A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy.

A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy.

Fraser Valley Real Estate Board breaks sales records 6 months in a row

‘Levels never seen before in the 100-year history of the FVREB’

The Fraser Valley Real Estate Board (FVREB) has broken sales records for six months in a row, according to their monthly numbers release.

“Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the FVREB,” the March 2 update says.

Last month, a total of 2,815 sales were made of their listing service, an increase of 108 per cent compared to February 2020, and a 60 per cent increase over last month’s sales. The sales were 88 per cent above the 10-year average for February and 18 per cent above the previous record made in 2016.

“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley,” said Chris Shields, president of the board. “What’s fueling the demand is the combination of record-low interest rates and the response to the pandemic.

“For family-sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks.”

A total of 3,265 were listed for sale with FVREB in February, an increase of 28 per cent over last year, and the second highest number for the month in the last decade. The total active inventory for February was 4,120, down 28 per cent from last year and the lowest ever for the month.

“They recognize that their housing dollar goes further. The challenge is selection,” said Baldev Gill, CEO of the board. “We anticipate as the vaccination roll-out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels.”

In February, a single-family detached home and a townhome averaged 21 days to sell, while a apartments took on average 35 days to sell.

Benchmark price activity:

  • Single Family Detached: At $1,163,400, the benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
  • Townhomes: At $600,300, the benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
  • Apartments: At $450,900, the benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.

RELATED: Strongest December sales ever recorded, says Fraser Valley Real Estate Board


@portmoodypigeon
patrick.penner@missioncityrecord.com

Like us on Facebook and follow us on Twitter.

Mission

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fire crews battle a large wildfire north of Highway 1 east of the Yale Road West exit on Thursday, April 15, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Firefighters battle wildfire in Chilliwack near Hwy 1

Helicopter dropping water on large wildfire in Chilliwack near Yale Road West exit, north of highway

web
Fire breaks out inside Mission Walmart

Customers, staff evacuated as firefighters investigate

Japanese Canadian citizens being transferred into waiting trucks outside Hope Station House. NNMCC L2021-2-1-004. Photographs courtesy of the Nikkei National Museum and Cultural Centre
Fight continues for historic Hope Station House

Ombudsman report and stop work order come alongside district’s move to remove heritage status

Lift equipment is driven away from a fire in an adjacent unit on Industrial Way in Chilliwack on Wednesday, April 14, 2021. (Paul Henderson/ Chilliwack Progress)
Chilliwack firefighters deal with heavy smoke, extreme heat in challenging industrial fire

Crews successful in containing fire to 1 unit in industrial building, adjacent units suffer smoke damage

A woman wears a protective face covering to help prevent the spread of COVID-19 as she walks past the emergency entrance of Vancouver General Hospital in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
Top doctor warns B.C.’s daily cases could reach 3,000 as COVID hospitalizations surge

There are more than 400 people in hospital, with 125 of them in ICU

The father of Aaliyah Rosa planted a tree and laid a plaque in her memory in 2018. (Langley Advance Times files)
Final witness will extend Langley child murder trial into May or June

Lengthy trial began last autumn with COVID and other factors forcing it to take longer than expected

The corner of 96th Avenue and Glover Road in Fort Langley now has traffic signals, and new “touchless” signal activation buttons. (Matthew Claxton/Langley Advance Times)
Busy Fort Langley intersection gets ‘touchless’ crosswalk signals

The new traffic light started operation in April

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A crossing guard stops traffic as students wearing face masks to curb the spread of COVID-19 arrive at Ecole Woodward Hill Elementary School, in Surrey, B.C., on Tuesday, February 23, 2021. A number of schools in the Fraser Health region, including Woodward Hill, have reported cases of the B.1.7.7 COVID-19 variant first detected in the U.K. THE CANADIAN PRESS/Darryl Dyck
COVID-infected students in Lower Mainland schools transmitting to 1 to 2 others: data

Eight to 13 per cent of COVID cases among students in the Lower Mainland were acquired in schools, B.C. says

Dr. Bonnie Henry – in a B.C. health order that went into effect April 12 – granted WorkSafe inspectors the power to enforce workplace closures with COVID-19 spread. THE CANADIAN PRESS/Jonathan Hayward
24 workplace closures being enforced in Fraser Health under new COVID-19 order

WorkSafe inspectors the power to enforce closures if COVID-19 has spread to 3 or more employees

Maple Ridge Fire and Rescue were conducting training operations at Gold Creek Falls when a firefighter broke their leg. (Eileen Robinson photo - Special to The News)
Firefighter suffers broken leg during swift water rescue practice in Golden Ears park

A training exercise at Maple Ridge waterfall on Wedesday results in mishap

Norm Scott, president of Royal Canadian Legion Branch # 91, is disappointed the Legion does not qualify for COVID financial assistance from the provincial government. (Black Press Media file photo)
B.C.’s pandemic aid package passing Legion branches by

Federal non-profit status stymies provincial assistance eligibility

Most Read