This huge BC farmhouse is for sale and it’s still cheaper than the average condo in Vancouver

Relative affordability has led to a buyer boom

Buyers have also come to the Fraser Valley hoping to stretch their real estate budgets, as the area is considered comparatively more affordable than neighboring Metro Vancouver.

“No one could have predicted the impact of the pandemic on the real estate market. The relative affordability of our region, combined with a new ability to work from home and the value of the housing dollar in the Fraser Valley has attracted buyers in numbers like we have never seen,” said the President. from the FVREB, Larry Anderson.

He adds that while the market saw the second-largest influx of new listings on record in 2021, with 35,629 homes coming on the market — a 12.4% year-over-year increase — it didn’t. not enough to provide relief from favorable conditions for sellers. .

“Whether it’s helping sellers list or helping buyers close a sale, our consultancy averaged over 5,200 transactions each month. And while our volume of new listings was also high , he just couldn’t keep up with the demand,” he said.

Growth in condo sales doubled that of houses

Condominiums were by far the most popular type of home, largely due to their relatively affordable price. Sales up 68.9% in 2021 from prior year levels, more than double the growth rates of 31.8% and 33.7% in the single-detached and townhouse segments, respectively.

“With prices rapidly escalating in 2021, many buyers made decisions based on economic factors, resulting in an explosion in condo sales in our area,” Anderson said.

December the second hottest on record for the region

The year also ended with the second busiest December on record, with a total of 1,808 sales, 13.3% less than the all-time high at the end of 2020. However, it is clear that the region is beginning to feel a supply crunch as only 1,278 homes were newly listed during the month – down 15% from a year ago – and total active inventory is 60% below the 10-year average.

With buyer demand flooding and supply scarce, price growth has been disappointing over the past year, with the average price for all property types hitting $1,142,946, a huge increase of 26.1% compared to December 2020 and 3.8% compared to November. .

This sparked interest in the more affordable end of the market; condos were the only home type to show a year-over-year increase in sales with 544 transactions, up 19% from December 2020. The average unit price reached 549,821 $, up 30.3%, but still cheaper than the average detached single-family home in the region by over $1 million. A total of 635 homes sold at an average price of $1,674,255 (up 37.1% year-over-year), although behind 2020 figures by -27%.

Townhouse sales, meanwhile, fell 17.4% annually, with 414 sales, while prices soared 40.3% to an average of $863,387.

And, pandemic-related uncertainty aside, the stage looks set for another record year for sales in 2022, as the Canadian Real Estate Association forecast the second-best year on record, with 610,700. nationwide sales.

The post-2021 hottest in 100-year history for Fraser Valley home sales appeared first on STOREYS.

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