Record home sales in Surrey and Fraser Valley in January: FVREB

Feb 8 2021, 10:03 am

January 2021 was another record-breaking month for home sales in the jurisdiction of the Fraser Valley Real Estate Board (FVREB).

The month saw a total of 1,718 units sold across all home types, accounting for a 76% increase compared to the same month in 2020, but 18% fewer than December 2020. January 2021’s sales were an all-time record for the month, 72% above the 10-year sales average, and 28% higher than the previous record of 1,338 sales in January 2016.

Within Surrey, 386 detached homes were sold in January 2021 — a 97% increase compared to the same month last year. Townhome sales were also strong, reaching 285 units, representing a 91% year-over-year increase. Similar to other submarkets and Metro Vancouver as a whole, apartments in Surrey saw slower activity, with 182 units sold, amounting to a 31% year-over-year increase.

“Buyers are very motivated right now,” said Chris Shields, president of FVREB, in a statement. “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.”

“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”

Over the month, FVREB saw 2,784 new listings, an increase of 26% compared to the same period in 2020. The total number of active listings was 4,210 — a decrease of 18% from the 5,143 active listings over January 2020, but still 30% below the 10-year average.

The average price for all home types within FVREB jurisdiction in January 2021 was $948,610, which is a 27.6% increase compared to $743,174 in January 2020, and a 4.6% increase from $906,606 in December 2020.

FVREB’s jurisdiction covers Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford. Other areas of Metro Vancouver are under the Real Estate Board of Greater Vancouver’s jurisdiction.

January 2021 home sales statistics

  • Detached homes
    • Number of units sold: 678 (-23% over December 2020; +86.8% over January 2020)
    • Number of active listings: 1,207 (+8.2% over December 2020; -30.8% over January 2020)
    • Benchmark price: $1,106,500 (+2.5% over December 2020; +15.2% over January 2020)
    • Average days on market: 35 (compared to 60 days in January 2020)
  • Apartment homes
    • Number of units sold: 372 (-18.6% over December 2020; +50% over January 2020)
    • Number of active listings: 1,283 (+15.3% over December 2020; +25.3% over January 2020)
    • Benchmark price: $439,800 (+0.3% over December 2020; +4.4% over January 2020)
    • Average days on market: 37 (compared to 49 days in January 2020)
  • Townhomes
    • Number of units sold: 461 (-8% over December 2020; +91.3% over January 2020)
    • Number of active listings: 683 (-13.1% over December 2020; -16.8% over January 2020)
    • Benchmark price: $580,800 (+7.2% over December 2020; +0.8% over January 2020)
    • Average days on market: 28 (compared to 47 days in January 2020)

For January 2021 statistics in the Real Estate Board of Greater Vancouver, click here.

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