Property sales in the Fraser Valley reached a century-high mark in March 2021.
The Fraser Valley Real Estate Board has reported that sales in March were the biggest montly tally since the board was created in 1921.
A total of 3,329 residential and commercial sales were sold in March.
The board noted in a media release Tuesday (April 6) that the previous monthly record of 3,006 sales was set in March 2016.
The FVREB covers Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission.
The board’s report illustrates how the real estate market has gone on overdrive in the Lower Mainland.
The intense activity has prompted fears that the market is overheating and faces vulnerabiities.
On April 2, the Real Estate Board of Greater Vancouver released its market update indicating that
March 2021 deals made by its members were the “highest monthly sales total ever recorded in the region”.
A total of 5,708 homes sold last month in markets serviced by the REBGV, a 126.1 percent increase from the 2,524 sales in March 2020
In its April 6 report, the FVREB noted that March 2021 sales increased 131 per cent compared to March 2020.
Last month’s record also surpassed February 2021 sales by 18 percent.
Based on its statistics package, a total 1,416 detached homes changed hands in March 2021.
Meanwhile, 773 townhouses and 811 condos were also sold.
Detached homes, townhouses and condos accounted for 3,000 sales.
This means that the balance of 329 sales were commercial deals.
FVREB president Larry Anderson said that the real estate market in the Fraser Valley has moved to “uncharted territory”.
“The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region,” Anderson said in the media release.
The release also quoted board CEO Baldev Gill saying realtors take “extra duty to protect their clients during private, in-person showings” amid the ongoing pandemic.