The British Columbia Real Estate Association recently released an update on provincial housing market conditions in the province for February 2023. As always, the news release provides a nice snapshot of macro housing market conditions, broadly.

The report included this statement: “While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”

This comment accurately reflects the state of the Fraser Valley housing market right now. There are indeed early signs of a balancing out of the residential real estate market.  A few more months of data will provide a clearer picture though.

Here is a direct link to the BCREA's news release.

Below is a high level overview of market conditions as provided by the BCREA. Dollar volume and unit sales were down big in February 2023 compared to a year earlier. Prices were off on average by -26%. 

Looking ahead, two key variables will likely have a large influence on the Fraser Valley housing market for the rest of 2023: 1) the movement in mortgage rates and 2) new listings. That is what I will be paying close attention to.

Good news regarding the replacement of the patullo bridge. The new replacement bridge is set to be complete in 2024, although an exact date could not be provided. 

The new bridge will greatly improve accessibility between Surrey and New Westminster. The bridge will be 4 lanes initially, but have wider and more safer lanes.

In terms of real estate, I think this could possibly add value to the neighbourhoods on the Surrey side of the bridge. Areas like Cedar Hills, in particular, would have quicker and safer access into cities like New Westminster, Burnaby and further into Vancouver.

Here is the news story from CTV News Vancouver below: