News Release: June 3, 2014

MARKET STRENGTH SOLIDIFIES IN THE FRASER VALLEY  

(Surrey, BC) – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April. 

Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.

Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”

Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.

“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”

The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.  

In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014. 

In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.

Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.”

Full package can be viewed here:

http://www.fvreb.bc.ca/statistics/Package%20201405.pdf

Bank of Canada maintains overnight rate target at 1 per cent

BALANCED MARKET CONDITIONS IN THE FRASER VALLEY  

(Surrey, BC) – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new inventory in April, propelling the market into solid balanced conditions. 

In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent increase compared to the previous month.

Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.

“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”

Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the community and the age and quality of the condo.”

In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.

In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and 1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6 per cent fewer than were available during April of last year.    

In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.

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The Fraser Valley Real Estate Board is an association of 2,800 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.  The FVREB marked its 90-year anniversary in 2011.

Full package:

http://www.fvreb.bc.ca/statistics/Package%20201404.pdf

Bank of Canada maintains overnight rate target at 1 per cent

BUYERS SEE VALUE IN SINGLE FAMILY DETACHED HOMES IN THE FRASER VALLEY  

Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley compared to last year. 

“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses.” Werger explains, “Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.” 

The most popular price range for single family detached homes in the Fraser Valley last month was between $500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per cent compared to $544,300 during the same month last year.

For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in March 2013.

The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were available during March 2013.   
 
Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”

In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per cent for the three main residential property types indicating stability in the marketplace.

Stats are provided by the Fraser Valley Real Estate Board - for a full package click here: http://www.fvreb.bc.ca/statistics/Package%20201403.pdf

News Release: March 4, 2014

FRASER VALLEY MARKET SHOWING SIGNS OF SPRING

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during February of last year.

Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer. It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”

Werger adds, “Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare.” 

The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were available in January and 8 per cent less than were available during February 2013.   
 
Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.

“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”

In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.

In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.

Stats provided by the Fraser Valley Real Estate Board. For a full copy click here:  

http://www.fvreb.bc.ca/statistics/Package%20201402.pdf

NEW YEAR WELCOMES INCREASE IN SALES AND NEW LISTINGS IN FRASER VALLEY

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded higher activity in January compared to one year ago with an increase in sales and a slight increase in new listings.  

The Board processed 772 sales on the MLS® last month, a 25 per cent increase compared to the 617 sales in January 2013.  In addition, the Board saw a modest 1 per cent increase in new listings in January, 2,676 compared to 2,643 received during the same month last year, but a 164 per cent increase compared to the new listings received the previous month, December 2013. 

Ron Todson, President of the Board, says, “Starting early in the year, we typically see a ‘re-stocking of our shelves’ in advance of the spring market, which is a positive trend for buyers in that it creates new opportunities for them.
With higher inventory they have greater freedom to comparison shop.”

From a historical perspective, the number of new listings received in January 2014 was 7 per cent higher than the 10-year average for that month, while sales finished 8 per cent less than the 10-year average.  

Todson explains, “Over the last few months, housing supply in the Fraser Valley has moderated while sales have been variable, fluctuating below average levels. When supply meets or exceeds demand, it has a calming effect on prices. 

“Generally, values of ground-oriented homes in Fraser Valley have been stable or increasing while condo values have been flat or decreasing. This is why it’s important to talk to your local REALTOR® because we’re seeing different market trends dependent on property type and location.”

In January, the benchmark price of a detached home in the Fraser Valley was $552,500, an increase of 2.2 per cent compared to $540,500 in January 2013 and an increase of 0.6 per cent compared to December.

For townhouses, the benchmark price in January was $297,600, an increase of 1.3 per cent compared to the same month last year when it was $293,700 and up 1.5 per cent compared to December. The benchmark price of apartments in January was $192,300, a decrease of 4.0 per cent compared to January 2013 when it was $200,400 and a decrease of 0.2 per cent compared to December.

January’s total active inventory at 7,384 listings finished 8 per cent lower than the 8,031 active listings available during January 2013.

