The Fraser Valley Real Estate Market Update - December, 2022

The following datat is the representation of market changes from November through December of 2022.

CHILLIWACK MARKET ANALYSIS:

The Fraser Valley has undergone a pretty drastic correction over the past 7 months. However, no other city has felt these effects like Chilliwack. These changes are due to increasing mortgage rates, more inventory, and seasonal changes. With sales being down by 70% compared to November, it's safe to say that buyers have taken a back seat during the winter months. Chilliwack is the only city in this market update to have a decrease in both sales numbers & sale price.

 

ABBOTSFORD MARKET ANALYSIS:

The market in Abbotsford has also slowed down, not to the extent of Chilliwack, but to a point where there is a noticeable change. Home sales are down 27% for detached, and 17% for attached, meaning that there are less buyers in the market who are willing to buy in this moment in time. One positive to take away from the decreasing sale numbers, are the increasing average sales price throughout the Fraser Valley.

LANGLEY MARKET ANALYSIS:

Langley has also seen the affects of seasonal changes, showing a decrease of 31% in sales of detached homes, and a decrease of 22% in attached homes. Howvever, like Abbotsford, there was a rsise the sale price on average througout Langley, which is a positive sign heading into the spring. 

If you have any questions about the current market, or what could potentially happen in the future, please don't hesitate to text, call or email me anytime! 

Adam Struch 

604-991-6393

Adamstruch@gmail.com