For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of slowing. Historically, now is when the Real Estate market starts to slow as people prepare for the holiday season. However, this November has been anything but that with a rush of demand still in play.
Low mortgage rates continue to hold and are expected to remain low for the foreseeable future, creating strong buying power. As a result, the demand for single family homes and Townhouse continue to rise. With little inventory available in these categories, we are seeing multiple offers being submitted on homes and over asking sale prices.
In my opinion, the shift we are seeing from people no longer having to go into the city to their offices has attributed to people wanting more space at home. This has contributed to the demand we are seeing across the Valley as prices for single family homes compared to the city are in range.
I had a detached home in Pitt Meadows hit the market on a Monday and within 2 days (and NO showings) I had 5 offers in my inbox. That’s right, sight unseen offers! I have never had anything like this happen before and my clients were able to secure an over asking price with little contingencies.
MLS® HPI Benchmark Price Activity Across the Fraser Valley
- Single Family Detached: At $1,061,500 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.
- Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.
- Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019.