Ben Truscott Real Estate Report - November 2020

Of the 699 active listings in November, 371 of them sold. There are still a surprising amount of buyers out there rushing to get a home before prices climb any further.

For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record.  Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high.
 
Interest rates are at a record low and banks have indicated they intend to keep rates low for at least a few years longer so we can expect this kind of action to keep up!

We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.

Just this month I had two townhomes listed that received multiple above-list price offers on the very first day. If you know anyone tossing around the idea of selling, it could be the best chance they get to upsize in to a detached home right now.
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