January Market Update

Happy New Year! 

Welcome to 2022! We hope you had a nice time over the holidays and enjoyed a little fun in the snow. 

2021 was a record-breaking year not only in soaring prices but also in the number of home sales.


"The FVREB processed 27,692 sales on 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."

Rising home prices over 2021 meant that property assessments have gone up as well.

" B.C. Assessment said that for the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. " 

Read more --> 
https://www.cbc.ca/news/canada/british-columbia/b-c-property-assessments-2021-1.6303403
 

The January edition of our newsletter includes: 
  • December Market Stats for the Fraser Valley, South Surrey/White Rock and Greater Vancouver 
  •  Sold Listings 
  • B.C. Assessment
  • Video- 6 Steps to Prepare Your Home for Sale 

Thank you for reading. 

Derrick, Ryan, and Leah 

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.


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