THE CANADIAN PRESS/Sean Kilpatrick

THE CANADIAN PRESS/Sean Kilpatrick

Property sales hit an all-time record for October, says Fraser Valley Real Estate Board

High demand creates 4th month in a row of ‘record-breaking or near-record activity’

October was a record-breaking month for sales, according to the Fraser Valley Real Estate Board.

“Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history,” says a Nov. 3 news release from the board. “This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.”

A total of 2,370 sales were made through the board’s listing service, an increase of 48.9 per cent since last year and a 6.2 per cent increase from September.

The 3,081 new listings were not as high as September’s numbers, but they still reached levels not seen in October for over a decade and were the fourth highest of all time. October’s listings saw an increase of 29.3 per cent over last year.

“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,” said Chris Shields, president of the board. “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.”

At the end of the October, there were 6,872 active listings, a decrease of 6.8 per cent compared to September, 7.1 per cent less than last year and 11.9 per cent under the 10-year average for the month.

The average time it took to sell an apartment was 36 days, for townhomes it was 27 days and 30 days for single-family detached homes.

  • The benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent from September to $1,046,900 – and increased 9.9 per cent compared to October 2019.
  • The benchmark price for a townhome increased 0.3 per cent from September to $569,200 – and increased 5.0 per cent compared to October 2019.
  • The benchmark price for apartments and condos decreased by 0.5 per cent from September to $434,600 – and increased 4.2 per cent compared to October 2019.

RELATED: Sellers’ market: Housing prices continue to rise in Abbotsford and Mission

RELATED: It was a hot August for home sales and new listings in Fraser Valley

Fraser ValleyReal estate

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

Just Posted

It’s the Valley Huskers (left) and the Regina Riot (right) in the final of Football Canada’s online logo contest.
Valley Huskers face Regina Riot in final of Football Canada logo contest

Vote in the online poll to see the scarecrow named the best amateur football logo in the country

A ambulance drives 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
9 Lower Mainland hospitals to postpone non-urgent surgeries as hospitalizations surge

Record number of COVID-19 patients in hospitals across B.C.

(File)
Two injured in rollover crash on Seabird Island

One treated for serious, non-life threatening injuries

Letisha Reimer, 13, was killed Nov. 1, 2016 in a stabbing at Abbotsford Senior Secondary.
UPDATED: Second-degree murder conviction stands for Abbotsford school killer

Judge finds that Gabriel Klein is criminally responsible for death of Letisha Reimer

Canadian Prime Minister Justin Trudeau and United States President Joe Biden smile as they say farewell following a virtual joint statement in Ottawa, Tuesday, February 23, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau pledges to cut emissions by 40% to 45% by 2030, short of U.S. goal

Trudeau announced target during a virtual climate summit convened by U.S. President Joe Biden

MLA Shirley Bond, right, answers questions during a press conference at Legislature in Victoria, B.C., on February 19, 2019. THE CANADIAN PRESS/Chad Hipolito
Former B.C. gaming minister says she wasn’t told directly about dirty cash flowing to casinos

Shirley Bond said Thursday civil forfeiture, gang violence and gambling addiction were also major concerns in 2011

Memorial for Travis Selje on 64th Avenue in Cloverdale, west of 176th Street. (Photo: Tom Zillich)
Epilepsy-defence driver found not guilty in crash that killed Surrey teen Travis Selje

Accused testified she has no recollection of the crash and believes she had an epileptic seizure that caused the collision

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

RCMP Constable Etsell speaks to tourists leaving the area at a police roadblock on Westside Road south of Fintry, B.C., Thursday, July 23, 2009. THE CANADIAN PRESS/ Yvonne Berg
B.C. police say they take ‘exception’ to conducting roadblocks limiting travel

Asking the police to enforce roadblocks exposes officers to further risk and possible COVID-19 infections, says federation president Brian Sauve

As part of the province’s strategy to combat the opioid overdose crisis, take-home naloxone kits have been distributed throughout the province. (Courtesy of Gaëlle Nicolussi)
Vancouver Island could be at its worst point of overdose crises yet: medical health officer

Island Health issued overdose advisories for Victoria, various communities in the last two weeks

Firefighters carry equipment from the scene of Monday’s Willoughby fire. The April 19, 2021 blaze turned the Alexander Square development at the corner of 208th Street and 80th Avenue to rubble. (Rob Wilton/Special to Langley Advance Times)
Langley Fire: The aftermath of the inferno

The scene remains active as investigators work to determine a cause

BC Hydro released a survey Thursday, April 22. It found that many British Columbians are unintentionally contributing to climate change with their yard maintenance choices. (Pixabay)
Spend a lot of time doing yard work? It might be contributing to climate change

Recent BC Hydro survey finds 60% of homeowners still use gas-powered lawnmowers and yard equipment

A Mercedes SUV is covered at a gas station in the Clayton area following a deadly shooting there on Sept. 28, 2019. Carlos Monteith, the man charged in the Clayton shooting, was sentenced April 22 on charges related to a different shooting in New West in November, 2019. (File photo)
Man gets 6.5 years in prison for shooting as he awaits trial for separate Cloverdale slaying

Carlos Nathaniel Monteith sentenced for possessing a prohibited weapon and discharging a firearm with intent

Most Read