The end of the summer has come and gone with the fall season now in full swing. The slowdown in sales and increase in inventory, which has been a staple of 2018 so far, continued in September with sales being at their lowest point and the inventory at the highest of 2018 to date. The Fraser Valley Real Estate Board (FVREB) saw 1,035 sales across all property types throughout September, which is a 36.1% decrease when compared to the same month of 2017. This is also down an additional 10.4% when compared to August 2018.
September saw the lowest number of sales transactions throughout all 3 property types since the beginning of 2018. Of the 1,035 sales, 376 were detached single family homes, 250 townhouses, and 274 apartments.
The President of the Board, John Barbisan, said "Buyers remain reluctant as the market continues to adjust. We're seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate. If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your Realtor who can help you understand what buyers are looking for in your local market."
Property inventory for the FVREB came in at a total of 7,647 listings at the end of September. This is an increase of 4.2% since August 2018 and 30.6% higher than September 2017. This is the highest number of Active Listings at the FVREB since July of 2015. There were a total of 2,946 new listings processed by the board for the month.
Detached single family homes sold for an average of $988,900 in 39 days on market, 2% less than the average in August 2018 but still 1.1% higher than the same month last year. Townhouses sold on average for $546,100 within 32 days - slightly less at 0.4% less than August 2018 but 9.5% higher than September 2018. Apartments in the Fraser Valley sold within 33 days and for $438,700 on average, which is 1% less than last month in August 2018 but still up 22.5% when compared to September 2018.
To read the full statistics package from the Fraser Valley Real Estate Board - CLICK HERE
August 2018 has seen the sharpest decline in market activity throughout all of 2018 so far. There was a 38.5% decrease in the number of home sales when compared to August 2017, and 10.5% less sales than July 2018.
The Fraser Valley Real Estate Board (FVREB) saw approximately half of the 1,155 home sales in August represented by detached homes. The remainder of the sales were 294 townhouses and 318 apartments.
The President of the Board, John Barbisan said "With demand slowing down and prices staying put, both buyers and sellers can expect to see an easing of competition with less multiple offer situations. Right now, effective pricing is key and will be the determining factor for a successful transaction. Our market continues to open up the further we get into the year, and that means you can make more considered, informed decisions if you're looking to jump in. The best first step you can take is talking to a local Realtor who can help you determine your options and a plan forward."
Active inventory is 28.5% higher than the same month last year, with 7,339 homes for sale throughout the Fraser Valley.
The average days on market for detached homes in Fraser Valley in August was 35. Townhouses and apartments were sold within 27 days on average.
As for pricing, sold prices for homes has declined slightly since last month. Detached homes sold for an average of $1,008,700. This is .9% less than July 2018 and 2.9% higher than August 2017.
Townhouses sold on average for $548,300, which is 1.7% less than the previous month, but still up 11.5% since August of last year.
Apartments and Condos averaged $443,200, down 1.6% since last month, but up 26.9% when compared to the same time period in 2017.
To read the full Statistics Package from the Fraser Valley Real Estate Board - CLICK HERE
The July statistics package was released from the Fraser Valley Real Estate Board (FVREB) today. The inventory levels are increasing steadily due to a lack of sales. The number of homes sold in the month of July were the lowest they have been since January this year. Active inventory is up 3.6% compared to June 2018, and 23.9% year over year.
July of 2017 saw a total of 1,937 sales across all property types, while July 2018 was 33.4% less at 1,290 property sales for the month. Home sales are also down 11.2 percent when compared to June, 2018.
Of all 1,290 sales last month 346 were townhomes and 337 were apartments, continuing the trend of attached properties representing over 50% of property sales.
The President of the Board, John Barbisan says " Despite a much healthier level of inventory, demand continues to be influenced by pricing and market barriers such as the mortgage stress test and rising interest rates. On top of that, summer is busy for people and usually a slow season for real estate. A slower market like this one is an excellent opportunity for buyers to explore their options and enjoy a more relaxed purchasing environment. If you're looking, talk to your Realtor who can help you get a full view on everything available that fits your needs."
The average number of days on market has also increased. Detached homes remained on the market for an average of 31 days, Townhouses 24, and apartments sold after 21 days on market.
Benchmark sold prices decreased slightly across all three property types. The average price of a single detached home was $1,017,400, 0.1% less than June, 2018. Townhouses sold for an average of $557,500, also down 0.1 percent compared to last month. Apartments decreased 0.7% since June 2018, selling at $450,400 on average.
To read the full package released by the FVREB - CLICK HERE
The monthly report from the Fraser Valley Real Estate Board (FVREB) has been released for the month of June. Inventory continues to climb across all property types, while Buyers continue the "wait and see" approach.
Sales are down significantly since June 2017 - with a sharp 43.5% drop, and a 17.4% decrease since May 2018. Townhomes and Condos represented 52% of the sales in June, with 364 being townhouses and 392 condos. Inventory in June was 7,141 listings, 30.1% higher than the same month in 2017, and up 6% month-over-month in 2018.
The president of the Board, John Barbisan said "Demand is shifting back towards typical levels for our region, and market activity is reflecting that. This has given our inventory a much-needed chance to recover and move the Valley towards a more balanced real estate landscape." He continues to say "One thing that isn't changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement. If home prices are keeping you back from selling or starting to look for a new home, talk to a Realtor who can provide a comprehensive view of communities you're interested in and what opportunities are available there."
The number of days to sell a home in the Fraser Valley was up in June. It took an average of 21 days to sell a condo, 19 to sell a townhouse, and 26 for single detached homes.
Single Detached Homes sold for an average of $1,018,900 - up 9 percent from June 2017.
Townhouses averaged $558,00, 19.5 percent increases since the same month last year.
Condos sold for an average of $453,500, the greatest increase since June 2017, 39.4% higher than last June.
To read the full report published by the Fraser Valley Real Estate Board - CLICK HERE
The Fraser Valley Real Estate Board (FVREB) released it's monthly report on Real Estate trends in the Fraser Valley in the month of May. The board processed 1,758 sales across all property types throughout the Valley on it's Multiple Listing Service (MLS) in May 2018. This was a sharp decrease of 35.1 % when compared to May of last year, but up slightly by 2.9% compared to the 1,708 sales in April of 2018.
Of all the Sold Stickers that went up on the For Sale Signs in May, 417 were townhomes, 516 were condos and 825 were detached properties. The attached properties made up a total of 53% of all the sold properties in May.
The number of Active Listings at the Board this May was the highest it has been since September of 2015, sitting at 6,736 listings. That is a 18.9% increase from April 2018 and a 29.5% increase since the same month last year.
The Board President John Barbisan said "This is the most inventory we've had in over two years. 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. Sales continue to be strong and there's plenty 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."
The average number of days to sell an apartment in the Valley was 15, and only 16 for townhouses. A single family detached home sold within 24 days on market, on average.
As for Sold Prices, the average cost of a condo or apartment in May 2018 was $452,900. This is up 1.2 per cent since April 2018, and 42.4% since the same month last year.
The average sold price for a townhouse was up 1 percent since April 2018, and 20.6% since May 2017, coming in at an average of $555,500.
Single Family homes are up a similar percentage of 1.1% since last month, and up 11.6 percent since May 2017, averaging a total of $1,020,800.
To read the full Statistics Package from the Fraser Valley Real Estate Board - CLICK HERE
Springtime in the Lower Mainland usually brings sunshine and Buyers and Sellers looking to make a move. And while the number of For Sale Signs are up over last April, the sunshine and Buyers didn't come out as expected.
The number of homes listed at the Fraser Valley Real Estate Board (FVREB) in April was 3,429, up 16.2% over April 2017. This helps the low inventory that has been a trend in the Fraser Valley for quite sometime now. There were 1,708 property sales across all property types on the FVREB's Multiple Listing Service. Of those sales 413 were townhomes, 498 were condos and 797 were detached homes.
While there is close to a 20% increase in new listings at the FVREB since March 2018, the number of homes selling is down. The homes that are selling, however, are still selling quickly. The average days on market for a condo in April was 14. It took an average of 16 days to sell a townhouse, and 26 days to sell a single family home.
The price for each of these three categories is still increasing. This is likely causing the cautious behaviour of the Buyers looking to purchase this spring, waiting to see what happens with home prices. The average cost of a Single Home was up .8 percent since March 2018 coming in at an average of $1,009,200. Townhouses were up 1.5% since last month being sold at an average of $549,900. The benchmark for an apartment in the Fraser Valley increased 1.6% over March 2018 and 45.8% increase since April 2017 selling at an average of $447,500.
To read the full statistics package prepared by the FVREB - CLICK HERE
The monthly report from the Fraser Valley Real Estate Board (FVREB) has been released today. The trend of low inventory has continued along into March, putting increased pressure on those looking to purchase a home. The lack of supply has seen another spike in the demand for attached properties such as townhomes and apartments.
The FVREB saw 1,664 home sales in the third month of the year, 410 of those sales were townhouses and 460 were condos, making up 52% of the total transactions at the board in March.
When compared to February 2018, this month saw an increase of active listings by 10.5% when compared month-to-month.
With March being the usual kickoff to the busy Spring Real Estate Market, the continued lack of inventory seems to be delaying the kick off of the busy season. Prices, however, seem to be staying stable in the region. The average number of days on market has also remained relatively similar. It took an average of 13 days to sell an apartment, 16 for townhouses and 30 for detached homes during the month of March.
The average cost of a Single Family Detached Home was up .9% compared to February 2018 at $1,001,400. That is up 15.2% since March of 2017.
