November Fraser Valley Real Estate Market Data and Insights
THIS EPISODE IS NOW AVAILABLE IN AUDIO
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.
A busy holiday season for pre-sale
With 2021 coming to a close and many winding down for a well-deserved holiday season, the Fraser Valley's pre-sale marketplace continues to see incredible activity:
"What a month! Christmas came early to the Fraser Valley. We saw levels of interest more reflective of a Spring market in the pre-sale sector this past month, with multiple projects at or near sold out," shares Brittany Reimer, Managing Director, MLA Canada Fraser Valley.
One project of note that demonstrated incredible success this season was Eastin by Essence Properties, which received an outpour of interest from across Metro Vancouver and is now officially sold out.
What's to come for the Fraser Valley
There's plenty of exciting projects in the pipeline that are set to hit the market very soon across the Fraser Valley, including Parkway by BlueSky Properties, District Northwest by Thind Properties, and Ellery by Isle of Mann, which is a boutique collection of 22 one and two-bedroom homes in Langley's Willoughby area. Reimer shares her excitement for this upcoming project and the amenities that homebuyers can look forward to:
"This project has it all. Health-oriented commercial space on the ground level, with the incredible one and two bedroom homes above. This is a really unique offering for Langley...the finishings and superior build quality from the Ilse of Mann really put this project in a league of its own within the Willoughby market. It also offers an expansive rooftop patio space, greenspace for yoga, garden plots, and AC and gas included."
November resales outpace October activity
For the first time since 2015, we witnessed higher activity for the resale market in November compared to the previous month. With total active listings down 12% compared to October and half the typical inventory available in November, it proved to be a month of high demand and a race to the bottom across all home types.
"Supply, supply, supply. We keep talking about this. The municipal governments are going to have to take a very strong look at the rezoning process and the afforded density available to developers in these marketplaces if we want to see changes any time soon," expresses Reimer.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.