INFOGRAPHICS: December 2023 FVREB Fraser Valley, South Surrey, Etc. Market Reports

Real Estate Landing Pages to Promote Neighbourhoods

Fraser Valley closes out 2023 with lowest annual sales recorded in 10 years

High interest rates kept a lid on sales and listings in the Fraser Valley in 2023, while holding year-over-year price growth to low single digits.

The Fraser Valley region ended the year with 14,713 sales recorded on its Multiple Listing Service® (MLS®), a decline of four per cent over 2022 and 23 per cent below the 10-year average. New listings in the Fraser Valley were also at a 10-year low, at 29,610, eight per cent below the 10-year average.

The composite Benchmark home price in the Fraser Valley closed the year at $988,900, down six per cent from its 2023 peak in July, but up on the year by five per cent.

“Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.”

Read the full report on the FVREB website!

The following data is a comparison between December 2023 and December 2022 numbers, and is current as of January 2024. For last month’s report, check out our previous infographic!

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These infographics cover current trends in Fraser Valley neighbourhoods that are within the FVREB. Click on the images for a larger view!