Townhomes are up 24.9 percent over March 2017, sold on average at $541,800 last month. That is up 2 percent since last month.
Apartments and Condos have seen one of the largest increases - an incredible 48% increases in the average cost since March of 2017. The category is also up another 4.3% since February 2018. The average cost for an apartment in the Fraser Valley is now $440,400.
To read the full statistics package from the FVREB CLICK HERE
The January 2018 statistics package has been released by the Fraser Valley Real Estate Board (FVREB), showing the market activity for January is resembling the momentum that was seen throughout 2017. The increases in prices and sales are continuing to climb when compared to the same time periods for last year.
The FVREB had a total of 1,210 property sales across all property types in January 2018, while the same month in 2017 had 976 sales. This puts January 2018 in the Top 3 starts to a year in the Boards history, coming in behind 2016 (1,338 sales) and 1992 (1,270 sales). While the number of sales are higher than this time last year, the number of Active Listings have decreased 10% compared to January 2017. This has likely contributed to the heightened activity for the region, with prices gradually increasing, low inventory. and demand for attached properties.
51% of the sales last month were represented by Attached Properties - 281 townhomes and 338 apartments. The number of days a townhouse was on the market in January was 24 days, with apartments coming in at 19 days. Detached homes remained on the market for an average of 46 days.
As for price points - all property categories have seen increases compared to December 2017. The average price of a detached home is up slightly by .06 to $982,700, which is 15.1% higher than the average in January 2017. Townhomes are up 1.2% compared to December 2017, selling for $519,400 on average. Apartments have seen the highest increase percentage wise at 4% higher than December 2017, averaging $404,100 per unit.
To read the full statistics package Click Here
SURREY, BC – Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Board’s history.
The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.
Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.
“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”
Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016.
The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.
"Your real estate experience in the Valley is going to be very different depending on what you’re looking for or selling,” continued Sahota. “Regardless, with the help of a professional REALTOR® you can understand exactly what’s happening in your market and find success.”
For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.
HPI® Benchmark Price Activity
• Single Family Detached: At $971,900, the Benchmark price for a single family detached home in the Valley decreased 0.3 per cent compared to September 2017, and increased 11.8 per cent compared to October 2016.
• Townhomes: At $502,800 the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to September 2017, and increased 18.4 per cent compared to October 2016.
• Apartments: At $369,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.
To see the full October 2017 statistics click here
Author: Fraser Valley Real Estate Board
Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147 in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties were listed.
Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).
The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent from last month (24.4 per cent).
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-month declines.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month and a 20.5 per cent increase compared to November 2015.
Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015. The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline compared to last month and a 23 per cent increase compared to November 2015.
Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to November 2015.The benchmark price of an apartment property is $512,100. This is unchanged from last month and is an 18 per cent increase compared to November 2015.
Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease compared to last month and a 23 per cent increase compared to November 2015.
Areas covered by REBGV
Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
Author: Greater Vancouver Real Estate Board
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.
Find the November Statistics Package here.
Author: Fraser Valley Real Estate Board
Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver.
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.
Last month’s new listing count was 9.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).
The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.
Correction Notice
Altus Group, the provider of the national MLS® Home Price Index (MLS® HPI), discovered a calculation error in their September 2016 reporting. This error resulted in variances of between 0.1 and 5 per cent in the benchmark prices the REBGV released for September 2016. Click here for the corrected September MLS® HPI numbers.
Author: Greater Vancouver Real Estate Board
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.
Find the October Statistics Package here.
Author: Fraser Valley Real Estate Board
Metro Vancouver* home sales dipped below the 10-year monthly sales average last month.
Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.
Last month’s sales were 9.6 per cent below the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).
The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.
Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.
Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.
* Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
Author: Greater Vancouver Real Estate Board
SURREY, BC – 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 $878,100, 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 $419,300, 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 $197,500 in September 2015 to $250,000 in September of this year.
Find the September Statistics Package Here
Author: Fraser Valley Real Estate Board
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver totalled 2,489 in August 2016, a decline of 26 per cent compared to the 3,362 sales in August 2015; 10.2 per cent less than the 2,771 sales in August 2014; and one per cent less than the 2,514 sales in August 2013. August 2016 sales also represent a 22.8 per cent decline compared to last month’s sales.
From a historical perspective, last month’s sales were 3.5 per cent below the 10-year sales average for the month.
“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.
“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,293 in August 2016. This represents an increase of 0.3 per cent compared to the 4,281 units listed in August 2015 and an 18.1 per cent decrease compared to July 2016 when 5,241 properties were listed.
The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 8,506, a 21.9 per cent decline compared to August 2015 (10,897) and a 1.9 per cent increase from July 2016 (8,351).
The sales-to-active listings ratio for August 2016 is 29.3 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $933,100. This represents a 31.4 per cent increase compared to August 2015 and a 4.9 per cent increase over the last three months.
“In aggregate, we continue to see an imbalance between supply and demand in most communities. However, we’re also seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales,” Morrison said. “This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.”
The average price is the simplest home price measure to explain but is not the most accurate since it may be skewed by the mix of properties. More high-end or low-end sales will skew the number up or down. Based on the Consumer Price Index, MLS HPI® benchmark prices are a more reliable and stable indicator of typical home prices across regions over time.
Sales of detached properties in August 2016 reached 715, a decrease of 44.6 per cent from the 1,290 detached sales recorded in August 2015. The benchmark price for detached properties increased 35.8 per cent from August 2015 to $1,577,300. This represents a 4.2 per cent increase over the last three months.
Sales of apartment properties reached 1,343 in August 2016, a decrease of 10.1 per cent compared to the 1,494 sales in August 2015.The benchmark price of an apartment property increased 26.9 per cent from August 2015 to $514,300. This represents a 6.1 per cent increase over the last three months.
Attached property sales in August 2016 totalled 431, a decrease of 25.4 per cent compared to the 578 sales in August 2015. The benchmark price of an attached home increased 31.1 per cent from August 2015 to $677,600. This represents a 7.1 per cent increase over the last three months.
Author: Greater Vancouver Real Estate Board
SURREY, BC – 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 our communities.
“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.
Author: Fraser Valley Real Estate Board
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a month.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.
Last month’s sales were 6.5 per cent above the 10-year sales average for the month.
“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812).
The sales-to-active listings ratio for July 2016 is 38.6 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 per cent increase compared to July 2015.
Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 per cent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 per cent from July 2015 to $1,578,300.
Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 per cent from July 2015 to $510,600.
Attached property sales in July 2016 totalled 547, a decrease of 20.7 per cent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 per cent from July 2015 to $669,000.
*Areas covered by Real Estate Board of Greater Vancouver: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
Author: Greater Vancouver Real Estate Board
SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.
The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.
“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.
The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.
“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”
Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.
In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.
Author: Fraser Valley Real Estate Board
Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.
Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.
"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).
The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.
Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.
Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.
Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.
Author: Greater Vancouver Real Estate Board
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.
Author: Fraser Valley Real Estate Board
Greater Vancouver Real Estate Board Monthly Statistical Report:
Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region.
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).
"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.
The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015.
Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800.
Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 per cent from May 2015 to $485,000.
Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from May 2015 to $632,400.
Author: Greater Vancouver Real Estate Board
Fraser Valley Real Estate Board Monthly Statistical Report:
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.
Author: Fraser Valley Real Estate Board
Greater Vancouver Real Estate Board Monthly Statistical Report:
Last month was the highest selling April on record for Metro Vancouver.
Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.
April sales were 41.7 per cent above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said. “Whether you’re a home buyer or seller, it’s important to work with your local REALTOR® to get the information you need and to develop a strategy that will help you navigate today’s market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,127 in April 2016. This represents an increase of 3.9 per cent compared to the 5,897 units listed in April 2015 and a 2.4 per cent decline compared to March 2016 when 6,278 properties were listed.
"While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," Morrison said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,550, a 39.3 per cent decline compared to April 2015 (12,436) and a 2.6 per cent increase compared to March 2016 (7,358).
The sales-to-active listings ratio for April 2016 is 63.3 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800. This represents a 25.3 per cent increase compared to April 2015.
Sales of detached properties in April 2016 reached 1,979, an increase of 9 per cent from the 1,815 detached sales recorded in April 2015. The benchmark price for detached properties increased 30.1 per cent from April 2015 to $1,403,200.
Sales of apartment properties reached 2,107 in April 2016, an increase of 33.4 per cent compared to the 1,579 sales in April 2015.The benchmark price of an apartment property increased 20.6 per cent from April 2015 to $475,000.
Attached property sales in April 2016 totalled 695, a decrease of 11.5 per cent compared to the 785 sales in April 2015. The benchmark price of an attached unit increased 22.1 per cent from April 2015 to $608,600.
Fraser Valley Real Estate Board Monthly Statistical Report:
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.
Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.
Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.
Last month’s sales were 56 per cent above the 10-year sales average for the month.
"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,278 in March 2016. This represents an increase of 5.2 per cent compared to the 5,968 units listed in March 2015 and an 8 per cent increase compared to February 2016 when 5,812 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299).
“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity," Morrison said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $815,000. This represents a 23.2 per cent increase compared to March 2015.
Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500.
Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4 per cent compared to the 1,627 sales in March 2015.The benchmark price of an apartment property increased 18.8 per cent from March 2015 to $462,800.
Attached property sales in March 2016 totalled 786, an increase of 8.9 per cent compared to the 722 sales in March 2015. The benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.
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 explained, “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 favour.”
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.
Find the March Statistics Package here.
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.
The 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.
