Rosemary Papp

With over 36 Years Local Experience to Serve You

778-834-8021

Source: RE/MAX

Activity in Fraser Valley’s housing market was driven primarily by first-time homebuyers.

Condos have seen the most activity in the region due to low inventory levels, affordability and new developments in the area. The OSFI stress test rules and rising interest rates have had the most impact on sale price and activity in the region.

 
 
 


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Source: Duxbury & Associates

QUESTION: I have a question about our new house, which is about 55 years old. We are just making an offer to purchase it. It is in the Vancouver Fairview Slopes area.

We were not made aware by the seller and did not notice at the time that the home has a definite slope in it. The main floor tilts to one side. After we realized this, we contacted the sellers and were told that their agent said everyone who looked at this house should have been made aware of it which, unfortunately, was not the case with us.

We really like the location and the layout, but have found the slope to be a source of frustration. We are just curious as to what, if anything, can be done about this. It would appear to us that anything to fix this could be extensive and expensive, but we really have no idea at all what the cause of this might be.

We don’t know how to proceed, or if we should just leave it and when the time comes that we sell it, just hope for the best. Any thoughts or insights into this would be appreciated.

ANSWER: I will certainly provide my thoughts on your issue, but I must warn, you may not like the response. As you have stated, it is unfortunate that you did not notice the sloped floors in the home before making your offer, as you are now forced to live with it. You are correct that repairs may be undertaken at considerable cost to lessen the slope, but there may also be some less-costly remediation you can do to minimize the problem.

It still never ceases to amaze me, with all the information available in countless forms, that some home buyers are unaware of the potential pitfalls of what is likely the largest purchase of their lives.

Once you sign on the dotted line of an offer to purchase a home, you are bound to the terms of that contract if accepted. If you have some specific conditions in that offer that have to be satisfied by either the seller or yourself, then there may be some wiggle room to change your mind if these conditions cannot be met.

One of these conditions should certainly be a home inspection completed to your satisfaction by an independent, professional property inspector. Without the condition to have the home checked out in great detail for visible defects by an experienced inspector, you are only relying on your own observations in the very brief time you could look at the home. Often, that time is less than 1 hour, where you are primarily looking at suitability of the home for your lifestyle and how clean it is. Your brief look will likely focus on the kitchen, bathrooms and other amenities, but not necessarily the structure or mechanical components.

The slope you have described would have been identified at the time of the home inspection and you could have decided then if it would have been enough of a deterrent to prevent you from completing the purchase. You may still have made the decision to buy the house, but at least you would have been aware of the sloping floor – as well as the other issues with the home. That would have allowed you to weigh the positive and negative features of the home and make an informed, rather than hurried, decision.

SOLUTION: Now that this “lecture” is over, we can address the sloping floor of this home. It is somewhat unusual to have a very noticeable slope in a home, but not uncommon due to shifting soil conditions. The earth moves continually, more or less like the surface of the water.

With many houses that have settled, if all in one direction, there may be little concern other than the noticeably sloping floors. As long as portions of the house have not moved at different rates, known as differential settlement, then the slope may only be an inconvenience. Yes, it may cause some doors to rub and furniture and appliances to sit awkwardly, but hundreds of older homes have these same issues.

It is very common in older areas to see homes that have settled several inches, often to the front street or to one side, that are otherwise in liveable condition.

The one thing you may be able to do, without major structural repairs to the home, is to adjust the posts/columns holding up the main beam(s) in the basement, by replacing with adjustable metal columns – teleposts. As homes settle, these metal columns can create significant “bumps” in the middle of the floors. This may be due not only to the settlement at the perimeter foundation, but also some heaving of the footings under these posts.

When this occurs, it can often make the sloping of the floors appear to be more dramatic – due to the unevenness caused by the upward forces of the posts and beams.

The solution is to call an experienced general contractor or foundation specialist to slowly and very carefully adjust the teleposts, as needed. This can be a relatively easy task if your home has a simple design with a single beam, or can be very difficult if you have a finished basement with multiple posts and beams. Ensure anyone you hire has many years of experience in this area and does proper measurements and calculations to determine which posts need to be adjusted and by how much. Also, commercial General Liability and Errors & Omissions insurance, plus a good reputation and a valid business license.