These stats are provided courtesy of the Fraser Valley Real Estate Board. Full stats can be viewed here: http://www.fvreb.bc.ca/statistics/Package%20201401.pdf

SURREY, BC – Neither predictions of a huge crash or notable recovery came to pass in 2013 as Fraser Valley’s real estate market stayed slow and steady, similar to 2012’s market.

Fraser Valley’s total sales volume last year was 13,663 a decrease of 1.5 per cent compared to 13,878 in 2012. Over the course of the year, Fraser Valley REALTORS® listed 29,338 properties on the Multiple Listing Service® (MLS®), a 5.4 per cent decrease compared to 2012’s 31,009 listings. The number of active listings at year’s end finished at 7,541, 5 per cent higher compared to 7,187 active listings in December 2012.

Ron Todson, President of the Fraser Valley Board, says, “It wasn’t the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall.

“The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they’ve been in last decade, we didn’t see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand.”

In December, the benchmark price of a detached home in the Fraser Valley was $549,500, an increase of 1.9 per cent compared to $539,000 in December 2012 and a decrease of -0.1 per cent compared to November.

For townhouses, the benchmark price in December was $293,300, a decrease of 1.0 per cent compared to the same month last year when it was $296,400 and up 0.3 per cent compared to November. The benchmark price of apartments in December was $192,600, a decrease of 3.7 per cent compared to December 2012 when it was $200,100 and a decrease of 1.8 per cent compared to November.

Annual average prices year over year show detached homes up 3 per cent – $615,852 in 2013 compared to $597,608 in 2012. Townhome average prices decreased by 0.7 per cent, going from $340,253 in 2012 to $337,811 in 2013 and the average price of apartments decreased by 0.4 per cent going from $220,033 in 2012 to $219,196 in 2013.

For the month of December, property sales were down compared to November, as is the seasonal norm – 890 compared to 986; however, they were a 34 per cent improvement over the 664 sales in December 2012.

Stats are provided courtesy of the Fraser Valley Real Estate Board. Find the December Statistics Package here.

For the 19th year in a row, REALTORS® collected enough donations of coats, blankets, sleeping bags and warm clothing to help more than 20,000 people as the mercury plummeted.

“With the cold snap, your donation of blankets, gloves, and warm clothing mean so much to our clients,” said Maxine Davis, executive director of the Dr. Peter AIDS Foundation. “Some of the recipients have shared with us that their living conditions are very cold right now, so these items were put to immediate use.”

The Dr. Peter Centre, one of Vancouver's recipient Blanket Drive charities, offers health programs and long-term and supportive housing to individuals with HIV/AIDS requiring specialized care.

Another regular beneficiary of the Blanket Drive is the Surrey Memorial Hospital's Patient Resource Department. Every year, the hospital receives winter coats to give to patients who need them.

Sharon Frizell is the hospital's manager of volunteer resources. "It’s really, really helpful. We could never have enough coats on hand without the REALTORS® Care Blanket Drive.

"Especially at this time of year, there are some people we care for who do not have adequate clothing for the cold weather. The REALTORS Care® initiative allows us to offer them a warm coat when they're released so they are protected from the elements."

Volunteer REALTORS® pick up, sort and deliver donations dropped off by colleagues, clients, the public, corporations, retailers, community groups and schools. The drop-off locations are real estate offices spread across the region, between Whistler and Hope.

Since 1994, the Blanket Drive has grown to become the largest collection of its kind in the Lower Mainland. Over the years, the program has assisted more than 225,000 people.

www.blanketdrive.ca
www.facebook.com/blanketdrive
www.twitter.com/FVREB  and www.twitter.com/REBGV  (#RCBD)

News Release: December 3, 2013

FRASER VALLEY’S HOUSING MARKET COOLS IN NOVEMBER   

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®)  recorded 986 property sales in November, an increase of 9 per cent compared to the 905 sales during the same month last year, however a decrease of 21 per cent compared to October’s 1,249 sales.

