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...

• 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