February 2022 – Fraser Valley Real Estate Market Snapshot

R E A L E STAT E M A R K E T S N A P S H OT THE FRASER VALLEY Fe b r u a r y 2 0 2 2 PRESIDENT & MANAGING BROKER

Jamie Squires - Fifth Aven ue Real Estate Mar ketin g Ltd.

FRASER VALLEY REAL ESTATE BOARD FEBRUARY 2022

INTRODUCTION Use data as a basis for decision making…

At Fifth Avenue we have hired Knew Realty Research (Knew) to meticulously and methodically take the time to comb through statistics provided by real estate boards to create this report. Gone are the days of just numbers on a page, through visual analytics allows us to help you identify general market trends in your area and benchmark it to the performance of other regions.

By utilizing our maps and intuitive charting techniques, you will be able to quickly and easily understand your market.

We hope you enjoy our creative approach to monitoring activity in your region.

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Let us do the data collection and analysis for you

Fifth Avenue - Introduction

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TABLE OF CONTENTS Click on a housing type below to get started…

SINGLE FAMILY TOWNHOME

CONDOMINIUM To get back to this menu at any time click on the logo in the top right corner of each page. Please enjoy.

Fifth Avenue – Table of Contents

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SINGLE FAMILY

2018

2019

2020

2021

1200

1000

684 Single Family style homes sold in the Fraser Valley Real Estate Board in February 2022. This represents an increase of 215 unit sales, or 46% when compared to the 469 sales observed last month. When comparing the current month's sales (684 sales) to the 1084 sales observed in February of 2021, sales have decreased by 400 units, or -37%.

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Chart 1: FVREB Single Family Sales Source: Fraser Valley Real Estate Board - REALTORS ®

2022

2017

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2019

2020

2021

3500

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INVENTORY

1488 Single Family style homes were available for purchase in the Fraser Valley Real Estate Board in February 2022; this represents an increase of 687 units, or 86%, when compared to the 801 units observed in inventory last month. When comparing this months inventory (1488 units) to the 1303 units of available inventory observed in February of 2021, inventory has increased by 185 units, or 14%.

2017

1400

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR SINGLE FAMILY STYLE HOMES.

2022 1600

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Chart 2: FVREB Single Family Inventory Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue – Single Family

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FRASER VALLEY REAL ESTATE BOARD SINGLE FAMILY AVERAGE PRICE

FEBRUARY 2022

$1,898,693

$2,000,000

$1,800,000

AVERAGE PRICE

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000 Qtr 1

Qtr 2

Qtr 3 2016

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2017

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Qtr 3 2018

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Qtr 3 2019

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Qtr 3 2020

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Q3 2021

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2022

Chart 3: Historical Single Family Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue – Single Family

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$1,898,693 is the average price for a Single Family style home sold in February 2022. This represents an increase of $79,666 in the average sales price, or 4.4% when compared to the average price of sales observed last month ($1,819,027). When comparing the current months average sale price ($1,898,693) to the average sale price $1,356,006 observed in February of 2021, the sale price has increased by $542,687, or 40%.

When looking at February YTD Single Family sales for each respective year since 2015, 2022 sales currently rank 3rd.

SALES 2500

SALES (YTD)

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0 February 2016 YTD

February 2017 YTD

February 2018 YTD

February 2019 YTD

February 2020 YTD

February 2021 YTD

February 2022 YTD

Chart 4: Single Family Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue – Single Family

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TOWNHOME

2018

2019

2020

2021

700

600

448 Townhome style homes sold in the Fraser Valley Real Estate Board in February 2022. This represents an increase of 159 unit sales, or 55% when compared to the 289 sales observed last month. When comparing the current months sales (448 sales) to the 788 sales observed in February of 2021, sales have decreased by 340 units, or 43%.

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Chart 5: FVREB Townhome Sales Source: Fraser Valley Real Estate Board - REALTORS ®

2022

2017

2018

2019

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2021

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INVENTORY

645 Townhome style homes were available for purchase in the Fraser Valley Real Estate Board in February 2022; this represents an increase of 319 units, or 98%, when compared to the 326 units observed in inventory last month. When comparing this months inventory (645 units) to the 531 units of available inventory observed in February of 2021, inventory has increased by 114 units, or 21%.

2017

800

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR TOWNHOME STYLE HOMES.

2022 900

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Chart 6: FVREB Townhome Inventory Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Townhome

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FRASER VALLEY REAL ESTATE BOARD TOWNHOME AVERAGE PRICE

FEBRUARY 2022

$1,100,000

$988,990 $1,000,000

AVERAGE PRICE

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

Qtr 1

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Qtr 3 2016

Qtr 4

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2017

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2022

Chart 7: Historical Townhome Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Townhome

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$988,990 is the average price for a Townhome style home sold in February 2022; this represents an increase of $59,118 in the average sales price, or 6.4% when compared to the average price of sales observed last month ($929,872). When comparing the current months average sale price ($988,990) to the average sale price $669,099 observed in February of 2021, the sale price has increased by $319,891, or 48%.

When looking at February YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 3rd.

SALES 1400

1200

SALES (YTD)

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0 February 2016 YTD

February 2017 YTD

February 2018 YTD

February 2019 YTD

February 2020 YTD

February 2021 YTD

February 2022 YTD

Chart 8: FVREB Townhome Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Townhome

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CONDOMINIUM

2017

2018

2019

2020

2021

800

700

600

SALES

CURRENTLY IN THE FRASER VALLEY REAL ESTATE BOARD IT IS A BALANCED MARKET FOR CONDOMINIUM STYLE HOMES.

2022 900

500

519 Condominium style homes sold in the Fraser Valley Real Estate Board in February 2022. This represents an increase of 101 unit sales, or 24% when compared to the 418 sales observed last month. When comparing the current months sales (519 sales) to the 667 sales observed in February of 2021, sales have decreased by 148 units, or 22%.

400

769 Condominium style homes were available for purchase in the Fraser Valley Real Estate Board in February 2022; this represents an increase of 347 units, or 82%, when compared to the 422 units observed in inventory last month. When comparing this months inventory (769 units) to the 1179 units of available inventory observed in February of 2021, inventory has decreased by 410 units, or -35%.

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Chart 9: FVREB Condominium Sales Source: Fraser Valley Real Estate Board - REALTORS ®

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INVENTORY

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Chart 10: FVREB Condominium Inventory Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Condominium

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FRASER VALLEY REAL ESTATE BOARD CONDOMINIUM AVERAGE PRICE

FEBRUARY 2022

$650,000

$608,879

$600,000 $550,000

AVERAGE PRICE

$500,000 $450,000 $400,000

$350,000 $300,000 $250,000 $200,000 $150,000 Qtr 1

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Qtr 3 2016

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2017

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2022

Chart 11: Historical Condominium Average Sales Price Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Condominium

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$608,879 is the average price for a Condominium style home sold in February 2022; this represents an increase of $33,555 in the average sales price, or 5.8% when compared to the average price of sales observed last month ($575,324). When comparing the current months average sale price ($608,879) to the average sale price $443,698 observed in February of 2021, the sale price has increased by $165,181, or 37%.

When looking at February YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 2nd.

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SALES (YTD)

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February 2017 YTD

February 2018 YTD

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February 2022 YTD

Chart 12: FVREB Condominium Sales YTD Comparison Source: Fraser Valley Real Estate Board - REALTORS ®

Fifth Avenue - Condominium

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Fifth Avenue – Disclaimer & Terms of Use

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