Find the February Statistics Package here.
Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 homes sold.
Last month’s sales were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record.
“We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.
“We're beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today's demand,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).
The sales-to-active listings ratio for February 2016 is 57.2 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.
Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.
Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.
Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.
Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast,Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody,Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
- See more at: http://www.rebgv.org/monthly-reports?month=February&year=2016#sthash.k0QfIkE4.dpuf
Home buyer activity remains at near record levels across the Metro Vancouver housing market.
Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.
Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).
The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700.
Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4 per cent from January 2015 to $456,600.
Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent from January 2015 to $563,700.
- See more at: http://www.rebgv.org/news-statistics/home-buyer-competition-keeps-home-sellers-driver%E2%80%99s-seat#sthash.a8OtOZul.dpuf
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 10-year 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 post-holiday 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 year-over-year by 7.8 per cent, going from $189,500 in January 2015 to $204,300 in January 2016.
Find the January Statistics Package here.
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.”
Find the December Statistics Package here.
In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.
Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.
The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.
The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.
With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.
"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.”
December summary
Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.
Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.
Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.
Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.
Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
- See more at: http://www.rebgv.org/monthly-reports?month=December&year=2015
SURREY, BC – December 18, 2015 - Between November 16 to 23, the 21st annual REALTORS Care® Blanket Drive collected over 1000 bags of warm clothing and blankets to help an estimated 5000 working poor and homeless in Abbotsford, Mission, Langley, Surrey, North Delta and White Rock. The donations were collected at 35 real estate offices across the Fraser Valley, sorted by 37 REALTOR® volunteers, and delivered directly to 22 local charities.
One of the hallmarks of the Blanket Drive is that all donations remain in the communities in which they were collected. Many recipient charities rely on donations from the Blanket Drive to help them through the winter.
“The way that Realtors give back to our community through the REALTORS Care® Blanket Drive is both incredible and impactful,” said Angie Paulson, Clothing Coordinator for NightShift Street Ministries. “They help us keep folks in need and on the street warm and dry.”
While the volume of donations collected this year in the Fraser Valley was less than previous years, Realtor volunteers noticed that the quality of the donations was much better.
In Surrey, volunteer leader Sheila Potter says, “I really noticed that people put a lot of thought into what they gave; they really considered what they would like to receive for themselves if facing similar conditions, like new socks and underwear.”
Volunteer Realtors continue to feel a strong sense of accomplishment when helping with the Drive because they’re making a noticeable difference in their communities.
“No matter how many bags we accumulate, we know we’ve made a difference in at least one person’s life. That’s why I help out whenever I can,” says long time Blanket Drive volunteer Michele Cartwright.
The REALTORS Care® Blanket Drive is a partnership between the Realtors of the Fraser Valley, Greater Vancouver and Chilliwack and District real estate boards and their communities. For more information on the program, go to www.blanketdrive.ca. For a selection of photos from the Blanket Drive, visitwww.facebook.com/BlanketDrive.
Metro Vancouver home buyers push October sales above long-term averages
Home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in *Metro Vancouver reached 3,646 on the Multiple Listing Service® (MLS®) in October 2015. This represents a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014, and a 9 per cent increase compared to the 3,345 sales in September 2015.
Last month’s sales were 36.2 per cent above the 10-year sales average for the month.
“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” Darcy McLeod, REBGV president said. “This activity has created favourable market conditions for anyone considering selling their home today.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,126 in October. This represents an 8 per cent decline compared to the 4,487 new listings reported in October 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015.
This is the lowest active listing total in Metro Vancouver since December 2010.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $736,000. This represents a 15.3 per cent increase compared to October 2014.
The sales-to-active-listings ratio in October was 38.1 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.
Sales of detached properties in October 2015 reached 1,437, an increase of 13.1 per cent from the 1,271 detached sales recorded in October 2014, and a 34.7 per cent increase from the 1,067 units sold in October 2013. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from October 2014 to $1,197,600.
Sales of apartment properties reached 1,543 in October 2015, an increase of 21.7 per cent compared to the 1,268 sales in October 2014, and an increase of 40.5 per cent compared to the 1,098 sales in October 2013. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.
Attached property sales in October 2015 totalled 666, an increase of 28.6 per cent compared to the 518 sales in October 2014, and a 34.3 per cent increase from the 496 attached properties sold in October 2013. The benchmark price of an attached unit increased 9.3 per cent between October 2014 and 2015 to $526,700.
*Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
Tuesday, November 3, 2015
- See more at: http://www.rebgv.org/monthly-reports?month=October&year=2015#sthash.u5cmyBVD.dpuf
No sign of slowdown for Fraser Valley real estate market
November, 03 2015 10:39:30 am, by FVREB
Categories: Statistics
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.”
To see more visit: http://www.fvreb.bc.ca/blog/index.php/2015/11/03/no-sign-of-slowdown-for-fraser-valley-real-estate-market-october-2015
Metro Vancouver home buyers compete for fewer home listings
Conditions continue to favour home sellers across Metro Vancouver’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014, and a 0.5 per cent decrease compared to the 3,362 sales in August 2015.
Last month’s sales were 32.9 per cent above the 10-year sales average for the month.
“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,846 in September. This represents a 7.9 per cent decline compared to the 5,259 new listings reported in September 2014.
The total number of properties listed for sale on the real estate board’s MLS® is 10,805, a 27 per cent decline compared to September 2014 and a 0.8 per cent decline compared to August 2015.
“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $722,300. This represents a 13.7 per cent increase compared to September 2014.
The sales-to-active-listings ratio in September was 31 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.
Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 per cent from the 1,270 detached sales recorded in September 2014, and a 24.3 per cent increase from the 1,023 units sold in September 2013. The benchmark price for a detached property in Metro Vancouver increased 18.9 per cent from September 2014 to $1,179,700.
Sales of apartment properties reached 1,529 in September 2015, an increase of 28.7 per cent compared to the 1,188 sales in September 2014, and an increase of 50.2 per cent compared to the 1,018 sales in September 2013. The benchmark price of an apartment property increased nine per cent from September 2014 to $415,100.
Attached property sales in September 2015 totalled 544, an increase of 17.2 per cent compared to the 464 sales in September 2014, and a 23.1 per cent increase from the 442 attached properties sold in September 2013. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.
To see more visit: http://www.rebgv.org/monthly-reports?month=September&year=2015
SURREY, BC – Property sales in the Fraser Valley remained strong in September, consistent with the near-record 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 all-time 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 fastest-growing, dynamic communities in BC. It’s a smart place to invest.”
To see more: http://www.fvreb.bc.ca/blog/index.php
Competition continues to drive Metro Vancouver's housing market
Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent above the ten-year sales average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.
Last month’s sales were 27.9 per cent above the 10-year sales average for the month. “There was no summer lull in our market this year. Home buyers have been working with their REALTORS® throughout the summer months,” Darcy McLeod, REBGV president said. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year — that’s the dynamic driving our market right now.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 per cent increase compared to the 3,940 new listings reported in August 2014.
The total number of properties currently listed for sale on the region’s MLS® is 10,897, a 26.2 per cent decline compared to August 2014 and a 5.3 per cent decline compared to July 2015.
“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $708,500. This represents a 12 per cent increase compared to August 2014.
The sales-to-active-listings ratio in August was 30.9 per cent. This is the sixth consecutive month that this ratio has been above 30 per cent in Metro Vancouver.
Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 per cent from the 1,158 detached sales recorded in August 2014, and a 22.6 per cent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600.
Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 per cent compared to the 1,126 sales in August 2014, and an increase of 46.8 per cent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 per cent from August 2014 to $405,400.
Attached property sales in August 2015 totalled 578, an increase of 18.7 per cent compared to the 487 sales in August 2014, and a 30.2 per cent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 per cent between August 2014 and 2015 to $511,500.
To read more visit: http://www.rebgv.org/news-statistics/competition-continues-drive-metro-vancouver%E2%80%99s-housing-market
SURREY, BC – In August, home sales in the Fraser Valley moderated in comparison to July’s record-setting pace, however, they remained elevated compared to historical norms for the month.
There was a total of 1,734 property sales processed in August, an increase of 33 per cent compared to 1,302 sales during August of last year and a decrease of 21 per cent compared to July’s 2,184 sales.
Jorda Maisey is the Board’s President. “High consumer confidence and low mortgage rates continue to drive the activity we’ve seen in our market this summer.
“Even with the holiday season, sales last month remained 25 per cent higher than the Board’s 10-year average for August. This year marks one of the busiest summer markets we’ve ever had in the Fraser Valley, second only to 2005.”
In August, the total number of active listings in the Fraser Valley decreased 4 per cent compared to July, dropping to 7,407 listings. This represents a 21 per cent decrease from last year’s 9,403 active listings. The MLS® received 2,457 new listings in August, an increase of 3 per cent compared to August of last year.
Maisey adds, “In our market, price is key. Demand remains strongest for single family detached homes and townhomes that are priced correctly. Sellers who hope to take advantage of the current market will find that neither buyers nor their lenders are prepared to over pay.
“We anticipate more inventory will be coming on stream come fall, and we advise our buyers who can wait, to wait.”
The MLS® Home Price Index benchmark price of a detached home in August was $629,400, an increase of 10.5 per cent compared to August of last year when it was $569,800. The MLS® HPI benchmark price of Fraser Valley townhouses increased 2.7 per cent going from $298,500 in August of last year to $306,700 last month. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $196,700 in August of last year to $191,900 last month.
