The recent increase in key lending rates has sparked major concerns among Canadians, particularly those looking to buy a home.

The wild ride that was in 2022 is now in the rearview mirror. Yet, 2023 is a place of hope for many industry participants and hopeful homebuyers.

The last year was a policy shock, especially regarding interest rates and their effect on mortgage rates.

What 2022 Brought Forth in the Central Okanagan Real Estate Market

The first quarter of 2022 had a heightened level of market activity in Kelowna, driven in part by the low-interest rate.

January 2023 Fraser Valley Real Estate Market Insights

Welcome to the January 2023 episode of the Fraser Valley Presale Pulse, a real estate show brought to you by hosts Ryan Lalonde and Brittany Reimer.

DECEMBER PRE-SALE MARKET CLOSES OUT THE YEAR STRONG

As expected, December inventory levels were down allowing for a strong same month sales absorption.

The last month of 2022 wrapped up a year of increasingly suppressed market activity. 2022 began by building on the steam of a strong 2021 market, with consumer confidence resurging post-pandemic, fuelled by historically low borrowing rates.

With 2022 wrapping up, the entire real estate industry has been weighing the same question: what will next year look like? As we step off the rollercoaster that was 2022, having a general lay of the land for 2023 is quite reasonably top of mind for many.

As with the rest of the country, the real estate industry was relieved to see a more moderate 50 basis point announcement from the Bank of Canada on December 7^th. This brought some cheer to the market after a darker November.

NOVEMBER 2022 FRASER VALLEY PRE-SALE REAL ESTATE MARKET INSIGHTS

"It looks like the tail end of the year finds the Fraser Valley housing market continuing to slow – the higher you fly, the harder you fall, and that seems to be a bit of the story this year in the Valley.