The Fraser Valley Real Estate Board (FVRED) had its best sales year in its entire 100-year history, shattering the record set in 2016 by 15.5 per cent.
The FVREB processed 27,692 sales in 2021, an increase of 39 per cent over the 19,926 sales last year, and a 15.5 per cent increase from the record of 23,974 sales set five years before.
“No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen,” said Larry Anderson, president of the board.
“Our Board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand.”
The sale of detached homes rose 31.8 per cent in 2021, townhome sales increased 33.7 per cent and apartment sales increased by 68.9 per cent, according to the FVREB’s numbers.
Anderson noted the price increases in 2021 led to many buyers making decisions based on economic factors, in turn leading to an “explosion of condo sales in our region.”
The FVREB received 35,629 new listings in 2021 – the second highest ever, slightly below 2008’s numbers – an increase of 12.4 per cent from 2020.
In the last month of 2021, the board processed 1,808 sales, second only to December 2020’s record-setting 2,086 sales.
December’s new listings were at 1,278, with the active inventory at the end of the year finishing at 1,957 units, 60 per cent below the 10-year average, and the lowest in 41 years.
- Single Family Detached: At $1,500,000, the benchmark price for an FVREB single-family detached home increased 3.6 per cent compared to November 2021 and increased 39.0 per cent compared to December 2020.
- Townhomes: At $765,800, the benchmark price for an FVREB townhome increased 3.5 per cent compared to November 2021 and increased 32.9 per cent compared to December 2020.
- Apartments: At $549,200, the benchmark price for an FVREB apartment/condo increased 3.5 per cent compared to November 2021 and increased 25.3 per cent compared to December 2020.