Maisey adds, “First time buyers and investors are noticing that of the three main property types, the best selection in the Fraser Valley is in the condo market. In August, we saw apartment sales pick up specifically in White Rock, Langley and North Surrey.”
Read more at: http://www.fvreb.bc.ca/blog/index.php/2015/09/02/strong-sales-activity-continues-through-august-2
SURREY, BC – Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the highest number of real estate transactions ever recorded for the month of July.
There were 2,184 property sales processed, an increase of 35 per cent compared to 1,615 sales in July of last year. The previous highest July was in 2009, with 2,089 sales and prior to that in 2005.
Jorda Maisey is the Board’s President. “Home ownership is a passion in our country and in our region currently, conditions couldn’t be better to support that goal. Interest rates are the lowest they’ve been in six years, our provincial economy is on track to be the strongest in the country this year and in the Fraser Valley we have amongst the most affordable homes in the region.
“This is why this summer is shaping up to be the busiest in our history.”
The Fraser Valley Board's MLS® showed 7,681 active listings at the end of July, a decrease of 20 per cent compared to the 9,636 listings available in July of last year. It received 3 per cent more new listings in July; 2,815 compared to the 2,724 new listings received during the same month last year.
Maisey notes that despite seeing a slight increase in new listings in July, demand has led to a shortage of inventory in certain markets. "A detached home in the Fraser Valley is selling on average in just over one month and in many communities buyers will find themselves in multiple offer situations. It’s critical to tap into local real estate expertise in a market this hectic. Your REALTOR® will have the knowledge, tools and services to best position you for success.”
The MLS® Home Price Index benchmark price of a detached home in July was $621,100, an increase of 9.3 per cent compared to July of last year when it was $568,300.
The MLS® HPI benchmark price of Fraser Valley townhouses increased 2.1 per cent going from $298,500 in July of last year to $304,900 last month. The benchmark price of apartments decreased year-over-year by 1 per cent, going from $194,700 in July of last year to $192,700 last month.
Maisey adds, “Renters take note. Given interest rates and the affordable price of condos in certain neighbourhoods in Surrey, Langley and Abbotsford, it may be more economical over the long-term for you to own. There are excellent opportunities currently in the Fraser Valley for first-time buyers.”
See more at: http://www.fvreb.bc.ca/blog/index.php/2015/08/05/july-property-sales-hit-record-levels-in-fraser-valley
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1 per cent compared to the 4,375 sales in June 2015.
Last month’s sales were 33.5 per cent above the 10-year sales average for the month.
“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,112 in July. This represents a 3.8 per cent increase compared to the 4,925 new listings reported in July 2014.
The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3 per cent decline compared to July 2014 and a 5.5 per cent decline compared to June 2015.
"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 per cent increase compared to July 2014.
With the sales-to-active-listings ratio at 34.6 per cent, the region remains in seller’s market territory.
“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”
Sales of detached properties in July 2015 reached 1,559, an increase of 17.9 per cent from the 1,322 detached sales recorded in July 2014, and a 24.8 per cent increase from the 1,249 units sold in July 2013. The benchmark price for a detached property in Metro Vancouver increased 16.2 per cent from July 2014 to $1,141,800.
Sales of apartment properties reached 1,729 in July 2015, an increase of 42.7 per cent compared to the 1,212 sales in July 2014, and an increase of 42.9 per cent compared to the 1,210 sales in July 2013. The benchmark price of an apartment property increased 5.9 per cent from July 2014 to $400,900.
Attached property sales in July 2015 totalled 690, an increase of 30.9 per cent compared to the 527 sales in July 2014, and a 41.7 per cent increase from the 487 attached properties sold in July 2013. The benchmark price of an attached unit increased 7.8 per cent between July 2014 and 2015 to $511,500.
See more at: http://www.rebgv.org/monthly-reports?month=July&year=2015
Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver.
The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.
Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.
“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.
“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.
"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.
"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.
The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006.
The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time.
“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”
Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.
Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.
Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.
- See more at: http://www.rebgv.org/monthly-reports?month=June&year=2015#sthash.ZsrVDIle.dpuf
Strongest June market in Fraser Valley in 10 years SURREY, BC – Last month’s sales volumes on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) were the highest for June since 2005 and rank as the fourth busiest month ever for MLS® sales in the Fraser Valley.
There were 2,413 sales processed on the MLS® in June, an increase of 45 per cent compared to the 1,668 sales processed in June of last year and also an increase of 23 per cent compared to May.
Jorda Maisey is the Board’s President. “This is the strongest residential market we’ve experienced since 2005 and prior to that in the early 90’s. What’s generating all this activity? “Our informal market research shows that the majority of homebuyers in the Fraser Valley are families with children moving within their same community or moving within the Fraser Valley region. Our clients are telling us that they’re feeling confident with the current economic climate in BC and the long‐term value of investing in real estate.” In addition to a surge in sales, the number of new listings also picked up in June increasing by 11 per cent going from 2,989 last year to 3,316 last month; taking the number of active listings to 8,105.
Maisey adds, “With demand for detached homes and townhomes at peak levels, our advice to prospective buyers is interview a number of REALTORS® for help navigating what can be a stressful market. With the average home selling in just over a month and many homes receiving multiple offers, you need an expert to find you a home, protect you and position you for success.”
In June, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $609,900, an increase of 7.3 per cent compared to June 2014 when it was $568,600. The benchmark price of townhouses in June was $302,600, an increase of 1.6 per cent compared to $297,800 in June 2014. The benchmark price of apartments decreased year‐over‐year by 2.6 per cent, going from $197,000 in June 2014, to $191,900 last month. Now available for the first time, are residential benchmark prices for the municipality of Surrey, as it is geographically defined encompassing the FVREB MLS® areas of North Surrey, Surrey‐Central, Cloverdale, South Surrey, but excluding White Rock, which is its own municipality. Find the new City of Surrey – Combined prices for detached, townhouse and apartment on page four of this package.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201506.pdf
Slight shift in Fraser Valley market in May; sales edge down while inventory inches up SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April. There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year. Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher‐end detached homes pick up while demand for attached homes, which typically appeal to first‐time buyers, decreased. “The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.” In May, the total number of active listings on the MLS® was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased 7 per cent compared to April, and was also down 7 per cent compared to May of last year. Maisey continues, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single family detached. “What buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes and a balanced or buyers’ market depending on the location, for apartments. In either situation, you can benefit a tremendous amount from the experience and advice of your local REALTOR®.” In May, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $595,600. The benchmark price of townhouses in May was $303,100, an increase of 2 per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year‐over‐year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201505.pdf
Metro Vancouver home sales surpass 4,000 for third consecutive month
It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.
Last month’s sales were 16.7 per cent above the 10-year sales average for the month.
“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.
The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.
Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.
Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.
Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.
See more at: http://www.rebgv.org/monthly-reports?month=May&year=2015#sthash.DvBhJiax.dpuf
Home buyer demand outpacing supply across the Metro Vancouver housing market
Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.
Last month’s sales were 29.3 per cent above the 10-year sales average for the month.
“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.
“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.
The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.
Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.
Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.
Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.
To see more: http://www.rebgv.org/sites/default/files/4.%20REBGV%20Stats%20Pkg%20April%202015.pdf
Strong sales volumes continue through April
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.”
To see more: http://www.fvreb.bc.ca/statistics/Package%20201504.pdf
Demand continued to rise across Metro Vancouver's housing market in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.
Last month’s sales were 26.8 per cent above the 10-year sales average for the month.
"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.
Last month’s new listing count was 4.7 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.
“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents a 7.2 per cent increase compared to March 2014.
The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.
Sales of detached properties in March 2015 reached 1,711, an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.
Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.
Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.
March property sales climb in the Fraser Valley
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.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201503.pdf
Home buyer and seller activity outpaces historical averages in February
Conditions within the Metro Vancouver* housing market continued to strengthen in February as home sale and listing totals came in well above the region’s ten-year average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 per cent above the 10-year sales average for the month.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January 2015.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February 2014.
The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio has been in Metro Vancouver since March 2011.
“We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”
Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 per cent from February 2014 to $1,026,300.
Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent from February 2014 to $386,500.
Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between February 2014 and 2015 to $481,500.
See more at: http://www.rebgv.org/monthly-reports?month=February&year=2015#sthash.2W7Nd89w.dpuf
Early spring fever hits Fraser Valley real estate market 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.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201502.pdf
Home buyers remain active despite reduced selection
The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.
Last month’s sales were 14.9 per cent above the 10-year sales average for the month.
“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
New listings for detached, attached and apartment properties in Metro Vancouver1 totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.
Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5 per cent increase compared to January 2014.
With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.
“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”
Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.
Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.
Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.
See more at: http://www.rebgv.org/monthly-reports?month=January&year=2015#sthash.SO0ihwd6.dpuf
New Year kicks off with average activity for Fraser Valley real estate market SURREY, BC – Fraser 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. 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.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201501.pdf
Steady home sales in December cap solid year for Fraser Valley real estate 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.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201412.pdf
Steady home sales in December cap solid year for
Fraser Valley real estate
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.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201412.pdf
2014 trend towards increased sales and steady
pricing continues into November
SURREY, BC – The Fraser Valley Real Estate Board processed 1,136 sales on its Multiple Listing Service (MLS®) in
November, an increase of 15 per cent compared to the 986 sales during the same month last year and 22 per cent
lower than the 1,448 sales processed in October.
New listings in the Fraser Valley decreased by 2 per cent in November, going from 1,774 last year to 1,748 last
month taking the number of active listings to 8,302, a decrease of 4 per cent compared to the 8,641 active listings
in November of 2013.
