared to late 2024. In Langley, benchmark prices for single-family homes are up about 2-3% year-to-date, with the average detached home now sitting around $1.42 million. Townhouses and condos are also seeing modest gains, with townhomes especially in demand due to affordability relative to detached houses. The broader Fraser Valley shows a similar pattern, with certain hotspots experiencing bidding wars, particularly for well-priced, updated properties.
Inventory
Inventory levels remain a challenge. New listings have increased compared to winter, but active listings are still relatively low, supporting price stability. Sellers who list today are often seeing quicker sales, especially if their homes are well-prepared and priced strategically.
Interest Rates & Buyer Sentiment
The Bank of Canada has kept rates steady so far in 2025, creating a more predictable environment for buyers. There’s growing anticipation of a rate cut later this year, fueling optimism. First-time buyers are slowly re-entering the market, helped by new government incentives announced this spring.
Looking Ahead
With the traditional busy season in full swing, we expect continued steady activity through the late spring and early summer. However, affordability concerns and tight inventory may limit how high sales volumes climb.
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