Fraser Valley real estate sales record slowest annual start in ten years; January new listings lowest in over thirty years

by www-kaler-ca

SURREY, BC – The downward trend in Fraser Valley real estate sales continued in January as further interest rate
hikes kept buyers sidelined.
With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and down
by 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.

Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level of
new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up
by 76.6 per cent compared to this time last year.
“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on
hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we
should see demand pick up.”
At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent from
December and off by 15.1 per cent compared to January 2022.
“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading
into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-
advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take
advantage of the anticipated market upswing.”
Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a
townhome was 40 days. Apartments took, on average, 41 days to sell.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home
decreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.
• Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to
December 2022 and decreased 8.8 per cent compared to January 2022.
• Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent
compared to December 2022 and decreased 5.9 per cent compared to January 2022.