Infographic: Fraser Valley Residential Real Estate November 2022

The Fraser Valley housing market is continuing its downward trajectory as we approach the holiday season, with sales down almost 7% and new listings down more than 20% from October. While some of this decline is normal seasonality, interest rates and inflation are the two main factors impacting the market. Many speculate that this down cycle will end sooner than previously speculated, but the question still remains, how much longer will it last? Now that inflation has hit the highest figure in 40 years and we have seen drastic interest rate hikes this year, the Bank of Canada has signaled they will be pausing further increases while they see how this has impacted the dynamics of our economy. This is a positive sign of things to come.


  • Interest rates have disincentivized borrowing of funds, leaving buyers and sellers in a figurative staring contest.
  • Condos performed the strongest last month compared to the other product types.
  • Inventory is constrained and continues declining as would-be sellers are unmotivated and holding off on listing if they can.
  • Benchmark Prices for detached homes and condos fell further in November compared to October.

HPI Benchmark Price of Detached Homes

The benchmark price for detached homes continued its downward trend, falling 2.2% compared to the previous month (ending at $1,404,900), resulting in a 3.1% drop year-over-year.

Sale Price As a Percent of Original List Price

The percentage of original sale price follows a similar trend as last month with detached homes and townhomes experiencing a minimal decline and condos staying relatively unchanged.

Days on Market

Condos saw the largest month-over-month change in average days on market, selling 13% faster than last month. Townhomes, however remained listed 7.4% longer and detached homes saw no change.

What Are the Sale Prices Of New Homes?

The following values are our opinion of current market revenue figures in two of the most active markets in the Fraser Valley.

The detached home prices are expressed as selling price per home while townhomes and condo prices are expressed as a blended average price per square foot (PSF). All prices reflect a well-executed, well-located project.

Scroll down past our development land update for the rest of the November 2022 statistics in infographics.


  • Buyers are now beginning to feel that we have reached “the dip” at the bottom of the cycle and that it’s time to get back on the horse with acquisitions.
  • Groups are starting to leave the sidelines and actively hunt for sites that meet their criteria.
  • Although it’s difficult to time the market perfectly, the question arises, are developers able to get within 5% – 10% of the true bottom?
  • Developers & investors that were once circling sites are getting more bullish with pulling the trigger on offers.

How Hot is the Land Market?

Which segment of Fraser Valley’s residential development land market was the hottest over the last month? This is our opinion based on the volume of acquisition requests from developers, where multiple offers have been received on our listings, and the terms we’re having to include in offers to beat the competition.

The Fraser Valley Real Estate Board NOVEMBER 2022 statistics in infographics

HPI Benchmark Prices

The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.

Benchmark prices continued to decrease, following last month’s trend across all property types, with no indication of stabilization. Prices for detached homes dipped below November of last year, while townhome and condo prices were up 3.3% and 5.2%, respectively.

Sales • New Listings • Active Listings

New listings also followed last month’s downward trend, but November saw one of the largest decreases since July. At the end of the month, active listings for townhomes and condos were around 5% below the previous month, with detached homes having the largest decrease of 8.5%. Sales for condos ended the month only 1.8% below October, while townhomes and detached homes decreased 23.2% and 7.2% below last month.

We continue to see the holding pattern from both buyers and sellers and expect this to continue through year’s end.

NOVEMBER in Quotes

“The trends we’ve seen over the past several months will likely continue through to year-end.”

  • Sandra Benz, President of the Fraser Valley Real Estate Board

“While rate hikes have effectively put many buyers and sellers in a holding pattern, we’re still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.”

  • Sandra Benz, President of the Fraser Valley Real Estate Board

“The market continues to tighten in response to rising interest rates.”

  • Baldev Gill, CEO of the Fraser Valley Real Estate Board

Further Reading

View the Fraser Valley Real Estate Board’s entire stats package for November 2022 here.


Sources: Breakside Real Estate Group, New Home Source, Fraser Valley Real Estate Board

This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy. E.&O.E: This document/communication has been prepared by Frontline Real Estate Services Ltd. (“Frontline”) for advertising and general information only. Frontline makes no representations or warranties, express or implied, regarding the information including, as to its accuracy or reliability.

Justin Mitchell

Personal Real Estate Corporation

Founding Partner
Residential Development Land
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