December Real Estate Market Data & Insights
THIS EPISODE IS NOW AVAILABLE IN AUDIO
In 2022’s first episode of the Fraser Valley edition of the Presale Pulse President of MLA Canada Ryan Lalonde, and Managing Director for the Fraser Valley, Brittany Reimer sit down to give you the latest pre-sale and resale data, as well as some trends we're seeing in real estate across the Fraser Valley.
A RECORD DECEMBER WITH NO SIGNS OF SLOWING DOWN
Before jumping into 2022 updates, it’s worth mentioning the record-breaking year the Fraser Valley just experienced:
“Like Greater Vancouver, resales in the Fraser Valley achieved a new all-time high in 2021, 15.5% higher than the previous record held in 2016. Condominium products within the Fraser Valley saw the most significant rise in market activity, increasing 68.9% compared to 2020,” shares Ryan.
We’re seeing this record demand reflected in our December numbers for projects across the Fraser Valley, with no signs of slowing down. Projects such as Ellery, a boutique collection of one and two bedroom apartment homes nestled in Langley’s desirable Willoughby, are projected to be 90% sold, likely sold out by the time this goes public.
Riemer shares optimism with project noting “The smaller format 1 beds are hitting over $1,000 Price per square foot. Now this is on par with Surrey tower product, incredible outcome but not surprising to us given this boutique offering. Some really big numbers to wrap up the year in Langley & Surrey and were expected values to continue to climb into 2022.” WHAT TO LOOK OUT FOR IN 2022
ACROSS THE FRASER VALLEY PRESALE MARKET
With demand only increasing across the market, Reimer provides insights into some of the most notable upcoming projects such as Forme, Westwood, and Posper, a 37 unit project in Guilford offering a mix of studio and 3-bedroom homes and hitting the market January 19th:
“While Guildford has seen less active presale activity compared to other neighborhoods surrounding Surrey City Centre, we expect this project to benefit from its proximity to the Guildford Town Centre, neighbouring schools, and access to highway 1,” predicts Reimer regarding Prosper.
A NEW NORMAL FOR RESALE
While we usually see people take their mind off the real estate market in December and focus on the holidays, Ryan highlights trends are changing across the resale market in the Fraser Valley:
“December saw more sales over the month than any other month– seeing many people wake up to the opportunities in the Fraser Valley, I think we can expect this to be the new normal.”
Overall sales momentum was again carried by condo product, which saw sales increase 19% compared to December 2020. Furthermore, the benchmark price in the Fraser Valley was $1,184,000 in December, up 9% from three months ago, and a whole 33% when compared to December of last year.
“Really, I see these price increases almost as a market correction. The Fraser Valley has been historically undervalued compared to Greater Vancouver, but when you consider the regions access to transit, commercial services, and the incredible amenities on off in these communities, it’s no wonder we’re seeing prices go where they are,” expresses Ryan when reviewing this growth.
To learn more about upcoming infrastucture for the Fraser Valley and other regions in the Lower Mainland, read our latest article.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.