{"id":21311,"date":"2023-02-06T11:11:00","date_gmt":"2023-02-06T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21311"},"modified":"2023-02-06T09:05:20","modified_gmt":"2023-02-06T17:05:20","slug":"fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\/","title":{"rendered":"FVREB Record Slowest Annual Start in 10 Years, Home Buyers are Understandably Cautious"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.<\/p>\n<p style=\"text-align: justify;\">With 626 transactions processed on the MLS\u00ae, sales were off by 12.6% compared to last month and down by 52.2% compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are understandably cautious, which explains the slow start to the year,\u201d said Sandra Benz, President of the Fraser Valley Real Estate Board. \u201cThat 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.\u201d<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">\u201cWe 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\u201d added Benz. \u201cAs we start to see greater selection across all property categories, we should see demand pick up.\u201d<\/p>\n<p style=\"text-align: justify;\">At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4% from December and off by 15.1% compared to January 2022.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,\u201d said FVREB CEO Baldev Gill. \u201cWith rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR\u00ae to determine the best strategy and timing to take advantage of the anticipated market upswing.\u201d<\/p>\n<p style=\"text-align: justify;\">Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 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.<br \/>\n\u2022 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.<br \/>\n\u2022 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.<\/p>\n<p><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/Package202301.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the January 2023 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/fraser-valley-real-estate-sales-record-slowest-annual-start-in-ten-years-january-new-listings-lowest-in-over-thirty-years\/\" target=\"_blank\" rel=\"noopener\">Fraser Valley Real Estate Sales Record Slowest Annual Start in Ten Years; January New Listings Lowest in Over Thirty Years<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined. With 626 transactions processed on the MLS\u00ae, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21311","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Record Slowest Annual Start in 10 Years, Home Buyers are Understandably Cautious &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Record Slowest Annual Start in 10 Years, Home Buyers are Understandably Cautious &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined. With 626 transactions processed on the MLS\u00ae, &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"FVREB Record Slowest Annual Start in 10 Years, Home Buyers are Understandably Cautious\",\"datePublished\":\"2023-02-06T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/\"},\"wordCount\":415,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/02\\\/fvreb-record-slowest-annual-start-in-10-years-home-buyers-are-understandably-cautious\\\/\",\"name\":\"FVREB Record Slowest Annual Start in 10 Years, Home Buyers are Understandably Cautious &#8226; 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