Surrey real estate: sales rise as Fraser Valley home purchases post best August record in a decade

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      Realtors in B.C.’s second most populous city sold 970 homes last month.

      Residential sales in Surrey last month represent a 67.2 percent over the 580 deals recorded in August 2019.

      August 2020 transactions in the city also topped the 947 sales made in July this year by 2.4 percent.

      The price of a typical detached home in Surrey reached $1,118,300 last month, a 1.1 percent improvement over July 2020.

      These all come as home sales in areas covered by the Fraser Valley Real Estate Board posted a new record in August.

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

      In a new report, the board noted that last month’s sales were 39 percent above the 10-year average for August.

      According to the FVREB, the record represents the “highest August in the last decade and second only to what was recorded back in August 2005”.

      Realtors sold 2,039 homes in August, a decrease of 2.9 percent deals in July 2020.

      The FVREB noted that last month’s sales topped the 1,297 transactions in August 2019 by 57.2 percent.

      In a media release Wednesday (September 2), board CEO Baldev Gill described Fraser Valley as a “highly competitive market with multiple offers and shorter days on market for various properties”.

      FVREB president Chris Shields said in the same release that the region “offers increased choice and diversified housing opportunities, while offering more value as well”.