Eye on the Market: December 2023

Below is the monthly video market recap for housing activity in the Fraser Valley residential real estate market, provided by the Fraser Valley Real Estate Board:

A few key points worth mentioning about housing activity in December 2023:

  • 2023 recorded the lowest annual sales in the region in the past 10 years; this was influenced by mortgage rate levels
  • Total 2023 sales were 4% below 2022
  • New listings were also at a ten year low;
  • Overall, the weakness in sales was offset by a reduced number of listings coming to market; this kept prices steady as supply met demand to create a sort of equilibrium
  • The sales to active listing ratio closed the year off at 18% which represents a balanced market overall
  • Condos and townhomes, however, are in high demand in seller's market territory
Highly anticipated interest rate cuts in 2024 is fuelling early optimism that the real estate market in Metro Vancouver will be more active than in 2023
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.