Bringing Home Buyers & Sellers Together™

SURREY, BC – Demand for Fraser Valley real estate remained robust in September. While overall sales decreased compared to August, total sales reached the second‐highest levels for the month of September in the 100‐year history of the Board.  


The Board processed a total of 1,866 property sales on its Multiple Listing Service® (MLS®) in September, a decrease of 10.6 per cent compared to August and a 16.4 per cent decrease compared to the same month last year.   


Larry Anderson, President of the Board, said, “While we’ve seen a solid increase in new listings compared to August, market conditions continue to be challenging for buyers. Considering the demand across the region, the increase is simply not enough to bolster the inventory required to create greater balance in the market.


“Demand for residential homes of all types is strong in the Fraser Valley with more sellers returning to the table in September, which is expected at this time of year.”


In September, the Board received 2,342 new listings, a decrease of 33.4 per cent compared to last year, and an increase of 11.2 per cent compared to August 2021. The month ended with a total active inventory of 3,812, which is a 6.5 per cent decrease compared to August, and a 48.3 percent decrease compared to September 2020.    


Baldev Gill, Chief Executive Officer of the Board, added, “The pandemic continues to have an impact on current conditions and while the market remains steady, we are sensitive to ongoing health and safety concerns. Our members follow stringent protocols as mandated by the Public Health Officer, and we will continue to lead by example for the benefit of our members and their clients.”         


Across Fraser Valley, in September, the average number of days to sell a single‐family detached home was 26 and a townhome was 19 days. Apartments took, on average, 26 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,362,220, the Benchmark price for an FVREB single‐family detached home increased 1.9 per cent compared to August 2021 and increased 31.9 per cent compared to September 2020.


 Townhomes: At $707,300, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to August 2021 and increased 24.7 per cent compared to September 2020.


 Apartments: At $504,500, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to August 2021 and increased 15.5 per cent compared to September 2020.

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SURREY, BC – Demand for Fraser Valley real estate remained elevated in August reaching the second highest sales ever for the month against a backdrop of decreasing supply.


The Board processed a total of 2,087 property sales on its Multiple Listing Service® (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.


Larry Anderson, President of the Board, said, “Home buyers are facing one of the worst supply shortages in Fraser Valley history. Our sales are over 30 per cent above normal, while our housing stock is at levels last seen in the early 80s.


“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. Persistent demand and lack of supply continues to put upward pressure on home prices.”


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.


Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later. And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 per cent.


“Those measures did not address the core issue, which 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.

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 SURREY, BC – Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.  

   

The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year.  Sales continued to remain above normal for July – 15 per cent above the ten‐year average.  


Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.


“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”     


In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.    


Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.  


“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”


Across Fraser Valley, in July, the average number of days to sell a single‐family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.  



MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,319,200, the Benchmark price for an FVREB single‐family detached home decreased 0.4 per cent compared to June 2021 and increased 30.9 per cent compared to July 2020.


 Townhomes: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.


 Apartments: At $494,000, the Benchmark price for an FVREB apartment/condo increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.

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SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record. 


 In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year.  Sales continued to remain elevated compared to a typical June – 22 per cent above the ten‐year average.  


Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.  


“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”  


In June, the Board received 3,108 new listings, a decrease of 10 per cent compared to last year, and a decrease of 21 per cent compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7 per cent decrease compared to May, and 22.5 per cent fewer than June 2020.    


Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”


Baldev Gill, Chief Executive Officer of the Board, added, “Effective July 1, as part of Stage 3 of BC’s Restart Plan, REALTORS® are again allowed to hold in‐person showings and open houses while continuing to adhere to public safety recommendations.  


“For more than a year, our industry has put tremendous effort into keeping the public safe and we will remain vigilant. We’d like to express our sincere appreciation to the public for your continued support and cooperation.”


