New home listings surged in Surrey and Fraser Valley at the start of 2022

Homes in Surrey. (Shutterstock)

The number of new home listings within the jurisdiction of the Fraser Valley Real Estate Board (FVREB) totalled 2,135 units in January 2022, representing an increase of 67% compared to the previous month, and a decrease of 23% compared to the same month in 2021.

New listings surged across all three home types. The total active listings in January 2022 reached 2,332 units, which is an increase of 19% from December 2021, but a 45% drop compared to January 2021.

FVREB covers Surrey, North Delta, White Rock, Langley, Mission, and Abbotsford.

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“In January, realtors saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list,” said Larry Anderson, president of FVREB, in a statement.

“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.”

FVREB recorded 1,310 home sales across all home types in January 2022, representing a 23.7% drop from January 2021, and a 27.5% drop from December 2021.

The average price for all home types combined in FVREB in January 2022 was $1.218 million — up by 28% compared to $949,000 in January 2021, and 6.5% from $1.143 million in December 2021.

In January 2022, the major market of Surrey saw 255 detached sales, which is down 34% from January 2021 and down 23% from December 2021. Similarly, townhome sales reached 184 units, representing a decrease of 35.4% from January 2021 and a drop of 27.6% from December 2021. Apartment sales reached 219 units, which is a 20% increase from Janaury 2021, but a fall of 25% from December 2021.

Average prices in Surrey are now $1.987 million for detached homes (+43% since January 2021; +11.4% since December 2021), $570,000 for apartments (+34% since January 2021; +5.4% since December 2021), and $964,000 for townhouses (+44% since January 2021; +10% since December 2021).

January 2022 home sales statistics: FVREB

Detached homes
- Number of units sold: 469 (-26% over December 2021; -31% over January 2021)
- New listings: 813 (+81.5% over December 2021; -17% over January 2021)
- Benchmark price: $1,569,300 (+4.6% over December 2021; +41.8% over January 2021)
- Average days on market: 25 days (compared to 35 days in January 2021)
Apartment homes
- Number of units sold: 418 (-23% over December 2021; -12.4% over January 2021)
- New listings: 567 (+68.8% over December 2021; -28.4% over January 2021)
- Benchmark price: $574,300 (+4.6% over December 2021; +30.6% over January 2021)
- Average days on market: 17 days (compared to 37 days in January 2021)
Townhomes
- Number of units sold: 289 (-30% over December 2021; -37% over January 2021)
- New listings: 464 (+64.5% over December 2021; -28.6% over January 2021)
- Benchmark price: $796,500 (+4.0% over December 2021; +37.2% over January 2021)
- Average days on market: 12 days (compared to 28 days in January 2021)

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