{"id":19198,"date":"2022-01-07T10:10:00","date_gmt":"2022-01-07T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19198"},"modified":"2022-01-05T19:30:44","modified_gmt":"2022-01-06T03:30:44","slug":"fvreb-property-sales-shattered-the-previous-annual-record-in-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/01\/fvreb-property-sales-shattered-the-previous-annual-record-in-2016\/","title":{"rendered":"FVREB Property Sales Shattered The Previous Annual Record (in 2016)"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Fueled by the consumer response to the COVID\u201019 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.<\/p>\n<p style=\"text-align: justify;\">The FVREB processed 27,692 sales its Multiple Listing Service\u00ae (MLS\u00ae) in 2021, an increase of 39.0% compared 19,926 sales in 2020; and 15.5% higher than 2016\u2019s 23,974 sales.<\/p>\n<p style=\"text-align: justify;\">Larry Anderson, President of the Board, said, \u201cNo one could have predicted how the pandemic would impact the real estate market. Our region\u2019s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we\u2019ve never seen.<\/p>\n<p style=\"text-align: justify;\">\u201cWhether helping sellers list or helping buyers complete a sale, our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn\u2019t keep up with the demand.\u201d<\/p>\n<p style=\"text-align: justify;\">Year\u2010over\u2010year, sales of detached homes soared by 31.8% in 2021 compared to 2020; townhome sales increased by 33.7% and sales of apartments increased by 68.9%. Anderson added, \u201cWith the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region.\u201d<\/p>\n<p style=\"text-align: justify;\">In 2021, the FVREB received 35,629 new listings \u2013 the second highest on record (second only to 2008 at 35,651); and 12.4% more than in 2020.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, said, \u201cFraser Valley REALTORS\u00ae played an instrumental role in helping people navigate their real estate buying and selling needs, through uncharted territory. It\u2019s the professionalism and expertise of our members who have done a remarkable job serving the interests and needs of buyers and sellers throughout a most challenging and unusual year.\u201d<\/p>\n<p style=\"text-align: justify;\">In the month of December, the Board\u2019s MLS\u00ae processed 1,808 sales, second only to December 2020\u2019s record\u2010 setting 2,086 sales. New listings in December were 1,278. By month\u2019s end, active inventory finished at 1,957 units, 60% below the 10\u2010year average, and the lowest in 41 years.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $1,500,000, the Benchmark price for an FVREB single\u2010family detached home increased 3.6% compared to November 2021 and increased 39.0% compared to December.<br \/>\n\u2022 Townhomes : At $765,800, the Benchmark price for an FVREB townhome increased 3.5% compared to November 2021 and increased 32.9% compared to December.<br \/>\n\u2022 Apartments : At $549,200, the Benchmark price for an FVREB apartment\/condo increased 3.5% compared to November 2021 and increased 25.3% compared to December.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.fvreb.bc.ca\/fvrebpublic\/wp-content\/uploads\/2022\/01\/Package202112.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the December 2021 stats 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-2-2\/\" target=\"_blank\" rel=\"noopener\">Fraser Valley Real Estate Market Sees Busiest Year in 100-Year History<\/a> by FVREB<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Fueled by the consumer response to the COVID\u201019 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/01\/fvreb-property-sales-shattered-the-previous-annual-record-in-2016\/\">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-19198","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 Property Sales Shattered The Previous Annual Record (in 2016) &#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\/2022\/01\/fvreb-property-sales-shattered-the-previous-annual-record-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Property Sales Shattered The Previous Annual Record (in 2016) &#8226; 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