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SURREY, BC – Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November 2020.


In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2 per cent compared to the 2,173 sales in November of last year, and a 1.8 per cent increase month-over-month compared to the 1,938 sales in October.


The Board received 2,096 new listings in November, a 4.2 per cent decrease compared to October’s intake and a decrease of 5.5 per cent compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.


Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.


“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.”


November finished with 3,048 active listings, a decrease of 11.6 per cent compared to October and a decrease of 47.9 per cent year-over-year, and an 11.6 per cent decrease compared to last month. In a typical November market, inventory levels in the Fraser Valley would be more than double.


Baldev Gill, Chief Executive Officer of the Board said, "We’re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year.


“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.” For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single family detached homes remained on market for an average of 24 days before selling.


MLS® HPI Benchmark Price Activity


• Single Family Detached: At $1,448,000 the Benchmark price for a single family detached home in the Fraser Valley increased 3.7 per cent compared to October and, increased 36.4 per cent compared to November 2020.


• Townhomes: At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 per cent compared to October and increased 29.8 per cent compared to November 2020.


• Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 per cent compared to October and increased 21.7 per cent compared to November 2020.

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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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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.