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 7th. This brought some cheer to the market after a darker November.
"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.
"Programs with well-positioned and adjusted pricing and offering terms for the current market landscape have continued to see decent sales absorptions.
The past year has come with its fair share of movement in Greater Vancouver's and Fraser Valley's real estate markets.
The MLA Black Book is a quarterly detailed overview of the pre-sale real estate marketplace spanning the Greater Vancouver and Fraser Valley regions.
This past month has seen a fair amount of change in government bodies both municipally and provincially. With a municipal election that saw a major shake-up take place and the confirmation of a new provincial NDP leader and Premier, the Vancouver area is in a state of change and flux.
Although market activity for the fall market followed expected seasonal patterns, demand for real estate is still historically low.