Market Update - February 2023

After nearly a year of declining sale prices, homes in the Fraser Valley saw a small positive bump in sale prices in February.

Additionally, the number of sales saw its first monthly gain since last October.

The stats report put out by the Fraser Valley Real Estate Board had this to say about home values over the last few years:

“The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5%, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36% higher than pre-pandemic February 2020.”

The decision by the Bank of Canada earlier this week to hold interest rates will undoubtedly have a positive impact on the market as buyers shop with more financial stability and confidence.

While sales are up generally across the board, I’ve listed some specific neighbourhoods below where you can stretch your money a bit further right now.

Buyer best bets:

Strata homes in Langley City

👉Detached homes in White Rock, Elgin Chantrell and Grandview

👉 Strata homes in Morgan Creek

👉Detached homes in Salmon River, Murrayville