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A record number of new home listings in Fraser Valley

Benchmark prices for single-family homes in Fraser Valley have risen to nearly $ 1.7 million and have exceeded $ 2 million in Metro Vancouver. The average price of a metro town home is now over $ 1 million.

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Home buyers may be looking to Fraser Valley after a record amount of new listings in February, according to several real estate reports on Wednesday.

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The Fraser Valley Real Estate Commission reported 3,742 new listings in February, an increase of 75.3% from January and an increase of 14.6% compared to February last year.

According to the report, February, the record high for new listings in 2016, was 3,283. Of these, 1,824 were sold, and the board said it was 39.2 percent higher than in January.

Larry Anderson, chairman of the board, said the market is “far from being balanced”, but it’s encouraging to see more lists.

“We hope that this trend will continue and that more sellers will be available to soften the market and provide opportunities for many buyers who have been left behind over the past year and a half for the spring season,” he said. Told. , In the statement.

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Baldev Gil, CEO of the board, said buyers are looking for the value of the real estate dollars that the Fraser Valley market still offers.

Still, the benchmark price for a single-family home in Fraser Valley (about $ 1.7 million) is out of range for many buyers. House costs have risen 6.5% since January 2021 and 43.6% since February 2021, according to the report.

Benchmark prices for town homes in the region were $ 840,900, up 5.6% from last month, while apartment costs rose 7.1% to $ 614,800.

Meanwhile, according to the Greater Vancouver Real Estate Commission, home sales are stable and listings have increased slightly in Metro Vancouver, where benchmark prices for single-family homes are currently above $ 2 million.

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According to REBGV, last month’s home sales were 3,424, down 8.1% from the same month last year and up 49.8% from January.

Chairman of the Board, Taylor Bigger, said the Metro Vancouver housing market has seen a slight increase in the housing list compared to last year.

Last month, Metro Vancouver’s detached, annexed, and apartment properties received 5,471 new listings, an increase of 31.2% compared to January.

“Despite the increasing number of homes listed for sale in February, the home market in the region is still significantly undersupplied and home prices are set monthly,” Bigger said in a statement Wednesday. It is pushing up to a new high. “

Benchmark prices for all Metro Vancouver residential properties are just over $ 1.3 million, while single-family homes are priced at $ 2,044,800, up 4.7% from January and 25% from February last year.

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Bigger said shortages in housing supplies are pushing up prices.

Sales of single-family homes reached 1,010 in February 2022, down 18% from the record sales of 1,231 single-family homes in February 2021. The benchmark price for a detached house is $ 2,044,800. This represents a 25% increase from February 2021 and a 4.7% increase compared to January 2022.

Benchmark prices for apartments rose 5.4% year-on-year to $ 807,900, while townhouse costs exceeded $ 1 million to $ 1,090,000, up 27.2% from last year to 5.9 compared to January. % Increased.

ticrawford@postmedia.com


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A record number of new home listings in Fraser Valley

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