There are clues that can indicate structural problems in a house: floors out of level, windows and doors sticking, bouncy floors, or floors that sag in certain spots. And not all structural problems are such a big deal. But if all the floors in the house slope to the middle, that says something serious. This is not a quick fix and for a first-time homeowner with a limited budget and not much experience with houses, I’d stay away.

There are lots of reasons that might cause sloping floors in a home. There might be foundation issues or problems with sinking. The sill beam or floor joists might be rotted out or have been eaten by carpenter ants.

But one of the most common issue is people cutting through the structure to run plumbing or wiring or duct work. Or, someone has removed supporting structure underneath to create an open-concept design (or to accommodate a Grow-Op).

Professionals can cut joists to run piping or wiring, but it’s got to be done properly, without weakening them. I suspect someone might have removed critical support. But, without seeing it, I obviously can’t be sure. You need to bring in professionals who can assess the house’s structure.

Structural problems can be fixed. With houses, pretty much anything can be done; it’s just a matter of skill, experience, time and of course, money. Joists that have been cut and compromised can be replaced or repaired (sistered). You can jack up the whole house to replace a rotten sill beam. A crumbling foundation can be excavated and repaired. But these are big, expensive jobs. You’d better be sure the low price for your “fixer-upper” makes up for the cost of the fix.

CONCLUSION: For the most part, pointing out a floor slope in a home more than just a few years old is not the responsibility of a vendor or a realtor, unless you specifically request this information.

As long as nothing was deliberately done to cover up this condition, it is your job to inspect the property as thoroughly as you want before you make an offer to purchase. Without the assistance of your home inspector or professional structural engineer, you are relying on your own very limited expertise and time to make this evaluation.

As you have stated, you can now only “hope for the best” and perhaps make some necessary telepost adjustment to minimize the sloping of the floors in your home.

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Source: Fraser Valley Real Estate Board

SURREY, BC – The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year.

The Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 35.1 per cent compared to the 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,708 sales in April 2018.

Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May.

Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017.

“This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”

The Board received 3,965 new listings in April, a 15.6 per cent increase from April 2018’s 3,429 new listings, and a 6.8 per cent increase compared to May 2017.

“Sales continue to be strong and there’s plenty of potential for sellers if they understand the market and price effectively. Consult your local REALTOR® for informed perspective on what’s happening in your community and what your best options are.”

For the Fraser Valley region the average number of days to sell an apartment in May was 15, and 16 for townhomes. Single family detached homes remained on the market for an average of 24 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,020,800, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to April 2018, and increased 11.6 per cent compared to May 2017.
  • Townhomes: At $555,500, the Benchmark price for a townhome in the Fraser Valley increased 1 per cent compared to April 2018, and increased 20.6 per cent compared to May 2017.
  • Apartments: At $452,900, the Benchmark price for apartments/condos in the Fraser Valley increased 1.2 per cent compared to April 2018, and increased 42.4 per cent compared to May 2017.

Find the May Statistics Package here.

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Source: REBGV

Lenders, including banks and credit unions, regularly turn down mortgage applications from potential home buyers, even those with large down payments.

The reasons vary. The home buyer may be a self-employed entrepreneur and their earnings appear as a low income on a bank statement. The home buyer may be a new immigrant without a credit rating, or they may have a bad credit rating which they’re trying to improve.

The buyer may also have problems meeting the new stress test which requires federally regulated lenders to ensure borrowers can meet the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus two per cent.

This is where alternative lenders can help with mortgage financing, according to Ajay Soni, president of the Canadian Mortgage Brokers Association, past president of the Mortgage Brokers Association of BC and a mortgage broker for 30 years.

In BC, mortgage financing generates between $40 and $50 billion in activity.

“Approximately $3 billion of this is in residential mortgages and another $2 billion in the development and construction side,” said Soni.

Canada-wide, alternative lenders account for 2.5 per cent of the lending market according to a report by CIBC, a rate that has doubled since 2012.

