SURREY – The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.
“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”
“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak,” added Benz. “As we start to see greater selection across all property categories, we should see demand pick up.” “After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take advantage of the anticipated market upswing.”
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