Market Numbers March 01, 2022
Andy Schildhorn • March 2, 2022
FVREB posts record volume of new listings in February
SURREY, BC –
Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February.
The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.
The FVREB processed a total of 1,824 sales of all property types on its Multiple Listing Service® (MLS®) in February 2022, a decrease of 35.2 per cent compared to February 2021, and 39.2 per cent higher compared to January 2022. Sales remain strong at 18 per cent above the 10-year average.
By month end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.
“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson.
“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”
“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill CEO of the Fraser Valley Real Estate Board.
“That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,670,800, the Benchmark price for an FVREB single-family detached home increased 6.5 per cent compared to last month and increased 43.6 per cent compared to February 2021.
- Townhomes: At $840,900, the Benchmark price for an FVREB townhome increased 5.6 per cent compared to last month and increased 40.1 per cent compared to February 2021.
- Apartments: At $614,800 the Benchmark price for an FVREB apartment/condo increased 7.1 per cent compared to last month and increased 36.3 per cent compared to February 2021.
A new global analysis suggests Canada’s major metros are among the hardest places on earth for young people to buy their first home, with Vancouver, Toronto and Montreal ranking near the bottom of a 70-city affordability index. The study, from UAE-based developer Bloom Holding, estimates the typical first-time buyer in Vancouver enters the market at age 46, while those in Toronto and Montreal reach homeownership at around 40 and 39, respectively. The findings echo a broader North American trend. In the United States, the median first-time buyer age has climbed to a record 40, according to the National Association of Realtors — up from 33 just a few years ago — as higher rates and decade-long price gains delay ownership for younger households. 👉 Read the Article Here
Thinking about selling your home? In this video, I break down the Six Seller Essentials you need to know before you list. These insights come from 30 years of helping families buy and sell across Langley and the Fraser Valley, and they’ll give you a real advantage in today’s market. 📅 Book a time with me https://rly.forsale/Chat-with-Andy 🏡 What you’ll learn today 1️⃣ Why today’s market is slower than it looks 2️⃣ How smart pricing attracts serious buyers 3️⃣ Why a single offer can reveal more than you expect 4️⃣ How timing can protect or erode your equity 5️⃣ Why experience matters even more in a slower market 6️⃣ How to build a plan that fits today’s conditions 🎅 You’re invited to Santa Photos in Fort Langley Join us at 9160 Church Street between 1 and 5. Families, friends, and pets welcome. All donations support LAPS. 📍 About me I’m Andy Schildhorn with Macdonald Realty. Your Langley and Fraser Valley Realtor. 30 years helping sellers make smart, confident decisions. ☎️ Let’s connect Book a meeting: https://rly.forsale/Chat-with-Andy
Our experience having Andy as our realtor was very good! We sold our house with Andy, bought a condo , sold the condo and now bought a townhouse with Andy as our realtor. 👉 Full Review Here