Loaning to riskier borrowers comes with a price tag.

Mortgage rates from an alternative lender are typically higher and vary depending on whether the borrower is getting a bridge mortgage, a second mortgage or third mortgage, or whether they’re refinancing to renovate a property or consolidate debt.

Benefits to borrowers include the opportunity to build or repair credit, or have greater flexibility in structuring loan and payment terms.

Potential home buyers looking for a mortgage should make sure they’re prescreened and prequalified.

As in all matters, buyers should beware.

Alternative lenders aren’t regulated by the Office of the Superintendent of Financial Institutions, an independent federal government agency responsible for supervising Canada’s banks and federally incorporated trust, loan, and insurance companies.

Instead, in BC alternative lenders are regulated by the Financial Institutions Commission. 

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Source: Fraser Valley Real Estate Board

SURREY, BC – Buyer activity in the Fraser Valley stayed coy throughout April despite a bump in inventory across all three major residential types.

The Fraser Valley Real Estate Board processed 1,708 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 23.4 per cent compared to the 2,230 sales in April of last year, and a 2.6 per cent increase compared to the 1,664 sales in March 2018.

Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all transactions in April.

Active inventory for the Fraser Valley finished at 5,667 listings last month, increasing 18.2 per cent month-over-month, and 15.3 per cent when compared to April 2017.

“While it’s great to see the increase in inventory we were looking for, both buyers and sellers remain careful as pricing continues to climb,” said John Barbisan, Board President.

The Board received 3,429 new listings in April, a 19.7 per cent increase from March 2018’s 2,865 new listings, and a 16.2 per cent increase compared to April 2017.

“This isn’t the same spring market we saw each of the last two years, but listings that are selling are still going fast. If you’re considering buying or transitioning from a strata to a detached home, be prepared to move quickly, and talk to a REALTOR® who can support you through the whole process.”

For the Fraser Valley region the average number of days to sell an apartment in April was 14, and 16 for townhomes. Single-family detached homes remained on the market for an average of 26 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,009,200, the Benchmark price for a single-family detached home in the Valley increased 0.8 per cent compared to March 2018, and increased 13.5 per cent compared to April 2017.
  • Townhomes: At $549,900, the Benchmark price for a townhome in the Fraser Valley increased 1.5 per cent compared to March 2018, and increased 23 per cent compared to April 2017.
  • Apartments: At $447,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.6 per cent compared to March 2018, and increased 45.8 per cent compared to April 2017.

Find the April Statistics Package here.

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Source: RE/MAX

A home is the biggest purchase most of us will ever make, so it’s only natural to feel a little intimidated by the negotiation process. This is particularly the case for first-time buyers. Here are some tips to help you approach the negotiation process that will help you minimize stress, stay within your budget and get the best price for your new home.

GET TO KNOW YOUR MARKET

Becoming familiar with the types of properties available in your price range is an important first step. With the help of a real estate professional, you’ll also want to begin exploring neighbourhoods you’re interested in, the types of properties available in those neighbourhoods and their prices. Make note of the difference between listing and sale prices and how factors such as size, location, amenities, proximity to schools, and the age and condition of the home affect price.

Familiarity with the market will help you understand the value of the properties on the market and put you in a stronger negotiating position. While online listings are a good place to start, most buyers should expect to look at 10 to 15 homes in person before they make the decision to put in an offer.

STAY NEUTRAL

Buying your first—or even second or third—home comes with a lot of excitement and becoming emotionally attached can be easy. When looking at potential options, it often doesn’t take long to start imagining your new life there. However, it’s important that buyers do not act overly enthusiastic, particularly when the seller is home. This can put your REALTOR® at a disadvantage when negotiating for the best price. The best approach is to keep your demeanor neutral, take notes, and keep your thoughts and questions for a private conversation with your real estate agent.

FOCUS ON VALUE

When considering making an offer, many buyers assume that the asking price will be different from the selling price. In certain markets, buyers may expect the property to be listed higher than what it will sell for, while in hot markets, the opposite applies.

