March Fraser Valley Real Estate Market Data and Insights
Learn more about the latest Fraser Valley pre-sale and resale data and some trends we're seeing in the area affecting the local real estate market by watching the latest Fraser Valley edition of MLA Canada's Pre-sale Pulse. Featuring MLA Canada’s President, Ryan Lalonde, and Managing Director for the Fraser Valley, Brittany Reimer.
“It has never been a more challenging time to find a home in the Fraser Valley marketplace. In the early part of 2021, much of the industry believed that the performance of the past months would fizzle and that the fundamentals of a pre-covid era would be re-balancing the marketplace today. It is clear to anyone following values in the Fraser Valley marketplace that this couldn't be any further from the truth,” Ryan expresses.
March proved to be an incredible month for real estate, with all-time highs of property sales that the Fraser Valley has seen in a century:
“While March madness commenced in the basketball world, March madness continued in the Fraser Valley real estate market, with 3329 property sales up 131% year over year - breaking a century-old record.”
"Neighbourhoods of the strongest price growth over the past year were Mission, up 28%, Cloverdale, up 19%, and Abbottsford up 19.3%.” Ultimately, the cheaper a neighbourhood was pre-covid, the harder the price has driven up since covid. Price is now spanning out throughout the Lower Mainland into the Fraser Valley and, as a result of that, we have seen a stabilization of prices in the new markets. For example, "most parts of Surrey range now from $550 to $650 per square foot in townhouse product, and we're seeing that stretch further out East more now than we ever had before,” said Ryan.
“We are seeing project sell out now and in less than two weeks. We haven’t seen this type of activity since 2017, and this really signals confidence in the marketplace from end-users and investors alike,” states Brittany.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.