Fraser Valley Real Estate Market June 2020

Fraser Valley Real Estate Market June 2020

The Fraser Valley real estate market saw a resurgence in activity in June.

JUNE 2020 MARKET REPORT

Fraser Valley Real Estate Report

Aaaaaaand the market is back!  Fraser Valley Real Estate sales bounced back dramatically in June. 

Anything that is priced well is moving quickly and we are seeing multiple offers on many properties again. 

See Listed Properties For Sale in Langley BC

This is especially true for entry level townhomes and single family homes.  If you are considering selling, now is definitely the time. 

As always, please reach out if you want to discuss your situation in detail.  

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: 126.6%
  • Townhouse – SALES UP FROM LAST MONTH: 102.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 113.1%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 109.1%
  • Townhouse – SALES UP FROM LAST MONTH: 109.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 113.5%

Mission

  • Detached – SALES UP FROM LAST MONTH: 95.5%
  • Townhouse – SALES UP FROM LAST MONTH: 150.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 66.7%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 147.5%
  • Townhouse – SALES UP FROM LAST MONTH: 75.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 141.9%

Langley

  • Detached – SALES UP FROM LAST MONTH: 140.7%
  • Townhouse – SALES UP FROM LAST MONTH: 82.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 98.0%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 207.1%
  • Townhouse – SALES UP FROM LAST MONTH: 100%
  • Condo/Apt – SALES UP FROM LAST MONTH: 40.0%

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 195.1%
  • Townhouse – SALES UP FROM LAST MONTH: 158.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 200.0%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 77.8%
  • Townhouse – SALES UP FROM LAST MONTH: 129.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 100.0%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 40.6%
  • Townhouse – SALES UP FROM LAST MONTH: 21.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 106.1%

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

Property sales in the Fraser Valley more than double in one month as buyers return to the market

SURREY, BC – The Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.

The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113.4 per cent compared to sales in May and an increase of 31.5 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June.

Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”

“It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process.”

The Fraser Valley Board received 3,456 new listings in June, a 56.6 per cent increase compared to May’s intake of 2,207 new listings and a 23.0 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9.4 per cent compared to May’s inventory and a decrease of 17.1 per cent year-over-year.

Shields adds, “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”

In June, the average number of days to sell an apartment was 37; 30 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $994,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.4 per cent compared to May and, increased 3.6 per cent compared to June 2019.
  • Townhomes: At $559,600, the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to May and increased 1.9 per cent compared to June 2019.
  • Apartments: At $435,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.4 per cent compared to May and increased 3.3 per cent compared to June 2019.

Find the June Statistics Package here.


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    The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

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