Has the market crashed?

Yes the market has slowed down in Surrey, Cloverdale, Langley & the rest of Fraser Valley. That is very clear with what the Bank of Canada has done, rates have gone up and the number of sales have decreased. It's slowed down from the point of time where prices were record high. That time was not normal.

Here's what people aren't talking about. This isn't a crashing market, it just corrected. This market is not a product of the bubble bursting. It's a normal real estate market. This is how real estate has always been prior to 2020. We have been spoiled in the past few years.

Homes took a little longer to sell. Buyers looked at maybe 5, 10, 15 homes before making an offer. Sellers sometimes had to adjust prices. At times, you get 1, 2 or 3 accepted offers and all those offers collapse.

So don't stress or panic, you should know that today, we are in a normal real estate market.

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