FVREB president Charles Wiebe commented: “There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”
Listings for the area were up 22.5 per cent year-over-year to 3,942 although total inventory was down 32 per cent. The low availability of homes pushed the benchmark price of detached homes up 30 per cent from a year earlier to $776,500.
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Home sales in the Fraser Valley have hit a record for the fourth consecutive month. April saw the month’s strongest sales ever with 2,969 homes sold through the Fraser Valley Real Estate Board’s MLS, up 47.8 per cent compared to a year earlier. The figure easily beats the previous April record of 2,513 set in 1991 and is just off the high for any month; 3,006 sold in March 2016.