March 2024 – Fraser Valley Real Estate Market Snapshot

The market seems to be waiting for a positive signal to stimulate activity.

Despite new government policies aimed at facilitating homeownership, it appears that these measures have had the opposite effect, with minimal to no change in home prices. In fact, all types of homes have increased in value due to rising costs compared to March 2023, by 6 to 9 percent, translating to nearly $84,000 at the high end and almost $50,000 at the low end in additional value. Although these percentages may seem modest, the net result is a significant overall increase in prices for the end buyer, compounded by higher-than-average interest rates over the past decade.

Will our leaders recognize their policy missteps and begin to streamline regulations (i.e., costs) to facilitate home financing and construction as required by our province? It appears that they lack a basic understanding of economics or how to genuinely assist the public in achieving homeownership, based on their actions during this term and their previous tenure. Therefore, all we can do is hope. Remember to voice your opinions and vote this October.