{"id":19026,"date":"2021-12-03T10:10:00","date_gmt":"2021-12-03T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19026"},"modified":"2021-12-02T15:47:30","modified_gmt":"2021-12-02T23:47:30","slug":"fvreb-strong-economic-recovery-strength-home-purchasing-decisions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/fvreb-strong-economic-recovery-strength-home-purchasing-decisions\/","title":{"rendered":"FVREB Strong Economic Recovery Strength Home Purchasing Decisions"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region\u2019s second-highest volume of sales of all property types for the month \u2013 second only to November 2016.<\/p>\n<p style=\"text-align: justify;\">In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae), a decrease of 9.2% compared to the 2,173 sales in November of last year, and a 1.8% increase month-over-month compared to the 1,938 sales in October.<\/p>\n<p style=\"text-align: justify;\">The Board received 2,096 new listings in November, a 4.2% decrease compared to October\u2019s intake and a decrease of 5.5% compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cLack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR\u00ae to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.\u201d<\/p>\n<p style=\"text-align: justify;\">November finished with 3,048 active listings, a decrease of 11.6% compared to October and a decrease of 47.9% year-over-year, and an 11.6% decrease compared to last month. In a typical November market, inventory levels in the Fraser Valley would be more than double.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board said, \u201cWe\u2019re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year.<\/p>\n<p style=\"text-align: justify;\">\u201cOur province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.\u201d<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single family detached homes remained on market for an average of 24 days before selling.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Single Family Detached : At $1,448,000 the Benchmark price for a single family detached home in the Fraser Valley increased 3.7% compared to October and, increased 36.4% compared to November 2020.<br \/>\nTownhomes : At $740,110, the Benchmark price for a townhome in the Fraser Valley increased 2.7% compared to October and increased 29.8% compared to November 2020.<br \/>\nApartments : At $530,400, the Benchmark price for apartments\/condos in the Fraser Valley increased by 3.2% compared to October and increased 21.7% compared to November 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package202111.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the November 2021 Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.fvreb.bc.ca\/statistics\/positive-start-to-fall-market-new-listings-increase-sales-soften-2\/\" target=\"_blank\" rel=\"noopener\">Fraser Valley Home Sales Continued to Soar in November Further Depleting Supply<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region\u2019s second-highest volume of sales of all &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/fvreb-strong-economic-recovery-strength-home-purchasing-decisions\/\">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-19026","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Strong Economic Recovery Strength Home Purchasing Decisions &#8226; 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\/12\/fvreb-strong-economic-recovery-strength-home-purchasing-decisions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Strong Economic Recovery Strength Home Purchasing Decisions &#8226; 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