Trevor Miller

SURREY, BC – January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month, while new listings finished 11 per cent below historical norms.

The Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 21.9 per cent decrease compared to sales in December 2019, and a 24.2 per cent increase compared to the 784 sales in January of last year.

Of the 974 total MLS® sales of residential and commercial combined in the Fraser Valley, 363 were single family detached homes, 241 were townhouses, and 248 were apartments.

There were 5,143 active listings available in the Fraser Valley at the end of January, an increase of 9.8 per cent compared to December 2019’s inventory and a decrease of 14.2 per cent year-over-year. Additionally, 2,216 new listings were received by the Board for the month, a significant increase compared to December 2019’s intake of 948 new listings and a 15.1 per cent decrease compared year-over-year.

“Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”

“Where the weather may have had an impact in January, is on our housing supply,” observed Germyn. “For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling. So, if you’re thinking of buying, talk to your REALTOR® about local market conditions to understand the variances.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 49, and 47 for townhomes. Single family detached homes remained on the market for an average of 60 days before selling.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 per cent compared to December 2019 and, also increased 0.7 per cent compared to January 2019.
• Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 per cent compared to December 2019 and decreased 0.8 per cent compared to January 2019.
• Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 per cent compared to December 2019 and decreased 0.1 per cent compared to January 2019.

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SURREY, BC – The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.

“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.

• Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.

• Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

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“Fraser Valley’s housing data is out for June. Second lowest June sales since 2000. Growing inventory plus lower prices creating opportunity.”

Both buyers and sellers taking a wait-and-see approach in the Fraser Valley