News Release: March 3, 2015

EARLY SPRING FEVER HITS FRASER VALLEY REAL ESTATE MARKET

(Surrey, BC) – In February, sales of all property types in the Fraser Valley increased by 21 per cent in one year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.

Last month, the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service® compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.

“It was our busiest February since 2007,” says newly elected Board President Jorda Maisey. “In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home in your neighbourhood, talk to your REALTOR®.”

A measurement the real estate industry relies on to gauge the health of the housing market is the ratio between sales and active listings. For the Lower Mainland, the balanced range is between 12 and 20 per cent; which means when it’s less than 12 it favours buyers and greater than 20 it favours sellers. The ratio in February for single family detached homes was 26 per cent; townhomes 22 per cent and apartments 12 per cent.

Maisey adds, “Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes in part because almost half our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and interest rates so low, many first-time buyers are finding they can get more for their money here.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, an increase of 4.2 per cent compared to February 2014 when it was $558,100.

In February, the benchmark price of townhouses was $297,200, a decrease of 0.6 per cent compared to $298,900 in February 2014. The benchmark price of apartments also decreased year-over-year by 1.8 per cent, going from $193,200 in February 2014 to $189,700 in February 2015.

Across Fraser Valley, the average number of days to sell a single family detached home in February was 41 days, ten days faster than last year. Townhouses on average took 55 days to sell; one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201502.pdf

News Release

For Immediate Release: February 3, 2015

New Year kicks off with average activity for Fraser Valley real estate market

SURREY, BC – Fraser Valley’s real estate market improved in January compared to 2014 with sales and new listings reflecting levels close to seasonal norms. The Fraser Valley Real Estate Board processed 853 sales on its Multiple Listing Service® (MLS®) in January, an increase of 10 per cent compared to January 2014 and 21 per cent fewer then were processed in December. Sales in January ranked in the middle of the pack for the last ten years coming in 2 per cent under the 10-year average.

Ray Werger, President of the Board said, “We’re typically a little slower post-holdiay season and this year echoed that trend until about mid-month, when we noticed inquiries from interested buyers start to pick up at a number of our offices – including an increase in calls from first-timers.

“Can we attribute it to the interest rate drop? We can’t know what specifically motivated them to act, but we do know that stability generates confidence in the economy and confidence stimulates the housing market.”

The Board received 2,714 new listings in January, an increase of 1 per cent compared to January of last year and more than doubling the listings received in December 2014. From a historical perspective, January 2015’s new listings – similar to sales – finished 5 per cent above the 10-year average.

Werger explained, “It’s normal for us to see inventory start to climb at the beginning of the year in preparation for a busier spring market. What’s different this year is with sales as strong as they are for detached homes; particularly in the mid-price point, the shortage that we started to see late last year in certain areas isn't diminishing.”

Across Fraser Valley, the average number of days to sell a single family detached home in January 2015 ranged anywhere from 30 to 80 days depending on the community. “That’s a big difference. Ask your REALTOR® to show you the impact of supply and demand on prices and average days to sale in your neighbourhood,” added Werger.

The MLS® HPI benchmark* price of a Fraser Valley single family detached home in January was $571,700, an increase of 3.5 per cent compared to January 2014 when it was $552,500. In January, the benchmark price of townhouses was $293,800, a decrease of 1.3 per cent compared to $297,600 in January 2014. The benchmark price of apartments also decreased year-over by 1.5%, going from $192,300 in January 2014 to $189,500 in January 2015.

*Note:

The national MLS® Home Price Index (MLS® HPI) underwent its annual review in January, 2015. This led to two changes:

1. Neighbourhoods where home sales over the past three years totaled 12 or less have been removed from the model. Neighbourhoods where sales have increased to 20 or more over the past three years have been added. Composite and aggregate historical MLS® HPI data now reflect these changes.

2. Benchmark property descriptions have been updated to reflect currenty buying trends. 

Background:

HBI Benchmark prices represent the value of a 'typical' property within a market. When the HPI was developed in 2011, a composite description was created for every neighborhood and property type based on MLS® sales data for that specific neighbourhood. What people typically purchase can change over time due to changes in affordability and buyer preferences. Therefore, it’s necessary for these descriptions to be periodically updated. The updated MLS® HPI methodology is available at:

http://homepriceindex.ca/hpi_resources_en.html.

Stats provided by the Fraser Valley Real Estate Board. For a full package visit: http://www.fvreb.bc.ca/statistics/Package%20201501.pdf

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News Release: January 5, 2015

STEADY HOME SALES IN DECEMBER CAP SOLID YEAR FOR FRASER VALLEY REAL ESTATE

(Surrey, BC) – Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single family detached homes leading the way.