Rather than focusing on the listing price, focus on the value of the property. If the property is priced properly, the best strategy is to offer the listing price. If the property is not priced properly, make an offer that reflects the property’s true value. The best way to assess this is by getting to know the market and discussing your options with your REALTOR®.

A common mistake some buyers make is to put in a low offer, just to see if the seller is receptive to it. The result is often that the seller doesn’t take the offer seriously, either coming back with the original listing price or not responding at all.

Remember that just as your REALTOR® is advising you, there is also a real estate professional advising the seller on the home’s value.

THINK BEYOND PRICE

Don’t forget that price is not the only point of negotiation –terms are negotiable too. Everything from the move-in date, to home repairs, to which appliances are included in the sale, is up for negotiation.

STICK TO YOUR BUDGET

Firmly establish a budget and stick to it. In markets where demand is high and inventory low, it can be tempting to increase your budget, especially if you have put in several offers without being successful. However, it’s important to stay within a budget that you will be comfortable with for the next several years. Make your best offer and don’t budge. Home buying can be emotional, but try to keep a cool head by reassuring yourself that there will always be another house out there.

WHAT’S MY BUDGET?

When starting the search for a new home, it is important to establish a budget that you will be comfortable living within for several years. There are several handy tools to help you calculate your housing budget and plan your monthly expenses. Canada Mortgage and Housing Corporation’s Household Budget Calculator allows you to compare your income with your expenses and debt payments and see what kind of mortgage you can comfortably afford, and the RE/MAX Monthly Home Budget Planner helps you gain a better understanding of all the costs associated with home ownership.

No one knows the negotiation process better than Rosemary.

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Source: RE/MAX

There are many things to consider when looking for the right home; one of those considerations should be sustainability.  A sustainable home is not only better for the environment, but it can also save you a significant amount of money in the long run.

We asked our RE/MAX Influencers—a panel consisting of RE/MAX Sales Associates throughout Canada—what sustainable features are the most important to look for when buying a sustainable home.  They responded with features that will help you conserve resources and save costs on heat, water, and electricity.

“Buyers need to determine what space heating system is in place, this is the highest monthly cost and best ROI for a homeowner. Depending on the climate, heat pumps are the best but high efficiency gas furnaces are likely the best choice,” says Rob Grey, RE/MAX of Nanaimo (founder of Real Estate Energy Efficiency Program (REEP).

“They also need to see what level of insulation is installed as this compliments space heating and is one of the least expensive improvements in single family energy efficiency.”

Grey adds it’s very important to check if the home has had an energy assessment (EnerGuide rating), which is an extensive examination by a certified energy advisor who calculates the energy performance of a home, and is LEED certified (Leadership in Energy and Environmental Design).

LEED certification provides independent, third-party verification that a building was built using strategies aimed at achieving high performance in key areas, such as: water savings, energy efficiency, material selection, and indoor environmental quality.

Windows

More than half of our influencers mentioned the importance of windows when it comes to energy efficiency. The quality of windows installed in a house greatly impact heat conservation. New double or triple pane, argon-filled windows provide extra insulation and better noise reduction for your home.

Properly insulated windows are a must for keeping heat from escaping during the cold winter months. However, the orientation of the windows to the sun should also be considered, as south-facing windows allow radiant heat from sunlight to enter the home each day.

Heating

Tied for second place along with water-saving features, a home’s heat source and heat conservation are also very important. A high-efficiency furnace, automated climate control, high value insulation, and heat recovery ventilation are must-haves among others.

South-facing windows, geothermal systems, and active solar energy systems are great sustainable features for heating a home. A geothermal system utilizes the stable ground temperature to regulate a home’s temperature, whereas an active solar energy system gathers heat from the sun.

Water

It is very important to conserve our freshwater supply. Sustainable homes utilize features that minimize water usage. Features like low-flow toilets, sinks, and showerheads, automated sprinklers, rain collectors, and xeriscaping go a long way in water conservation.

Solar

One-third of our Influencers spoke about the importance of utilizing the sun’s rays when considering sustainability. Solar panels, solar water heating, and orientation to the sun for natural heating are all ways we can effectively utilize solar energy.

