Apartment sales in this market surged 112 per cent last month

Home sales in the Fraser Valley hit new highs in May with demand for townhomes and apartments surging. Overall there were 2,911 sales through the MLS of the Fraser Valley Real Estate Board, a 47.8 per cent rise from May 2015.

Sales of apartments surged by 112.6 per cent year-over-year to reach 557 sales and there were 615 townhouses, a rise of 56.1 per cent.

“Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is leveling off,” Charles Wiebe, President of the Board commented. "However, we’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

Despite impressive annual rises, the trend for easing sales volume continued with a 2 per cent dip in May compared to April as new listings dropped 6.8 per cent in the month and total inventory declined 32.4 per cent year-over-year.

The Fraser Valley MLS HPI benchmark price of a detached home rose 38.3 per cent year-over-year to $834,200; townhouses were up 20.4 per cent to $303,100; and apartments were up 17 per cent to $225,200.

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Market update:

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