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November 2021 FV Housing Market Stats

Fraser Valley home sales continued to soar in November further depleting supply

SURREY, BC – Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November 2020.

In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2 per cent compared to the 2,173 sales in November of last year, and a 1.8 per cent increase month-over-month compared to the 1,938 sales in October.

The Board received 2,096 new listings in November, a 4.2 per cent decrease compared to October’s intake and a decrease of 5.5 per cent compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.

Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.

“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.”

November finished with 3,048 active listings, a decrease of 11.6 per cent compared to October and a decrease of 47.9 per cent year-over-year, and an 11.6 per cent decrease compared to last month. In a typical November market, inventory levels in the Fraser Valley would be more than double.

Baldev Gill, Chief Executive Officer of the Board said, “We’re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year.

“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”

For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single family detached homes remained on market for an average of 24 days before selling.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,448,000 the Benchmark price for a single family detached home in the Fraser Valley increased 3.7 per cent compared to October and, increased 36.4 per cent compared to November 2020.

Townhomes: At $740,110, the Benchmark price for a townhome in the Fraser Valley increased 2.7 per cent compared to October and increased 29.8 per cent compared to November 2020.

Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 per cent compared to October and increased 21.7 per cent compared to November 2020.

Find the November 2021 Statistics Package here.

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October 2021 FV Housing Market Stats

MLS® sales in the Fraser Valley remained strong in October while supply continued to diminish

SURREY, BC – Demand for Fraser Valley real estate remained solid in October with overall sales the third highest on record.

The Board processed a total of 1,938 property sales on its Multiple Listing Service® (MLS®) in October, an increase of 3.9 per cent compared to September and a decrease of 18.2 per cent compared to the same month last year.

Larry Anderson, President of the Board, said, “What we’re seeing is a combination of above‐average sales with below‐average new listings which is placing strong upward pressure on home prices, for all residential categories, month‐over‐month.

“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in community or even property type.”

After rebounding slightly in September, new listings decreased in October. The Board received 2,188 new listings, a decrease of 29.0 per cent compared to last year, and a decrease of 6.6 per cent compared to September 2021. The month ended with a total active inventory of 3,447, which is a 9.6 per cent decrease compared to September, and a 49.8 percent decrease compared to October 2020. Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley is a top destination currently in BC for buyers looking for relatively affordable family‐sized homes. Townhomes and single‐family homes are selling on average within two to four weeks in our region, with buyers keenly watching the market for new listings.”

Across the Fraser Valley, in October, the average number of days to sell a single‐family detached home was 28 and a townhome was 18 days. Apartments took, on average, 27 days to sell.

 
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,396,700, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to September 2021 and increased 33.4 per cent compared to October 2020.

Townhomes: At $720,500 the Benchmark price for an FVREB townhome increased 1.9 per cent compared to September 2021 and increased 26.6 per cent compared to October 2020.

Apartments: At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 per cent compared to September 2021 and increased 18.3 per cent compared to October 2020.
 

Find the October 2021 Statistics Package here.

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September 2021 FV Housing Market Stats

Positive start to fall market; new listings increase, sales soften

SURREY, BC – Demand for Fraser Valley real estate remained robust in September. While overall sales decreased compared to August, total sales reached the second‐highest levels for the month of September in the 100‐year history of the Board.

The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease of 10.6 per cent compared to August and a 16.4 per cent decrease compared to the same month last year.

Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers. Considering the demand across the region, the increase is simply not enough to bolster the inventory required to create greater balance in the market.

“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in September, which is expected at this time of year.”

In September, the Board received 2,342 new listings, a decrease of 33.4 per cent compared to last year, and an increase of 11.2 per cent compared to August 2021. The month ended with a total active inventory of 3,812, which is a 6.5 per cent decrease compared to August, and a 48.3 percent decrease compared to September 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by example for the benefit of our members and their clients.”

Across Fraser Valley, in September, the average number of days to sell a single‐family detached home was 26 and a townhome was 19 days. Apartments took, on average, 26 days to sell.


MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,362,220, the Benchmark price for an FVREB single‐family detached home increased 1.9 per cent compared to August 2021 and increased 31.9 per cent compared to September 2020.

Townhomes: At $707,300, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to August 2021 and increased 24.7 per cent compared to September 2020.

Apartments: At $504,500, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to August 2021 and increased 15.5 per cent compared to September 2020.


Find the September 2021 Statistics Package here.

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August 2021 FV Housing Market Stats

A market of extremes: near record sales in August combined with lowest supply in four decades

SURREY, BC – Demand for Fraser Valley real estate remained elevated in August reaching the second highest sales ever for the month against a backdrop of decreasing supply.

The Board processed a total of 2,087 property sales on its Multiple Listing Service® (MLS®) in August, an increase of 4.0 per cent compared to July and a 2.4 per cent increase compared to the same month last year.  Sales remained unusually high for the month; second only to August of 2005.

Larry Anderson, President of the Board, said, “Home buyers are facing one of the worst supply shortages in Fraser Valley history. Our sales are over 30 per cent above normal, while our housing stock is at levels last seen in the early 80s.

“To put our supply and demand situation in perspective, for every 100 townhomes on the market in August, Fraser Valley REALTORS® sold 94. The single-family detached and condo markets also remained in strong seller’s market territory. Persistent demand and lack of supply continues to put upward pressure on home prices.”

In August, the Board received 2,107 new listings, a decrease of 36.3 per cent compared to last year, and a decrease of 13.3 per cent compared to July 2021. The month ended with total active inventory sitting at 4,077, a 16.8 per cent decrease compared to July, and 44.9 per cent fewer than August 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later. And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 per cent.

“Those measures did not address the core issue, which is insufficient supply to meet the rise in our population growth. All levels of government must work together to correct the structural housing shortage.”

Across Fraser Valley, in August, the average number of days to sell a single-family detached home was 29 and a townhome was 19 days. Apartments took, on average, 29 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,336,800, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to July 2021 and increased 31.1 per cent compared to August 2020.
  • Townhomes: At $697,500, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to July 2021 and increased 23.7 per cent compared to August 2020.
  • Apartments: At $498,800, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to July 2021 and increased 14.1 per cent compared to August 2020.

Find the August 2021 Statistics Package here.

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July 2021 FV Housing Market Stats

Fraser Valley home sales remained steady in July; lowest supply in forty years


SURREY, BC – Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.

The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 per cent above the ten-year average.

Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.

“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”

In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2020.

Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.

“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”

Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.

MLS® HPI Benchmark Price Activity

  1. Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.
  2. Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.
  3. Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.


Find the July 2021 Statistics Package here.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.