{"id":18538,"date":"2021-09-15T10:10:00","date_gmt":"2021-09-15T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18538"},"modified":"2021-09-14T08:37:24","modified_gmt":"2021-09-14T15:37:24","slug":"homebuyers-are-facing-one-of-the-worst-supply-shortages-in-fraser-valley-history","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/09\/homebuyers-are-facing-one-of-the-worst-supply-shortages-in-fraser-valley-history\/","title":{"rendered":"Homebuyers are Facing One of The Worst Supply Shortages in Fraser Valley History"},"content":{"rendered":"

The Fraser Valley Real Estate Board (FVREB) says housing supply hit a four-decade low in August, but that did little to curtail voracious demand that resulted in the second highest sales total for the month in the board\u2019s history.<\/p>\n

The 2,087 sales in August marked a 2.4% year-over-year increase, as well as a 4% rise over the previous month, and while transactions couldn\u2019t eclipse the monthly record set 16 years ago, they were well above normal levels.<\/p>\n

\u201cHomebuyers are facing one of the worst supply shortages in Fraser Valley history,\u201d Larry Anderson, the board\u2019s president, said in a release. \u201cOur sales are over 30% above normal, while our housing stock is at levels last seen in the early \u201880s.<\/p>\n

\u201cTo put our supply and demand situation in perspective, for every 100 townhomes on the market in August, Fraser Valley realtors sold 94. The single-family detached and condo markets remained in strong seller\u2019s market territory. Persistent demand and lack of supply continues to put upward pressure on home prices.\u201d<\/p>\n

There were only 2,107 listings on the market last month, a precipitous decline of 36.3% from August 2020, and a 13.3% drop from July. Active inventory fell by 44.9% year-over-year and by 16.8% month-over-month to finish August at 4,077.<\/p>\n

In its release, the real estate board took the opportunity to point out that the foreign buyer tax introduced by British Columbia\u2019s government five years ago and the B-20 mortgage stress test haven\u2019t curbed runaway housing prices, which have risen by 50% in Fraser Valley over the last five years. In FVREB\u2019s estimation, chronically low housing supply is to blame.<\/p>\n

The benchmark price of single-family detached homes increased by 31.1% year-over-year and by 1.3% month-over-month to $1,336,800, reported FVREB, while the price of townhomes rose by 23.7% from last year and by 1.3% from July to $697,500. The board also reported that the benchmark price of a condo apartment grew by 14.1% year-over-year to $498,800, which is a marginal 1% gain from a month earlier.<\/p>\n

Last month, single-family detached homes and condos took an average of 29 days to sell, while townhomes took 19 days.<\/p>\n

Fraser Valley Nearly Breaks August Sales Record<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

The Fraser Valley Real Estate Board (FVREB) says housing supply hit a four-decade low in August, but that did little to curtail voracious demand that resulted in the second highest … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18538","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHomebuyers are Facing One of The Worst Supply Shortages in Fraser Valley History • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/09\/homebuyers-are-facing-one-of-the-worst-supply-shortages-in-fraser-valley-history\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" 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