The Fraser Valley suburbs, which became the idle recipient of a spillover of cheap credit created in the depths of the Vancouver real estate boom is now facing repercussions as the party comes to an end.
With home prices correcting in the city of Vancouver, the ripple effect has spread across the city and into the Fraser Valley, particularly in the once euphoric cities of Langley and Abbotsford. Condo price declines have been sharp. Since Langley condos peaked in June, the home price index has dropped 10%. Price declines have accelerated in Abbotsford where the price index shows a 14% drop since peaking in June.
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