Electricity

It can be difficult at times to keep up with advancements in technology. Our influencers suggest looking for LED lighting and programmable energy-efficient appliances in a sustainable home.  If the home is equipped with a solar panel array, ask for a comparison of the home’s electric generation and consumption.  Is there a charging outlet in the garage for a potential future electric car?

***

Are you searching for the home that is in a great location and is the perfect style for you? Rosemary can help you with your search.

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Source: Fraser Valley Real Estate Board

SURREY, BC – While sales reached slightly above the ten-year average for the month, a lack of sufficient inventory in the Fraser Valley continued to put pressure on homebuyers in March.

The Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 24.8 per cent compared to the 2,213 sales in March of last year, and a 20.1 per cent increase compared to the 1,385 sales in February 2018. The ten-year average for sales in the Fraser Valley in March is 1,658 transactions.

Of the 1,664 sales processed last month, 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March.

Active inventory for the Fraser Valley finished at 4,796 listings last month, increasing 10.5 per cent month-over-month, and decreasing 0.2 per cent when compared to March 2017.

“We continue to see demand capped-off due to an inadequate amount of supply,” said John Barbisan, Board President. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”

The Board received 2,865 new listings in March, a 24.9 per cent increase from February 2018’s 2,293 new listings and a 6.7 per cent decrease compared to March 2017.

“On the plus side, despite a tighter market pricing has remained relatively stable for our region. Talk to your REALTOR® who can help show you the best options at the price level you’re looking for.”

For the Fraser Valley region the average number of days to sell an apartment in March was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 30 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,001,400, the Benchmark price for a single family detached home in the Valley increased 0.9 per cent compared to February 2018, and increased 15.2 per cent compared to March 2017.
  • Townhomes: At $541,800, the Benchmark price for a townhome in the Fraser Valley increased 2 per cent compared to February 2018, and increased 24.9 per cent compared to March 2017.
  • Apartments: At $440,400, the Benchmark price for apartments/condos in the Fraser Valley increased 4.3 per cent compared to February 2018, and increased 48 per cent compared to March 2017.

Find the March Statistics Package here.


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Source: RE/MAX

If you are a homeowner and you decide to enter the market, you’re faced with a difficult question: Especially if you’ve never sold your home before.

Do you buy your next home before selling? Or do you sell your current home before buying?

We reached out to our RE/MAX Influencers—a panel consisting of RE/MAX Sales Associates from throughout Canada—to find out their opinion on whether homeowners who are re-entering the market should buy first or sell first.

It all depends

The majority of our RE/MAX Influencers agreed that each situation is unique, and several factors need to be looked at to determine the answer of that question. For example: What are the current market conditions? And are you financially capable of carrying two properties with ease?

“It absolutely depends on the market situation,” says Justus Smith, RE/MAX Crown Real Estate (East). “If the client is selling in a hot seller’s market, then they would likely want to find their next home first and buy it. However, if they are selling in a buyer’s market, it’s better to get their property sold before venturing out to purchase another home.”

Pros of buying first

By buying first, homeowners are less rushed to find the right home, so they can spend time making sure the new house fits as many of their needs as possible.

“The ideal situation is to purchase a home and then sell your current property,” says Sarah Leib, RE/MAX River City.

“Buying without having to sell first allows buyers to find the right home at their own pace,” adds Shauna Bailey, RE/MAX Crown Real Estate North.

Although buying first has some advantages, this situation isn’t financially feasible for everyone. There may be a possibility to add in a sale of home condition to the offer; however, competing offers without that condition will likely be more desirable.

“Buyers should consult with their lender to discuss the possibility to arrange interim financing; therefore, enabling them to make an offer without this condition—provided they qualify—with the intention of ultimately selling their current home once they confirm the new purchase,” says Glen Darough, RE/MAX RHC Realty.

Pros of selling first

Many aren’t able to afford the cost of carrying two properties, and trying to do so may cause significant stress.

“The risk of having to discount your home to create a quick sale just isn’t a pleasant experience,” says Eric Steinbach, RE/MAX Kelowna. “(Clients) can negotiate a better purchase price being strong on finance.”

