Home sale volumes in southern and eastern Metro Vancouver and the Fraser Valley reached new heights over the final month of 2020, according to new statistics from the Fraser Valley Real Estate Board (FVREB).
In December, there were 2,086 home sales in FVREB jurisdiction, which covers Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford. This represents the strongest December on record, and 81.2% higher than the normal for the month.
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Pent-up demand during the second half of the year led to total annual home sales in FVREB reaching 12.4% above the 10-year average. There were 19,926 home sales in the Fraser Valley throughout 2020 — a 28.7% increase compared to the 15,487 sales in 2019, and the fourth-highest total for annual sales since 2011.
This includes 8,176 single-family dwelling sales (+41.7% year-over-year), 5,102 townhouse sales (+31.2% year-over-year), and 4,357 apartment sales (+5.9% year-over-year).
Within Surrey, sales of single-family dwellings in December more than doubled by 107% year-over-year to 507 units, with the growth greatest in the Cloverdale (+97% year-over-year), Surrey North (+144% year-over-year), and South Surrey/White Rock (+162%) areas.
Townhouse sales were also particularly strong within Surrey, rising by 86.5% year-over-year to 317 units in December, with most of the growth coming from Surrey Central and South Surrey/White Rock.
New listings in December across FVREB were also the second-highest ever at 1,502 units, with market inventory hovering at below usual levels at 3,949 units by the end of the month due to the pace of demand.
Overall in 2020, FVREB saw 31,693 new listings — an increase of 3.7% compared to 2019, and the fourth-highest volume of new inventory in a decade.
“The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced,” said Chris Shields, the president of FVREB, in a statement.
Strong growth was also experienced within the other areas of Metro Vancouver under the separate jurisdiction of the Real Estate Board of Greater Vancouver.
December 2020 home sales statistics
- Detached homes
- Number of units sold: 881 (-9.9 over November 2020; +90.3% over December 2019)
- Number of active listings: 1,116 (-38.2% over November 2020; -29.9% over December 2019)
- Benchmark price: $1,079,500 (+1.7% over November 2020; +13.3% over December 2019)
- Apartment homes
- Number of units sold: 457 (+6.3% over November 2020; +46% over December 2019)
- Number of active listings: 1,113 (-28% over November 2020; +25.2% over December 2019)
- Benchmark price: $438,300 (+0.6% over November 2020; +4.7% over December 2019)
- Number of units sold: 501 (-5.8% over November 2020; +75.2% over December 2019)
- Number of active listings: 604 (-38.8% over November 2020; -16.5% over December 2019)
- Benchmark price: $576,200 (+1.1% over November 2020; +6.9% over December 2019)