Ray Werger, President of the Board, says, “It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10-year average.”

The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014.

According to Werger, sales during the month of December followed the same trend as every month in 2014 with sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.

“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas.”

In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500.

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year-over-year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.

Stats provided by the Fraser Valley Real Estate Board - for a full stats package click here: http://www.fvreb.bc.ca/statistics/Package%20201412.pdf

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REALTORS Care® Blanket Drive 
 December 11, 2014

20 years of recognition and support result in high quality donations to the REALTORS Care® Blanket Drive

Vancouver, BC – For the 20th year, REALTORS® across the Lower Mainland gathered warm clothing and blankets to help over 17,000 working poor and homeless people in our region and what stood out most during this year’s Blanket Drive – November 17 to 24 – was the quality and specificity of donations.

Sue Mukerji, Surrey REALTOR® and Blanket Drive volunteer for over ten years, observes, “The message that it’s not about quantity is really getting through now. Our goal has always been to collect the highest quality items to meet the needs of our most vulnerable citizens in each of our communities.

“Some of our charities request only blankets; others indicate they need mainly socks or underwear. Surrey’s Hyland House specifically asked for new pillows. Because we have REALTORS®, clients and members of the public who have been supporting us for many years, we have a network to help fulfill the unique requests as best we can.”

One group that regularly receives donations from the Blanket Drive is the Hope Central Ministry at New Heights Church in Mission. They provide food and other services to both low income families and to individuals living outdoors. Carrie Prentice is the ministry coordinator and the church’s only staff person. “For many of our clients, their only source of warmth is a blanket and winter clothing provided by the Blanket Drive.

“We were very touched when two REALTORS® returned after dropping off donations to bring us literally bags of socks. Something as simple as a clean, new pair of socks can really make a big difference to someone’s quality of life.”

Another beneficiary of the REALTOR® initiative is the Harvest Project in North Vancouver. They connect with over 300 families and individuals challenged by family breakdown, illness, job loss and poverty.

Development officer Kevin J. Lee, said, “Thank you REALTORS Care® Blanket Drive! The donated items allow us to provide coats and clothing to women and men returning to the work force or school and help those simply in need of proper clothing for the winter season."

Established in 1994, the Blanket Drive is the largest, most recognized warm clothing and blanket collection in the Lower Mainland and has assisted more than 250,000 people. Donations from REALTORS®, their clients, the general public, corporations, retailers, community groups and schools are dropped off at over 100 real estate offices from Whistler to Hope.

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.

News Release: December 2, 2014

2014 TREND TOWARDS INCREASED SALES AND STEADY PRICING CONTINUES INTO NOVEMBER

(Surrey, BC) – The Fraser Valley Real Estate Board processed 1,136 sales on its Multiple Listing Service (MLS®) in November, an increase of 15 per cent compared to the 986 sales during the same month last year and 22 per cent lower than the 1,448 sales processed in October.

New listings in the Fraser Valley decreased by 2 per cent in November, going from 1,774 last year to 1,748 last month taking the number of active listings to 8,302, a decrease of 4 per cent compared to the 8,641 active listings in November of 2013.

“This is the time of year when families are settling in for winter and the holidays, so we expect to see a decrease in activity,” explains the Board’s president, REALTOR® Ray Werger. “After a busy fall with volumes reaching 5-year highs, we’re winding down the year with sales on par with the ten-year average, but about 8 per cent fewer new listings therefore home buyers will notice a shortage of inventory in certain price ranges.”

Pricing continues along the same trends as seen for most of 2014, with single family detached prices continuing to rise; townhouse prices remaining steady, and apartment prices decreasing. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in November was $575,400 an increase of 4.6 per cent compared to November 2013, when it was $550,300.

The MLS® HPI benchmark price of townhouses increased 2.2 per cent from $292,400 in November 2013 to $298,900 last month. The benchmark price of apartments decreased year-over-year by 3.5 per cent, going from $196,200 in November of last year to $189,400 in November 2014.

“Prices are a function of supply and demand - which your REALTOR® will explain varies considerably from area to area and within the different property types - as well as local amenities, transportation options and future community development, underscoring the importance of expert guidance when you’re looking to list or buy,” says Werger.

“Overall, 2014 is shaping up to be a good year for Fraser Valley real estate,” continues Werger. “We hit a bit of a trough during the summer of last year, but since then sales have recovered and we’re tracking towards a 15 per cent increase in year-to-date sales for 2014 compared to 2013 with prices remaining relatively stable.”

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

http://www.fvreb.bc.ca/statistics/Package%20201411.pdf