THE CANADIAN PRESS/Sean Kilpatrick

THE CANADIAN PRESS/Sean Kilpatrick

Property sales hit an all-time record for October, says Fraser Valley Real Estate Board

High demand creates 4th month in a row of ‘record-breaking or near-record activity’

October was a record-breaking month for sales, according to the Fraser Valley Real Estate Board.

“Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history,” says a Nov. 3 news release from the board. “This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.”

A total of 2,370 sales were made through the board’s listing service, an increase of 48.9 per cent since last year and a 6.2 per cent increase from September.

While the 3,081 new listings were not as high as September’s numbers, they still reached levels not seen in October for over a decade and were the fourth highest of all time. October’s listings saw an increase of 29.3 per cent over last year.

“The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly,” said Chris Shields, president of the board. “For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.

“If you’re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique.”

At the end of the October, there were 6,872 active listings, a decrease of 6.8 per cent compared to September, 7.1 per cent less than last year and 11.9 per cent under the 10-year average for the month.

The average time it took to sell an apartment was 36 days, for townhomes it was 27 days and 30 days for single-family detached homes.

  • The benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent from September to $1,046,900 – and increased 9.9 per cent compared to October 2019.
  • The benchmark price for a townhome increased 0.3 per cent from September to $569,200 – and increased 5.0 per cent compared to October 2019.
  • The benchmark price for apartments and condos decreased by 0.5 per cent from September to $434,600 – and increased 4.2 per cent compared to October 2019.

RELATED: Sellers’ market: Housing prices continue to rise in Abbotsford and Mission

RELATED: It was a hot August for home sales and new listings in Fraser Valley

Fraser ValleyReal estate

Just Posted

Each week, we are asking Langley’s elected officials to weigh in on an issue of concern to local residents. They are given a deadline and invited to respond with a maximum 250 words on the matter. This time, each member of Langley Township council was invited to respond to this question.
AT YOUR SERVICE: Langley trustees applaud positives found amid pandemic

Q&A: Members of the local school board given chance to address the community on a key local issue

Aldergrove journalist Dean Broughton and his father, Bert. (Special to The Star)
Leave it to Aldergrove resident to tell your living legacy

Journalist Dean Broughton found the importance of family stories by conversing with his father

Langley’s Brie King, seen here playing as a TWU Spartan, was a standout for Canada Saturday, June 12, as the team downed Serbia 3-1. (file)
John Diefenbaker and Dwight Eisenhower at the signing of the Columbia River Treaty, January 1961. (White House Photo Office)
Painful Truth: All elections are a roll of the dice

A federal election is coming, and anything could happen

A worker clears out damaged fixtures from a front office of Coast Capital Savings credit union in Brookswood 4145 - 200th Street on Saturday, June 12, after a car knocked out an exterior roof support beam and smashed in a window. (Dan Ferguson/Langley Advance Times)
Car takes out front window of credit union in Brookswood

Witnesses say it happened while the driver was trying to park

At an outdoor drive-in convocation ceremony, Mount Royal University bestows an honorary Doctor of Laws on Blackfoot Elder and residential school survivor Clarence Wolfleg in Calgary on Tuesday, June 8, 2021. THE CANADIAN PRESS/Jeff McIntosh
‘You didn’t get the best of me’: Residential school survivor gets honorary doctorate

Clarence Wolfleg receives honorary doctorate from Mount Royal University, the highest honour the school gives out

The Great Ogopogo Bathtub Race has been held in Summerland as a fundraising event. Do you know which Canadian city introduced this sport? (Black Press file photo)
QUIZ: A summer’s day at the water

How much do you know about boats, lakes and water?

Two-year-old Ivy McLeod laughs while playing with Lucky the puppy outside their Chilliwack home on Thursday, June 10, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: B.C. family finds ‘perfect’ puppy with limb difference for 2-year-old Ivy

Ivy has special bond with Lucky the puppy who was also born with limb difference

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

A million-dollar ticket was sold to an individual in Vernon from the Lotto Max draw Friday, June 11, 2021. (Photo courtesy of BCLC)
Lottery ticket worth $1 million sold in Vernon

One lucky individual holds one of 20 tickets worth $1 million from Friday’s Lotto Max draw

“65 years, I’ve carried the stories in my mind and live it every day,” says Jack Kruger. (Athena Bonneau)
‘Maybe this time they will listen’: Survivor shares stories from B.C. residential school

Jack Kruger, living in Syilx territory, wasn’t surprised by news of 215 children’s remains found on the grounds of the former Kamloops Indian Residential School

A logging truck carries its load down the Elaho Valley near in Squamish, B.C. in this file photo. THE CANADIAN PRESS/Chuck Stoody
Squamish Nation calls for old-growth logging moratorium in its territory

The nation says 44% of old-growth forests in its 6,900-square kilometre territory are protected while the rest remain at risk

Flowers and cards are left at a makeshift memorial at a monument outside the former Kamloops Indian Residential School to honour the 215 children whose remains are believed to have been discovered buried near the city in Kamloops, B.C., on Monday, May 31, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Pick a Sunday:’ Indigenous leaders ask Catholics to stay home, push for apology

Indigenous leaders are calling on Catholics to stand in solidarity with residential school survivors by not attending church services

Most Read