March 7, 2017
Fraser Valley enjoys healthy market in February
Source: Fraser Valley Real Estate Board
SURREY, BC – The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.
Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” said Gopal Sahota, Board President.
The Board received 2,171 new listings in February, a 0.3 per cent decrease from January 2017, and a 33.9 per cent decrease compared to February 2016’s 3,283 new listings.
For February the total active inventory in the Fraser Valley finished at 4,645 available listings, increasing by 5.5 per cent month-over-month, and decreasing 9.4 per cent when compared to February 2016.
“While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”
For the Fraser Valley region, the average number of days to sell a single family detached home in February 2017 was 38 days, compared to 21 days in February 2016.
HPI® Benchmark Price Activity
- Single Family Detached: At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to January 2017, and increased 20.4 per cent compared to February 2016.
- Townhomes: At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5 per cent compared to January 2017, and increased 25.2 per cent compared to February 2016.
- Apartments: At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8 per cent compared to January 2017, and increased 26.5 per cent compared to February 2016.
Find the February Statistics Package here.
February 10, 2017
Food banks receive $32,500 from Fraser Valley Realtors
Surrey, BC - On behalf of Fraser Valley’s 3,200-plus REALTORS®, the Fraser Valley Real Estate Board (FVREB) has donated $32,500 to five food banks across its regional area.
“Fraser Valley Realtors are honoured to once again support local food banks and the incredible work they do for our communities,” said Charles Wiebe, President of the FVREB.
“Every day, these organizations provide critical assistance to families and individuals throughout the Fraser Valley. With this donation we hope to provide what help we can towards their efforts and the lives of those in their care.”
This is the sixth year Fraser Valley Realtors have donated to local food banks. In that time, a total amount of $132,500 has been distributed throughout the region.
As in previous years, the donation is divided proportionately based on the number of Realtors represented in each community. $13,325 will go to the Surrey Food Bank; $6,500 to the Sources Langley Food Bank; $6,825 to Sources White Rock South Surrey Food Bank; $975 to the North Delta Chapter of the Surrey Food Bank; $3,900 to the Abbotsford Food Bank; and $975 to St. Joseph’s Food Bank in Mission.
Rebecca Thuro, Communications Coordinator at the Abbotsford Food Bank, received the FVREB’s cheque on behalf of Abbotsford. “Food bank use in British Columbia has never been higher, as thousands of residents continue to struggle with the growing cost of living in our province. With every dollar or item of food donated, someone in your community – a neighbour, friend, child or grandparent - gets to live a little easier.”
“We’re grateful for this donation and the ongoing support of Fraser Valley Realtors.”
British Columbia’s food banks support over 100,000 people every year; please consider supporting the food bank organization in your community. For more information about all FVREB community giving initiatives, go to www.fvreb.bc.ca.
Attached photo: Rebecca Thuro, Communications Coordinator, Abbotsford Food Bank and Charles Wiebe, FVREB President
The Fraser Valley Real Estate Board is an association of 3,280 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission, British Columbia. The FVREB marked its 90-year anniversary in 2011.
August 3, 2016
Fraser Valley housing market simmers in July
Source: Fraser Valley Real Estate Board
SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.
The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.
“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.
The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.
“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”
Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.
In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.
Find the July Statistics Package here.
June 4, 2015
Slight shift in Fraser Valley market in May; sales edge down while inventory inches up
Source: Fraser Valley Real Estate Board
SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April.
There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year.
Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased.
“The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”
In May, the total number of active listings on the MLS® was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased 7 per cent compared to April, and was also down 7 per cent compared to May of last year.
Maisey continues, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single family detached.
“What buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes and a balanced or buyers’ market depending on the location, for apartments. In either situation, you can benefit a tremendous amount from the experience and advice of your local REALTOR®.”
In May, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $566,400.
The benchmark price of townhouses in May was $303,100, an increase of 2 per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year-over-year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.
Find the May Statistics Package here.
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