Surrey and Fraser Valley saw a surge in new home listings in February 2022

Mar 4 2022, 11:50 pm

Areas under the jurisdiction of the Fraser Valley Real Estate Board (FVREB) saw a reprieve in the housing supply-to-demand imbalance in February 2022, when a record number of homes entered the market.

FVREB states there were 3,742 new listings over the month, representing a 75% increase from January 2022 and an increase of 14.6% from February 2021. The month’s new listings exceeded the previous February record of 3,283 new listings in 2016.

FVREB’s jurisdiction covers Abbotsford and Mission, as well as several Metro Vancouver municipalities, including Surrey, North Delta, White Rock, and Langley.

There were 1,824 home sales over the course of February 2022, which is a 35% drop compared to the same month last year and 39% more than January 2022. Sales are still strong at 18% above the 10-year average.

The total number of listings available at the end of February 2022 was 3,790, representing an 8% decrease from February 2021, but 62.5% higher than what was available at the end of January 2022. This was the highest month-over-month increase in active listings in the Fraser Valley in 20 years.

“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Larry Anderson, president of FVREB, in a statement. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”

The average price for all homes in FVREB in February 2022 was $1.28 million — up by 34% year-over-year and 5% compared to the previous month.

Within the major market of Surrey, there were 341 home sales over the month, representing a 43% decrease over the same period in 2021 and a 33.7% drop from the first month of 2022. Surrey’s benchmark prices were $1.77 million for a detached home (+40.6% year-over-year), $89,000 for a townhome (+42.5% year-over-year), and $556,000 for an apartment (+33.5% year-over-year).

February 2022 home sales statistics: FVREB

  • Detached homes
    • Number of units sold: 684 (+45.8% over January 2022; -36.9% over February 2021)
    • New listings: 1,569 (+93% over January 2022; +12.9% over February 2021)
    • Benchmark price: $1,670,800 (+6.5% over January 2022; +43.6% over February 2021)
    • Average days on market: 13 days (compared to 25 days in January 2022)
  • Apartment homes
    • Number of units sold: 519 (+24.2% over January 2022; -22.2% over February 2021)
    • New listings: 943 (+66.3% over January 2022; +24.7% over February 2021)
    • Benchmark price: $840,900 (+5.6% over January 2022; +40.1% over February 2021)
    • Average days on market: 12 days (compared to 17 days in January 2022)
  • Townhomes
    • Number of units sold: 448 (+55% over January 2022; -43% over February 2021)
    • New listings: 857 (+84.7% over January 2022; +19% over February 2021)
    • Benchmark price: $614,800 (+7.1% over January 2022; +36.3% over February 2021)
    • Average days on market: 11 days (compared to 12 days in January 2022)

ADVERTISEMENT