For the 5th straight month the Fraser Valley Real Estate Board continues to report high demand for homes across the Fraser Valley. It is the third recording-breaking month in a row for home sales following new highs in September and October.
The board processed 2173 sales in November which was a 54% increase over last year but an 8% decrease compared to October. A total of 2217 properties were listed in November which was a 28.0 per cent decrease compared to October but an 18.1 per cent increase compared to the 1877 new listings received during the same month last year. It was the second highest volume of listings for November in the last decade.
The appetite for single-family detached houses and townhomes remains very high. This could be pushed by COVID whereby more people are working from home rather than from the office.
In October, the average number of days to sell an apartment was 34 days, 25 days for townhomes, and 32 days for single-family-detached homes.
The benchmark price for an apartment is $435,900. The benchmark price for a townhome is $570,100 and the benchmark price for a single-family-detached home is $1,061,500.
Mortgage rates continue to remain low and this has spurred home buying even though the mortgage qualifying rate (stress test rate) has remain unchanged.
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