“This is the time of year when families are settling in for winter and the holidays, so we expect to see a decrease in
activity,” explains the Board’s president, REALTOR® Ray Werger. “After a busy fall with volumes reaching 5‐year
highs, we’re winding down the year with sales on par with the ten‐year average, but about 8 per cent fewer new
listings therefore home buyers will notice a shortage of inventory in certain price ranges.”
Pricing continues along the same trends as seen for most of 2014, with single family detached prices continuing to
rise; townhouse prices remaining steady, and apartment prices decreasing. The MLS® Home Price Index (MLS® HPI)
benchmark price of a detached home in November was $575,400 an increase of 4.6 per cent compared to
November 2013, when it was $550,300.
The MLS® HPI benchmark price of townhouses increased 2.2 per cent from $292,400 in November 2013 to
$298,900 last month. The benchmark price of apartments decreased year‐over‐year by 3.5 per cent, going from
$196,200 in November of last year to $189,400 in November 2014.
“Prices are a function of supply and demand ‐ which your REALTOR® will explain varies considerably from area to
area and within the different property types ‐ as well as local amenities, transportation options and future
community development, underscoring the importance of expert guidance when you’re looking to list or buy,”
says Werger.
“Overall, 2014 is shaping up to be a good year for Fraser Valley real estate,” continues Werger. “We hit a bit of a
trough during the summer of last year, but since then sales have recovered and we’re tracking towards a 15 per
cent increase in year‐to‐date sales for 2014 compared to 2013 with prices remaining relatively stable.”
To see more: http://www.fvreb.bc.ca/statistics/Package%20201411.pdf
Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in November 2014. This represents an 8.4 per cent increase compared to the 2,321 sales in November 2013, and a 17.7 per cent decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9 per cent above the 10-year sales average for November.
“It’s been a more active fall than we typically see in the Metro Vancouver housing market,” Ray Harris, REBGV president said. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”
New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1 per cent decrease compared to the 3,245 new listings in November 2013 and a 32.8 per cent decline from the 4,487 new listings in October.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.
“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7 cent increase compared to November 2013.
Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.
Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.
Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.
See more at: http://www.rebgv.org/monthly-reports?month=November&year=2014#sthash.BxAIvDpX.dpuf
Metro Vancouver home sales above average in October
Home sales in the Metro Vancouver* housing market continue to outpace long-term averages for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 per cent increase compared to the 2,661 sales in October 2013, and a 4.6 per cent increase over the 2,922 sales in September 2014.
Last month’s sales were 16.6 per cent above the 10-year sales average for October.
“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four per cent increase compared to the 4,315 new listings in October 2013 and a 14.7 per cent decline from the 5,259 new listings in September.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 per cent decline compared to October 2013 and a 6.6 per cent decrease compared to September 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.
“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.
Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 per cent from the 1,067 detached sales recorded in October 2013, and a 60.9 per cent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 per cent from October 2013 to $995,100.
Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 per cent compared to the 1,098 sales in October 2013, and a 57.9 per cent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four per cent from October 2013 to $380,200.
Attached property sales in October 2014 totalled 518, a 4.4 per cent increase compared to the 496 sales in October 2013, and an 53.3 per cent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 per cent between October 2013 and 2014 to $479,500.
To see more: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%20October%202014%20%281%29.pdf
Increased demand for Fraser Valley townhouses
and single family homes
SURREY, BC – The Fraser Valley Real Estate Board processed 1,448 sales on its Multiple Listing Service (MLS®) in
October, an increase of 16 per cent compared to the 1,249 sales during the same month last year and 2 per cent
more than in September.
Ray Werger, the Board’s president, says, “Sales overall continue to outperform last year and as we’ve seen for a
number of months now are the best they’ve been in five years.
“Demand remains steady in our region for single family detached homes and townhomes. Last month, the market
share of sales of single family homes increased by almost five per cent compared to last year; while the share of
condo sales decreased by the same amount and we’re seeing that preference reflected in prices.”
The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in October was $573,500 an increase
of 4 per cent compared to October 2013, when it was $551,400.
The MLS® HPI benchmark price of townhouses increased 1 per cent from $295,500 in October 2013 to $298,500
last month. The benchmark price of apartments decreased year‐over‐year by 3.5 per cent, going from $199,500 in
October of last year to $192,600 in October 2014.
In the last five years, the MLS® HPI benchmark price of a detached home in the Fraser Valley has increased by 16.6 per
cent. For townhouses, the price is flat having increased by 0.5 per cent and for apartments; the price has
decreased by 6 per cent.
Werger adds, “With the influx of new developments and a steady supply of resale units, we’ve never had a better
selection of condos than we do right now at prices the lowest they’ve been in years. For those that say housing
isn’t affordable in Metro Vancouver, you need to check out the opportunities currently for condo buyers in the
Valley.”
In October, new listings in the Fraser Valley increased by 3 per cent, going from 2,336 last year to 2,395 last month
taking the number of active listings to 8,807, a decrease of 3 per cent compared to the 9,047 active listings in
October of 2013. “Inventory is edging down, which is typical for this time of year,” says Werger. “The result is
we’re seeing good quality homes that are priced right moving quickly.”
For more: http://www.fvreb.bc.ca/statistics/Package%20201410.pdf
Home sales activity picks up the pace in September
Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 per cent increase compared to the 2,483 sales in September 2013, and a 5.4 per cent increase over the 2,771 sales in August 2014.
Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.
“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 per cent increase compared to the 5,030 new listings in September 2013 and a 33.5 per cent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 per cent above the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 per cent increase compared to August 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 per cent increase compared to September 2013.
“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”
Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 per cent from the 1,023 detached sales recorded in September 2013, and a 113.8 per cent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 per cent from September 2013 to $990,300.
Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 per cent compared to the 1,018 sales in September 2013, and a 75.7 per cent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 per cent from September 2013 to $378,700.
Attached property sales in September 2014 totalled 464, a 5 per cent increase compared to the 442 sales in September 2013, and an 88.6 per cent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 per cent between September 2013 and 2014 to $477,700.
See more at: http://www.rebgv.org/monthly-reports?month=September&year=2014#sthash.ikRZxB9z.dpuf
Strong summer for Fraser Valley real estate carries
through to September
SURREY, BC – The Fraser Valley Real Estate Board processed 1,419 sales on its Multiple Listing Service (MLS®) in
September, an increase of 25 per cent compared to the 1,131 sales during the same month last year, and an
increase of 9 per cent compared to sales in August.
Ray Werger, the Board’s president, says, “Similar to this past summer, this is the busiest September we’ve had
since 2009 with sales of all property types combined out‐performing the 10‐year average by 13 per cent.
“Residentially, the single family detached home remains the preferred property type. From North Delta to Mission,
sales increased in every Fraser Valley community compared to last year with the price range of $400,000 to
$699,999 garnering almost sixty per cent of our total detached market.”
New listing activity was also steady in September with the Board’s MLS® receiving 2,758 new listings, an increase of
16 per cent compared to last year, taking the total number of active listings by month‐end to 9,156, a decrease of
7 per cent compared to September 2013.
Werger adds, “An important factor underlying the housing market is consumer confidence and in our region that
confidence has been bolstered by the stability of home prices. Since March, the benchmark price of our three main
residential property types combined has remained flat, increasing by only 0.6 per cent.
“Long‐term, the value of single family detached homes has increased at a faster pace than it has for attached
properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new
townhome and condo developments. The supply of new inventory has affected the price of resale product.”
The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in September was $569,800; an
increase of 3.1 per cent compared to September 2013, when it was $552,900. In the last six months, the
benchmark price of a detached home has increased by 1.1 per cent.
In September, the MLS® HPI benchmark price of Fraser Valley townhouses was $299,600; an increase of 1.1 per
cent compared to $296,200 in September of last year, and in the last six months has increased by 0.8 per cent. The
benchmark price of apartments decreased year‐over‐year by 4.7 per cent, going from $203,100 in September 2013
to $193,600 last month, and has decreased by 0.9 per cent in the last six months.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201409.pdf
August market typical for Fraser Valley real estate
SURREY, BC – Even with a characteristic seasonal dip in sales, the Fraser Valley real estate market experienced its
best August since 2011 with volumes improving over last year and finishing 10 per cent below the 10‐year average
for the month.
The Fraser Valley Real Estate Board processed 1,302 sales on the Multiple Listing Service® (MLS®) in August, an
increase of 3 per cent compared to the 1,258 sales during the same month last year and a decrease of 19 per cent
compared to the 1,615 sales in July.
Ray Werger, president of the Board, says, “As usual, we saw a typical summer slowdown in August compared to
July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the
story we’ve seen all year; a return to a normal, balanced market.”
The Board added 2,382 new properties to the MLS® in August, an increase of 1 per cent compared to August of last
year and a decrease of 13 per cent compared to July. August finished with 9,403 active listings, a decrease of 7 per
cent compared to what was available during the same month last year.
Werger adds, “Generally in August, we saw sales of single family detached homes continue to outpace sales of
townhouses and condos in the Fraser Valley. Depending on what property type you’re thinking of listing or buying,
talk to your REALTOR® who will explain that the markets for detached and attached homes are quite different. We
have only five months’ supply of detached homes currently and nine months’ supply of condos.
“With interest rates as competitive as they are combined with the increase of affordable, new townhome
developments in Cloverdale and Langley in particular, we’re seeing first‐time buyers bypass the condo phase to
jump immediately to a larger, more expensive townhouse or a smaller single family home.”
The MLS® Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was
$569,800, an increase of 3.4 per cent compared to $551,000 in August 2013.
