Record-shattering December

caps unexpected year in

SURREY, BC – In a year when the real estate market was at a standstill for

months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4

per cent above the 10-year average due to unrelenting, pent-up consumer

demand during the second half of 2020.

In December, the Board’s Multiple Listing Service® (MLS®) processed a

staggering 2,086 sales, the strongest December on record and 81.2 per cent

above normal for the month. New listings in December, were the second highest

on record at 1,502. By month’s end, active inventory finished below typical levels,

at 3,949 units.

The total sales volume for the year in Fraser Valley was 19,926; an increase of

28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for

annual sales since 2011.

In 2020, sales of the three main residential property types were as follows: 8,176

single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year,

sales of detached soared by 41.7 per cent compared to 2019; townhome sales

increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.

Chris Shields, President of the Board, observes, “The pandemic upended

everything in 2020 and how the real estate market responded to it was nothing

short of

remarkable. No one could have anticipated a six-month stretch like we’ve just

experienced. Typical seasonal cycles did not apply, how we conduct business had

to change to keep the public safe; and most unexpected, has been the

unwavering demand for family-sized homes in our region and so far, there is no

sign of it slowing down.”

A total of 31,693 new listings were received by the Board’s MLS® in 2020, an

increase of 3.7 per cent compared to 2019. As with annual sales, 2020 was

also the fourth highest year for new inventory for the Board in the last decade.

Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes

appear healthy, our region’s current overall inventory is 28 per cent below normal.

For those who have been thinking of selling but have held off due to the pandemic,

the industry has mastered how to keep consumers safe using technology and

strictly following provincial health guidelines. Ask your REALTOR® if now is a

prudent time to list because the market currently is favouring sellers.”

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.
Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.
Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.