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High interest rates kept a lid on sales and listings in the Fraser Valley in 2023, while holding year-over-year price growth to low single digits.
The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.
In 1972, with a population of 22 million, Canada built 232,200 new homes. Fifty years later in 2022, with a population of 39 million, fewer than 220,000 new homes were built. We have not been able to move the needle on supply in two generations. In fact, we’re losing ground.
Home improvement scams became the #1 riskiest scam type reported in Canada in 2022, according to a new report from the Better Business Bureau. Reports of home improvement scams by Canadians increased 51.2% in 2022, up from 4.1% of reports to 6.2% in 2022. People also lost more money to this scam type, with a median dollar loss of $1,900, up 187.4% from $661 in 2021.
House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-over-month decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.
Homebuyers in B.C. now have better protection in the real estate market as the homebuyer protection period takes effect on Tuesday, Jan. 3, 2023.
The Home Owner Grant will continue to cover 92% of residential properties in B.C. with the threshold set at $2.125 million for 2023.