For townhouses, the benchmark price in August was $298,500 on par with the August 2013 price of $298,200. The
benchmark price of apartments in Fraser Valley in August was $196,700, a decrease of 3.5 per cent compared to
$203,900 in August 2013.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201408.pdf
Housing market activity follows 10-year August averages
The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2 per cent increase compared to the 2,514 sales recorded in August 2013, and a 9.5 per cent decline compared to the 3,061 sales in July 2014.
“Activity this summer has been strong but not unusual for our region,” Ray Harris, REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”
Last month’s sales were 4.3 per cent above the 10-year sales average for August of 2,658.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5 per cent increase compared to August 2013.
“Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9 per cent decline compared to the 4,186 new listings in August 2013 and a 20 per cent decline from the 4,925 new listings in July. Last month’s new listing total was 8.4 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,768, a 7.9 per cent decline compared to August 2013 and a 5.4 per cent decrease compared to July 2014.
Sales of detached properties in August 2014 reached 1,158, an increase of 10.1 per cent from the 1,052 detached sales recorded in August 2013, and an 85.6 per cent increase from the 624 units sold in August 2012. The benchmark price for detached properties increased 6.6 per cent from August 2013 to $984,300.
Sales of apartment properties reached 1,126 in August 2014, an increase of 10.6 per cent compared to the 1,018 sales in August 2013, and a 55.3 per cent increase compared to the 725 sales in August 2012. The benchmark price of an apartment property increased 3.6 per cent from August 2013 to $379,200.
Attached property sales in August 2014 totalled 487, a 9.7 per cent increase compared to the 444 sales in August 2013, and a 62.3 per cent increase over the 300 attached properties sold in August 2012. The benchmark price of an attached unit increased 3.9 per cent between August 2013 and 2014 to $474,900.
- See more at: http://www.rebgv.org/monthly-reports?month=August&year=2014#sthash.ablyevHh.dpuf
Home buyers continue to slightly outpace sellers, but not by much
The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”
Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July 2013.
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.
The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio has ranged between 18 and 20 per cent over the last four months.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013 and a 7.8 per cent decline from the 5,339 new listings in June.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to June 2014.
Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the 1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to $980,500.
Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012. The benchmark price of an apartment property increased 2.2 per cent from July 2013 to $376,500.
Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487 sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July 2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and 2014 to $472,400.
- See more at: http://www.rebgv.org/monthly-reports?month=July&year=2014#sthash.nbMu2eu4.dpuf
Market strength carries into summer for Fraser
Valley real estate
SURREY, BC – Continued demand for single family homes and townhomes resulted in the busiest July in five years
for the Fraser Valley Real Estate Board. The Board’s Multiple Listing Service® (MLS®) processed 1,615 sales in July,
an increase of 11 per cent compared to the 1,456 sales in July last year and 1.4 per cent above the 10‐year average
for the month.
Ray Werger, President of the Board, says, “July’s steady activity is a continuation of what we’ve been seeing all
year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser
Valley, which is a steady, consistent market.”
In July, the Board received 2,724 new listings, a decrease of 2 per cent compared to July 2013 taking the number of
active listings in Fraser Valley to 9,636, a decrease of 8 per cent compared to the volume available in July 2013.
Werger says, “Although our sales were slightly above average for the month, the volume of new listings added to
the MLS® was 7 per cent lower than what’s typical for July, so for certain property types and price ranges we’re
actually seeing a shortage of listings creating a seller’s market for particular homes.
“When demand starts to exceed supply it puts upward pressure on prices and in areas such as White Rock/South
Surrey, North Delta and Langley we’ve seen an increase in benchmark prices of single family detached homes
ranging from 3 to 6.6 per cent over the last year. It’s a different story for condos. In most of our market, there’s
excellent selection and prices lower than they were one year ago offering tremendous opportunities for buyers.”
In July, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ single family
detached home was $568,300, an increase of 3 per cent compared to July 2013 when it was $551,000.
The HPI benchmark price of Fraser Valley townhouses increased by 0.2 per cent; going from $297,800 in July 2013
to $298,500 in July 2014. The benchmark price of apartments was $194,700 last month, a decrease of 3.6 per cent
compared to $202,000 in July of last year.
—
To read more: http://www.fvreb.bc.ca/statistics/Package%20201407.pdf
Strongest June in four years for Fraser Valley real estate market
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June,
an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May.
In terms of historical comparison, last month’s sales finished 7 per cent below the 10‐year average for June with
the previous best June occurring in 2010.
Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate
is at its highest level in a number of years and we’re experiencing that at the ground level.
“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in
most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra‐
low interest rates combined with more affordable, stable prices in the Fraser Valley.”
In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential
home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the
single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared
to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI
began in January 2005.
The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June
2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7
per cent compared to $202,500 in June of last year.
Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what
you’re listing or buying. Competitively priced, mid‐range single family homes are being snapped up quickly, on
average in a little over a month, whereas condos and higher‐end, executive homes in our region are taking as long
as three months on average to sell. Talk to your REALTOR® to find out where you fit.”
The Board’s MLS® received 13 per cent more new listings in June, 2,974 compared to the 2,625 new listings
received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared
to the 10,515 active listings available during June of last year.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201406.pdf
The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.
Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.
“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said.
The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.
“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have maintained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013 and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease compared to May 2014.
Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the 1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.
Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to $378,000.
Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472 sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and 2014 to $471,200.
See more at: http://www.rebgv.org/monthly-reports?month=June&year=2014#sthash.5S5h5FCr.dpuf
Market strength solidifies in the Fraser Valley
SURREY, BC – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the
Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent
compared to May 2013 and 11 per cent more than in April.
Previous record‐setting Mays were in the mid‐2000s during the market peak, with last month’s sales coming in just
below the 10‐year average.
Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales
volumes with the most popular choice being single family detached homes followed by townhouses. For single
family homes, that market is at the upper‐end of a balanced market with certain areas in a sellers’ market where
over 30 per cent of available inventory is selling.”
Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement
in condo sales in specific areas, however in many communities the market continues to favour buyers due to
inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.
“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re
starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in
the most sought‐after communities and most of that increase has taken place in the last six months.”
The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in
Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.
In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to
$298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year‐over‐year; going from
$203,400 in May of last year to $198,100 in May 2014.
In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more
than were received during the same month last year. The new inventory took the number of active listings in
Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.
Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced‐right, quality
properties. If your home fits that description, anticipate a lot of interest.”
To read more: http://www.fvreb.bc.ca/statistics/Package%20201405.pdf
Home buyer demand increases across Greater Vancouver housing market
An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 per cent increase compared to the 3,050 sales in April 2014.
Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.
The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the first time that this measure has been above 20 per cent since June 2011.
“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011,”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013 and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count was 2 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.
Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the 1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500.
Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to $377,500.
Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534 sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 per cent between May 2013 and 2014 to $469,100.
To see more: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20May%202014.pdf
Spring buyers and sellers emerge in the Greater Vancouver housing market
Home buyers and sellers became more active in the Greater Vancouver housing market in April.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a 15.5 per cent increase compared to the 2,641 sales in March 2014.
Last month’s sales were 5.2 per cent below the 10-year sales average for April of 3,217.
The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.
“We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months,” Ray Harris, REBGV president said. “People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season is still a few months away,” Harris said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950 in April. This represents a 1.3 per cent increase compared to the 5,876 new listings in April 2013 and a 12.7 per cent increase from the 5,281 new listings in March. Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 15,515, a 7.3 per cent decline compared to April 2013 and a 7.2 per cent increase compared to March 2014.
“Home prices in the region continue to show steady, yet modest, increases when compared to last year,” Harris said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619,000. This represents a 3.6 per cent increase compared to April 2013.
Sales of detached properties in April 2014 reached 1,336, an increase of 25.6 per cent from the 1,064 detached sales recorded in April 2013, and an 18.7 per cent increase from the 1,126 units sold in April 2012. The benchmark price for detached properties increased 4.7 per cent from April 2013 to $956,700.
Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 per cent compared to the 1,052 sales in April 2013, and a 1.5 per cent decline compared to the 1,190 sales in April 2012. The benchmark price of an apartment property increased 2.6 per cent from April 2013 to $375,500.
Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511 sales in April 2013, and a 12.2 per cent increase over the 483 attached properties sold in April 2012. The benchmark price of an attached unit increased two per cent between April 2013 and 2014 to $464,400.
To read more: http://www.rebgv.org/monthly-reports?month=April&year=2014#sthash.7meQWdzS.dpuf
Balanced market conditions in the Fraser Valley
SURREY, BC – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new
inventory in April, propelling the market into solid balanced conditions.
In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per
cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent
increase compared to the previous month.
Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of
numbers, but our 2014 market is already on track to outperform last year.
“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings
and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both
single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold.
That’s a strong, balanced market.”
Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an
oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments
have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the
community and the age and quality of the condo.”
In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was
$298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was
$196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.
In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and
1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during
April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6
per cent fewer than were available during April of last year.
In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes;
and, 59 days on average for an apartment. All, four days faster than they were in April 2013.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201404.pdf
Home sale and listing activity continue to chart steady path for region’s housing market
March home sales in Greater Vancouver outpaced last year’s total yet lagged the region’s historical average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,641 on the Multiple Listing Service® (MLS®) in March 2014. This represents a 12.5 per cent increase compared to the 2,347 sales recorded in March 2013, and a 4.4 per cent increase compared to the 2,530 sales in February 2014.
Last month’s sales were 17.2 per cent below the 10-year sales average for March of 3,190.
