91原创 had a more subdued year for real estate sales in 2023, after higher interest rates and high prices helped quash what had been an explosive real estate market from 2020 through to early 2022.

Data from the Fraser Valley Real Estate Board (FVREB) showed that this December was extremely slow for home sales, 23 per cent below the 10-year average.

In 91原创, sales of detached homes were up just slightly from 2022, sales of townhouses dipped slightly, and sales of condos were almost exactly the same as the previous year.

There were 959 single-family homes sold in 91原创 in 2023, up 0.7 per cent from the 952 sold the year before. Both years are considerably below the white-hot pace of 1,236 homes that sold in 2020, and on par with the 949 that sold five years ago, in 2018.

The median price of a detached house dropped from 2022, to $1.465 million from $1.53 million the year before.

That鈥檚 still a huge increase on prices from five years ago. In 2018, the median home in 91原创 sold for $999,000. The 2023 price was 46.6 per cent higher.

There were 842 townhouses sold in 2023 in 91原创, down 2.2 per cent from 861 in 2022. As for condos, 1,138 changed hands 鈥� almost identical to the 1,137 units that sold in 2022.

The median sale price of a townhouse dipped in 2023, to $845,000 from $875,000. Five years ago, townhouses were going for $587,750.

Condos ended 2023 selling for a median price of $555,000, down slightly from $567,000. That compares to a sale price of $395,000 in 2018.

December, usually the quietest month of the year, was fairly typical, with just 45 detached houses, 38 townhouses and 73 condos selling in 91原创. Active listings of homes for sale dropped sharply, as they did in most of the Lower Mainland, as people took their homes off the market over the holidays.

鈥淚n my personal opinion, we actually exceeded my expectations of what the year would be,鈥� said Dave Bawa, a 91原创-area realtor.

He noted that throughout the entire year, the price of a house in 91原创 stayed essentially the same.

That is likely to change next year, as interest rates decline, Bawa said.

鈥淚 have a couple dozen clients who are looking to make a move when interest rates come down,鈥� Bawa said.

READ ALSO: 91原创 housing slowdown not letting up

But as rates come down, prices will climb.

鈥淚t鈥檚 going to be a race against the clock,鈥� he said.

The head of the FVREB was also looking ahead to lower rates and more sales in the coming year.

鈥�2023 saw buyers and sellers adjust to new rate realities, and the impact of those high rates were reflected in the low number of sales in the Fraser Valley,鈥� said FVREB CEO Baldev Gill. 鈥淗owever, as rates start to ease, we expect market activity will pick up.鈥�

Although the Bank of Canada鈥檚 interest rate has not changed, bond markets expect it will be cut in 2024. As a result, five-year mortgage rates have been falling somewhat over the past few months.

At the end of 2023, the average price for a detached home in the Fraser Valley was $1.4 million, declining from earlier in the year. The average price peaked at about $1.9 million around the end of 2021, before plunging back to $1.3 billion. The price has moved up and down like a yo-yo over the last several years.