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FVREB Dec 2020 Stats graph

December 2020 Fraser Valley Real Estate Board Statistics Package with Charts & Graphs

Recordshattering December caps unexpected year in Fraser Valley real estate

SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10year average due to unrelenting, pentup consumer demand during the second half of 2020.

In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.

The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.

In 2020, sales of the three main residential property types were as follows: 8,176 singlefamily detached; 5,102 townhouses; and 4,357 apartments. Yearoveryear, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.

Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a sixmonth stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for familysized homes in our region and so far, there is no sign of it slowing down.”

A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.

Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”

MLS® HPI Benchmark Price Activity:

  • Single Family Detached: At $1,079,500, the Benchmark price for an FVREB singlefamily detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.
  • Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.
  • Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.
*Editor’s note

1. Areas covered by the Fraser Valley Real Estate Board include: White Rock, Abbotsford, Mission, Langley, Delta-North & the City of Surrey – North Surrey, Central Surrey, Cloverdale and South Surrey.


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