Steady demand for homes heading into holidays, real estate board says

Fraser Valley home sales up slightly this November over last; Greater Vancouver sales 'relatively typical'

November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline, according to the Fraser Valley Real Estate Board.

The board processed 1,120 sales in November, an increase of three per cent compared to the same month last year, but a decrease of two per cent compared to 1,139 sales in October. In the past decade, the FVREB noted, sales decreased on average by nine per cent from October to November.

“Given the time of year, (the) Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point,” said FVREB president Sukh Sidhu. “For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.”

While sales remained stable, Multiple Listing Service inventory decreased from October to November, typical for the time of year.

“Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types,” said Sidhu.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.

In Metro Vancouver, the Real Estate Board of Greater Vancouver (REBGV) reports it saw “relatively typical” home sale and listing activity last month, with sales declining by 5.9 per cent compared to the same month last year, but increasing by 1.9 per cent compared to last month.

“The pace of home listings entering the market eased slightly in November compared to recent month, while sale levels remained fairly normal for this time of year,” said REBGV president Rosario Setticasi. “November activity helped put our market firmly in balanced territory.”

Since reaching a peak in June of $630,921, the REBGV said the benchmark price for all residential properties in the region has declined 1.4 per cent.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

VIDEO: Car goes off Highway 1 and into a ditch in Chilliwack

Eastbound vehicle left the highway ending in the ditch on south side of Luckakuck Way

Emergency crews respond to ATV rollover near Harrison

ATV rolled over on or near Harrison East Forest Service Road near Harrison Hot Springs

Guilty verdict for one of two men in large illegal marijuana grow-operation in Chilliwack

Charges dismissed against property owner where 3,200 plants, 32 kgs of dried weed found in 2017

Search continues for person seen floating in Coquihalla River in Hope

Rescuers halted the search Thursday night as darkness fell

Missing Chilliwack woman has not been in contact with family for several months

The RCMP are asking for the public’s help in locating 35-year-old Chantelle Chenier of Chilliwack

VIDEO: Musqueam Chief captures captivating footage of bald eagle catching meal

‘This is why we have chosen to live here since time immemorial,’ Chief Wayne Sparrow’s nephew says

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

Langley vigil demands justice for Ontario animal activist killed protesting in front of slaughterhouse

More than two dozen people gathered at Britco Pork to remember Regan Russell, and fight Bill 156

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

Most Read