Fraser Valley Residential Land Market Report, Vancouver BC

Key Take-Aways from the March Statistics

The March home sales data from the Fraser Valley Real Estate Board is far better than I would have expected, given the abrupt negative shift in sentiment in the latter half of the month as economic uncertainty, tariff announcements, and a federal election stifled decision-making. March home sales were lower than expected, but prices still increased, and days-on-market dropped significantly.

Highlights from the March statistics include:

Benchmark prices increased 0.4-0.5%, month-over-month, for all home types, which is significant following months of decreases for townhomes and condos.
Average days-on-market decreased substantially for all home types, with detached homes falling from 43 days to 34 days.
Sales still increased 10-19% (month-over-month) depending on home type.
Total new listings increased 20%, but active listings only increased 16%, signalling decent sell-through.
Sale price as a percent of original list price increased for all home types and combined with the decrease in average days-on-market, points to persistent buyer demand.
Total sales were roughly half the 10-year average for March.

How the Fraser Valley land market is reacting

March was a mixed bag of conversations. It started off strong, on the heels of a busy February for both home sales and land transactions but quickly shifted mid-month when home sales at new projects slowed, the tariff announcement drew closer, and the federal election was announced. That, and a general concern over the future of our economy, put purchasing decisions on hold.

On the other hand, we also heard consistent reports of steady traffic at sales centres, and as political parties made campaign promises around taxes and housing, the average conversation grew far more optimistic in the last few days of the month.

A handful of other themes emerged over the course of the month:

Sentiment remains divided between the condo market and the townhouse market, both for home sales and development land.
Generally, the current uncertainty levels are being viewed as temporary, with optimism for the future.
The drop-off in home sales is also seen as temporary, as January and February were off to a good start for home sales and traffic at sales centres remained constant through March, signalling persistent demand, but deferred decision-making.

A snapshot of key metrics

March 2025

Detached homes

The single family detached home market is consistently the first segment to move, either up or down, when the market is shifting. As a result, we look to this segment as an indicator for market directionality and velocity.

Home sales in the Fraser Valley

The following charts summarize the month’s total home sales throughout the Fraser Valley.

Days on Market

Days on Market is the average length of time listings of that home type stayed on market before selling firm. This metric is an indicator of competition among buyers and the month-over-month change can tell us whether the market is accelerating or decelerating.

New and active listings in the Fraser Valley

New listings is the cumulative quantity of listings posted for the month. Active listings is the quantity of active listings on the last day of the month.

Listings over time

Listing metrics tend to be seasonally cyclical making month-over-month reports misleading as indicators of market shifts. The below chart shows each month's active and new listings over the past decade. The current month is highlighted on each line to illustrate how today's data compares to the past 10 years of data for the same month.

HPI benchmark prices

HPI Index establishes "Benchmark Prices" for a typical home in each major housing category. Benchmark Prices, as a relative metric, tend to be a more accurate indicator of market direction and velocity as they are not subject to the composition of home types being sold, like average home prices.