The Vancouver Life Real Estate Podcast The Wild Rise and Sudden Fall of Fraser Valley Real Estate
In this week’s episode, we’re diving deep into one of the most dramatic real estate stories in Canadian history — the Fraser Valley housing boom and bust. During the COVID-era market frenzy, the Fraser Valley became a magnet for buyers looking to escape the city. Between 2020 and 2022, prices in cities like Abbotsford skyrocketed, with the average home price doubling from $500,000 to over $1 million in just two years. Fueled by low interest rates, remote work freedom, and the desire for more space at a better price, the Valley quickly became one of the fastest-appreciating regions in the country.
But the surge didn’t last.
Since the Bank of Canada began raising interest rates in 2022, the Fraser Valley has undergone a rapid reversal. With interest rates now hovering around 5%, the market has softened dramatically, and prices are down approximately 25% from peak levels. In this episode, we’re joined by Fraser Valley real estate advisor Conor Kelly, who walks us through the highs, lows, and what’s next for this once red-hot market. From forced sales and shrinking equity to renewed commuting realities and a cooling demand, we explore how some homeowners are being pushed to sell at a loss and leave the Valley altogether.
We begin by setting the stage with a look at the Fraser Valley before the pandemic. What was this market like pre-2020? And how did it shift so aggressively once the pandemic hit? Conor shares his on-the-ground insights into the feeding frenzy that took hold between 2020 and 2022, as well as how quickly sentiment shifted when interest rates started climbing.
Next, we bring things to the present. The Greater Vancouver market is facing high inventory, slowing sales, and flat-to-declining prices — but is the Fraser Valley operating on a similar trajectory, or is it behaving independently? Conor compares the two markets and helps us understand how local dynamics, migration trends, and economic pressures are shaping today’s Valley.
We also explore an issue that’s starting to impact the entire province — population decline. For the first time outside of pandemic anomalies, BC recorded a population contraction. And while Vancouver grabs the headlines, Conor breaks down how this trend is unfolding in the Valley and what it could mean for long-term demand.
Then we turn to the pre-sale market, a sector facing serious challenges in Vancouver and Toronto, where developer bankruptcies and collapsing buyer confidence are freezing future supply. How is the pre-construction market faring in the Valley? Are developers hitting pause, or is there opportunity for those with longer timelines?
Finally, we look ahead. What does Conor think is in store for the Fraser Valley over the next few years? Will prices rebound? Will affordability improve? And what should buyers or potential movers know before deciding to make the Valley their home?
Whether you’re a buyer, seller, investor, or just curious about where BC’s real estate market is headed, this episode offers critical insights into one of the most volatile and revealing markets in the country. Don’t miss this one — hit play to hear what’s really going on in the Fraser Valley.
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