Single-family home sales in Surrey soared by 110% in November

Dec 4 2020, 12:05 pm

November 2020 was another very strong month for home sales under the jurisdiction of the Fraser Valley Real Estate Board (FVREB).

In fact, it was the fifth consecutive month for the spike in demand, and the third consecutive month that year-over-year records were broken.

According to the FVREB, there were 2,173 home sales over the month — an increase of 54.7% from the 1,405 sales sold in November 2019, and an 8.3% decrease month-over-month compared to the 2,370 sales in October 2020.

FVREB jurisdiction covers much of southern and eastern Metro Vancouver — including Surrey, North Delta, White Rock, and Langley — as well as Mission and Abbotsford.

Sales have been particularly strong in Surrey for single-family detached homes, which increased by 110% from 258 sales in November 2019 to 541 sales in November 2020. The townhouse market has also been active, with year-over-year sales for the month increasing by 76% to 334 units last month.

Within Surrey’s Cloverdale neighbourhood, the demand for single-family detached homes even exceeded supply, and within four communities the sales-to-active ratios for townhouses were 50% or more. This means for every 100 active listings, 50 were selling.

Single-family home sales were also strong in Abbotsford (+104% year-over-year to 151 units), White Rock and South Surrey (+88% year-over-year to 137 units), Langley (+74% year-over-year to 143 units), and North Delta (+112% year-over-year to 70 units).

“We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate,” said Chris Shields, president of FVREB, in a statement.

“Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.”

Over the month, there were also 2,217 new listings — a 28% decrease compared to October 2020, and an 18% increase compared to the 1,877 new listings in November 2019. It was the second highest volume of new listings in the past decade.

November 2020 concluded with 5,847 active listings, which is a drop of 15% compared to October 2020, and a decrease of 13.2% from the same month in 2019. Due to high demand, the total inventory was the fourth lowest for the month in the last decade.

November 2020 home sales statistics

  • Detached homes
    • Number of units sold: 978 (-0.1% over October 2020; +90.3% over November 2019)
    • Number of active listings: 1,806 (-24.5% over October 2020; -22.4% over November 2019)
    • Benchmark price: $1,061,500 (+1.4% over October 2020; +11.5% over November 2019)
    • Average days on market: 32
  • Apartment homes
    • Number of units sold: 430 (-14.3% over October 2020; +15.3% over November 2019)
    • Number of active listings: 1,549 (-9.5% over October 2020; +21.8% over November 2019)
    • Benchmark price: $435,900 (+0.3% over October 2020; +4.6% over November 2019)
    • Average days on market: 34
  • Townhomes
    • Number of units sold: 532 (-12.9% over October 2020; +51.1% over November 2019)
    • Number of active listings: 1,063 (-16.1% over October 2020; -7.1% over November 2019)
    • Benchmark price: $570,100 (+0.2% over October 2020; +5.8% over November 2019)
    • Average days on market: 25

Areas under the separate jurisdiction of the Real Estate Board of Greater Vancouver (REBGV) also saw another strong month. REBGV’s jurisdiction covers only parts of Metro Vancouver and the South Coast, entailing Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

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