Home sales in the Fraser Valley dropped six per cent in December, capping off a year that saw the lowest annual sales recorded in the Fraser Valley in 10 years. High interest rates kept a lid on sales in 2023 and price growth was held to five per cent. As REALTORS® know, it was a tough year for buyers and sellers who spent most of the year on the sidelines, waiting for signs the Bank of Canada would lower interest rates, or, at the very least, hold rates steady.
The Fraser Valley market closed the year with 14,713 sales, a four per cent drop from 2022 and 23 per cent below the 10-year average.
New listings were also at a 10-year low, at 29,610, eight per cent below the 10-year average and nine per cent below 2022.
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 five per cent since January 2023.
For the month of December, the Board recorded 837 sales, a six per cent decline from November and 31 per cent below the 10-year average. New listings dropped 54 per cent from November to December, to 942. New listings were 14 per cent below the 10-year average. At 4,670, active listings in December dropped 25 per cent from November, but were 1.5 per cent above the 10-year average.
The Fraser Valley market closed the year in balance with a sales-to-active listing ratio of 18 per cent in December, with detached homes slightly lower at 16 per cent. Both townhomes and condos remain in seller’s market territory.
Detached: 16% (up 4% from November)
Townhouses: 29% (up 4% from November)
Apartments: 26% (up 6% from November)
Benchmark prices for detached homes, townhouses and condos dropped again in December, down one per cent from November.
Detached: $1,471,500 (down 1.2%)
Townhomes: $826,400 (down 1.3%)
Apartments: $537,600 (down 1.4%)
To learn more about the FVREB Market Data for December, watch Eye on the Market with Board Chair, Narinder Bains.
For a more detailed look at our market, click here to view the Monthly Statistics Package.