Month-over-month, the Board also received 24 per cent fewer new listings – 1,774 compared to 2,336 in October – but still an improvement over the 1,723 new listings received during November of 2012.

Ron Todson, president of the Board says, “We typically see a slowdown just before the holidays and this year it started a little sooner reflecting what we’re seeing in our overall economy.

“Similar to last November, sales are hovering at about 14 per cent off normal levels, but so are new listings. They’re down about 7 per cent compared to the 10-year average, so what we’re seeing is a slower but steady market keeping home prices in check and the average number of days to sale stable.”

For a detached home in the Fraser Valley, the average number of days to sell in November was 57, compared to last year’s 59 days. For townhomes, it was 58 days and apartments 78 compared to 70 and 74 in November 2012.

Prices for benchmark homes also remain steady showing nominal year-over-year increases or single-digit decreases. For single family detached homes, the benchmark price increased by 1.0 per cent in one year, going from $544,700 in November 2012 to $550,300 last month.

For townhouses, the benchmark price in November was $292,400, a decrease of 2.2 per cent compared to $298,900 during the same month last year. The benchmark price of apartments in the Fraser Valley in November was $196,200, a decrease of 3.3 per cent compared to $202,800 in November 2012.

Todson notes, “Those thinking of buying or selling may notice in our monthly statistics package that average prices in November are up or down substantially compared to the benchmark price.

“Talk to your REALTOR® who will explain that the volume of sales and the calibre of homes sold can dramatically skew average prices, which doesn’t happen with the benchmark price the most reliable of all pricing measurements.” 

Since November 2012, the benchmark price in the Fraser Valley for all three residential property types combined is flat, having decreased by 0.4 per cent and over the last six months the price has decreased by 0.9 per cent.

These stats are provided by the Fraser Valley Real Estate Board. To view the entire stats package please visit: 

http://www.fvreb.bc.ca/statistics/Package%20201311.pdf

(Surrey, BC) – The Fraser Valley real estate market continues to edge closer to typical activity levels as September saw the largest year-over-year increase in property sales this year to date.   

The Fraser Valley Real Estate Board processed 1,131 sales on its Multiple Listing Service® (MLS®) in September, an increase of 32 per cent compared to the 857 sales processed during the same month last year and 10 per cent fewer than processed in August.

Ron Todson, President of the Board, explains, “It is good news however, it’s important to put the increase into context. Our home sales in September went from the worst in 10 years to just below our 10-year average.

“It can take a year or more for the market to recover from regulatory changes such as last year’s tightening of mortgage rules introduced by the federal government. Although we are seeing evidence of first-time home buyers returning to the market, we have to keep in mind that it is more challenging now for them to get financing, so although we’re witnessing a recovery to a balanced market it is gradual.”

Todson adds, “An improvement in our sales in the Fraser Valley has not translated to an increase in home prices because inventory levels have either kept pace or depending on the property type and community are elevated. 

“Your REALTOR® can provide specifics for your area, for example there is 12 months of condo inventory right now in White Rock/South Surrey, 5 months of inventory for single family homes in North Delta and only 3 and a half months of townhouse inventory in Langley. Real estate is local so to understand your market, talk to an expert.”

In September, the benchmark price of single family detached homes in the Fraser Valley was $552,900, a 0.6 per cent increase compared to $549,500 during the same month last year. For townhouses, the benchmark price was $296,200, a decrease of 1.4 per cent compared to $300,500 in September 2012 and the benchmark price of apartments was $203,100, 1.9 per cent less than in September 2012 when it was $207,000.

The Board received 2,375 new listings in September, a decrease of 7 per cent compared to the 2,544 new listings received during the same month last year – leaving the volume of active properties at 9,875 a decrease of 5 per cent compared to September 2012 and the lowest it’s been since March of this year.

Stats are provided by the Fraser Valley Real Estate Board. For the full stats package please click here: http://www.fvreb.bc.ca/statistics/Package%20201309.pdf