Demand for Fraser Valley real estate stay higher than normal in August, reaching the second highest sales ever for the month, even with decreasing supply.
The Board processed a total of 2,087 property sales on its 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.
“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” says Larry Anderson, FVREB President
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.
The core issue, says FVREB CEO Baldev Gill, 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.
