Fraser Valley real estate market contracts and adapts in response to public health measures to mitigate COVID‐19
By Raj Dhaliwal, Personal Real Estate Corporation
(Century 21 Coastal Realty Ltd.)
SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown,resulting in one of the slowest Aprils in Fraser Valley history. The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April,a decrease of 52 percent compared to sales in March and a decrease of 50 percent compared to April of last year. According to FVREB historical data, last month’s sales were on par with April sales in 1983 through to 1985; and newlistings are in line with numbers last seen in April 1981. Chris Shields, President of the Board, observes, “Even though March’s initial numbers promised a banner spring, weexpected the market to respond this way in April. Both sales and listings contracted in ...