Across Fraser Valley, in June, the average number of days to sell a single‐family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,324,400, the Benchmark price for an FVREB single‐family detached home increased 0.1 per cent compared to May 2021 and increased 33.2 per cent compared to June 2020.


 Townhomes: At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.


 Apartments: At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to May 2021 and increased 13.4 per cent compared to June 2020.

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SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near‐historic levels of new listings in May.    


In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.     


 Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.   


“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”


In May, the Board received the second‐highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.   


Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”


Across Fraser Valley, in May, the average number of days to sell a single‐family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single‐family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.


 Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.


 Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.

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SURREY, BC – For the eighth consecutive month, Fraser Valley real estate saw record‐breaking sales with April topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record‐breaking months, last set in 2015/2016.  


In April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.      


Larry Anderson, President of the Board, said, “Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace.   


“In general, we’re seeing fewer multiple offers, fewer subject‐free offers, and homes over‐priced are starting to sit longer. These are positive signs that the market is responding to near‐record levels of new inventory.”


The Board received the highest volume of new listings ever in March 2021 and that elevated pace continued in April. Last month, the Board received 5,018 new listings, an increase of 254 per cent compared to April 2020, and a decrease of 1 per cent compared to March 2021. The influx of new listings improved supply with total active inventory reaching 6,030 in April 2021, 20 per cent higher than in March and the highest it’s been in six months.


Baldev Gill, Chief Executive Officer of the Board, added, “Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply. 


 “If you have an active listing now or are thinking of selling, it’s critical to work with a professional REALTOR® to ensure your asking price is realistic and competitive based on today’s market, not yesterday’s.”


Across Fraser Valley, in April, the average number of days to sell a single‐family detached home was 13 and a townhome was 10 days. Apartments took, on average, 22 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single‐family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.


 Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.


 Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.

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SURREY, BC – Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.    


In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February. The previous record of 3,006 sales was set in March of 2016.


Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.


“It is very stressful for buyers. REALTORS® are working hard to guide them through what has become a protracted, powerful seller’s market. As we continue to help our clients grapple with escalating prices and multiple offers, March did bring some good news. It set a record for volume of new listings received improving selection,” said Anderson. 


  The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56 per cent more than were processed in February. The previous high for new listings was 4,458 in April 2008. Total active inventory for March was 5,012, a decrease of 18 per cent compared to last year’s 6,083 active listings, however 22 per cent higher than February 2021.


Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic on the market cannot be overstated and as we know from the province’s latest announcement, we are in a precarious situation currently. Since the end of the first lockdown in 2020, the real estate profession has led the way on protecting its members and the public.  


“Realtors take this extra duty to protect their clients during private, in‐person showings very seriously and will continue to remain vigilant until vaccines are rolled out to the greater population,” added Gill.


Across Fraser Valley, in March, the average number of days to sell a single‐family detached home was 15 and a townhome was 14 days. Apartments took, on average, 31 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single‐family detached home increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020.


 Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent compared to March 2020.


 Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020.

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SURREY, BC – For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100‐year history of the Fraser Valley Real Estate Board (FVREB).  


In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 per cent compared to February 2020 and 64 per cent more than were processed in January 2021. To provide a historical perspective, sales in February were 88 per cent above the 10‐year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016.    


Chris Shields, President of the Board said of this month’s record numbers, “This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.  


“What’s fueling the demand is the combination of record‐low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family‐sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”  


The Board received 3,265 new listings in February, an increase of 28 per cent compared to February of last year, placing it second highest for February for new listings in the last decade. The total active inventory for February was 4,120, down 28 per cent from last year’s 5,741 active listings, and the lowest ever for the month.


Baldev Gill, Chief Executive Officer of the Board, added, “We know more people are choosing to move to the Fraser Valley right now because they’re seeking more usable space, a better quality of life, and they recognize that their housing dollar goes further. The challenge is selection. We anticipate as the vaccination roll‐out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels. In the meantime, REALTORS® will continue to ensure consumer safety is at the forefront of all home viewings and transactions.”


