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Record-breaking number of new home listings in the Fraser Valley


The benchmark price of a detached home in the Fraser Valley rose to nearly $1.7 million and over $2 million in Metro Vancouver. The average price of townhome in Metro is now over $1 million.

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Home buyers might be eyeing the Fraser Valley after a record-breaking volume of new listings in February, while home prices soared to new unaffordable heights in Metro Vancouver, according to a couple of real estate reports Wednesday.

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The Fraser Valley Real Estate Board. reported 3,742 new listings in February, an increase of 75.3 per cent compared with January, and an increase of 14.6 per cent compared with February last year.

The previous highest February for new listings was 3,283 in 2016, according to the report. Of those, 1,824 homes were sold, which the board said was 39.2 per cent higher than January.

Board president Larry Anderson said although the market is “far from balanced” it is encouraging to see more listings.

“We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half,” he said, in a statement.

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The board’s CEO Baldev Gill said buyers are looking for value for their real estate dollar, which the Fraser Valley market still provides.

Still, the benchmark price for a detached home in the Fraser Valley — at nearly $1.7 million — is still out of range for many buyers. The cost of a detached home jumped 6.5 per cent compared with January and 43.6 per cent compared with last February, according to the report.

The benchmark price for a townhome in the region was $840,900, up 5.6 per cent over last month, while the cost of an apartment rose 7.1 per cent to $614,800.

Meantime, in Metro Vancouver —where the benchmark price of a detached house is now over $2 million — home sales were steady, with modest increases in listings, according to Real Estate Board of Greater Vancouver.

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The REBGV said there were 3,424 residential home sales last month, an 8.1 per cent decrease over the same month last year, and a 49.8 per cent increase form January.

Board chair Taylor Biggar said there has been modest uptick in home listing activity compared to last year in the Metro Vancouver housing market.

There were 5,471 new listings for detached, attached and apartment properties in Metro Vancouver last month, a 31.2 per cent increase compared with January.

“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said, in a statement Wednesday.

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The benchmark price for all residential properties in Metro Vancouver is just over $1.3 million, while the price for a detached home is $2,044,800, up 4.7 per cent from January and up 25 per cent over last February.

Biggar said a lack of housing supply is driving up the price.

Sales of detached homes in February 2022 reached 1,010, an 18 per cent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 per cent increase from February 2021 and a 4.7 per cent increase compared to January 2022.

The benchmark price for an apartment climbed 5.4 per cent year over year to $807,900, while the cost of a townhouse is now over a million at $1,090,000, a 27.2 per cent increase from last year and a 5.9 per cent increase compared with January.

ticrawford@postmedia.com

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