Surrey and Fraser Valley home sales reach new record in February: FVREB

Mar 2 2021, 11:33 am

February 2021 was the sixth consecutive record-breaking month for home sales within the Fraser Valley Real Estate Board’s (FVREB) jurisdiction.

Home sales for the month reached 2,815 units, representing a 108% increase compared to February 2020, and a 64% increase from January 2021. The sales volumes in February 2021 were 88% above the 10-year average for the month, and 18% higher than the previous record of 2,387 units in February 2016.

Townhouse and single-family detached activity continue to lead the way.

“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley,” said Chris Shields, the president of the FVREB, in a statement.

“What’s fuelling the demand is the combination of record-low interest rates and the response to the pandemic.”

Over the month, there were 3,265 new listings, representing an increase of 28% compared to the same period in 2020. It is the second highest February for new listings in the last decade.

The total number of active listings for February 2021 was 4,120, which is down by 28% from last year’s 5,741 active listings, and the lowest ever for the month.

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.

Baldev Gill, CEO of FVREB, added: “We know more people are choosing to move to the Fraser Valley right now because they’re seeking more usable space, a better quality of life, and they recognize that their housing dollar goes further. The challenge is selection. We anticipate as the vaccination roll-out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels.”

Surrey home sales during the month doubled year-over-year for each of the three home types of single-family detached, townhouses, and apartments. Sales activity was particularly strong in Cloverdale, Surrey North, and South Surrey/White Rock areas.

The year-over-year benchmark and average prices for detached homes in Surrey in February 2021 increased by 19% and 27%, respectively. The rate of change compared to the previous month was 5% for both price types.

Townhouse sales are particularly strong across FVREB, but volumes in Abbotsford were not only double the previous month but also notably 200% higher compared to February 2020.

February 2021 home sales statistics

  • Detached homes
    • Number of units sold: 1,084 (+60% over January 2021; +103% over February 2020)
    • Number of active listings: 1,207 (+8.0% over January 2021; -31.5% over February 2020)
    • Benchmark price: $1,163,400 (+5.1% over January 2021; +20% over February 2020)
    • Average days on market: 21 (compared to 35 days in January 2021)
  • Apartment homes
    • Number of units sold: 667 (+79% over January 2021; +112% over February 2020)
    • Number of active listings: 1,179 (-8.1% over January 2021; 0% over February 2020)
    • Benchmark price: $450,900 (+2.5% over January 2021; +5.3% over February 2020)
    • Average days on market: 35 (compared to 37 days in January 2021)
  • Townhomes
    • Number of units sold: 788 (+71% over January 2021; +131% over February 2020)
    • Number of active listings: 531 (-22.3% over January 2021; -42.5% over February 2020)
    • Benchmark price: $600,300 (+3.4% over January 2021; +10.1% over February 2020)
    • Average days on market: 21 (compared to 28 days in January 2021)

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

Kenneth ChanKenneth Chan

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