Job growth, economy helps boost home sales in the Fraser Valley

by Steve Randall06 Jan 2020

Sales of homes in the Fraser Valley rebounded in the second half of 2019 but remained below levels seen a year earlier.

Fraser Valley Real Estate Board’s MLS processed 1,247 sales, the third best December since 2010, while active inventory finished at 4,686 units in December, 20.3% below the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

For the whole of 2019, the Board processed 15,487 sales, just missing the 2018 total by 0.6% but marking the lowest annual sales volume for the market since 2013.

A total of 30,568 new listings were received by the Board’s MLS® system in 2019, the second lowest for new inventory in the last decade.

The market has been experiencing strong demand for homes in the second half of the year.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board.  “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels.”

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $953,700, the benchmark price increased 0.2% compared to November 2019 and decreased 1.2% compared to December 2018.
  • Townhomes: At $514,900, the benchmark price remained on par with November 2019 and decreased 3.2% compared to December 2018.
  • Apartments: At $405,500, the benchmark price increased 0.2% compared to November 2019 and decreased 3.1% compared to December 2018.

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