The hot sales and price trend that has been the hallmark of the Fraser Valley for the past five years continues to show signs of a cooling off period.  November 2022 ended with sales down almost 7% from October 2022 and new listings slowing by 20% in that same time.  While the overall number of sales has decreased, the length of time homes are on the market continues to be relatively short.  Within the Fraser Valley during the month of November, single family detached homes on average took only 34 days to sell, while a townhome was 28 days, with apartments marginally shorter at 27 days.

When looking at the year over year trend, sales in November 2022 decreased a whopping 57.5% compared to the same month in 2021. Listings were also off by 18.8 percent in November when compared to the previous year.  While the trend year over year is quite dramatic in its decline, listings were only 5.5 percent less than October 2022, indicating a more normal seasonal decline and possibly a stabilization of the market. In addition, with the heavy tightening of interest rates throughout the 2022 year, the market continues to tighten in response to the measures.

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