SUSAN JAHNKE

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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. FVREB Septembr 2017

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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.

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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.

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SURREY, BC – The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.

 

The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.

 

Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.

Gopal Sahota, President of the Board, on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

 

Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over-month.

 

The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.

 

"Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk you your REALTOR® to see what’s out there, and might be right for you,” added Sahota.

 

For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.

 

HPI® Benchmark Price Activity 

• Single Family Detached: At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3 per cent compared to March 2017, and increased 14.5 per cent compared to April 2016.

• Townhomes: At $446,000 the Benchmark price for a townhome in the Fraser Valley increased 3.2 per cent compared to March 2017, and increased 26.2 per cent compared to April 2016.

• Apartments: At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to March 2017, and increased 29.8 per cent compared to April 2016.

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SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

 

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

 

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

 

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season," said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our bourgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.

 

The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.

"We've never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

 

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

 

HPI® Benchmark Price Activity 

• Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.

• Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.

• Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

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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.

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SURREY, BC – Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.

 

The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.

 

Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.

 

“The impacts of 2016's tremendous real estate surge continue to be felt as we enter the New Year, and a new market. Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly," said Charles Wiebe, Board President.

The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.

 

In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.

 

"This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. If you need help figuring out your next step, talk your local REALTOR® and they can help you get to market quickly and stress-free.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.

 

HPI® Benchmark Price Activity

• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.

• Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.

• Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.

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SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

 

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

 

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

 

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year. For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

 

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

 

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

 

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

 

HPI® Benchmark Price Activity

• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

 

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

 

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015. FVREB January 2017

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SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.

 

The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.

 

“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition," says Charles Wiebe, Board President.

 

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.

 

“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market - and REALTORS® can certainly help with this,” explains Wiebe. “I'm pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region."

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

 

HPI® Benchmark Price Activity

• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.

• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.

• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015. FVREB December 5, 2016

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SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.

 

The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.

 

Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.

 

“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.

 

Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015.

 

The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.

 

“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.

 

The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year. FVREB November 2, 2016

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SURREY, BC – September housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.

 

The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.

 

“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.

Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.

 

The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.

 

“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”

For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.

 

“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.

The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year. FVREB October 2, 2016

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While sales in August remained above the ten-year average for the month historically, the number of transactions processed in the Fraser Valley continued to decrease following this year’s bustling spring.

 

The Fraser Valley Real Estate Board processed 1,694 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.

 

“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down,” said Board President Charles Wiebe.

 

The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.

 

“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of ourcommunities. Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”

 

Across Fraser Valley, the average number of days to sell a single family detached home in August 2016 was 20 days, compared to 32 days in August 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.

 

In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016. FVREB August 2016

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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. FVRB

 

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SURREY, BC – Consistent with the preceding two months, June saw a record-setting number of sales for the month historically, but continued easing off since this year’s sales peak in March.

 

The Fraser Valley Real Estate Board processed 2,864 sales of all property types on its Multiple Listing Service® (MLS®) in June, an increase of 18.7 per cent compared to June 2015. The previous record for sales processed in a June was set in 2005 at 2,517. However, when compared to May 2016, sales dipped 1.5 per cent.

 

With 1,281 sales of single family detached homes, demand for greater space and land remained consistent. However, nearly matching that was the combined total of June’s 656 townhome sales and 604 apartment sales, a rare feat for the Fraser Valley region.

 

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight leveling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

The Board received 3,705 new listings in June, an increase of 11.7 per cent compared to June of last year, and a 0.8 per cent increase from May 2016. The total active inventory for June was 5,612, down 30.8 per cent from last year’s 8,105 active listings at this time.

 

Across Fraser Valley, the average number of days to sell a single family detached home in June 2016 was 17 days, compared to 35 days in June 2015.

 

"Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS® in June; our market is truly in the hands of hopeful sellers,” added Wiebe.

“If you're a struggling buyer, or someone thinking of selling but on-the-fence, talk to a REALTOR® and find your best path through this complex environment.”

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in June was $861,600, an increase of 41.3 per cent compared to June 2015 when it was $609,900.

 

In June, the benchmark price of townhouses was $387,100, an increase of 27.9 per cent compared to $302,600 in June 2015. The benchmark price of apartments also increased year-over-year by 20.8 per cent, going from $191,900 in June 2015 to $231,900 in June 2016. FVRB

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SURREY, BC – Consumer demand for real estate in the Fraser Valley continued through May, with overall sales once again reaching record-breaking numbers for the month historically.

 

The Fraser Valley Real Estate Board processed 2,911 sales on its Multiple Listing Service® (MLS®) in May, an increase of 47.8 per cent compared to May 2015. The previous record for sales processed in a May was set in 2006 at 2,245.

 

However, sales dropped two per cent when compared to April 2016, continuing a slight trend of easing off since sales peaked this spring at 3,006 sales in March. Of the 2,911 sales processed in May, 615 were townhouses and 557 were apartments, representing a significant portion of May’s market activity and a large increase when compared to May 2015. Townhome transactions increased 56.1 per cent when compared to last year, and apartments reached even higher levels seeing a 112.6 per cent gain.

 

Charles Wiebe, President of the Board, said of this month’s market data, “Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is leveling off. "However, we’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.

