Real Estate Blog for Buyers & Sellers

Your Lower Mainland and BC REALTOR® for home, investment & life!

January 2023 Market Update

February 6, 2023 | Posted by:

Fraser Valley real estate sales record slowest annual start in ten years; January new listings lowest in over thirty years
The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.


  • The Fraser Valley Real Estate Board released their statistics package for the month of January! Here are some of the highlights!

    Although new listings saw an increase of 128.3% over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5% to 4,118 over December 2022 and up by 76.6% compared to this time last year.

    Sandra Benz FVREB President has said “We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak.'
    'As we start to see greater selection across all property categories, we should see demand pick up.” added Benz 

  • Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased 1.4% compared to December 2022 and decreased 17.6% compared to January 2022
  • Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8% compared to December 2022 and decreased 8.8% compared to January 2022.
  • Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2% compared to December 2022 and decreased 5.9% compared to January 2022.

Sandra Benz, President of the Fraser Valley Real Estate Board says
 “Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”

CLICK HERE to see the full stats package for January 2023!

Back to Main Blog Page