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 of its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 percent compared to 19,926 sales in 2020; and 15.5 percent 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 dollars in the Fraser Valley attracted buyers in numbers as 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 percent in 2021 compared to 2020; townhome sales increased by 33.7 percent, and sales of apartments increased by 68.9 percent. 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 percent 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 percent 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 percent compared to November 2021 and increased 39.0 percent compared to December 2020.
Townhomes: At $765,800, the Benchmark price for an FVREB townhome increased 3.5 percent compared to November 2021 and increased 32.9 percent compared to December 2020.
Apartments: At $549,200, the Benchmark price for an FVREB apartment/condo increased 3.5 percent compared to November 2021 and increased 25.3 percent compared to December 2020.