![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/12\/aditya-chinchure-UYumYjNaa_s-unsplash.jpg\")
<\/a>Photo: Aditya Chinchure<\/a> \/ Unsplash<\/a><\/em><\/p>\nBucking typical autumn trends and slumping supply figures, real estate transactions rose in British Columbia\u2019s Fraser Valley last month, pushing the average price of a single-family detached home to more than $1.4 million.<\/span><\/p>\n The Fraser Valley Real Estate Board (FVREB) reported a total of 1,972 sales across all property types in November, a 9.2 per cent drop from November 2020 but a 1.8 per-cent increase month-over-month following 1,938 transactions in October.<\/span><\/p>\n \u201cTo see sales increase from October to November, even slightly, is unusual,\u201d said Larry Anderson, FVREB president, in a statement. \u201cTypically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.\u201d<\/span><\/p>\n <\/p>\n While an increase in monthly sales activity isn\u2019t customary late in the year, it\u2019s also surprising given the lack of housing supply around the region, which typically sees inventory levels more than double the current totals.<\/span><\/p>\n There were 3,048 active listings in the Fraser Valley at the end of November, 11.6 per cent lower than a month ago and a whopping 47.9 per cent decrease from this time last year.<\/span><\/p>\n \u201cLack of supply continues to be the biggest factor impacting the market,\u201d said Anderson. \u201cThis is not an easy market. Buyers and sellers alike are relying on the experience and skill of their realtor to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.\u201d<\/span><\/p>\n Reinforcing a trend across the Lower Mainland, new product isn\u2019t hitting the market fast enough to keep up with demand. The FVREB reported 2,096 new listings in November, a 4.2 per cent decrease from October and 5.5 per cent dip from the 2,217 new listings received in November 2020.\u00a0<\/span><\/p>\n Both apartments and single-family detached homes spent an average of 24 days on the market before selling, while townhomes averaged 16 days on the market.<\/span><\/p>\n “We\u2019re seeing a number of factors at play, including historically low interest rates fuelling purchases, with buyers aware that rates are likely to increase next year,\u201d said Baldev Gill, FVREB CEO. \u201cOur province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.\u201d<\/span><\/p>\n Reduced supply and increased demand continue to push prices higher across all property types in the Fraser Valley. Single-family detached homes averaged $1,448,000 in November, 3.7 per cent higher than October and an increase of 36.4 per cent compared to November 2020.<\/span><\/p>\n The story remained the same in the multi-family market, as average townhome ($740,110) and apartment ($530,400) prices rose 2.7 per cent and 3.2 per cent month-over-month, respectively, surging 29.8 per cent and 21. 7 per cent year-over-year.<\/span><\/p>\n Bucking typical autumn trends and slumping supply figures, real estate transactions rose in British Columbia\u2019s Fraser Valley last month, pushing the average price of a single-family detached home to more than $1.4 million.<\/p>\n","protected":false},"author":47,"featured_media":221515,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[],"apple_news_notices":[],"yoast_head":"\n