There’s been a lot of talk around the lack of new listings hitting the real estate market. Nationwide, there was just 1.6 months worth of home inventory according to the Canadian Real Estate Association (CREA), marking another month of supply shortages in Canada.

In the Fraser Valley, British Columbia buyers had a bit more luck in February as more homes arrived on the market.

In its monthly housing statistics report for February, the Fraser Valley Real Estate Board (FVREB) said that it received ?3,742 new listings last month, beating out February 2016’s record of 3,283 new homes. This is a 75.3% increase from January and marks a 14.6% growth in listings from the same month in 2021.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said FVREB’s president, Larry Anderson, in the report.

“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half,” he added.

Monthly sales and active listings on the rise

Across the MLS, the FVREB processed 1,824 sales for all property types in February, down 35.2% yearly but up 39.2% compared to the previous month. Sales are said to be staying strong at 18% above the region’s 10-year average.

By the end of February, there were 3,790 total active listings available for purchase, down eight per cent from February 2021. However, active listings rose 62.5% compared to what was available by the end of January, the largest month-over-month increase in active listings in 20 years for the region.

“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board, in the report.

“That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions,” he added.

Prices move up for all property types

In February, an apartment took an average of 12 days to sell in the Fraser Valley. Meanwhile, the price of an apartment grew 7.1% monthly and 36.3% yearly to a benchmark of $614,800.

Single-family detached homes took slightly longer to sell, with an average of 13 days on the market. The benchmark price of a single-family detached property nudged up 6.5% from January and soared 43.6% year-over-year to $1,670,800.

Townhomes took the least amount of time to sell, with an average of 11 days on the marketplace. The benchmark price of a townhome, now worth $840,900, rose 5.6% month-over-month and increased 40.1% compared to February 2021.

Fraser Valley Housing Market Sees Record Surge of New Listings in February by Michelle McNally | Livabl