Real Estate Blog for Buyers & Sellers

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December 2022 Market Update

January 6, 2023 | Posted by: Michele Cummins


Highs, Lows, and a Return to Balance
  • In a year that saw prices peak early on, feeding off the momentum of record-breaking sales in 2021,
    the Fraser Valley real estate market came back down to earth by the close of 2022, due largely to interest rate increases designed to stave off inflation.




  • The year closed out with a total of 15,273 sales, just over half of 2021’s record-setting 27,692 and
  • the ninth-lowest annual tally of the past decade. New listings were down 8.9% at 32,442 compared
  • to 2021. With a sales-to-active listings ratio of 18%, the overall market closed out the year in balance
  • (the market is considered balanced when the sales-to-active listings ratio is between 12% and 20%).


  • ● Single Family Detached: At $1,377,200, the Benchmark price for an FVREB single-family detached     home 
  • decreased 2.0% compared to November 2022 and decreased 11.3% compared to December 2021.

    ● Townhomes: At $787,300, the Benchmark price for an FVREB townhome decreased 1.5% compared
  • toNovember 2022 and decreased 1.6% compared to December 2021.

    ● Apartments: At $504,800, the Benchmark price for an FVREB apartment/condo decreased 2.6%
  • compared toNovember 2022 and decreased 0.4% compared to December 2021.


Sandra Benz, President of the Fraser Valley Real Estate Board says “As the market has adjusted to rate hikes, we’re starting to see a resumption of interest among the public,” She adds “For some time, buyers and sellers alike have delayed decisions in somewhat of a watch-and-wait mode. This has dampened sales as well as supply since fewer new listings come onto the market. We expect activity to pick up in the coming months as this pent up supply and demand starts to emerge.”

Take a look at the full Stats pack from the FVREB for the
month of December HERE


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