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FVREB SURREY, BC – After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle. The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022. July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 per cent over June, bringing the total inventory available for sale in the region to 6,199.

Summer is usually a slower period in the real estate sector and coupled with higher interest rates we’re seeing less traffic and fewer multiple offers as buyers and sellers re-evaluate their moving plans. In changing markets there is always opportunity; the Fraser Valley Market for detached...


October 26th, 2022 Bank of Canada announced a smaller than anticipated interest rate hike of 0.50%, bringing the rate to 3.75%. This is the highest overnight rate since 2008 although, historically it's still quite low. Here’s what you should know about the Bank of Canada’s October 26, 2022 rate announcement:
  • The Target Overnight Rate will increase by 0.50 percentage points to 3.75%.
  • This is the highest Bank of Canada overnight rate since early 2008.
  • Canada’s inflation rate dipped to 6.9% in September, but it’s still not enough for the Bank of Canada to ease off the brakes.
  • Canada’s housing market continues to cool as interest rates rise across the country.
  • Quantitative tightening (QT) began on April 25, 2022. This will gradually reduce the Bank of Canada’s balance sheet and put upward pressure on bond yields, driving up fixed mortgage rates
Speak to your lender early for advice on renewals..

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.