Average home prices in the Fraser Valley increased in double digits in February 2021.
The real estate board reported overall year over year growth of 25.3 percent compared to the same month last year.
The increase comes amid strong demand for homes in markets served by the Fraser Valley Real Estate Board.
These are Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission.
The average price of detached homes in the combined markets rose to $1,356,006 in February 2021, a 27.6 percent improvement over the same month last year.
For townhouses, the average price climbed to $669,099. This represents a 14 percent year over year increase.
For condos, the average price rose to $443,698, a 10.6 percent improvement.
The FVREB reported in a media release Tuesday (March 2) a total of 2,815 sales in February 2021.
The number represents a 108 percent increase over February 2020 and 64 percent more than January 2021.
“To provide a historical perspective, sales in February were 88 per cent above the 10‐year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016,” the board noted in the release.
The release also had board president Chris Shields saying that the Fraser Valley market has entered “new territory”.
“We have never seen such consistent and persistent demand for housing in the Fraser Valley,” Shields said.
In the same release, FVREB CEO Baldev Gill predicted that more listings will be available as the province’s COVID-19 vaccination speeds up.
The board’s release noted that inventory for February 2021 totaled 4,120, down 28 percent from last year’s 5,741 active listings.
It’s the “lowest ever for the month” of February, according to the FVREB.
In Surrey, the average price of a detached home increased to $1,460,184 in February 2021, representing a 26.8 year over year increase over the same month last year.
The average price of a Surrey townhouse rose to $690,750, for a 14.4 percent increase; and condo, $447,163, an improvement of 11.6 percent.