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FVREB Housing Market is Favouring Sellers with Record-Breaking Activity


Under Market Updates

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January 6th, 2021

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% 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% 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% 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% compared to 2019; townhome sales increased by 31.2% and sales of apartments increased by 5.9%.

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% compared to 2019. As with annual sales, 2020 saw the fourth highest volume of 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% 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% compared to November 2020 and increased 13.3% compared to December 2019.
• Townhomes : At $576,200, the Benchmark price for an FVREB townhome increased 1.1% compared to November 2020 and increased 6.9% compared to December 2019.
• Apartments At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6% compared to November 2020 and increased 4.7% compared to December 2019.

Click here to view the December Statistics Package.

FVREB Record-Shattering December Caps Unexpected Year in Fraser Valley Real Estate

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