Across Fraser Valley, in February, the average number of days to sell a single‐family detached home and a townhome was 21 days. Apartments took on average 35 days to sell.  


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single‐family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.


 Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.


 Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020. —30 — The Fraser Valley Real Estate Board is an association of 3,840 real estate professionals who live and work in the BC

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SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.


The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10‐year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016.   


 “Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.  


“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”


The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per cent below the 10‐year average.


Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in‐person viewing.   


“And note, we’re already seeing an improvement in supply levels compared to December, a  trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.”   


In January 2021, the average number of days to sell a single‐family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.  


MLS® HPI Benchmark Price Activity

 Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single‐family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.


 Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.


 Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.

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SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID‐19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10‐year average due to unrelenting, pent‐up consumer demand during the second half of 2020.  


In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.


The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.


In 2020, sales of the three main residential property types were as follows: 8,176 single‐family detached; 5,102 townhouses; and 4,357 apartments. Year‐over‐year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.                                                                                                                                                                        

Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six‐month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family‐sized homes in our region and so far, there is no sign of it slowing down.”


A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.


Baldev Gill, Chief Executive Officer of the Board, adds, "Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single‐family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.


 Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.


 Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.

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SURREY, BC – For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record.  Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high.


 The Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 54.7 per cent compared to the 1,405 sales in November of last year, and an 8.3 per cent decrease month‐over‐month compared to the 2,370 sales in October.  


The Board received 2,217 new listings in November, a 28.0 per cent decrease compared to October’s intake and an 18.1 per cent increase compared to the 1,877 new listings received during the same month last year. For November, it was the second highest volume of new inventory in the last decade.


Chris Shields, President of the Board, observes, “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family‐sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99‐year history specifically for single‐family detached and townhomes.  


“For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales‐to‐ actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”  


November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October and a decrease of 13.2 per cent year‐over‐year. November’s total inventory was the fourth lowest for the month in the last decade.  


Baldev Gill, Chief Executive Officer of the Board, adds, "It’s impressive how consumers – in very high numbers, the highest ever – have adapted to the shifting realities and appreciate our industry’s adherence to strict safety measures. REALTORS® are working very hard currently serving their buyers and sellers using technology and innovation and the numbers clearly show that it’s working.”


For the Fraser Valley region, the average number of days to sell an apartment in October was 34 days, and 25 days for townhomes. Single family detached homes remained on market for an average of 32 days before selling.


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $1,061,500 the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.


 Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.


 Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019.

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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.

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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 tenyear 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.

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SURREY, BC – The Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.  


The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113 per cent compared to sales in May and a increase of 32 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten‐year average for June.  


Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”


“It’s due to a combination of factors. Obviously, very low interest rates, pent‐up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.”


The Fraser Valley Board received 3,456 new listings in June, a 57 per cent increase compared to May’s intake of 2,207 new listings and a 23 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year‐over‐year.


Shields adds, “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”  


In June, the average number of days to sell an apartment was 37; 30 for townhomes and 31 for single family detached.


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $994,500, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.4 per cent compared to May and, increased 3.6 per cent compared to June 2019.


 Townhomes: At $559,600, the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to May and increased 1.9 per cent compared to June 2019.


 Apartments: At $435,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.4 per cent compared to May and increased 3.3 per cent compared to June 2019.

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SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID‐19.


The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.  


Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.   


“Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”   


The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year‐over‐year.


Shields adds, “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.  


“It’s important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.”  


In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.


MLS® HPI Benchmark Price Activity

 Single Family Detached: At $990,400, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019.

 Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.

 Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.

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SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history. 


The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April, a decrease of 52 per cent compared to sales in March and a decrease of 50 per cent compared to April of last year.   According to FVREB historical data, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last seen in April 1981.


Chris Shields, President of the Board, observes, “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic.  


Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.”    “What has been most impressive is how the industry – both REALTORS® and our clients – have pivoted and adapted to innovations such as live streaming open houses and e‐transactions that we anticipate will become mainstream even when physical distancing is no longer a requirement. These tools not only ensure public safety; clients appreciate their speed and efficiency.”


The Fraser Valley Board received 1,416 new listings in April, a 47 per cent decrease compared to March’s intake of 2,666 new listings and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year‐over‐year.


Shields adds, “Although we’re seeing fewer transactions, it’s important to emphasize that Realtors are still advising and protecting their clients every day. We were deemed a non‐health essential service because there are always people who need to buy or sell a home, potentially due to the economic downturn.  So, for those who need real estate guidance now, or who want to start preparing for the pending market rebound, feel free to call your Realtor to get the advice you need.”  


In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached.


MLS® HPI Benchmark Price Activity


 Single Family Detached: At $993,400, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.5 per cent compared to March and, also increased 3.0 per cent compared to April 2019.

 Townhomes: At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to March and increased 1.4 per cent compared to April 2019.

 Apartments: At $424,100, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to March and increased 0.8 per cent compared to April 2019.

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SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.


By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019. During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.


Chris Shields, President of the Board, observes, "Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline. We serve the public and we understand it is very challenging to buy or list a home while maintaining physical distancing, however if you need us, know that we are here for you."


"We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing transactions with their clients to do so electronically."

The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.


By month end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year-over-year.


"Shields adds, "A Realtor’s duty is to protect our clients. Now, as a society, we all have a duty. We are urging consumers to follow all recommended health and government guidelines and are committed to doing our part for as long as necessary."


In March, the average number of days to sell an apartment was 27; 28 for townhomes and 38 or single family detached.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $988,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.8 per cent compared to February and, also increased 2.6 per cent compared to March 2019.
  • Townhomes: At $549,600*, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to February and increased 1.3 per cent compared to March 2019.
    *Effective Mar 2020, MLS® HPI for townhomes updated and revised back to Jan 2005
  • Apartments: At $423,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.1 per cent compared to February and increased 1.2 per cent compared to March 2019.
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SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10‐year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below‐average levels. 


The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year. Of the 1,352 total MLS® sales of residential and commercial combined in the Fraser Valley, 534 were single family detached homes, 341 were townhouses, and 315 were apartments.


“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.


There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year‐over‐year. Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.


“We are seeing more traffic at open houses, more multiple offers and a slight increase in year‐over‐year prices, so if you’ve been thinking about selling, talk to your local REALTOR® to find out if it’s the right time for you,” observed Germyn.


“Another indicator we look at is how long it takes to sell a home and in February, the three main residential property types sold on average six days faster than last year.”


For the Fraser Valley region, the average number of days to sell an apartment in February was 35, and 33 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.


MLS® HPI Benchmark Price Activity

 Single Family Detached: At $971,300, the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.

 Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019. *Preliminary number pending further review

 Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.

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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.



"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."



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.



"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."


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.


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..
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Unusual end-of-year demand for Fraser Valley real estate


SURREY, BC – A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.

The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7 per cent decrease compared to sales in October 2019, and a 36.7 per cent increase compared to the 1,028 sales in November of last year.

Darin Germyn, President of the Board, says, "Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.



"For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand."



There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5 per cent compared to November of last year and a decrease of 9 per cent compared to October 2019. The Board received 1,877 new listings in November, a 21.2 per cent decrease compared to October 2019’s intake of 2,383 new listings and a 9.6 per cent decrease compared to November of last year.



Germyn adds, "Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent."

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5 per cent compared to November 2018.
  • Townhomes: At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to October 2019 and decreased 3.4 per cent compared to November 2018.
  • Apartments: At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to October 2019 and decreased 4.3 per cent compared to November 2018.


For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling.

 


 
 
 
 
 
 
 


 


 
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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.