Blog Post

Market Numbers August 01, 2021

Andy Schildhorn • August 4, 2021

Fraser Valley home sales remained steady in July; lowest supply in forty years

SURREY, BC – Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981. 
   
The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 per cent above the ten-year average.

Larry Anderson, President of the Board, said, “A summer slowdown is typical. We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone.

“Demand for homes in our region, however, remains above average – for fourteen months we have been in a seller’s market for Fraser Valley detached homes, townhomes and condos – and yet for the last four months, new listings in our region have been decreasing.”
In July, the Board received 2,431 new listings, a decrease of 31.5 per cent compared to last year, and a decrease of 22 per cent compared to June 2021. The month ended with total active inventory sitting at 4,901, a 10.5 per cent decrease compared to June, and 33 per cent fewer than July 2021.   
Baldev Gill, Chief Executive Officer of the Board, added, “To put our market in perspective, we just came off the third highest sales for July in the last ten years, while home buyers looking to invest in the Fraser Valley had the same level of inventory to choose from that they had forty years ago.

“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory.”

Across Fraser Valley, in July, the average number of days to sell a single-family detached home was 26 and a townhome was 15 days. Apartments took, on average, 24 days to sell.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $688,400, the Benchmark price for an FVREB townhome increased 1.5 per cent compared to June 2021 and increased 22.3 per cent compared to July 2020.

Townhomes: At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.

Apartments: At $494,000, the Benchmark price for an FVREB apartment increased 0.1 per cent compared to June 2021 and increased 13.0 per cent compared to July 2020.

Live Traffic Views in Langley

By Andy Schildhorn • April 3, 2025
The Township of Langley Traffic Cameras for up to date traffic information. Click here

🏡Tariffs, economic uncertainty stall spring market in the Fraser Valley📈

By Andy Schildhorn • April 2, 2025
SURREY, BC – March home sales in the Fraser Valley remained nearly 50 per cent below the 10-year average — making for the slowest start to the spring market in more than 15 years. The Fraser Valley Real Estate Board recorded 1,036 sales in March, up 13 per cent from February, but still 26 per cent below sales recorded this time last year. Following a decline on the Board’s Multiple Listing Service® (MLS®) in February, new listings increased 22 per cent in March to 3,800. Overall inventory is at a decade-high level, with 9,219 active listings, 49 per cent above March 2024 and 59 per cent above the 10-year seasonal average.

Best places to see cherry blossoms

By Tom Zillich | Surrey Now-Leader • April 2, 2025
For a short time, parks and streets in Surrey, White Rock and Delta will soon be filled with the white and pink hues of cherry blossoms. Those beautiful blooms are around for only a couple of weeks every April. This week, Discover Surrey posted a list of favourite places to see the Japanese flowering trees in Surrey, including Bear Creek Park (13750 88 Ave.), Nico-Wynd Golf Course (3601 Nico-Wynd Place), 95 Avenue at 154 Street, Spenser Drive at 151A Street and 150B Street at 24 Avenue.  Find out more.
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