In August 2021, the Fraser Valley Real Estate Board recorded the second highest ever number of sales for the month of August, while experiencing an extreme decline in housing inventory. The board recorded a 36.3% decrease in new listings and a 2.4% increase in sales compared to this month last year.
Baldev Gill, Chief Executive Officer of the Board, added, “To improve affordability, the BC government introduced the foreign buyers’ tax in 2016 and the federal government introduced the mortgage stress test two years later. And yet, in the last five years, the price of a typical detached home in the Fraser Valley has increased by 50 per cent. “Those measures did not address the core issue, which is insufficient supply to meet the rise in our population growth. All levels of government must work together to correct the structural housing shortage.”
The Board processed 2,087 sales of all property types on its Multiple Listing Service® (MLS®) in August 2021. 74 sales took place in Mission, compared to 72 sales in July 2021. 60 detached homes were sold in August 2021, compared to 76 in August 2020. The sales of townhomes decreased by 33% compared to this month last year.
Active listings in Mission for detached homes and townhomes decreased by 51.2% and 36.4% respectively compared to this month last year.
Mission Real Estate Statistics
74 new listings in August 2021 compared to 65 in July.
74 sales of all property types in August 2021, only slightly up from 72 in July.
The number of active listings in Mission for all property types decreased 14% compared to last month.
Mission’s Benchmark Price for detached homes in August 2021 was $955,700 compared to $696,900 in August 2020, an increase of 37.1%.
If you’re thinking of buying or selling your home, it’s important to have an experienced Realtor to help you navigate this competitive market. If you have any questions about the current market, or would like a complimentary home evaluation, contact me directly at 604-302-0177 or email me at [email protected] – let’s talk!
Latest statistics package here! http://fvreb.bc.ca/statistics/Package202108.pdf