 

” The Board received 3,674 new listings in May, an increase of 22.9 per cent compared to May of last year, and a 6.8 per cent decrease from April 2016. The total active inventory for May was 5,752, down 32.4 per cent from last year’s 8,512 active listings. Across Fraser Valley, the average number of days to sell a single family detached home in May 2016 was 16 days, compared to 31 days in May 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in May was $834,200, an increase of 38.3 per cent compared to May 2015 when it was $603,100. In May, the benchmark price of townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in May 2015. The benchmark price of apartments also increased year-over-year by 17 per cent, going from $192,500 in May 2015 to $225,200 in May 2016. 

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 SURREY, BC – Once again Fraser Valley real estate saw record-breaking numbers with April sales reaching higher

than any previous April historically.

 

Last month, the Fraser Valley Real Estate Board processed 2,969 sales on its Multiple Listing Service® (MLS®), an

increase of 47.8 per cent compared to April 2015. The previous record for sales processed in an April was set in

1991 at 2,513. However, sales did drop 1.2 per cent compared to the all-time Board record set in March 2016 at

3,006 sales processed.

 

Charles Wiebe, President of the Board, said of this month’s market data, “Fierce demand continues to put a strain

on both inventory levels and buyers looking to purchase within the Valley.

 

“There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a

strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that

continue to drive the level of demand we’re seeing.”

 

The Board received 3,942 new listings in April, an increase of 22.5 per cent compared to April of last year, and a 2.8

per cent decrease from March 2016. The total active inventory for April was 5,697, down 32 per cent from last

year’s 8,384 active listings.

 

Wiebe added, “While it may seem daunting, I must emphasize that it is still very possible to enter this market.

However, working with a REALTOR® is essential for both home buyers and sellers; a professional will help you

navigate what you need and what’s out there. Whether it’s a buyer or a home that you’re looking for, we’ll help

you find it.”

 

Across Fraser Valley, the average number of days to sell a single family detached home in April 2016 was 17 days,

compared to 38 days in April 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in April was $776,500, an increase

of 30 per cent compared to April 2015 when it was $595,500.

 

In April, the benchmark price of townhouses was $353,300, an increase of 17.6 per cent compared to $300,400 in

April 2015. The benchmark price of apartments also increased year-over-year by 15 per cent, going from $191,200

in April 2015 to $219,900 in April 2016. FVREB April 2016

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SURREY, BC Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.


In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February. The previous record of 2,720 processed sales was set in March of 1991.


Charles Wiebe, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”


“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition. Talk to a local REALTOR®, and discuss what you want and what’s possible for you. We can help you get there.


The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.


Wiebe commented, This is typically a busy time of year to buy and sell real estate, and those seeking homes are hungry to purchase. Unfortunately, inventory is struggling to keep up. With that said, if you’re thinking of selling your home, I encourage you to talk to a REALTOR® and consider your current opportunities. The market is in your favor.”

Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.


The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.


In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016. 

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SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales. In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January.

 

To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992. Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”

 

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

 

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

 

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

 

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

 

MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400. In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015.

 

The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016. FVREB March 2016

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


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


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


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


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


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


Across Fraser Valley, the average number of days to sell a single family detached home in January 2016 was 33 days, compared to 55 days in January 2015. The MLS® HPI benchmark price of a Fraser Valley single family detached home in January was $691,100, an increase of 20.9 per cent compared to January 2015 when it was $571,700.

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

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SURREY, BC – Fraser Valley real estate experienced its strongest year in a decade in 2015. This was the second highest year for property sales in Fraser Valley’s history, just shy of the region’s previous sales high in 2005.

 

The Board’s Multiple Listing Service® (MLS®) processed 21,095 sales in 2015, 33 per cent more than the 15,840 sales in 2014, and 0.9 per cent fewer than the 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $12.1 billion, four billion more than was sold in 2014.      

                                                                                                                                                                                 

In contrast, the Board received a typical volume of new listings in 2015 – 30,998 – comparable to the average over the last ten years, set at 31,296 new listings.

 

Jorda Maisey, President of the Fraser Valley Real Estate Board, attributes 2015’s market strength to a strong economy elevating consumer housing demand. “The Fraser Valley has always appealed to consumers looking for competitive pricing and a diverse range of housing options.

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

 

” Sales during December were the highest for that month in Fraser Valley’s history. The Board processed 1,543 sales, an increase of 44 per cent compared to December of 2014. December’s total inventory in the Fraser Valley was 4,280 active listings; 33 per cent fewer than were available in December 2014.

 

The MLS® Home Price Index benchmark price of a detached home in December was $672,400, an increase of 17.3 per cent compared to December of last year when it was $573,100. The MLS® HPI benchmark price of townhouses increased 9.6 per cent going from $293,500 in December of last year to $321,800 last month. The benchmark price of apartments was $204,900, an increase of 7.3 per cent compared to $191,100 in December 2014.

 

Maisey adds, “The market remains buoyant, and with very low inventory currently there is tremendous opportunity for sellers. For buyers finding it challenging in their search, REALTORS® are recommending they consider a variety of housing options and communities they may not have considered. There’s a lot of choice out there, you just need to know where to look  FVREB January 2016

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