Fraser Valley real estate supply still low: board

The migration to the Fraser Valley continues.

Sustained demand for real estate in the Fraser Valley saw the region record one of its highest numbers of home sales for the month of November, coming in second behind the previous record set in 2020 and further stretching supply.

The Fraser Valley Real Estate Board recorded 1,972 sales across all property types last month, an increase of 1.8 per cent compared to October's sales, and down 9.2 per cent compared to last November.

“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, Fraser Valley Real Estate Board president.

“Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.”

New listings, however, have been trending down: November saw 2,096 new listings, a 4.2 per cent decrease compared to October. November's figure was also down 5.5 per cent compared with the same month last year, though the number of new listings did top the 10-year average for November of 1,948 only just slightly.

November ended with 3,048 active listings, a 47.9 per cent drop compared to the same month the previous year.

According to the FVREB's statistics, a typical November market would see inventory levels sitting at more than double that figure.

“We're seeing a number of factors at play, including historically low interest rates fuelling purchases, with buyers aware that rates are likely to increase next year,” said Baldev Gill, CEO of FVREB.

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

During November, the average Fraser Valley apartment took 24 days to find a buyer, while townhomes typically sold in just over two weeks. Single-family homes also stayed on the market for an average of 24 days before being snapped up.

NOVEMBER NUMBERS

■ The benchmark price for a single-family detached home in the Fraser Valley was $1,488,000, an increase of 3.7 per cent compared to October and 36.4 per cent compared to November 2020.

■ For townhomes, the benchmark price was $740,100, up 2.7 per cent compared to October and 29.8 per cent compared to November 2020.

■ Apartments saw a benchmark price of $530,400, up 3.2 per cent compared to October and up 21.7 per cent compared to November 2020.