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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.”
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December 2023
For the month of
December, the Board recorded 837 sales on its MLS®, a drop of six per
cent from November, but 17 per cent higher than December 2022.
At 942, new listings
dropped by 54 per cent in December, but increased 17 per cent compared to
December of 2022. Total active listings for December stood at 4,670, a
decrease of 25 per cent month-over-month, but 19 per cent higher
year-over-year.
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With a sales-to-active
listings ratio of 18 per cent for December, the overall market closed out
the year in balance. Detached houses closed out 2023 with a ratio of 16
per cent, while both townhomes and apartments remained in seller’s market
territory at 29 and 26 per cent respectively. The market is considered
balanced when the ratio is between 12 per cent and 20 per cent.
“2023 saw buyers and
sellers adjust to new rate realities, and the impact of those high rates
were reflected in the low number of sales in the Fraser Valley,” said
FVREB CEO Baldev Gill. “However, as rates start to ease, we expect market
activity will pick up. This will create opportunities for buyers and
sellers who are advised to consult with a professional REALTOR® before
jumping into the market.”
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On average, properties
spent approximately 41 days on the market, with single family detached
homes spending 40 days on the market. Townhomes and apartments moved more
quickly at 32 and 33 days respectively.
Overall Benchmark
prices continued to slide for the fifth month in a row, losing 1.5 per
cent compared to November.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,471,500, the
Benchmark price for an FVREB single-family detached
home decreased 1.2 per cent compared to November 2023 and increased
7.1 per cent compared to December 2022.
- Townhomes: At $826,400, the
Benchmark price for an FVREB townhome decreased 1.3 per
cent compared to November 2023 and increased 5.3 per cent compared
to December 2022.
- Apartments: At $537,600, the
Benchmark price for an FVREB apartment/condo decreased
1.4 per cent compared to November 2023 and increased 6.9 per cent
compared to December 2022.
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