Home sales in Surrey and nearby areas reached historic levels in September.
The Fraser Valley Real Estate Board reports that last month’s transactions posted the highest recorded sales for September in its history.
A total of 2,231 homes sold in the region, representing a 66.1 percent increase compared to the same month in 2019.
Last month’s transactions also constitute an increase of 9.4 percent over August 2020.
Surrey recorded 1,029 home sales, representing 46 percent of activity in areas covered by the FVREB.
The board represents realtors in Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission.
In a media release Friday (October 2), the FVREB also noted that a shift in demand for single-family homes.
Detached home sales in July through to September constituted 47 percent of transactions, compared to 43 percent during the same period last year.
FVREB president Chris Shields said that buyers are looking for more space, hence the demand for single-family homes as well as townhouses.
Shields also stated that home purchasers are in a good position as their “buying power is greater than it’s been in a long time”.
“Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset,” Shields said.
A typical detached home in the Fraser Valley costs $1,032,700; townhouse, $567,300; and condo, $436,900.