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MARKET UPDATE AUGUST 2017


Blog by Monica Dabrowski | September 15th, 2017


Continued Demand for Attached Homes Brings Second Strongest August Historically

Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.

The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.

Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.

"It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now," said Board President Gopal Sahota. "Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland."


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Single Family Detached
At $976,000, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to July 2017, and increased 10.2 per cent compared to August 2016.


Townhomes
At $491,900 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to July 2017, and increased 16.6 per cent compared to August 2016.

Apartments
At $349,300, the Benchmark price for apartments/condos in the Fraser Valley increased 2.4 per cent compared to July 2017, and increased 32.8 per cent compared to August 2016.


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