Fraser Valley Real Estate Market August 2021

Fraser Valley Real Estate Market August 2021

A Market of Extremes; Near Record Sales in August
Combined with Lowest Supply in Four Decades

AUGUST 2021 MARKET REPORT

Fraser Valley Real Estate Report

Now that summer is over and the kids are back in school, can we please get more housing inventory?!?  Sales were once again up year over year in August, but the number of listings remained at historic lows.  As a result, good homes are selling and selling quickly.  The biggest obstacle for people currently contemplating listing their home is “but, where would we go?”  Don’t worry, we have you covered with proven strategies for every scenario.  Let’s chat about where the opportunity is for you.


See Listed Properties For Sale in Langley BC

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES UP FROM LAST MONTH: 1.7%
  • Townhouse – SALES UP FROM LAST MONTH: 6.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 7.7%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -3.4%
  • Townhouse – SALES UP FROM LAST MONTH: 3.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -21.7%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -1.6%
  • Townhouse – SALES UP FROM LAST MONTH: 33.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 20.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 12.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -1.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 2.1%

Langley

  • Detached – SALES UP FROM LAST MONTH: 1.6%
  • Townhouse – SALES UP FROM LAST MONTH: 29.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 26.8%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -6.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -75.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 54.5%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -7.1%
  • Townhouse – SALES UP FROM LAST MONTH: 16.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -23.4%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 7.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -26.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 92.9%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 20.0%
  • Townhouse – SALES UP FROM LAST MONTH: 5.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 16.3%

What Does The Fraser Valley Real Estate Board Have To Say?

A Market of Extremes; Near Record Sales in August Combined with Lowest Supply in Four Decades

SURREY, BC – Demand for Fraser Valley real estate remained elevated in August reaching the second highest sales
ever for the month against a backdrop of decreasing supply.
The Board processed a total of 2,087 property sales on its Multiple Listing Service® (MLS®) in August, an increase of
4.0 per cent compared to July and a 2.4 per cent increase compared to the same month last year. Sales remained
unusually high for the month; second only to August of 2005.
Larry Anderson, President of the Board, said, “Home buyers are facing one of the worst supply shortages in Fraser
Valley history. Our sales are over 30 per cent above normal, while our housing stock is at levels last seen in the early 80s.
“To 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 also remained in strong seller’s market
territory. Persistent demand and lack of supply continues to put upward pressure on home prices.”
In August, the Board received 2,107 new listings, a decrease of 36.3 per cent compared to last year, and a decrease
of 13.3 per cent compared to July 2021. The month ended with total active inventory sitting at 4,077, a 16.8 per
cent decrease compared to July, and 44.9 per cent fewer than August 2020.
Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced
the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later.
And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 per
cent.

“Those measures did not address the core issue, which is insufficient supply to meet the rise in our population
growth. All levels of government must work together to correct the structural housing shortage.”

Across Fraser Valley, in August, the average number of days to sell a single-family detached home was 29 and a
townhome was 19 days. Apartments took, on average, 29 days to sell.

.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,336,800, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to July 2021 and increased 31.1 per cent compared to August 2020.
  • Townhomes: At $697,500, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to July 2021 and increased 23.7 per cent compared to August 2020.
  • Apartments: At $498,800, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to July 2021 and increased 14.1 per cent compared to August 2020.

Find the June 2021 Statistics Package here.


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