Experts in the housing market are calling Metro Vancouver and the Fraser Valley a buyer’s market, with more properties on the market and prices weakening.

The Fraser Valley Real Estate Board says through February, buyers had more leverage and more time to explore options.

With 7,251 active listings in January, the board says inventory was at a 10-year seasonal high — 54 per cent above the 10-year average.

Greater Vancouver Realtors (GVR) paints a similar picture for the Metro market, calling it more balanced.

Andrew Lis, GVR’s director of economics and data analytics says the current state is “some of the most favourable market conditions seen in years,” and buyers should take advantage.

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” said Lis.

Baldev Gill, CEO of the Fraser Valley Real Estate Board, says it’s unclear if conditions will hold.

“There is no doubt that economic uncertainty is playing a role, especially the spectre of a trade war, which could lead to even more rate cuts by the Bank of Canada,” said Gill.

“With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times,” Lis added.

GVR says across all detached, attached, and apartment property types, the sales-to-active listings ratio for February is 14.8 per cent, but 10.7 per cent for detached homes specifically. It says that’s more good news for buyers.

“Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,” GVR explained.

—With files from Mike Lloyd