The benchmark price of a detached home in the Fraser Valley rose to nearly $1.7 million and over $2 million in Metro Vancouver. The average price of townhome in Metro is now over $1 million.

Homebuyers might be eyeing the Fraser Valley after a record volume of new listings in February, while home prices soared to even more unaffordable heights in Metro Vancouver, according to two real estate reports on Wednesday.

The Fraser Valley Real Estate Board reported 3,742 new listings in February, a rise of 75.3 per cent from January, and up 14.6 per cent compared with February last year.

The previous highest February for new listings was 2016 with 3,283, according to the report. Of those, 1,824 homes were sold, which the board said was 39.2 per cent higher than January.

Board president Larry Anderson said although the market is “far from balanced,” it is encouraging to see more listings.

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