(The Canadian Press)

(The Canadian Press)

Record-shattering December caps unexpected year in Fraser Valley real estate

A total of 31,693 new listings were received by the board in 2020, an increase of 3.7 per cent

In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.

In December, the board processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month.

Jonathan Gelderman of RE/MAX Aldercenter Realty said 2020 didn’t turn out to be what people thought it was going to be, on many levels.

“We lost the spring market because of COVID. It’s the busiest time of the year – March, April, and May. But that’s when everyone was in isolation and staying home,” Gelderman explained.

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.

He went on to say that the summer months pick up with tight inventory and pint up demand.

“I know thousands of people through the industry, and not one single homeowner was unable to pay their mortgage,” Gelderman assured. “Everyone is paying their bills. No one’s utilizing the six month deferral option. No one’s credit has suffered. No foreclosures on the market.”

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.

Jodi Steeves of RE/MAX Aldercenter, added that she is seeing the lowest rates ever right now in Canada since 1970.

“We do expect interest rates to remain low for 2021 and house sales to be high as we move into the new year,” Steeves explained. “Inventory will be the driving force with regards to prices as we as we transition into the spring market.”

She noted that house prices in Aldergrove saw a 10.4 per cent price increase for the last 12 months, with the average home selling for $847,000.00 at the end of Nov 2020 vs $768,000.00 at the end of the year.

Townhomes in Aldergrove also saw a 1.4 per cent increase and condos saw a drop of -0.8 per cent.

READ MORE: Houses selling fast in Langley in November

In 2020, sales of the three main residential property types amounted to 8,176 single-family detached, 5,102 townhouses, and 4,357 apartments.

Benchmark prices included $1,079,500 for a single-family detached, for $576,200 townhomes, and $438,300 for apartments.

Chris Shields, president of the board, said 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 six-month stretch like we’ve just experienced,” Shields said. “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 family-sized 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 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.

“Construction workers and trade owners are still looking for work. The economy is doing just fine in BC,” Gelderman stated, noting that senior housing and strata condos were the hardest hit in 2020. He is confident, however, that the market will continue to grow throughout 2021.


Is there more to this story?

Email: ryan.uytdewilligen@aldergrovestar.com

Like us on Facebook or follow us on Twitter


AldergroveLangley TownshipReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dr. Bonnie Henry, provincial health officer, updates British Columbians about COVID-19 at a press conference earlier this week. (B.C. Government image)
B.C.’s 1st case of COVID-19 confirmed a year ago today

Here’s a look at some of the key dates in the province’s fight against the novel coronavirus

As indicators of progress on the way to becoming carbon neutral by 2050, five “Big Moves” have been identified through the draft Climate Action Strategy. (Township screengrab)
Plan to fight climate change gets nod from Langley Township council

The plan looks ahead to 2050 and plans for a zero-carbon future

Langley RCMP has twice issued fines to Riverside Calvary Church in Walnut Grove. (Langley Advance Times file)
No action on tax penalty for churches defying COVID orders in Langley Township

Council heard that such a move would be legal, but couldn’t be retroactive

Nancy More has been a brewmaster for more than 30 years and has a scholarship award named after her. (Joshua Peter Grafstein/Special to the Langley Advance Times)
New award to help post-secondary students named for Langley brewmaster

Kwantlen Polytechnic University brewing student first recipient of Nancy More Award

British Columbia Health Minister Adrian Dix looks on as Provincial Health Officer Dr. Bonnie Henry addresses the media during a news conference at the BC Centre of Disease Control in Vancouver B.C. (THE CANADIAN PRESS/Jonathan Hayward)
B.C. announces 485 new COVID-19 cases, fewest deaths in months

‘The actions we take may seem small, but will have a big impact to stop the virus,” urges Dr. Henry

Grad student Marisa Harrington and her supervisor Lynneth Stuart-Hill say preliminary results from a study into the affects of stress on hospital nurses show an impact on sleep and heart variability. (Courtesy of Marisa Harrington)
University of Victoria study shows stress impact on B.C. nurses

Stress may be impacting sleep, heart health of hospital nurses in Victoria region

Sooke’s Amy McLaughlin holds Theodore, a bunny who will be going to a new owner in Nanaimo within the coming days if all goes will at an upcoming bunny play-date. (Aaron Guillen/News Staff)
Vancouver Island woman looking to hop into bigger space for bunny rescue operation

Amy McLaughlin has rescued more than 400 bunnies, pushing for the capacity to help more

Keith Thorpe/Peninsula Daily News
Search called off for small plane that went down in rough water south of Victoria

Plane bound for Port Angeles from Alaska believed to have one occupant, an Alaskan pilot

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

BC Place Stadium in a photo posted to cisc-icca.ca.
Roof of BC Place a stage for performers during online music festival

‘This will be the first time any artists have performed from the 204-foot iconic Vancouver rooftop’

Royal B.C. Museum conservator Megan Doxsey-Whitfield kneels next to a carved stone pillar believed to have significance as a First Nations cultural marker by local Indigenous people. The pillar was discovered on the beach at Dallas Road last summer. Museum curatorial staff have been working with Songhees and Esquimalt Nation representatives to gain a clearer picture of its use. (Photo courtesy Royal BC Museum)
Stone carving found on Victoria beach confirmed Indigenous ritual pillar

Discussion underway with the Esquimalt and Songhees about suitable final home for the artifact

RCMP. (Phil McLachlan - Black Press Media)
Driver crashes vehicle twice in one day near Princeton

Abbotsford woman, 29, wasn’t injured in either incident

Othman “Adam” Hamdan, pictured in front of Christina Lake’s Welcome Centre, was acquitted of terrorism related charges in 2017. He has been living in Christina Lake since November 2020. Photo: Laurie Tritschler
Man acquitted on terrorism charges awaits deportation trial while living in Kootenays

Othman Ayed Hamdan said he wants to lead a normal life while he works on his upcoming book

Most Read