News Release: March 2, 2016

ANOTHER RECORD-SETTING MONTH FOR FRASER VALLEY REAL ESTATE 

SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales.

In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January. To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992.

Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”

“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.”

The Board received 3,283 new listings in February, an increase of 26 per cent compared to February of last year, and another record high for February. The total active inventory for February was 5,127, down 35 per cent from last year’s 7,864 active listings.

Wiebe explained, “Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”

Across Fraser Valley, the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400.

In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015. The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016.

Stats provided by the Fraser Real Estate Board. For a full package click here:
http://www.fvreb.bc.ca/statistics/Package%20201602.pdf

Will 2016 be a repeater?

Last year, Fraser Valley REALTORS® experienced the best year in home sales in a decade. Will this year be as good?

In short, no because it's hard to top near record-breaking two years in a row; however, according to the experts, 2016 will be another strong year for Fraser Valley's housing market. This year's market is expected to echo how sales in 2006 and 2007 gradually decreased from 2005's all-time sales high.

In a monthly statistics conference call between FVREB and REBGV officers, BCREA's Chief Economist, Cameron Muir, pointed out that markets historically do not shift quickly, or dramatically "pending an economic shock such as a significant decrease in interest rates."

He has forecast that Fraser Valley's residential MLS® sales will decrease by 8.3 per cent in 2016 compared to 2015, which would result in the Board posting 18,500 sales in total (residential and commercial combined) this year – still 14 per cent higher than the ten-year average.

At Vancouver's CMHC Housing Outlook Conference in November, Market Analyst Richard Sam's forecast echoed BCREA's projecting the same decrease in sales – 8.3 per cent – for the Fraser Valley this year compared to last. Interestingly, CMHC anticipates a 'softer landing' for home sales in the Abbotsford-Mission Central Metropolitan Area (CMA) and is forecasting a decrease of only 2.4 per cent in 2016, so almost as strong a year as last year for our members serving clients further out in the Valley.

One reason for continued strength in sales in Abbotsford/Mission is likely affordability. As FVREB President Jorda Maisey explained to reporters in the Board's December statistics release, "The Fraser Valley has always appealed to consumers looking for competitive pricing and a diverse range of housing options.

"Last year shows that consumers recognize the long-term value of property ownership in the Fraser Valley, particularly valuing the single family home, which they recognize is becoming a limited commodity. Sales of single family detached increased across all of our communities, in some instances more than doubling 2014's sales."

In 2015, the strong demand in our region – and lack of competitively priced inventory – for single family detached homes had a clear impact on prices. In December 2015, MLS® Home Price Index Benchmark prices were up an astounding 17.3 per cent compared to December 2014. Year-over-year, average prices for FVREB detached homes increased by 12.1 per cent. Contrast that to BC's rate of inflation last year, which hovered around 1 per cent.

Economists predict that even though MLS® sales will dip this year, demand for single family homes will remain robust, which will continue to put upward pressure on prices. Muir forecasts the average MLS® price of single family homes in the Fraser Valley will increase by 4.8 per cent in 2016; townhome prices will increase by 3.5 per cent and apartments, 2.6 per cent.

BCREA will release its First Quarter 2016 Housing Forecast Update in February. To view last year's Fourth Quarter forecast, head to BCREA's Economics page on REALTOR® Link and click on Housing Forecast.

News Release: February 2, 2016

NEW YEAR BRINGS STRONGEST JANUARY ON RECORD

SURREY, BC – Fraser Valley’s real estate market showed no signs of slowing down, producing the strongest sales for January on record.

The Fraser Valley Real Estate Board processed 1,338 sales on its Multiple Listing Service® (MLS®) in January, an increase of 57 per cent compared to January 2015 and 13 per cent fewer then were processed in December. Sales in January ranked at the top for the last ten years coming in 57 per cent over the 10-year average, and 5 per cent higher than the previous record of 1,270 sales in January 1992.

Jorda Maisey, President of the Board said, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.”

“There are a number of factors we can attribute this jump to, but most importantly, we’re seeing that the demand for owning a home continues to rise and inventory is struggling to keep up. Job creation and a strong BC economy are drawing more people to our region; and despite rising prices in some areas, many communities within the Fraser Valley remain affordable.”

The Board received 2,510 new listings in January, a decrease of 8 per cent compared to January of last year. The total active inventory for January was 4,790, down 34 per cent from last year’s 7,307 active listings.

Maisey explained, “Homeowners may be reluctant to sell because they love their home and where they live. However, for those looking to enter the market and perhaps are waiting for spring, we suggest you and your REALTOR® start planning now. There are a lot of people out there who will want your home.”

Across Fraser Valley, the average number of days to sell a single family detached home in January 2016 was 33 days, compared to 55 days in January 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in January was $691,100, an increase of 20.9 per cent compared to January 2015 when it was $571,700.

In January, the benchmark price of townhouses was $334,400, an increase of 13.8 per cent compared to $293,800 in January 2015. The benchmark price of apartments also increased year-over-year by 7.8 per cent, going from $189,500 in January 2015 to $204,300 in January 2016.

Stats provided by the Fraser Valley Real Estate Board for a full package click here: 
http://www.fvreb.bc.ca/statistics/Package%20201601.pdf

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