Surrey home sales jump more than 42 percent in July 2020

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      Realtors sold 947 homes in Surrey last month.

      The July 2020 sales represent a 42.4 percent increase from transactions recorded in the same month last year.

      Compared to June 2020 deals, sales last month jumped 26.3 percent.

      In addition, the benchmark price of a Surrey home last month rose 4.6 percent over July 2019.

      Surrey represents the biggest market under the Fraser Valley Real Estate Board.

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

      In a news release Wednesday (August 5), the board reported that a total of 2,100 homes were sold in July by its realtors.

      The number represents of 22.2 per cent compared to sales in June this year.

      The figure also constitutes a 44 percent increase compared to the 1,458 sales in July 2019.

      The FVREB noted that last month’s sales were 25.5 percent above the 10-year average for July, and second only to July 2015.

      Board president Chris Shields noted in the release that with the ongoing COVID-19 pandemic, the real estate market in the region is “significantly ahead” than anticipated.

      “We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates,” Shields said.