The Fraser Valley real estate market continues to show signs of shifting towards a buyer's market. While sales activity has seen a slight uptick compared to January, overall inventory remains high, giving buyers more leverage and selection. While this month marks the first time in four months that we have seen sales increase, will we also buck the trend of less than average sales numbers and above average new listings? Unfortunately, not.

In February 2025, the Fraser Valley Real Estate Board documented 854 residential sales, a 10% rise from January. However, this number remains 27% lower than the sales recorded in February 2024, and 41% fewer sales than the 10-year average for February. New listings actually decreased by 7% month to month compared to January, but increased 15% compared to February 2024, and 20% higher than the 10-year average. This combination of low sales and lots of new listings of course translates into the total active listings, which of course increased month to month by 13%. This brings February 2025 to a whopping 70% above the 10 year average for the total number of homes available for sale at the end of the month.

The combination of 70% more inventory and 41% fewer sales compared to 10 year averages is almost pushing the market in to a full on buyer’s market. With only 13% of active inventory selling in the month, we are technically still in a balanced market, however, depending on the area and type of home you are dealing with, it can certainly feel like a buyer’s market. The Fraser Valley Real Estate Board deems anything less than 12% a buyer’s market, 12-20% a balanced market and 20%+ a seller’s market. If we break this down by property type, detached homes are in a buyer’s market with only 10%. Condos and townhomes remain in balanced market territory with 13% and 20% respectively.

Despite the near buyer’s market, prices are holding steady and have remained relatively the same for the past 20 months. This could change if the spring market does not pick up as it typically does. If buyers remain on the sideline for much longer, we will likely see prices decrease. If buyers come back to the market slowly and sales numbers increase over the next couple months, we are likely in for more of the same flat pricing, but if we begin to see more typical seasonal sales numbers, we will likely see prices increase through the spring market. If buyers do hold out through the spring and prices do decrease, there will likely be a breaking point where the deals are just too good to say no to driving higher sales numbers, more competition and higher prices. I believe that if prices do decrease, the further down they go, the faster they will come up once the market shifts.

If you are thinking of buying in the near future, with no plans of selling, then now could be a great time to do so. Interest rates are down, prices are down, and competition is down making bidding wars very uncommon and giving you plenty of time to make a well thought out decision with plenty of homes to choose from. While we could see prices decrease more in the coming months, it seems more likely to see no change, or we could see activity begin to pick up and with it, an increase in pricing. The future will always be uncertain, but we do know that now has many factors going for it to make a move happen sooner.

If you are just selling and not purchasing anything, it really depends on how long you can hold for. The same factors that buyers are facing is the opposite for you. Prices may remain stable, in which case waiting is just costing you money in mortgage and tax payments, or we could see activity and prices increase, meaning that selling sooner is potential for leaving money on the table, how much of course depends on the next couple of months. There is also a small possibility that waiting results in a lower price if sales through the spring are well below seasonal averages. We simply just do not know what is going to happen.

Of course, if you are buying and selling, it is all relative. If the thought of moving is on your mind, but you’re unsure if now is a good time or not, don’t make that decision without consulting your REALTOR® first. I’m always happy to sit down and go over your situation with you to help you make the decision to pull the trigger now or to wait it out. Ultimately it is your decision to make and I am just here to provide the information you need to make your decision an educated one.