As we came to the end of 2021, Fraser Valley has recorded an upward trend of detached homes sales by 31.8% compared to the year 2020. Townhouses recorded an increase by 33.7% in sales and condos rose by 68.9%.
Factors that contributed to the increase in sales were due to low mortgage interest rates, increased household savings and working from home arrangements.
The benchmark price for single family detached homes is $1,500,000 which is 39% higher compared to the year 2020. Townhouses prices at $765,800 (32.9% higher compared to year 2020) and Condos at $549,200 25.3% higher (compared to year 2020).
With the start of the New Year 2022, it is expected that the real estate market will continue to remain active.
Source: Fraser Valley Real Estate Board