Market Numbers January 01, 2021
Andy Schildhorn • January 6, 2022
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 record-setting 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.
Brandy is a 2-year-old German Shepherd mix with a serious love for belly rubs, fetch, and being your constant shadow. She’s sweet, affectionate, and always ready to flop over for tummy time! This big, bouncy girl handles beautifully and is incredibly people-oriented—so much so that being left alone makes her sad. She will not hesitate to vocalize when she feels lonely or may try to find an escape route to get to her people. Because of this, she’d thrive in a home where someone is around most of the time to shower her with attention and keep her company. Brandy is easily excitable and can be jumpy when making new friends with people, so she’s best suited to a home without kids. She knows “sit” and “drop it,” has a cute little auto-sit when she wants something, and will gently place her toys at your feet for fetch (which she LOVES and doesn’t destroy—bonus!). Brandy also insists on being the one and only furry royalty in your life. She doesn’t want to share her humans, her home, or her toys—so no other pets, please! She’s ready to rule her kingdom solo as the Queen Bee she knows she is. If you’ve got a secure yard, a good throwing arm, and room in your heart for a one-dog show, Brandy just might be your perfect match. Check out LAPS here for more adoptables .
The Township of Langley Traffic Cameras for up to date traffic information. Click here
Langley's growth may slow down as a result of changing immigration rules, but it is still expected to have more than 280,000 residents by 2051, according to recent Metro Vancouver growth estimates. The report, by the Metro Vancouver Regional District's regional planning committee, was released earlier this month and has three growth scenarios – low, medium, and high. As of 2024, Metro Vancouver estimated Langley City had 35,316 residents, and the Township had 162,926, for a total of 198,242. 👉 More Details Here