“It really depends how comfortable my clients are to have the possibility to have to bridge finance or carry two mortgages. I always suggest to sell first, but there are a lot of buyers out there who are scared they won’t find what they are looking for,” says Elio Parente, RE/MAX City Realty.

Rosemary can guide you through your unique situation and help determine whether buying first or selling first is the right decision for you.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Despite slight increases in both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.

The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 per cent increase compared to the 1,210 sales in January 2018.

Of the 1,385 sales processed last month, 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

“Attached apartment inventory, in particular, has struggled to keep up with the shift in demand we saw prominently throughout last year,” said John Barbisan, Board President. “Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level.”

Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February 2017. The 10-year average for February active inventory is 7,487 units.

The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018’s 2,092 new listings, and a 5.6 per cent increase compared to February 2017.

“With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR® who can evaluate your local market and find the right price point for success.”

For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February 2017.
  • Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February 2017.
  • Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February 2017.

Find the February Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

Of the 1,210 sales processed last month, 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales,” said Gopal Sahota, Board President.

Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.

“Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”

For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
  • Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.
  • Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.

Find the January Statistics Package here.

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Source: RE/MAX Canada

Low inventory in Fraser Valley was the driving force behind price appreciation in the region in 2017 as demand continued to outpace supply. There are currently two months of inventory on the market and this is expected to remain consistent in 2018, as there is limited new inventory expected to enter the market. This is partially due to Agriculture Land Reserves, focused on farmland and fisheries, which limit residential real estate development opportunities in the surrounding region. The luxury segment of the market remains stable, with the typical upper-end property selling for between $2 million and $4 million.

Read the full Fraser Valley Report here

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Source: Fraser Valley Real Estate Board

SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity.

The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016. The total dollar volume of MLS® sales was $15.7 billion, coming out slightly beneath 2016’s record setting total dollar volume of $16.2 billion.

Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.

“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” remarked Gopal Sahota, President of the Board.

“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.”

For inventory, a total of 32,651 new listings were received by the Board’s MLS® system, the third highest in the Board’s history after 2016 (34,768) and 2008 (35,651).

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

Sahota adds, “All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers.

“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”

HPI® Benchmark Price Activity

  • Single Family Detached: At $976,400, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to November 2017, and increased 14.2 per cent compared to December 2016.
  • Townhomes: At $513,100, the Benchmark price for a townhouse in the Valley increased 1.5 per cent compared to November 2017, and increased 23 per cent compared to December 2016.
  • Apartments: At $388,600, the Benchmark price for an apartment in the Valley increased 3.2 per cent compared to November 2017, and increased 40.5 per cent compared to December 2016.

Find the December Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Demand for Fraser Valley properties persisted through November, once again bolstered by strong attached sales across the region.

The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history.

Attached sales represented 53% of all market activity for the month, with apartment sales totaling 496 and townhomes at 426.

“Our attached market feels like our detached market used to,” Gopal Sahota, Fraser Valley Real Estate Board President remarked. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.”

Last month the total active inventory for the Fraser Valley was 5,129 listings. Active inventory decreased by 6.5 per cent month-over-month, and decreased 8.4 per cent when compared to November 2016.

The Board received 2,324 new listings in November, a 6.3 per cent decrease from October 2017, and a 29.7 per cent increase compared to November 2016’s 1,792 new listings.

“As you can imagine, attached listings are moving fast and often facing multiple offer situations,” continued Sahota. “Talk to a REALTOR® if you’re ready to buy, and they can help give you the best chance at the homes you want.”

For the Fraser Valley region the average number of days to sell an apartment in November was 17, and 21 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $972,700, the Benchmark price for a single family detached home in the Valley increased 0.1 per cent compared to October 2017, and increased 13.2 per cent compared to November 2016.
  • Townhomes: At $505,700, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to October 2017, and increased 19 per cent compared to November 2016.
  • Apartments: At $376,700, the Benchmark price for apartments/condos in the Fraser Valley increased 2 per cent compared to October 2017, and increased 36.6 per cent compared to November 2016.

