SURREY, BC – Consumer demand for real estate in the Fraser Valley remained robust for the fourth consecutive month, with overall sales and new listings reaching record-breaking numbers in September.

The Fraser Valley Real Estate Board processed 2,231 sales on its Multiple Listing Service® (MLS®) in September, an increase of 66.1 per cent compared to the same month last year and an increase of 9.4 per cent compared to August 2020. This is the highest recorded sales for September in the history of FVREB.

In the last three months, Fraser Valley has seen a defined shift in demand towards single family detached homes with sales in July through to September garnering 47 per cent of the three main residential types, compared to 43 per cent during the same period last year.

Chris Shields, President of the Board, observes, “Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes.

“For many existing homeowners and first-time buyers, their buying power is greater than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”

The Fraser Valley Board also received a record number of new listings for September: 3,515, a 6.2 per cent increase compared to August’s intake and a 26.9 per cent increase compared to September of last year. September finished with 7,377 active listings, a decrease of 0.4 per cent compared to August and a decrease of 7.2 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “Our industry is a leading example of how business transactions can be conducted efficiently and effectively while following stringent safety requirements as laid out by our province and provincial health officer.

“This is particularly important given the uncertainty ahead for us and the need for everyone to remain vigilant.”

In September, the average number of days to sell an apartment was 35; 25 for townhomes, and 28 for single family detached.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,032,700 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.3 per cent compared to August and, increased 8.7 per cent compared to September 2019.
Townhomes: At $567,300, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to August and increased 4.0 per cent compared to September 2019.
Apartments: At $436,900, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.1 per cent compared to August and increased 4.7 per cent compared to September 2019.

Find the September Statistics Package here.

Home sale and new listing activity reached record levels in Metro Vancouver in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.

Download the September 2020 stats package

Sales and new listings continue to set records in the Fraser Valley

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005.

The FVREB processed a total of 2,039 sales in August, a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year. Last month’s sales were 39 per cent above the ten-year average for August, representing the highest August in the last decade and second only to what was recorded back in August 2005.

Chris Shields, President of the Board, indicated that, “we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well.”

“In an unusual situation given the pandemic, we remain cautiously optimistic and are encouraged by the numbers we are seeing,” added Shields.

The Fraser Valley Board received 3,309 new listings in August, a 6.8 per cent decrease compared to July’s intake of 3,549 new listings and a 40.4 per cent increase compared to August of last year. August’s new listings were 28.9 per cent above the ten-year average for the month, the highest in the last ten years. Last month finished with 7,404 active listings, an increase of 0.9 per cent compared to July’s inventory and a decrease of 7.9 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “the highly competitive market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual times.”

In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for single family detached.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,019,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.2 per cent compared to July and, increased 6.9 per cent compared to August 2019.

Townhomes: At $563,900, the Benchmark price for a townhome in the Fraser Valley increased 0.1 per cent compared to July and increased 3 per cent compared to August 2019.

Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley remain unchanged compared to July and increased 4 per cent compared to August 2019.

Find the August Statistics Package here.

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second-highest number of both property sales and new listings ever recorded in July.

The FVREB processed a total of 2,100 sales in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. Last month’s sales were 25.5 per cent above the ten-year average for July and second only to July 2015.

Chris Shields, President of the Board, observes, “In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July.”

“We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”

The Fraser Valley Board received 3,549 new listings in July, a 2.7 per cent increase compared to June’s intake of 3,456 new listings and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “The real estate profession has worked hard to make the buying and selling process safe during this pandemic and consumers have responded. Homeownership is a prudent, long-term investment strategy that isn’t as vulnerable to short-term fluctuations, and in this period of economic uncertainty, it’s encouraging to see the strong demand currently for Fraser Valley real estate.”

In July, the average number of days to sell an apartment was 34; 28 for townhomes and 34 for single family detached.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to June and, increased 5.3 per cent compared to July 2019.

Townhomes: At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to June and increased 3.3 per cent compared to July 2019.

Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.5 per cent compared to June and increased 3.8 per cent compared to July 2019.

Find the July Statistics Package here.