Fraser Valley remains hot real estate market

SURREY, B.C.—Data from the Fraser Valley Real Estate Board (FVREB) shows the region in B.C. remains red hot for property sales.

The board recorded 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.

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

Anderson added it is not an easy market for buyers or sellers, who must rely on the expertise of realtors to navigate a lack of supply, multiple offer situations and 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, board CEO, said the group is seeing several things at play, including record low interest rates and buyers who expect prices to increase in 2022.

“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions,” said Gill.

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.