Welcome to the latest real estate market update from the Fraser Valley! In this post, we will be sharing the highlights of the latest market stats with you.

I’m Glen Hopkins, a real estate agent at Macdonald Realty in South Surrey, and I’m here to help you navigate our local real estate market.

February has arrived and after a slowdown in the market for the past several months, we are expecting a return to seasonal activity as we head into spring. Inventory is also expected to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak.

Now, let’s take a look at the prices. The Fraser Valley’s Benchmark price for a single-family detached home currently sits at $1,357,800, a decrease of 1.4% compared to December 2022 and a decrease of 17.6% compared to January 2022.

The Benchmark price for a townhome has decreased to $773,100, a 1.8% decrease compared to December 2022 and a decrease of 8.8% compared to January 2022.

The Benchmark price for an apartment/condo is now $503,700, a decrease of 0.2% compared to December 2022 and a decrease of 5.9% compared to January 2022.

If you’re curious about what’s happening in your specific neighbourhood or would like to know the current value of your home, give me a call. I’m always happy to help.