In 2024, the Fraser Valley faced an affordability crisis despite Bank of Canada interest rate cuts, resulting in a decline in annual home sales to a ten-year low of 14,570. New listings reached a ten-year high of 35,698, with Surrey accounting for 51% of sales. The composite Benchmark home price ended the year at $965,000, down 2% year-over-year. December saw a 13% drop in sales from November, while inventory decreased by 23%. Market conditions were balanced, but low activity reflected ongoing challenges for buyers.
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