As the calendar turned to 2023, real estate in British Columbia became a lot more complicated. Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, we were given the gift of a provincial 3 Day Home Buyer Rescission Period, a two-year ban on foreign buyers across Canada and a national Underused Homes Tax – essentially a Canada wide empty homes tax for foreign owned properties. If your new years resolution was more government regulation, you got it! While all these policies really just attack the demand side of the home buying equation, we started the year yet again with an extremely low level of active listings, and so far that’s not changing. While sales are slow to start the year, we are only two weeks in and rescission or not, buyers are out shopping. Will they find more homes stocked on the shelves as we move through the first part of 2023, that remains an important question.

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As the calendar turned to 2023, real estate in British Columbia became a lot more complicated. Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, we were given the gift of a provincial 3 Day Home Buyer Rescission Period, a two-year ban on foreign buyers across Canada and a national Underused Homes Tax – essentially a Canada wide empty homes tax for foreign owned properties. If your new years resolution was more government regulation, you got it! While all these policies really just attack the demand side of the home buying equation, we started the year yet again with an extremely low level of active listings, and so far that’s not changing. While sales are slow to start the year, we are only two weeks in and rescission or not, buyers are out shopping. Will they find more homes stocked on the shelves as we move through the first part of 2023, that remains an important question.

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SURREY, BC – 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 Fraser Valley Real Estate Board processed 716 sales in December 2022, down 60.4 per cent from the previous year—the lowest December sales in a decade. The year closed with 15,273 total sales, just over half of 2021's record 27,692.

With a sales-to-active listings ratio of 18 per cent, the market ended the year in balanced territory (between 12-20 per cent is considered balanced).

"As the market has adjusted to rate hikes, we're starting to see a resumption of interest among the public," said Sandra Benz, President of the Fraser Valley Real Estate Board. "We expect activity to pick up in the coming months as this pent up supply and demand starts to emerge."

Under more stable conditions, there will be strong opportunities for well-priced, well-positioned properties across all categories.

Home prices peaked in March of this year, with the Benchmark price for a detached house hitting a record $1,776,700 before closing out the year at $1,377,200. The composite Benchmark price (all property types combined) finished the year under one million at $955,700.

"If the real estate market has shown us anything this year, it's that we must be prepared to adjust and adapt to uncertainty," said Board CEO Baldev Gill. "Only a professional REALTOR® can provide the detailed analysis and intimate knowledge required to ensure a decision to buy or sell is made with clients' best interests in mind."

In December, the average days to sell were 42 for detached homes, 39 for townhomes, and 33 for apartments—two to three times slower than a year ago.

MLS® HPI Benchmark Price Activity

• Single Family Detached: $1,377,200 (down 2.0% from November 2022, down 11.3% from December 2021)

• Townhomes: $787,300 (down 1.5% from November 2022, down 1.6% from December 2021)

• Apartments: $504,800 (down 2.6% from November 2022, down 0.4% from December 2021)

If you're considering a move in the Fraser Valley or have been watching the market with uncertainty, you're not alone. The shifts we've seen this past year have left many buyers and sellers wondering what comes next—and that's completely understandable.

What matters most is that you don't have to navigate this alone. Whether you're thinking about downsizing, relocating, or making your first purchase, having someone who understands both the market and the human side of these decisions can make all the difference.

Real estate decisions are rarely just about numbers and timing. They're about life transitions, about creating space for what matters, about feeling confident in your next chapter. And those decisions deserve thoughtful guidance, not pressure.

If you'd like to talk through your options or simply have questions about what this market means for you, I'm always happy to chat. No pressure. No hard sales. Just honest conversations and thoughtful planning tailored to where you are in life.

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