The sales-to-active-listings ratio currently sits at 18.2 per cent in Greater Vancouver, which is unchanged from last month.
“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said Ray Harris, REBGV president. “There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,281 in March. This represents a 9.1 per cent increase compared to the 4,839 new listings in March 2013 and a 12.4 per cent increase from the 4,700 new listings in February. Last month’s new listing count was 5.9 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,472, a 6.4 per cent decline compared to March 2013 and a 7.9 per cent increase compared to February 2014.
“Home prices in the region have experienced incremental gains in most areas and property types over the last 12 months,” Harris said. “It’s important to remember that this is a diverse marketplace and trends will vary depending on area and property type.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $615,200. This represents a 3.7 per cent increase compared to March 2013.
Sales of detached properties in March 2014 reached 1,116, an increase of 19.6 per cent from the 933 detached sales recorded in March 2013, and a 5.7 per cent decrease from the 1,183 units sold in March 2012. The benchmark price for detached properties increased 4.2 per cent from March 2013 to $945,400.
Sales of apartment properties reached 1,106 in March 2014, an increase of 12.6 per cent compared to the 982 sales in March 2013, and a 7.1 per cent decline compared to the 1,191 sales in March 2012. The benchmark price of an apartment property increased 3.8 per cent from March 2013 to $375,800.
Attached property sales in March 2014 totalled 419, a 3 per cent decline compared to the 432 sales in March 2013, and a 16.2 per cent decline from the 500 attached properties sold in March 2012. The benchmark price of an attached unit increased 1.3 per cent between March 2013 and 2014 to $460,100.
To read more: http://www.rebgv.org/monthly-reports?month=March&year=2014#sthash.qAp5RarQ.dpuf
Buyers see value in single family detached homes
in the Fraser Valley
SURREY, BC – In March, the Fraser Valley Real Estate Board (FVREB) processed 1,259 sales on its Multiple Listing
Service® (MLS®), an increase of 12 per cent compared to the 1,128 sales during March of last year, and a 14 per
cent increase compared to February’s 1,102 sales.
Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in
particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley
compared to last year.
“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property
types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100
more sales. The property type that lost ground was townhouses.” Werger explains, “Our main buyers are families
looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”
The most popular price range for single family detached homes in the Fraser Valley last month was between
$500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per
cent compared to $544,300 during the same month last year.
For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in
March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to
$204,200 in March 2013.
The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during
March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were
available during March 2013.
Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley
housing market in general may or may not be happening to the market for your home. Contact your local
REALTOR® for detailed market information by community, neighbourhood and property type.”
In March, Fraser Valley’s sales‐to‐active‐listings ratio – a comparison of sales and inventory that measures the
health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per
cent for the three main residential property types indicating stability in the marketplace.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201403.pdf
Fraser Valley market showing signs of spring
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in
February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during
February of last year.
Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the
year was two years ago when we ended up having a solid, steady market from February through to mid‐summer.
It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days
to sell a detached home is one week faster than it was in January.”
Werger adds, “Although sales have picked up, it’s important to mention that they’re still hovering about 10 per
cent below our 10‐year average and the increases in activity are specific to property type and location, so be sure
to ask your REALTOR® how your home and neighbourhood compare.”
The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during
February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were
available in January and 8 per cent less than were available during February 2013.
Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however,
demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley,
Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on
par or elevated compared to last year.
“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent
opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”
In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase
of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was
$298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of
apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.
In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took
55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on
the market in February compared to 86 days in January.
To view more: http://www.fvreb.bc.ca/statistics/Package%20201402.pdf
Home sales and listings continue to follow historical averages
In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.
Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.
The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per cent increase from last month.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president. “We typically see home buyers become more active in and around the spring months.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.
“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.
Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.
Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.
Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300.
To view more: http://www.rebgv.org/sites/default/files/Feb%202014%20Stats%20Release%20For%20Media%20Final.pdf
New Year welcomes increase in sales and new listings in Fraser Valley
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded higher activity in
January compared to one year ago with an increase in sales and a slight increase in new listings.
The Board processed 772 sales on the MLS® last month, a 25 per cent increase compared to the 617 sales in
January 2013. In addition, the Board saw a modest 1 per cent increase in new listings in January, 2,676 compare to 2,643 received during the same month last year, but a 164 per cent increase compared to the new listings
received the previous month, December 2013.
Ron Todson, President of the Board, says, “Starting early in the year, we typically see a ‘re‐stocking of our shelves’
in advance of the spring market, which is a positive trend for buyers in that it creates new opportunities for them.
With higher inventory they have greater freedom to comparison shop.”
From a historical perspective, the number of new listings received in January 2014 was 7 per cent higher than the
10‐year average for that month, while sales finished 8 per cent less than the 10‐year average.
Todson explains, “Over the last few months, housing supply in the Fraser Valley has moderated while sales have
been variable, fluctuating below average levels. When supply meets or exceeds demand, it has a calming effect on prices.
“Generally, values of ground‐oriented homes in Fraser Valley have been stable or increasing while condo values
have been flat or decreasing. This is why it’s important to talk to your local REALTOR® because we’re seeing
different market trends dependent on property type and location.”
In January, the benchmark price of a detached home in the Fraser Valley was $552,500, an increase of 2.2 per cent compared to $540,500 in January 2013 and an increase of 0.6 per cent compared to December.
For townhouses, the benchmark price in January was $297,600, an increase of 1.3 per cent compared to the same
month last year when it was $293,700 and up 1.5 per cent compared to December. The benchmark price of
apartments in January was $192,300, a decrease of 4.0 per cent compared to January 2013 when it was $200,400 and a decrease of 0.2 per cent compared to December.
January’s total active inventory at 7,384 listings finished 8 per cent lower than the 8,031 active listings available
during January 2013.
To see more: http://www.fvreb.bc.ca/statistics/Package%20201401.pdf
Steady trends continue in the Greater Vancouver housing market
The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.
Last month’s sales were 7.2 per cent above the 10-year sales average for the month.
“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in January 2013.
Last month’s new listing count was 17.7 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared to December 2013.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January 2013.
With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market territory.
“If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.
Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.
Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.
Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.
To see more: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20January%202014.pdf
Metro Vancouver housing market characterized by modest
home sale and price increases in 2013
VANCOUVER, B.C. – January 3, 2014 – The Greater Vancouver housing market maintained a
consistent balance between demand and supply throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032
sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.
“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t
compare to some of the record-breaking years we experienced over the last decade,” Sandra
Wyant, REBGV president said.
Last year’s home sale total ranks as the third lowest annual total for the region in the last ten
years, according to the region’s Multiple Listing Service® (MLS®).
The number of residential properties listed for sale on the MLS® in Metro Vancouver declined
6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back
further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential
properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.
“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced
conditions allowed home prices in the region to remain steady, with just a modest increase over
the last 12 months.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December
2012.
December summary
Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of
71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline
compared to November 2013 when 2,321 home sales occurred.
December sales were 8.1 per cent above the 10-year December sales average of 1,807.
To read more:
http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20December%202013.pdf
Fraser Valley’s housing market quiet, yet stable in 2013
SURREY, BC –
Neither predictions of a huge crash or notable recovery came to pass in 2013 as Fraser Valley’s real
estate market stayed slow and steady, similar to 2012’s market.
Fraser Valley’s total sales volume last year was 13,663 a decrease of 1.5 per cent compared to 13,878 in 2012.
Over the course of the year, Fraser Valley REALTORS® listed 29,338 properties on the Multiple Listing Service®
(MLS®), a 5.4 per cent decrease compared to 2012’s 31,009 listings. The number of active listings at year’s end
finished at 7,541, 5 per cent higher compared to 7,187 active listings in December 2012.
Ron Todson, President of the Fraser Valley Board, says, “It wasn’t the best of years, nor was it the worst. Generally
speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage
regulations, rebounded some in the summer and then flattened again come fall.
“The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were
amongst the lowest they’ve been in last decade, we didn’t see significant price declines because our inventory also
remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where
neither has the upper hand.”
In December, the benchmark price of a detached home in the Fraser Valley was $549,500, an increase of 1.9 per
cent compared to $539,000 in December 2012 and a decrease of ‐0.1 per cent compared to November.
For townhouses, the benchmark price in December was $293,300, a decrease of 1.0 per cent compared to the same
month last year when it was $296,400 and up 0.3 per cent compared to November. The benchmark price of
apartments in December was $192,600, a decrease of 3.7 per cent compared to December 2012 when it was
$200,100 and a decrease of 1.8 per cent compared to November.
Annual average prices year over year show detached homes up 3 per cent – $615,852 in 2013 compared to $597,608
in 2012. Townhome average prices decreased by 0.7 per cent, going from $340,253 in 2012 to $337,811 in 2013 and
the average price of apartments decreased by 0.4 per cent going from $220,033 in 2012 to $219,196 in 2013.
For the month of December, property sales were down compared to November, as is the seasonal norm – 890
compared to 986; however, they were a 34 per cent improvement over the 664 sales in December 2012.
To read more: http://www.fvreb.bc.ca/statistics/Package%20201312.pdf
Steady trends continue in the Greater Vancouver housing market
Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.
Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.
“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline compared to October 2013.
The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to November 2012.
Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012 to $924,800.
Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the 1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per cent from November 2012 to $367,800.
Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached properties sold in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.
To read more, click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20November%202013.pdf
Fraser Valley’s housing market cools in November
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 986 property sales in
November, an increase of 9 per cent compared to the 905 sales during the same month last year, however a
decrease of 21 per cent compared to October’s 1,249 sales.
