Please see the video below regarding the current state of the Fraser Valley resiential real estate market. Buyer fatigue, rising interest rates and a return to "normal" life, as the COVID pandemic fades, are all contributing to a slowing housing market. Sales fell below the 10-year average for April 2022; the first time this has happened in 21 months.

Sales in April 2022 were down 37% compared to the month prior and down 46% compared to April 2021.

Fewer multiple offers, less open house traffic and the average days homes are sitting on the market is creeping up.

Below is a snapshot of current average prices of homes in the Fraser Valley for April 2022. The table shows the average price by property type and across the different cities in the Fraser Valley. These include North Delta, Surrey, Langley, Abbotsford and Mission.

It is looking like the peak of prices for this up cycle is in.  Some areas saw meaningful price declines month over month. One month does not make a trend, but it is looking like prices will plateau or even decline as the year progresses. Slowing sales and expected higher mortgage rates are factors.