Fraser Valley Real Estate Market December 2021

Fraser Valley Real Estate Market December 2021

Fraser Valley real estate market sees busiest year in 100‐year history

DECEMBER 2021 MARKET REPORT

Fraser Valley Real Estate Report

What’s the market doing? You know the story… inventory is low and as a result properties of all types are typically selling over their asking price. This doesn’t mean that there isn’t opportunity out there though. As always, we would love to chat with you about it.

Stay tuned for more information on the recent BC Assessments and how your Property Assessment relates to the actual value of your home.


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 DOWN FROM LAST MONTH: -10.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -5.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -11.4%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -10.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -28.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -22.6%

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -14.0%
  • Townhouse – SALES UP FROM LAST MONTH: 40.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -100.0%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -16.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -12.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -11.0%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -21.2%
  • Townhouse – SALES DOWN FROM LAST MONTH: -4.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -12.4%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -4.0%
  • Townhouse – SALES UP FROM LAST MONTH: 300.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 15.4%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -0.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -0.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 3.6%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -9.8%
  • Townhouse – SALES UP FROM LAST MONTH: 20.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 11.8%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -9.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -27.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -9.6%

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

Fraser Valley real estate market sees busiest year in 100‐year history

SURREY, BC – Fueled by the consumer response to the COVID‐19 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.
The FVREB processed 27,692 sales its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 per cent
compared 19,926 sales in 2020; and 15.5 per cent higher than 2016’s 23,974 sales.
Larry Anderson, President of the Board, said, “No one could have predicted how the pandemic would impact the
real estate market. Our region’s 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’ve never seen.
“Whether 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’t keep up with the demand.”
Year‐over‐year, sales of detached homes soared by 31.8 per cent in 2021 compared to 2020; townhome sales
increased by 33.7 per cent and sales of apartments increased by 68.9 per cent. Anderson added, “With 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.”
In 2021, the FVREB received 35,629 new listings – the second highest on record (second only to 2008 at 35,651);
and 12.4 per cent more than in 2020.
Baldev Gill, Chief Executive Officer of the Board, said, “Fraser Valley REALTORS® played an instrumental role in
helping people navigate their real estate buying and selling needs, through uncharted territory. It’s 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.”
In the month of December, the Board’s MLS® processed 1,808 sales, second only to December 2020’s recordsetting
2,086 sales. New listings in December were 1,278. By month’s end, active inventory finished at 1,957 units,
60 per cent below the 10‐year average, and the lowest in 41 years.

.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,500,000, the Benchmark price for an FVREB single‐family detached home
    increased 3.6 per cent compared to November 2021 and increased 39.0 per cent compared to December
    2020.
  • Townhomes: At $765,800, the Benchmark price for an FVREB townhome increased 3.5 per cent
    compared to November 2021 and increased 32.9 per cent compared to December 2020.
  • Apartments: At $549,200, the Benchmark price for an FVREB apartment/condo increased 3.5 per cent
    compared to November 2021 and increased 25.3 per cent compared to December 2020.

Find the November 2021 Statistics Package here.


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