Sales were slow, prices remained flat, and even more homes for sale piled up in February according to the latest statistics from the Fraser Valley Real Estate Board (FVREB).
Regionally, there were 8,070 homes of all kinds listed for sale, 45 per cent more than in February of last year, and 55 per cent above the 10-year seasonal average. Meanwhile, 920 of those homes sold, a 13 per cent increase from January's sales numbers, but still 26 per cent below last year's sales.
The combination of soft prices and an increasing number of homes is giving buyers increased leverage, especially when it comes to detached houses, said FVREB CEO Baldev Gill.
“Should this pattern persist, we could see a further shift toward a buyer's market, particularly given the ongoing economic uncertainties and impending tariffs," Gill said. "With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”
Langley saw sales of 57 single-family homes in Feburary, down 26 per cent from the year before. There were 65 townhouses sold, exactly one more than the same month last year, and 76 condos changed hands, a 25.7 per cent year-over-year decline.
Meanwhile, the number of homes for sale surged across all types of housing.
February saw 400 single-family homes for sale, up 55.6 per cent year over year. Langley had 234 townhouses for sale, up 20.6 per cent, and 403 condos were on the market, a 57.4 per cent increase from the same month last year.
While sales were up from January, prices have barely budged.
The benchmark price – the average price for a "typical" home of its category – was $1,617,700 for a detached home, up 0.9 per cent over the course of a year. Townhouses edged up 0.7 per cent to $864,500, while condos slid 1.9 per cent to $598,500.
The flat prices, a situation that began a little over a year ago, means that the cost of housing is now going up slower than average wages or than inflation on other goods.
