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FVREB Media Release:
REALTORS Care® Blanket Drive helps 30,000 people stay warm

December 9, 2016


SURREY, BC – More than 30,000 working poor and homeless people throughout the Lower Mainland received blankets and warm clothing this winter thanks to donations collected during the 22nd annual REALTORS Care® Blanket Drive.

Between November 14 and 21, over 100 real estate offices served as drop-off points for donations. Realtor volunteers collected, sorted and delivered the donations to local charities.

“Unfortunately, there will always be a need for support for those who are less fortunate and struggle during these cold seasons,” Charles Wiebe, Fraser Valley Real Estate Board president said. “I’m proud that, once more, the incredible generosity of our volunteers and those who donated has helped ease some of that struggle.”

A hallmark of the Blanket Drive is that all donations remain in the community in which they were collected. Many charities rely on donations from the program each year to help them through the winter.

Angie Paulson, Clothing Coordinator, NightShift Street Ministries in Surrey, says, “The support of the REALTORS Care® Blanket Drive is critical to our clothing program and helps us meet the needs of our clothing program for many months after the Drive. It’s pretty amazing how much it helps!”

The REALTORS Care® Blanket Drive is the largest and longest running blanket drive in British Columbia. Since the Blanket Drive began in 1994, the program helped more than 305,000 people in our communities keep warm and dry during the winter months.

For more information, go to www.blanketdrive.ca. For a selection of photos from the Blanket Drive, visit www.facebook.com/BlanketDrive.

The REALTORS Care® Blanket Drive is a partnership between the Realtors of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board and the Chilliwack and District Real Estate Board and their communities.

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Bank of Canada maintains overnight rate target at 1/2 per cent

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report (MPR). However, uncertainty, which has been undermining business confidence and dampening investment in Canada’s major trading partners, remains undiminished. Following the election in the United States, there has been a rapid back-up in global bond yields, partly reflecting market anticipation of fiscal expansion in a US economy that is near full capacity. Canadian yields have risen significantly in this context.

In Canada, the dynamics of growth are largely as the Bank anticipated. Following a very weak first half of 2016, growth in the third quarter rebounded strongly, but more moderate growth is anticipated in the fourth quarter. Consumption growth was robust in the third quarter, supported by the new Canada Child Benefit, while the effects of federal infrastructure spending are not yet evident in the GDP data. Meanwhile, business investment and non-energy goods exports continue to disappoint. There have been ongoing gains in employment, but a significant amount of economic slack remains in Canada, in contrast to the United States. While household imbalances continue to rise, these will be mitigated over time by announced changes to housing finance rules.

Total CPI inflation has picked up in recent months but is slightly below expectations, largely because of lower food prices. Core inflation is close to 2 per cent because the effect of persistent economic slack is still being offset by that of past exchange rate depreciation, although the latter effect is dissipating.

Overall, the Bank’s Governing Council judges that the current stance of monetary policy remains appropriate. Therefore, the target for the overnight rate remains at 1/2 per cent.

Provided courtesy of the Bank of Canada. 

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Fraser Valley market moves to familiar territory in November

SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.

The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.

“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition," says Charles Wiebe, Board President.

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.

“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market - and REALTORS® can certainly help with this,” explains Wiebe. “I'm pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region."

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

HPI® Benchmark Price Activity

• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.

• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.

• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.

Stats provided by the Fraser Valley Real Estate Board. For a full report click here: http://www.fvreb.bc.ca/statistics/Package201611.pdf

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.