A monthly sales increase at this time of the year is atypical, local real estate association says
Accelerated demand for in the Fraser Valley continued in November, with the local real estate association recording the region’s second-highest volume of sales of all property types for the month of November at 1,972 transactions.
While this was a decrease of 9.2% compared to November 2020, the volume was also 1.8% higher on a monthly basis, according to the Fraser Valley Real Estate Board (FVREB).
New listings amounted to 2,096 units in November, down by 4.2% monthly and down by 5.5 % annually. The current 10-year average number of new listings for the month is at 1,948 units, the FVREB said.
Active listings totalled 3,048 units, down by 11.6% from October and down by 47.9% from November 2020.
“Lack of supply continues to be the biggest factor impacting the market,” said Larry Anderson, president of the FVREB. “To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.”
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Single-family detached benchmark prices were up by 3.7% monthly and up by 36.4% annually, reaching $1.448 million. Townhome benchmark prices were at $740,100, up by 2.7% from October and up by 29.8% from November 2020. The apartment benchmark stood at $530,400, up by 3.2% monthly and up by 21.7% annually, the FVREB said.
“We’re 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,” said Baldev Gill, CEO of the FVREB. “Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”
