Fraser Valley real estate market’s busiest year in 100-year history!
Total property sales in the Fraser Valley in 2021 beat the previous annual record set in 2016, this was all due to the consumer response to the COVID-19 Pandemic along with historically low interest rates.
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 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, the Board averaged over 5,200 transactions every month. And even though the Board’s volume of new listings was also high, it just couldn’t keep up with the demand.“
Year-over-year, sales of detached homes rapidly increased 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!
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. New listings in December were 1,278. By month’s end, active inventory was 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 a single-family detached home in the Fraser Valley increased 3.6 per cent compared to November and increased 39.0 per cent compared to December 2020.
- Townhomes: At $765,800, the Benchmark price for a townhome in the Fraser Valley increased 3.5 per cent compared to November and increased 32.9 per cent compared to December 2020.
- Apartments: At $549,200, the Benchmark price for an apartment/condo in the Fraser Valley increased 3.5 per cent compared to November and increased 25.3 per cent compared to December 2020.
Resource: The Fraser Valley Real Estate Board