Bringing Home Buyers & Sellers Together™

 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 – 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 – A noticeable lift in home sales and slight decrease in new listings bolstered the Fraser Valley housing market in July.

The Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® (MLS®) in July, a 11.6 per cent increase compared to sales in June 2019, and a 13 per cent increase compared to the 1,290 sales in July of last year.

Chris Shields, President-Elect of the Board, observed, "We've been expecting market improvement, but didn't quite anticipate July's momentum. We've gone from the worst June in almost 20 years to a July that's only slightly below the 10-year average. For both buyers and sellers, a return to an active, more balanced market is welcome news."

"We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses and an increase in the number of first-time buyers. Data from our informal member market poll in July showed the highest level of first-time buyer purchases in the Fraser Valley since early 2016."

There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7 per cent compared to July of last year and a decrease of 2.1 per cent compared to June 2019. The Board received 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019's intake of 2,810 new listings and a 4.2 per cent decrease compared to July of last year.

"Sales of single family detached in our region increased by over 18 per cent in July compared to last year," added Shields. "Sellers are now recognizing that although listing prices are down, it's also now more affordable to buy."

HPI® Benchmark Price Activity

  • Single Family Detached: At $957,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.3 per cent compared to June 2019 and decreased 6.3 per cent compared to July 2018.
  •  Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9 per cent compared to June 2019 and decreased 6.6 per cent compared to July 2018.
  •  Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9 per cent compared to July 2018.
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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.