What else can I say?
The South Surrey and White Rock markets continue to remain RED HOT.
With multiple-offer situations and an enormous amount of scheduled viewings, my team and I have been as busy as ever, dating back to the end of 2020.
Check out the latest news and stats on the Fraser Valley residential market.
I’ve also included some info from RE/MAX that talks about the commercial market in Western Canada.
Commercial Real Estate took a huge hit in 2020 but is predicted to rebound in the latter parts of 2021.
From Fraser Valley Real Estate Board News:
Another month, another record for property sales in the Fraser Valley
SURREY, BC – For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the Fraser Valley Real Estate Board (FVREB).
In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 per cent compared to February 2020 and 64 per cent more than were processed in January 2021.
To provide a historical perspective, sales in February were 88 per cent above the 10-year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016.
Across Fraser Valley, in February, the average number of days to sell a single-family detached home and a townhome was 21 days.
Apartments took on average 35 days to sell.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.
RE/MAX Commercial Investor Report 2021 (Western Canada)
Resilient commercial real estate markets in Western Canada expected to rebound in the latter half of 2021, says RE/MAX.
Industrial and multi-unit residential asset classes to lead the way
Closure of bricks and mortar during lockdown and the acceleration of e-commerce placed retail tenants behind the proverbial eight ball in 2020.
Smaller retailers used the opportunity to invest in their future by purchasing smaller storefront locations, especially in high-traffic areas – with equity gains buffering any downturn in sales.
Others looked to upgrade their online presence and augment with a reduced physical footprint, and if need be, industrial space for warehousing and distribution.