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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: 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: 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: 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: 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 – Property sales in the Fraser Valley soared in April compared to one year ago increasing by 37 percent.

There were 2,009 sales processed on the Fraser Valley Real Estate Board Multiple Listing Service® (MLS®) in April, compared to 1,470 in April of last year. These volumes rank third highest of all time for the month with the next best April in 2004 and prior to that in 1991.

“April was a very active market,” says Jorda Maisey, Board President. “The low cost of borrowing continues to attract first-time buyers and families looking to either downsize or upsize as they take advantage of the equity they’ve built up in their existing homes.”

Though there was a 2 per cent increase in new listings processed in April, as compared to April 2014, the increase was not enough to balance out the market. Total active inventory on the MLS® at month’s end was 8,384 properties, the lowest for the month of April in eight years.

As Maisey explains, what sellers are most looking for is a single family detached home, “In some of our areas, sixty to seventy per cent of inventory is selling. Depending on the location, some detached homes are selling in a matter of days, not weeks, which is why if you’re a buyer it’s so important to work with a professional who knows your neighbourhood and is networked with other REALTORS®.”

With demand high and available product slim, the benchmark price of single family detached homes continues to increase in most areas. In April, the MLS® HPI benchmark price of a detached home was $595,600, an increase of 5.2 per cent compared to April 2014 when it was $566,000.

The benchmark price of townhouses in April was $300,400, an increase of 0.6 per cent compared to $298,700 in April 2014. The benchmark price of apartments decreased year-over-year by 2.6 per cent, going from $196,300 in April 2014, to $191,200 last month.

Maisey adds, “For apartment owners, take heart, the condominium market in the Fraser Valley is improving. We are starting to see more activity at open houses and an increase in the number of sales; however, that market remains firmly in balance with plenty of selection and prices still flat or declining in certain areas.”

Find the April Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259 sales in March of last year. Sales during March of 2006 were 2,072.

Jorda Maisey, President of the Board, attributes the strength in the market to a number of factors. “Our population is growing, interest rates continue to remain supportive of housing demand and consumers are confident. It all adds up to a desire to invest in real estate now.”

In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent fewer than available during the same month last year.

Maisey adds, “It’s important to emphasize that supply and demand vary depending on property type and location. Currently, demand for single family detached homes is outpacing supply in most Fraser Valley communities resulting in lower inventory levels, upward pressure on prices and homes selling faster than they did last year.

“For buyers looking for a detached home or in certain areas a townhome, your REALTOR® will advise that selection is limited, you will have less time to make decisions and their ability to negotiate a lower price for you is diminished. This is not the case if you’re looking to invest in an apartment or an acreage property where the market continues to favour buyers.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $588,500, an increase of 4.5 per cent compared to March 2014 when it was $563,400.

In March, the benchmark price of townhouses was $299,700, an increase of 0.9 per cent compared to $297,100 in March 2014. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $195,400 in March 2014 to $190,800 in March 2015.

In March, the average number of days to sell a single family detached home in the Fraser Valley was 38 days, down from 44 days in 2014. Townhomes took 48 days on average to sell, while apartments took 61 days, both comparable with March of last year.

Find the March Statistics Package here.


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Source: Fraser Valley Real Estate Board

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.

Find the February Statistics Package here.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Fraser’s 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-holiday 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.

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.

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-year by 1.5 per cent, going from $192,300 in January 2014 to $189,500 in January 2015.

Find the January Statistics Package here.


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Source: Fraser Valley Real Estate Board

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.

Find the December Statistics Package here.

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Source: REW.ca

I was recently contacted by REW.ca, a photo I had taken was going to be used in one of their upcoming articles.  I must say, I did feel pretty special that they were asking me! Does this mean I'm a professional photographer now?  I think I’ll stick to real estate!

The REW.ca is the online site of the largest real estate market newspaper in the Lower Mainland called  Real Estate Weekly. Check out the full article Fraser Valley Real Estate Market: January 2014.

Thank you REW.ca!

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