Sales volumes remain exceptional

in the Fraser Valley

Ongoing demand for Fraser Valley real estate saw overall sales reach the highest

point for the month of October in the Board’s history. This is the fourth consecutive

month of record-breaking or near-record activity for sales and new listings in the

region.

The Fraser Valley Real Estate Board processed 2,370 sales of all property types

on its Multiple Listing Service® (MLS®) in October, an increase of 48.9 per cent

compared to the 1,592 sales in October of last year, and an 6.2 per cent increase

month-over-month compared to the 2,231 sales in September.

The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and

the fourth highest of all time. The Board received 3,081, a 12.3 per cent decrease

compared to September’s intake and a 29.3 per cent increase compared to

October 2019.

Chris Shields, President of the Board, observes, "The situation is unprecedented.

We are in the middle of a pandemic and in many of our communities we are

seeing a strong seller’s market for townhomes and single-family homes priced

correctly. For example, in Langley, our current supply of detached homes would

sell in 1.4 months if no new listings became available. And for Mission townhomes,

we have zero months of inventory.

"If you’re thinking of buying or selling, seek expert advice because every

neighbourhood and property type is unique."

October finished with 6,872 active listings, a decrease of 6.8 per cent compared

to September and a decrease of 7.1 per cent year-over-year. Last month’s active

listings were 11.9 per cent below the ten-year average for October.

Baldev Gill, Chief Executive Officer of the Board, adds, "As our region faces a

current surge in cases of COVID-19 and gatherings are being further restricted,

it’s important to emphasize that the real estate industry – one of the first to adapt successfully to the necessary safety requirements – continues to be vigilant in

order to contain the spread. REALTORS® are strongly encouraging their clients

to embrace technology and avoid in-person activities."

For the Fraser Valley region, the average number of days to sell an apartment

in October was 36 days, and 27 days for townhomes. Single family detached

homes remained on market for an average of 30 days before selling.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,046,900 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to September and, increased 9.9 per cent compared to October 2019.
Townhomes: At $569,200, the Benchmark price for a townhome in the Fraser Valley increased 0.3 per cent compared to September and increased 5.0 per cent compared to October 2019.
Apartments: At $434,600, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.5 per cent compared to September and increased 4.2 per cent compared to October 2019.