Near record‐breaking new listings in the Fraser Valley not enough to match insatiable buyer   demand 

 June 2, 2021


SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near‐historic levels of new listings in May.    

 In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.       

Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.   

 “We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.” 

In May, the Board received the second‐highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.     

Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”

Across Fraser Valley, in May, the average number of days to sell a single‐family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.   

MLS® HPI Benchmark Price Activity  

Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single‐family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.  

Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.  

Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020


To view the complete package:    

http://fvreb.bc.ca/statistics/Package202105.pdf






________________________________________________________________________________________________


Joanne Bonetti


My Story

I love my Career as a Real Estate Professional.

Born and raised in Langley, I chose to specialize in this area.
I have watched Langley transform into what it is today.
Growing up I was a member of Otter 4-H Lamb Chop, Langley
Pony Club, Langley United Soccer and the gymnastics club.
I graduated from DW Poppy Secondary. I still enjoy an active
lifestyle and frequently run around Strawberry Hills with our
family dog. Family is very important to me and one of the reasons
I chose Real Estate as a career. With the flexible hours and the
ability to work from home, it becomes a lifestyle, rather than a job.
 
I believe in specializing in one area. If I have a client moving to
another area, I am always happy to get them in contact with a
trusted agent who specializes in THAT area. Having lived in Langley
 my entire life, I am familiar with all the changes taking place. I joke
with my clients “Ask me anything !” Where the schools are, the best
commuter routes, which areas are more popular, best shopping,
entertainment and the new developments coming up. I live on acreage,
and I have a number of clients moving east and getting into small
acreages. Being on a drilled well and septic field can be quite
intimidating. I have contacts in those areas, I can help them
understand and be comfortable with the transition.
 
 
Langley is a great place to live, and I would be more than happy
to show you some fantastic places. A big Thank you to all my clients,
friends, and family for your continued support.



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