Find the November Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Board’s history.

The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.

Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”

Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016.

The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.

“Your real estate experience in the Valley is going to be very different depending on what you’re looking for or selling,” continued Sahota. “Regardless, with the help of a professional REALTOR® you can understand exactly what’s happening in your market and find success.”

For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $971,900, the Benchmark price for a single family detached home in the Valley decreased 0.3 per cent compared to September 2017, and increased 11.8 per cent compared to October 2016.
  • Townhomes: At $502,800 the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to September 2017, and increased 18.4 per cent compared to October 2016.
  • Apartments: At $369,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.

Find the October Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Residential property sales in the Fraser Valley remained strong in September, with both attached and detached homes performing well throughout the region.

The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service® (MLS®) in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,879 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history.

Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.

“Often we see summer demand continue as far as October, so it’s not unusual to have another strong month before the seasonal cool down,” said Board President Gopal Sahota. “What’s unusual this year is that attached inventory sales are still driving the market despite the increased competition we’re seeing there.”

Last month the total active inventory for the Fraser Valley was 5,854 listings. Active inventory increased by 2.5 per cent month-over-month, and decreased 8.8 per cent when compared to September 2016.

The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.

“It’s also interesting to observe the return to a balanced market for detached homes here in the Valley,” continued Sahota. “While pricing remains stable, competition for houses has simmered and listings are staying on market longer. If you were waiting to make a move or upgrade, now might be a good time to talk to your REALTOR® and see what’s out there.”

For the Fraser Valley region the average number of days to sell an apartment in September was 19 days, and 18 days for townhomes. Single family detached homes remained on market for an average of 29 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $974,500, the Benchmark price for a single family detached home in the Valley decreased 0.2 per cent compared to August 2017, and increased 11.2 per cent compared to September 2016.
  • Townhomes: At $498,900 the Benchmark price for a townhome in the Fraser Valley increased 1.4 per cent compared to August 2017, and increased 17.7 per cent compared to September 2016.
  • Apartments: At $358,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.5 per cent compared to August 2017, and increased 35.2 per cent compared to September 2016.

Find the September Statistics Package here.


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Source: Fraser Valley Real Estate Board

SURREY, BC – Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.

The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.

Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.

“It’s not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now,” said Board President Gopal Sahota. “Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland.”

Last month the total active inventory for the Fraser Valley was 5,712 listings. Active inventory decreased by 4.3 per cent month-over-month, and decreased 6.4 per cent when compared to August 2016.

The Board received 2,633 new listings in August, a 20.2 per cent decrease from July 2017, and a 7.3 per cent decrease compared to August 2016’s 2,840 new listings.

“Anyone whose looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,” continued Sahota. “Talk to your REALTOR® for the best advice on how to prepare yourself and succeed in a competitive market like this one.”

For the Fraser Valley region the average number of days to sell an apartment in August was 17 days, notable when compared to 26 at this time last year. Townhomes sold in an average of 16 days, and single family detached took 25.

HPI® Benchmark Price Activity

  •  Single Family Detached: At $976,000, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to July 2017, and increased 10.2 per cent compared to August 2016.
  • Townhomes: At $491,900 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to July 2017, and increased 16.6 per cent compared to August 2016.
  • Apartments: At $349,300, the Benchmark price for apartments/condos in the Fraser Valley increased 2.4 per cent compared to July 2017, and increased 32.8 per cent compared to August 2016.

Find the August Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing,” said Gopal Sahota, Board President.

Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and a 11 per cent decrease compared to June 2017’s 3,707 new listings.

“Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations,” continued Sahota.

“If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

HPI® Benchmark Price Activity

  • Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.
  • Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.
  • Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

Find the June Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

“We knew that there was a growing appetite for our attached properties, but this month was exceptional,” said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.
The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

Sahota added, “More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.
• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.
• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

Find the June Statistics Package here.


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Source: Fraser Valley Real Estate Board

SURREY, BC – The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.

The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types,” said Gopal Sahota, Board President.

In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.

The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.

“We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016.

HPI® Benchmark Price Activity

  • Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.
  • Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.
  • Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

Find the May Statistics Package here.

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