The Fraser Valley is posting the highest home sales and price increases in urban British Columbia this year, but Valley real estate agents warn that a shortage of listings threatens the market.For the first eight months of 2021, home sales through the multiple listing service in the Fraser Valley increased 83.7%, reports the British Columbia Real Estate Association (BCREA), while the average composite home price increased 25.7% from the same period in 2020.Total sales as of August in the Valley had reached 19,311 homes, BCREA said, while the average composite home price increased to $991,151.
“Homebuyers are facing one of the worst supply shortages in Fraser Valley history,” said Larry Anderson, president of the FVREB. “Our housing stock is at levels last seen in the early ’80s.”Anderson said the townhouse sector is particularly undersupplied.“For every 100 townhouses on the market in August, Fraser Valley realtors sold 94,” he said.The shortage has led to spiralling prices for Fraser Valley townhouses, which were up 23.7% in August, year-over-year, to $697,000, Anderson added.Across B.C., a total of 9,507 residential unit sales were recorded in August 2021, a decrease of 7.1% over August 2020. The average residential price in was $901,712, a 17.2% increase from the previous August.B.C.’s total sales dollar volume in August was $8.6 billion, up 8.9% compared with August 2020, the BCREA reported.