For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the Fraser Valley Real Estate Board (FVREB).

In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 percent compared to February 2020, and 64 percent more than were processed in January 2021. To provide a historical perspective, sales in February were 88 percent above the 10-year average for that month; and 18 percent higher than the previous record of 2,387 sales in February 2016.

Chris Shields, President of the Board said of this month’s record numbers, “This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.

“What’s fueling the demand is the combination of record-low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family-sized homes, prices climbed 3 to 5 percent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”

The Board received 3,265 new listings in February, an increase of 28 percent compared to February of last year, placing it second-highest for February for new listings in the last decade. The total active inventory for February was 4,120, down 28 percent from last year’s 5,741 active listings, and the lowest ever for the month.

Baldev Gill, Chief Executive Officer of the Board, 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 in the list will increase and we’ll see inventory return to more normal levels. In the meantime, REALTORS® will continue to ensure consumer safety is at the forefront of all home viewings and transactions.”

Across Fraser Valley, in February, the average number of days to sell a single-family detached home and a townhome was 21 days. Apartments took on average 35 days to sell.
 
MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single-family detached home increased 5.1 percent compared to January 2021 and increased 19.9 percent compared to February 2020.
• Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 percent compared to January 2021 and increased 10.1 percent compared to February 2020.

Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 percent compared to January 2021 and increased 5.3 percent compared to February 2020.

In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.

The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10-year average, and 28 per cent higher than the previous record of 1,338 sales set in January. In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.

The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10-year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016. 

“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space. 

“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year n how people value their homes. People are asking us to find them more space.

“I am working with a young couple who want and are able to move up – from a condo to a townhome – due to interest rates and the equity they’ve gained over the last couple of years. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.

The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per cent below the 10-year average.

Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in-person viewing

In January 2021, the average number of days to sell a single-family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.

MLS® HPI Benchmark Price Activity

• · Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.
• · Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.
• Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.

We know life gets busy so we've kept this concise and simple for you. 

1. ROTATE YOUR MATTRESS: Help your spine out and prolong your mattress by rotating or flipping it at least once a year. Your body and wallet will thank you for it.

2. DEEP CLEAN YOUR GARBAGE DISPOSAL: This should take less than 10 minutes. Cleaning your garbage disposal is something we often overlook but it's an important task for home maintenance.

Bob Vila takes you step by step on how to properly and easily clean your garbage disposal.

3. TOUCH UP INTERIOR WALLS AND DOORS: Keep your home in tip-top shape and remove those scuff marks and touch up the paint.

4.  HAVE HVAC UNIT SERVICED: Your HVAC unit should be serviced at least once a year.  Not only does regular maintenance help in reduced utility bills but it can extend the life of your HVAC system.

TIP: Watch for local special deals and coupons for this service.  It's very common for companies to offer coupons for servicing HVAC systems.

5. CLEAN REFRIGERATOR COILS: Extend the life of your refrigerator and increase its efficiency by periodically cleaning its condenser coils. Follow these steps and you should have it done in less than 15 minutes.

6.  CHECK CAULKING AND GROUT AROUND SINKS, SHOWERS AND TUBS: Water seeps through unseen areas.  Help mitigate water damage and potential mold issues by checking caulk and grout around your sink, tub and shower.  Caulk and repair where needed.  

7. SET UP WATER LEAK DETECTORS: Water heaters, washing machines, basements all have the potential to cause havoc from a major water leak. Other areas of your home have the potential to leak too.  Invest in water leak detectors.  There are several types on the market and some you can be alerted on your phone.  

8.  TEST YOUR HOME FOR RADON: You can't see or smell radon.  But, it's a dangerous gas and breathing in high levels of this gas can increase your risk for lung cancer. 1 out of every 15 homes have high radon levels.  It's pretty inexpensive to buy a radon test.  

9. CLEAN YOUR FURNITURE: Winter months often mean spending more time indoors. Take some time and get your furniture in tip top shape and fresh.YOu can get it professionally cleaned or If you prefer to clean them yourself take a look at cleaning tips here for leather furniture.  For fabric furniture cleaning tips head on over here.