THE CANADIAN PRESS/Sean Kilpatrick

THE CANADIAN PRESS/Sean Kilpatrick

Property sales hit an all-time record for October, says Fraser Valley Real Estate Board

High demand creates 4th month in a row of ‘record-breaking or near-record activity’

October was a record-breaking month for sales, according to the Fraser Valley Real Estate Board.

“Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history,” says a Nov. 3 news release from the board. “This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.”

A total of 2,370 sales were made through the board’s listing service, an increase of 48.9 per cent since last year and a 6.2 per cent increase from September.

The 3,081 new listings were not as high as September’s numbers, but they still reached levels not seen in October for over a decade and were the fourth highest of all time. October’s listings saw an increase of 29.3 per cent over last year.

“The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly,” said Chris Shields, president of the board. “For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.

“If you’re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique.”

At the end of the October, there were 6,872 active listings, a decrease of 6.8 per cent compared to September, 7.1 per cent less than last year and 11.9 per cent under the 10-year average for the month.

The average time it took to sell an apartment was 36 days, for townhomes it was 27 days and 30 days for single-family detached homes.

  • The benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent from September to $1,046,900 – and increased 9.9 per cent compared to October 2019.
  • The benchmark price for a townhome increased 0.3 per cent from September to $569,200 – and increased 5.0 per cent compared to October 2019.
  • The benchmark price for apartments and condos decreased by 0.5 per cent from September to $434,600 – and increased 4.2 per cent compared to October 2019.

RELATED: Sellers’ market: Housing prices continue to rise in Abbotsford and Mission

RELATED: It was a hot August for home sales and new listings in Fraser Valley

Fraser ValleyReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Abbotsford’s Marissa Rode has signed with the University of Regina Cougars women’s basketball team. (Instagram)
Abbotsford’s Marissa Rode signs with Regina Cougars

Grade 12 Yale Secondary student joining Saskatchewan school’s basketball program

The provincial government has announced almost 400 new childcare spaces for the Fraser Valley, including 143 in Abbotsford. (Thinkstock photo)
Abbotsford to get 143-space new childcare centre at Highstreet

Province announces almost 400 new spaces for the Fraser Valley

A flipped truck in the roundabout on Clearbrook Road at Highway 1 has resulted in a road closure for several hours on Wednesday (March 3). (Ben Lypka/Abbotsford News)
Flipped semi in Abbotsford closes portion of Clearbrook Road

Closure starting Wednesday morning is expected to last for several hours

Some Canadians are finding butter harder than usual, resulting in an avalanche of social media controversy around #buttergate. (Brett Williams/The Observer)
#Buttergate: Concerns around hard butter hit Agassiz and beyond

The first in a three part series on dairy farming, palm oil and Canadian consumers

Haven Vivero took first place in the monthly Monologue Slam Canada contest.
Former Abbotsford boy takes top spot in monologue competition

Haven Vivero, now living in Maple Ridge, started acting when he was six

A vial of Oxford-AstraZeneca COVID-19 vaccine is pictured at a family doctor office, Thursday, Feb. 25, 2021 in Paris. THE CANADIAN PRESS/AP -Christophe Ena
Trudeau ‘optimistic’ that timeline for rollout of COVID vaccines can be accelerated

Canada set to receive more than 6M COVID-19 vaccine dose than initially expected, by end of March

BC Human Rights Tribunal. (The Canadian Press)
Human rights tribunal rejects complaint against Surrey brewery

Tribunal dismisses former worker’s claim he was bullied because of his ethnicity

Beginning late Tuesday, anti-pipeline protesters blocked the intersection of Hastings Street and Clark Drive in Vancouver. (Instagram/Braidedwarriors)
Demonstrators block key access to Vancouver port over jail for pipeline protester

They group is protesting a 90-day jail sentence handed to a fellow anti-pipeline protester

Two Vancouver police officers were struck by a car when the driver learned he was being arrested for allegedly using a fraudulent credit card to pay for food. (Vancouver Police Department)
Driver being arrested for alleged food order fraud rams Vancouver police with car

Two officers are in stable condition, suffering with soft tissue injuries following the incident

A discarded blue surgical mask is shown hanging in a bush in Montreal, Sunday, Dec. 6, 2020, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
B.C. RMT suspended for not wearing a mask after confirmed by undercover clients

College of Massage Therapists has 5 open files, said suspension necessary to protect public

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read