Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley

SURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

Sandra Benz, President of the Board, said of this month’s statistics, “Sales were strong again in March as more new listings continued to come on stream. We’re hopeful this will contribute to a slowing in price growth, which is good news for the home-buying public. Other encouraging signs, such as less open house traffic and fewer multiple offers, may help us get to a more balanced market, however until the fundamental issue of lack of supply is addressed, we won’t see that happen anytime soon.”

The Board received 4,580 new listings in March, a decrease of 10.0 per cent compared to March of last year, and 22.4 per cent more than were processed in February. Total active inventory for March was 4,699, a decrease of 6.2 per cent compared to last year’s 5,012 active listings, however 24.0 per cent higher than last month.

Baldev Gill, Chief Executive Officer of the Board, added, “We may not see the impact of recent interest rate hikes on the market trends until later in 2022. With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. We hope to see equal efforts from government to address inventory issues to help make housing more affordable.”

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,726,900, the Benchmark price for an FVREB single-family detached home increased 3.4 per cent compared to February 2022 and increased 39.5 per cent compared to March 2021.
  • Townhomes: At $886,400, the Benchmark price for an FVREB townhome increased 5.4 per cent compared to February 2022 and increased 41.9 per cent compared to March 2021.
  • Apartments: At $643,000, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to February 2022 and increased 38.2 per cent compared to March 2021.
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FVREB posts record volume of new listings in February

SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.

The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022. Sales remain strong at 18 per cent above the 10-year average.

By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board. “That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”

In the Fraser Valley region, the average number of days to sell an apartment in February was 12 days, and 11 days for townhomes. Single family detached homes averaged 13 days before selling. The one-year comparison is 35, 21 and 21 respectively.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021.
  • Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.
  • Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.
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Glimmer of hope for Fraser Valley home buyers as new listings surge in January

SURREY, BC – On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales – still the third highest ever for January – cooled compared to December while the volume of new listings improved significantly.

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service® (MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.

The Board received 2,135 new listings in January, an increase of 67.1 per cent compared to December 2021, and a decrease of 23.3 per cent compared to January of last year. Total active listings for the month were 2,332, down 44.6 per cent compared to January 2021, however an increase of 19.2 per cent compared to December 2021.

Larry Anderson, President of the Board, said, “In January, REALTORS® saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.

“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.”

Baldev Gill, Chief Executive Officer of the Board, said, “For almost two years, Fraser Valley REALTORS® have worked hard to help their clients navigate safely during the longest, most intense seller’s market in our Board’s history. This protracted pandemic market has resulted in considerable upward pressure on home prices.

“We anticipate the seasonal influx of new inventory, such as we’re already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022.”

In January 2022, the average number of days to sell a single-family detached home in the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to sell a townhome and 17 days for apartments, compared to 28 and 37 days respectively, in January of last year.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,569,300, the Benchmark price for an FVREB single‐family detached home increased
    4.6 per cent compared to December 2021 and increased 41.8 per cent compared to January 2021.
  • Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to
    December 2021 and increased 37.2 per cent compared to January 2021.
  • Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to
    December 2021 and increased 30.6 per cent compared to January 2021
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Fraser Valley real estate market sees busiest year in 100‐year history

SURREY, BC – Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.

The FVREB processed 27,692 sales its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 per cent compared 19,926 sales in 2020; and 15.5 per cent higher than 2016’s 23,974 sales.

Larry Anderson, President of the Board, said, “No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen.

“Whether helping sellers list or helping buyers complete a sale, our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand.”

Year‐over‐year, sales of detached homes soared by 31.8 per cent in 2021 compared to 2020; townhome sales increased by 33.7 per cent and sales of apartments increased by 68.9 per cent. Anderson added, “With the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region.”

In 2021, the FVREB received 35,629 new listings – the second highest on record (second only to 2008 at 35,651); and 12.4 per cent more than in 2020.

Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley REALTORS® played an instrumental role in helping people navigate their real estate buying and selling needs, through uncharted territory. It’s the professionalism and expertise of our members who have done a remarkable job serving the interests and needs of buyers and sellers throughout a most challenging and unusual year.”

In the month of December, the Board’s MLS® processed 1,808 sales, second only to December 2020’s record‐ setting 2,086 sales. New listings in December were 1,278. By month’s end, active inventory finished at 1,957 units, 60 per cent below the 10‐year average, and the lowest in 41 years.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,500,000, the Benchmark price for an FVREB single‐family detached home increased 3.6 per cent compared to November 2021 and increased 39.0 per cent compared to December
  • Townhomes: At $765,800, the Benchmark price for an FVREB townhome increased 3.5 per cent compared to November 2021 and increased 32.9 per cent compared to December
  • ApartmentsAt $549,200, the Benchmark price for an FVREB apartment/condo increased 3.5 per cent compared to November 2021 and increased 25.3 per cent compared to December

Find the December 2021 Statistics Package here.

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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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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.