SUSAN JAHNKE

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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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SURREY, BC – Homebuyers showed no signs of slowing down last month as Fraser Valley REALTORS® experienced their second busiest November on record.


The Fraser Valley Real Estate Board processed 1,766 property sales on the Multiple Listing Service® (MLS®) in November compared with 1,136 in 2014, an increase of 55 per cent. The previous high of 2,154 sales was set in November, 1989.


Jorda Maisey, President of the Board, says, “November is not normally this busy. We’ve experienced our usual, seasonal dip in the number of new listings, but we’re just not seeing a decline in the demand.


“If you’ve been thinking about selling your home to capitalize on any equity you’ve acquired, now is a very good time.”


The Board received 1,854 new listings last month, 14 per cent fewer than were received in October and 6 per cent more than were received during November of last year. Last month’s total inventory in the Fraser Valley was 5,761 active listings; 31 per cent less than were available during November 2014.


Maisey says, “Our housing inventory overall hasn’t been this low since spring of 2006, however it’s important to emphasize that conditions vary depending on property type. Groundoriented homes are the highest in demand currently with about one out of every two active listings selling. For apartments, one in five is selling, so condo shoppers will find more selection and have greater negotiating power on price when it comes time to buy.”


The MLS® Home Price Index benchmark price of a detached home in November was $659,700, an increase of 14.7 per cent compared to November of last year when it was $575,400. The MLS® HPI benchmark price of Fraser Valley townhouses increased 6.7 per cent going from $298,900 in November of last year to $318,800 last month. The benchmark price of apartments was $207,100, an increase of 9.3 per cent compared to $189,400 in November 2014.


Maisey adds, “We understand that it is challenging buying a home in a market this competitive and that’s why we’re here, to help our buyers develop a successful strategy to secure the best home for them at a price they can afford.” 

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SURREY, BC – Fraser Valley’s housing market remained in a seller’s market in October, fuelled by low interest rates and strong consumer demand, according to the Fraser Valley Real Estate Board.


There were 1,772 sales processed on the Multiple Listing Service® (MLS®) in October compared with 1,448 in 2014, an increase of 22 per cent. For the month, sales are on par with the previous high in October 2005; and historically, only surpassed by the markets of October 1992 and 1989.


Jorda Maisey, President of the Board, says she’s not surprised that October sales were near historic levels, “BC continues to be an economic growth leader in our country and we’re seeing the impact of that in our housing market.

“In the Fraser Valley, demand is strongest for ground-oriented homes. Single family homes and townhomes garnered 83 per cent of our residential market last month. The reasons are due to low interest rates, pent-up demand and most importantly, price. People can afford to own their own single family home in the Fraser Valley.”


The Board received 2,155 new listings last month, 10 per cent fewer listings compared to October of last year. The total active inventory for October was 6,535, down 26 per cent from last year’s 8,807 active listings.


Maisey says with the lack of listings, sellers have had the advantage, “In some of our areas, active inventory of single family detached is down a third to a half of what was available this time last year. The fewer homes available, the more in demand they become, which is why we have seen an impact on prices, most notably on single family detached homes.”


The MLS® Home Price Index benchmark price of a detached home in October was $649,200, an increase of 13.2 per cent compared to October of last year when it was $573,500. The MLS® HPI benchmark price of Fraser Valley townhouses increased 5.1 per cent going from $298,500 in October of last year to $313,700 last month. The benchmark price of apartments was $203,100, an increase of 5.5 per cent compared to $192,600 in October 2014.


Maisey adds, “Our inventory shortage of ground-oriented homes has had a positive spin-off on our condo market. We’ve advised many of our entry-level buyers to consider an apartment rather than a townhome because the selection is far superior and prices, on average, $100,000 less. Many buyers just aren’t aware of the new and resale options available to them.” 

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SURREY, BC – Property sales in the Fraser Valley remained strong in September, consistent with the nearrecord setting pace of the last six months.


The Fraser Valley Real Estate Board processed 1,727 sales, an increase of 22 per cent compared to 1,419 sales during September of last year. Last month’s sales were on par with September 2005 and second to September’s alltime high for sales in 1992.


Jorda Maisey is the Board’s President. “Sales remain brisk depending on the property type and location. We’re continuing to see many family homes that are priced right receive multiple offers and sell in a matter of days. People actively looking for a home will already know that in some communities, selection is very tight.


“In Langley where I live and work, we have less than two months supply of single family homes and townhomes, which means buyers and their REALTORS® have to be informed, prepared and have a strategy.”

In September, the total number of active listings in the Fraser Valley was 7,122. This represents a 4 per cent decrease compared to August and a 22 per cent decrease compared to September of last year. For September, this is the lowest inventory levels have been since 2006.


Maisey adds, “Where we have the best selection currently is within our Fraser Valley condo market. That market is currently in balanced conditions. In most communities, buyers have a healthy choice of both new and resale units and steady sales over the last few months have led to modest increases in prices, which is good news for sellers.”


The MLS® Home Price Index benchmark price of a detached home in September was $639,500, an increase of 12.2 per cent compared to September of last year when it was $569,800. The MLS® HPI benchmark price of Fraser Valley townhouses increased 3.1 per cent going from $299,600 in September of last year to $308,900 last month. The benchmark price of apartments was $197,500, an increase of 2.0 per cent compared to $193,600 in September 2014.

Maisey adds, “Our market this year has reflected consumers’ confidence in the economy and in the Fraser Valley. We have amongst the most affordable real estate in the Lower Mainland in some of the fastestgrowing, dynamic communities in BC. It’s a smart place to invest.” 

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