Home prices increase in Surrey, rest of Fraser Valley market amid “insatiable buyer demand”

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      Home prices increased in May 2021 in Surrey and the rest of the markets covered by Fraser Valley Real Estate Board.

      The FVREB reports “insatiable demand” even as new home listings reached “near record-breaking” levels last month.

      For single-family homes, the benchmark price reached $1,323,300 in May. That’s a 2.3 percent improvement over April 2021, and a 33.6 percent increase compared to May 2020.

      For townhomes, the benchmark price climbed to $670,000. It increased 2.7 percent compared to April 2021, and 20.7 percent over May 2020.

      For condos, the benchmark price rose to $488,500. This represents a two percent increase over April 2021, and 12.6 percent improvement over May 2020.

      The FVREB covers Surrey, Abbotsford, Langley, Mission, North Delta, and White Rock.

      In May 2021, realtors with the board sold 2,951 homes.

      The number represents a 267 percent increase compared to May 2020 and a two percent decrease from April 2021.

      The May 2021 sales post a new record for sales in the month of May.

      In a media release Wednesday (June 2), the FVREB said that the previous record high for sales in May for the Fraser Valley was 2,911 in 2016.

      Board president Larry Anderson stated in the release that demand hasn’t changed.

      “What’s changed is supply,” Anderson said. “In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.”

      Anderson continued: “We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”

      In the release, the board said that it received in May the “second-highest volume of new listings ever”, which approached May 2018 levels.

      The FVREB got 3,926 new listings last month, an increase of 78 percent compared to May last year, and a decrease of 22 percent from April 2021.