Fraser Valley and Surrey end 2023 with lowest home sales in a decade
The Fraser Valley Real Estate Board (FVREB) is reporting its jurisdiction’s 2023 total number of home sales was the lowest on record in 10 years.
Separate from the Real Estate Board of Greater Vancouver, FVREB’s jurisdiction spans a significant portion of Metro Vancouver, including Surrey, Langley, White Rock, and North Delta, as well as Abbotsford and Mission in the Fraser Valley.
Home sales in 2023 totalled 14,713 units, representing a drop of 4% from 2022, and 23% below the 10-year average.
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Furthermore, new listings were also at a 10-year low at 29,610 units, representing an 8% drop from the 10-year average.
The benchmark price across all home types reached $988,900 in December 2023, representing a 6% drop from the year’s peak in July 2023, but up by 5% year-over-year.
Moreover, this was the fourth consecutive month of the benchmark price falling, representing a continued pattern of an unwinding of the massive gains early on in the pandemic. However, the current prices still remain above pre-pandemic levels.
According to Narinder Bains, the FVREB chair, the Bank of Canada’s mid-year decision to resume its hikes to the policy interest rate put a halt to the sales momentum seen in the spring.
“This left the market in overall balance for the latter half of the year, albeit at low levels of activity,” continued Bains, adding that there could be a renewed increase in demand before the middle of 2024 when the Bank of Canada is expected to make its first decreases to the policy interest rate.
As for the latest trends, FVREB saw 837 home sales for December 2023, representing a 6% drop from November 2023, but a 17% increase from December 2022.
The number of new listings fell by 54% to 942 units in December 2023, which is a 17% drop from the same month in 2022. At the end of the year, the total active listings hovered at 4,670 units, representing a 25% month-over-month decrease, but a 19% increase compared to late 2022.
In December 2023, the benchmark prices were $1.472 million for single-family detached homes (-1.2% from November 2023; +7.1% from December 2022), $826,000 for townhouses (-1.3% from November 2023; +5.3% from December 2022), and $537,600 for apartments (-1.4% from November 2023; +6.9% from December 2022).
On average, properties spent about 41 days on the market, with single-family detached homes at 40 days, townhouses at 32 days, and apartments at 33 days.