December Fraser Valley Home Sales Bottom Out

After record-breaking home sales in 2021, the Fraser Valley, BC, real estate market came back down to earth by the close of 2022, largely due to interest rate increases designed to stave off inflation, says the Fraser Valley Real Estate Board (FVREB). There were 716 sales in December, down 14.7 per cent compared to November and down 60.4 per cent compared to December 2021, making it the lowest December sales recorded in the last 10 years. Total active listings for the month stood at 3,923, down by 26.4 per cent compared to November, but nearly double (100.5 per cent) compared to December 2021. 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.