Fraser Valley Real Estate Board<\/a> (FVREB) processed a total of 27,692 property sales, up 39 per cent from 2020\u2019s mark (19,926) and 15.5 per cent higher than its previous record set during 2016 (23,974).<\/p>\nDespite a seasonal slowdown, last month produced the Fraser Valley\u2019s second-highest December sales total on record with 1,808 transactions, falling short of the mark set in December 2020 (2,086).<\/p>\n
\u201cNo one could have predicted how the pandemic would impact the real estate market,\u201d said Larry Anderson, FVREB president. \u201cOur 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.\u201d<\/p>\n
Listing activity also approached record numbers with 35,629 new listings during 2021, falling just shy of the all-time high set in 2008 (35,651). Overall, listings increased 12.4 per cent from 2020.<\/p>\n
While the Fraser Valley saw 1,278 new listings in December, the surge of sales activity has soaked up supply. Active inventory sat at 1,957 units by the end of December, the region\u2019s lowest mark in 41 years.<\/p>\n
\u201cWhether helping sellers list or helping buyers complete a sale, our board averaged over 5,200 transactions every month,\u201d Anderson said. \u201cAnd even though our volume of new listings was also high, it just couldn\u2019t keep up with the demand.\u201d<\/p>\n
Motivated by historically low interest rates, buyers sent sales totals soaring across each property type during the calendar year.<\/p>\n
Detached home sales were up 31.8 per cent compared to 2020, while townhome sales increased by 33.7 per cent. Apartment transactions saw the biggest jump, increasing 68.9 per cent year-over-year.<\/p>\n
\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 Anderson said.<\/p>\n
Prices crept higher as the year progressed. The benchmark price for a single-family detached home in the Fraser Valley was $1,500,000 by the end of December, up 3.6 per cent from November and representing a 39 per cent increase year-over-year.<\/p>\n
Townhome and apartment benchmarks both increased 3.5 per cent month-over-month, reaching $765,800 and $549,200, respectively. Townhome prices were up 32.9 from the previous year, while apartments increased 25.3 per cent.<\/p>\n
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<\/a>Photo: mritofficial<\/a> \/ Unsplash<\/a><\/em><\/p>\n