Real Estate’s Future In Surrey & Langley BC Will Shock You

Are you wondering what will happen with real estate in 2024 after watching how interest rates got higher while inventory fell this past year?

I will tell you.

In 2023, even though we saw the lowest sales in over 10 years, prices were up over 5% at the beginning of the year, going down from their peak only in July.

Now, turning the page to January 2024, things have changed a little. Interest rates went down, and the buyers took a renewed interest in buying.

So, what can we expect for the rest of 2024?

Reports from companies such as Korea, Remax, Royal Page, etc., say that prices will start creeping up slowly in the first half and then, during the second half, it will pick up steam as the interest rates start to fall.

Based on what we have seen during the first months of this year, I totally agree with those predictions.

Numbers In January 2024

Looking at the statistics of this past January, we had 938 sales on MLS, up 12% from December but still below the 10-year average; 2.368 new listings, up 15.1% being the biggest increase in over 5 years; and active listings up 4%.

The sales-to-active listing ratio for the market overall was at 19%, which puts us in a balanced market.

But when you drill down again and look at townhomes and apartments, they are still in a seller’s market territory, still selling very quickly and for good amounts of money.

In terms of HPI Benchmark prices, all three home types are virtually unchanged over the last month, but still up between 6 to 8% versus the same time last year.

What Does This All Mean?

It basically means that now is a great time to buy a new home if you can get pre-approved for that mortgage.

But something you need to keep in mind is that things are changing quickly compared to a few months ago when we didn’t have a lot of competition for a house; now you will be running into more and more, with multiple offers.

We will have to see how that turns out in the next few months, but it’s definitely showing signs of picking up quite a bit right now.

If you are a seller, make sure you partner with an agent who knows and works in the area your house is located.

Remember that each area is different, each home type is different, and you need a marketing plan to be able to sell your house to match its value.

I know it may seem complicated to choose the right agent to help you, but whether you are looking to buy or sell a house, I can assist you. All you have to do is click on this link and fill out the form, or contact me and my team at

Email: info@moeteam.ca

Text/Call: (604) 533-3491

But if you are only curious and want to learn more about the Surrey & Langley BC area, make sure to download my neighborhood guide by clicking here, or subscribe to our newsletter to get everything about the lifestyle & home market in Fraser Valley.

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