Fraser Valley Housing Market Update – February 2021

Kim PhillipsReal Estate

Can you believe it’s March already? It seems like February was gone in the blink of an eye. February was yet another record breaking month for property sales in the Fraser Valley. Our team completed 10 deals for our valued buyers and sellers!

*Chris Shields, President of the Board said of this month’s record numbers,

“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.”

“What’s fueling the demand is the combination of record‐low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family‐sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”

MLS® HPI Benchmark Price Activity:

  • Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single‐family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
  • Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
  • Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.

*Information from the Fraser Valley Real Estate Board.

Now may be the time to take advantage of a record breaking real estate market and record-low interest rates!

Interested in buying or selling in the coming months?

Get In Touch
Kim Phillips Real Estate Team
604.537.4281
kim@kimsproperties.ca