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After experiencing a year of significant fluctuations, the Canadian real estate market is gradually stabilizing. MoneySense findings highlight the regions and neighborhoods that present the best value to prospective home buyers in 2023
After witnessing soaring prices for two consecutive years, the Canadian real estate market returned to normalcy in 2022. Despite experiencing the highest prices ever in winter, a traditionally slower period for real estate, prices declined progressively during spring and summer.
Inflation and interest rates dominated the year, impacting real estate prices across the nation. As a result of higher mortgage rates and reduced purchasing power, the national composite benchmark price for all home types was $817,000 in January 2022, plummeting by $100,000 to $717,000 by December, according to the Canadian Real Estate Association (CREA).
Despite a volatile year for both the economy and real estate, several markets still reported price growth, with specific regions and neighbourhoods offering exceptional value and growth potential.
The Fraser Valley Ranked 41 of 45 with a value score of 2.2
By the end of 2022, the benchmark price of a home in Fraser Valley was $1,087,083. This is $294,225 higher than the national average benchmark price.
Over the past year, the benchmark home price in Fraser Valley grew by 18%, while over the past three and five years, it grew by 59% and 51%, respectively.
The Canadian real estate market, which experienced skyrocketing home prices for two consecutive years, eventually began to decline in the spring of 2022.
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