February real estate market update 2023

It's a crazy world we are living in

The Fraser Valley real estate market surely has shown us how quickly we can go from one of the hottest housing markets on the planet to one of the slowest market months on record more than 34 years ago. It was the time the 80's high interest rate and inflation time started to come around after years of record highs. 

Well, we kind of see the same game play out this time around. After significant quantitive easing and low interest rates by the Bank of Canada drove up inflation, it was only a time until the counter action was employed. Ever since then aggressive rate hikes and quantitative tightening have turned the market by 180° to almost coming to a halt. However, there is a shimmer of light at the end of the tunnel and we surely are on our way to better real estate market environments.