January real estate sales in the Fraser Valley lowest in 10 years

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.

The benchmark price for a single-family detached home in the FVREB catchment is $1,357,800, a decrease of 1.4 per cent compared to December 2022 and a drop of 17.6 per cent versus January 2022. Townhomes have a benchmark price of $773,100 in the FVREB catchment, while apartments have a benchmark price of $503,700.

The Fraser Valley Real Estate Board is an association of 4,938 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

by Mike Vanden Bosch

January real estate sales in the Fraser Valley lowest in 10 years

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