Record-shattering December for real estate sales in the Fraser Valley

Click to play video 'Fraser Valley reports record breaking 2020 home sales' Fraser Valley reports record breaking 2020 home sales
The Fraser Valley's red hot real estate market is showing no signs of slowing down after what experts say was a record breaking December for home sales. Ted Chernecki has more on the numbers - and how the COVID-19 pandemic is fuelling a migration from the city to the eastern suburbs – Jan 5, 2021

For anyone who thought the COVID-19 pandemic would lead to slower home sales in 2020, that was not the case in the Fraser Valley.

The Fraser Valley Real Estate Board says last month was the best December ever, with 2,086 home sales.

Total annual sales in the region finished 12.4 per cent above the 10-year average and 81 per cent above normal for the month due to demand from the second half of 2020, the organization said in a release.

Click to play video '2021 B.C. property assessments in the mail' 2021 B.C. property assessments in the mail
2021 B.C. property assessments in the mail – Jan 4, 2021

Read more: BC Assessment records show 2021 Metro Vancouver assessed property values up as much as 10%

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Numbers released by the board showed new listings in December were the second-highest on record at 1,502 and the total sales volume for the year was just under 20,000 in the Fraser Valley, which is still up from 2019 and the fourth-highest for annual sales since 2011.

It seems that detached homes are still the most desired property, with those sales almost 42 per cent higher than in 2019.

“The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable,” Chris Shields, president of the Fraser Valley Real Estate Board, said in a release.

Read more: B.C.’s 10 most expensive homes see rise in value in 2021

“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.”

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Despite these numbers, the region’s overall inventory is 28 per cent below normal, according to the board, and it could be a good time for anyone thinking of selling their home who had previously held off due to the pandemic.