2023 emerged as a year full of promise for landowners and real estate developers, but it quickly evolved into a period of uncertainty. Initially buoyed by optimism, the market soon faced the challenge of rising inflationary pressures. Surprisingly, the Bank of Canada's aggressive stance against inflation led to significant hikes in interest rates, impacting the real estate sector. Developers found themselves navigating cautiously, marking a major market shift not seen in years.

Despite these challenges, 2023 maintained a steady flow of eager buyers and sellers, demonstrating resilience in the market and for Varing.

Looking ahead to 2024, the Fraser Valley continues to shine with potential. Its desirability as a residential area withstands market fluctuations, and its foundational strength promises long-term growth. We believe in the power of patience during such times, as they often present unforeseen opportunities. With hope and anticipation, we predict that 2024 will see at least four downward interest rate adjustments, opening new possibilities for the market. Let’s stay ready to seize these opportunities together.

READ AXIUM'S FULL POST HERE: AXIUM 2023 ANNUAL MARKET COMMENTARY