BC market registers record-breaking sales activity
mpelled by surging consumer response to the COVID-19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 (27,692 transactions) far exceeded the previous annual record established in 2016 (23,974 sales), according to the region’s real estate association.
The 2021 level also represented an increase of 39% annually, with much of the activity driven by apartments (up 68.9%). Townhouses (up 33.7%) and detached homes (up 31.8%) also posted strong year over year increases, said the Fraser Valley Real Estate Board.
“Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley, attracted buyers in numbers like we’ve never seen,” said Larry Anderson, president of the FVREB. “With the rapid escalation of prices in 2021, many buyers made decisions based on economic factors, resulting in an explosion of condo sales in our region.”