Market Update - January 2023

Sales in the Fraser Valley for January 2023 recorded it’s slowest annual start in 10 years.

While the benchmark price was down year over year, interestingly, sale prices were up month over month for detached homes in some neighbourhoods of South Surrey/ White Rock as well as strata properties in SS/WR, Cloverdale and Langley.

While buyers remain cautious (understandably) while they wait to see what interest rates would do, pent-up demand has been building since the last quarter of 2022 and will likely give rise to a sales uptick, especially if rates soften, which we expect will be the case. In fact, we’ve seen some lenders lower their fixed rates just in the last few weeks.

There was a massive increase in new listings in January (128% from December!) and as we see a greater selection of properties, coupled with buyers who have been waiting for the rates to stabilize, we should see demand pick up as we head into spring.

Below I’ve listed some specific neighbourhoods where you can stretch your money a bit further right now. Check it out.

Buyer best bets:

👉Detached homes in White Rock, King George Corridor and Grandview

👉Detached homes in Salmon River, Fort Langley, Langley City and Aldergrove

👉Detached homes in Cloverdale

👉Strata homes in Elgin Chantrell and White Rock