New Rules May Slow Down “Non-High-End Market”

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🏡 Fraser Valley home prices back to pandemic-era levels under the weight of economic headwinds and sustained inventory 📉 SURREY, BC – Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021. The Benchmark price for a typical home in the Fraser Valley dropped one per cent in January to $897,200, down 6.9 per cent year-over-year. The continued softening of prices wasn’t enough to get buyers off the sidelines, as the Fraser Valley Real Estate Board recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.