May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. John Dent photo.

May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. John Dent photo.

Fraser Valley Real Estate Board breaks sales records 9 months in a row

FVREB processed 2,951 sales in May, a 267% increase compared to last year

The Fraser Valley Real Estate Board (FVREB) has broken sales records for nine months in a row.

Last month, a total of 2,951 sales were processed, and increase of 267 per cent compared to May’s numbers from 2020. The previous high for May was 2,911 sales in 2016. The month’s sales saw a two per cent decrease compared to April.

“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,” said Larry Anderson, president of the board.

“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.”

May also had the second-highest volume of new listings ever for the month with 3,926, the record previously being set in 2018. This is a 78 per cent increase compared to last year, but a 22 per cent decrease compared April.

The total active inventory sits at 5,868, a three per cent decrease from April, and a nine per cent decrease compared to the previous May.

“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,” said Baldev Gill, CEO of the board Currently. “There is no easing of pandemic restrictions in the real estate sector and our board does not anticipate new guidelines for several weeks.”

It took an average of 14 days to sell a single-family detached home, 12 days for a townhome and 20 days for an apartment, according to the board.

Benchmarks:

  • 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.

RELATED: 8 months in a row of record-breaking sales, says Fraser Valley Real Estate Board

Fraser ValleyReal estate

Just Posted

Harrison Hot Springs country singer Todd Richard poses for a photo with Mission firefighters. (Photo/Sarah Plawutski)
VIDEO: Harrison country artist Todd Richard plans for a busy, rockin’ summer

Richard and his band look to live shows as restrictions start to lift

The theme for this year’s Fraser Valley Regional Library Summer Reading Club is “Crack the Case” and Katie Burns, community librarian at the Chilliwack Library, is encouraging people of all ages to sign up. She is seen here at the Chilliwack Library on Friday, June 18, 2021. (Jenna Hauck/ Chilliwack Progress)
Crack the case, read, win prizes with FVRL Summer Reading Club

‘Immerse yourself in other worlds and have a bit of fun while you do it,’ says Chilliwack librarian

Police tape is shown in Toronto Tuesday, May 2, 2017. Statistics Canada says the country's crime rate ticked up again in 2018, for a fourth year in a row, though it was still lower than it was a decade ago. THE CANADIAN PRESS/Graeme Roy
CRIME STOPPERS: ‘Most wanted’ for the week of June 20

Crime Stoppers’ weekly list based on information provided by police investigators

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

Kalyn Head, seen here on June 4, 2021, will be running 100 kilometres for her “birthday marathon” fundraiser on July 23. (Jenna Hauck/ Chilliwack Progress)
Woman’s 100-km birthday marathon from Chilliwack to Abbotsford will benefit Special Olympics B.C.

Kalyn Head hopes run raises awareness, advocates for inclusion of people with intellectual disabilities

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

(Black Press Media files)
Burnaby RCMP look for witnesses in hit-and-run that left motorcyclist dead

Investigators believe that the suspect vehicle rear-ended the motorcycle before fleeing the scene

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

A police pursuit involving Abbotsford Police ended in Langley Saturday night, June 20. (Black Press Media file)
Abbotsford Police pursuit ends in Langley with guns drawn

One person arrested, witnesses say an officer may have been hurt in collision with suspect vehicle

(file)
Pedestrian hit by police vehicle in Langley

Injuries described as serious, requiring surgery

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed teen facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

Most Read