There was a sharp rise in home sales in the Fraser Valley last month, driven by sales of attached homes.
A total of 1,743 sales were recorded by the Fraser Valley Real Estate Board in November, 39.8% higher than a year earlier and the second highest November on record.
Attached homes made up 53% of those sales, 496 apartments and 426 townhomes.
“Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board President remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”
The region’s active inventory continued to decline - by 6.5% month-over-month and 8.4% year-over-year - to 5,129 listings.
Benchmark prices were: $972,700 for single family detached homes, up 13.2%year-over-year; $505,700 for townhomes, up 19% year-over-year; and $376,700 for apartments/condos, up 36.6% year-over-year.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: