Fraser Valley Housing Statistics

February 2nd, 2023

Fraser Valley Real Estate Sales Continue to Decline in January Due to Interest Rate Hikes

Fraser Valley's real estate market saw its slowest start to a year in a decade as further interest rate hikes kept buyers away. In January, there were only 626 transactions processed on the MLS®, a decrease of 12.6% compared to the previous month and a decline of 52.2% compared to the same time last year. The last time January sales were this low was in 2013, with 617 sales.

President of the Fraser Valley Real Estate Board, Sandra Benz, explained that buyers are cautious due to the interest rate hikes, but there is pent-up demand that may lead to a sales uptick. The new listings increased by 128.3% compared to last month to 1,833, but they are at the lowest level of new supply for January since 1984. Active listings rose slightly by 5% to 4,118 over December 2022 and increased by 76.6% compared to the same time last year.

The composite Benchmark home price continued to decline to $942,200, slipping by 1.4% from December and down by 15.1% compared to January 2022. FVREB CEO Baldev Gill expected a return to seasonal activity leading into spring, but buyers and sellers would be well-advised to seek 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. The MLS® HPI Benchmark Price Activity showed a decrease in all property categories compared to December and January last year.