Month‐over‐month, the Board also received 24 per cent fewer new listings – 1,774 compared to 2,336 in October –
but still an improvement over the 1,723 new listings received during November of 2012.
Ron Todson, president of the Board says, “We typically see a slowdown just before the holidays and this year it
started a little sooner reflecting what we’re seeing in our overall economy.
“Similar to last November, sales are hovering at about 14 per cent off normal levels, but so are new listings.
They’re down about 7 per cent compared to the 10‐year average, so what we’re seeing is a slower but steady
market keeping home prices in check and the average number of days to sale stable.”
For a detached home in the Fraser Valley, the average number of days to sell in November was 57, compared to
last year’s 59 days. For townhomes, it was 58 days and apartments 78 compared to 70 and 74 in November 2012.
Prices for benchmark homes also remain steady showing nominal year‐over‐year increases or single‐digit
decreases. For single family detached homes, the benchmark price increased by 1.0 per cent in one year, going
from $544,700 in November 2012 to $550,300 last month.
For townhouses, the benchmark price in November was $292,400, a decrease of 2.2 per cent compared to
$298,900 during the same month last year. The benchmark price of apartments in the Fraser Valley in November
was $196,200, a decrease of 3.3 per cent compared to $202,800 in November 2012.
Todson notes, “Those thinking of buying or selling may notice in our monthly statistics package that average prices
in November are up or down substantially compared to the benchmark price.
“Talk to your REALTOR® who will explain that the volume of sales and the calibre of homes sold can dramatically
skew average prices, which doesn’t happen with the benchmark price the most reliable of all pricing
measurements.”
Since November 2012, the benchmark price in the Fraser Valley for all three residential property types combined is
flat, having decreased by 0.4 per cent and over the last six months the price has decreased by 0.9 per cent.
To read more, click here: http://www.fvreb.bc.ca/statistics/Package%20201311.pdf
Balanced conditions continue in the Greater Vancouver housing market
Home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months.
The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,661 on theMultiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.
New listings for attached, detached and apartment properties in Greater Vancouver totaled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.
Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.
“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,257, a decline of 12.2 per cent compared to this time last year, and a decline of 5.3 per cent compared to September 2013.
The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.
Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.
Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.
Attached property sales totaled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.
For more information:
http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20October%202013.pdf
Fraser Valley home sales in October consistent with 10 year average
SURREY, BC –
An increase in sales and a decrease in new listings last month resulted in Fraser Valley’s real estate
market returning to typical activity levels for October – on par with that month’s 10‐year average.
The Fraser Valley Real Estate Board posted 1,249 sales on its Multiple Listing Service (MLS®) in October, an
increase of 19 per cent compared to the 1,053 sales processed during October 2012. At the same time, the Board
received 2,336 new listings, a decrease of 7 per cent compared to the 2,522 new listings received during the same
time period last year.
Ron Todson, President of the Fraser Valley Real Estate Board, says, “We’ve had a great summer and good early fall,
but it’s important to remind everyone of the context. The last four months of 2012 were amongst the slowest for
our real estate market in the last 15 years.
“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or
down slightly compared to a year ago, stable inventory levels and the average length of time to sell a home is
about two months.”
In October, the benchmark price of single family detached homes in the Fraser Valley was $551,400 a 0.8 per cent
increase compared to $546,900 during the same month last year. For townhouses, the benchmark price was
$295,500, a decrease of 0.5 per cent compared to $297,100 in October 2012 and the benchmark price of
apartments was $199,500, 2.2 per cent less than in October 2012 when it was $203,900.
In October, the Board’s listing inventory was 9,047, a decrease of 10 per cent compared to the 10,051 active
properties that were available in October of 2012.
Todson adds, “We characterize our overall market as balanced because of the ratio of sales compared to the
number of active listings, however that ratio changes for every community and property type in the Fraser Valley.
We have quite a range; some markets with less than 10 per cent of inventory selling and others where more than
25 per cent of the housing stock will sell in one month. If you want to know what’s happening with your local
market and how it would affect the selling price of your home, talk to your REALTOR®.
For more information:
http://www.fvreb.bc.ca/statistics/Package%20201310.pdf
Sale and listing activity continues to follow historical averages
VANCOUVER, B.C. – October 2, 2013 – Home buyer and seller activity in the Greater Vancouver housing market continuesto far outpace 2012, yet is in line with the region’s 10-year averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.
Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 per cent below the 10-year average.
“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per cent increase compared to August 2013.
The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver.
“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.
Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957units sold in September 2011. The benchmark price for detached properties decreased 1.4 per cent from September 2012 to $922,600.
Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012, and an increase of 10.4 per cent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 per cent from September 2012 to $366,600
Attached property sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.
To read more, click there; http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20September%202013.pdf
September housing market shows marked improvement over last year’s historical lows
SURREY, BC – The Fraser Valley real estate market continues to edge closer to typical activity levels as September saw the largest year‐over‐year increase in property sales this year to date.
The Fraser Valley Real Estate Board processed 1,131 sales on its Multiple Listing Service® (MLS®) in September, an increase of 32 per cent compared to the 857 sales processed during the same month last year and 10 per cent fewer than processed in August.
Ron Todson, President of the Board, explains, “It is good news however, it’s important to put the increase into context. Our home sales in September went from the worst in 10 years to just below our 10‐year average.
“It can take a year or more for the market to recover from regulatory changes such as last year’s tightening of mortgage rules introduced by the federal government. Although we are seeing evidence of first‐time home buyers returning to the market, we have to keep in mind that it is more challenging now for them to get financing, so although we’re witnessing a recovery to a balanced market it is gradual.”
Todson adds, “An improvement in our sales in the Fraser Valley has not translated to an increase in home prices because inventory levels have either kept pace or depending on the property type and community are elevated.
“Your REALTOR® can provide specifics for your area, for example there is 12 months of condo inventory right now in White Rock/South Surrey, 5 months of inventory for single family homes in North Delta and only 3 and a half months of townhouse inventory in Langley. Real estate is local so to understand your market, talk to an expert.”
In September, the benchmark price of single family detached homes in the Fraser Valley was $552,900, a 0.6 per cent increase compared to $549,500 during the same month last year. For townhouses, the benchmark price was $296,200, a decrease of 1.4 per cent compared to $300,500 in September 2012 and the benchmark price of apartments was $203,100, 1.9 per cent less than in September 2012 when it was $207,000.
The Board received 2,375 new listings in September, a decrease of 7 per cent compared to the 2,544 new listings received during the same month last year – leaving the volume of active properties at 9,875 a decrease of 5 per cent compared to September 2012 and the lowest it’s been since March of this year.
To read more, click here; http://www.fvreb.bc.ca/statistics/Package%20201309.pdf
Continued improvement in Fraser Valley’s housing marketSURREY, BC – Buyers and sellers continued to show greater confidence in themarket last month as home sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) edged closer to typical levels.
The Board processed 1,258 sales in August, an increase of 17 per cent compared to the 1,073 sales in August of last year however, the volume remains 13 per cent below the 10‐year average for the month.
Ron Todson, President of the Board, explains, “The best way to describe ourmarket currently is one of continued,modest improvement as buyers and sellers become more confident.
“In the last month in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offer subject to another sale, we’re seeing fewer deals collapse and we’re seeing more move‐up buyers, either improving on the size or quality of their existing home. These are all indicators of a return to a more typical, stable market.”
In terms of inventory, the Board received 2,353 new listings in August, a decrease of 2 per cent compared to the 2,406 new listings received during the same month last year – leaving the volume of active properties at 10,127 a decrease of 2 per cent compared to August 2012.
Todson says, “An important measure of the balance between housing supply and demand is the number of months it would take to sell our existing inventory. We’re currently sitting at eight months’supply in the Fraser Valley, indicating a balanced market, which is also being reflected in the stability of home prices.
“Home prices generally remain unchanged or down slightly froma year ago; however, do check with your local REALTOR® if you’re in need of specific values because the range between property type and community can be sizeable.”
In August, the benchmark price of single family detached homes in the Fraser Valley was $551,000, virtually on par with $551,400 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.6 per cent compared to $303,000 in August 2012 and the benchmark price of apartments was $203,900, 1.3 per centlessthan in August 2012 when it was $206,600.
To read more, click here: http://www.fvreb.bc.ca/statistics/Package%20201308.pdf
The summer housing market remains active in Greater VancouverVANCOUVER, B.C. – September 4, 2013 – August activity in the Greater Vancouver housing market finished well above last year’s pace and slightly below the 10-year average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,514 on the Multiple Listing Service® (MLS®) in August 2013. This represents a 52.5 per cent increase compared to the 1,649 sales recorded in August 2012, and a 14.7 per cent decline compared to the 2,946 sales in July 2013.
Last month’s sales were 4.6 per cent below the 10-year sales average for the month.
“We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale,” Sandra Wyant, REBGV president said. “The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,186 in August. This represents a 3.5 per cent increase compared to the 4,044 new listings reported in August 2012 and a 13.8 per cent decline from the 4,854 new listings in July of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,027, which is an 8.8 per cent decrease compared to August 2012 and a 3.6 per cent decline from July 2013.
The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This ratio remains consistent with balanced market conditions.
“People entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,500. This represents a 1.3 per cent decline compared to August 2012 and an increase of 2.3 per cent since the beginning of 2013.
Sales of detached properties reached 1,052 in August 2013, an increase of 69 per cent from the 624 detached sales recorded in August 2012, and a 3.1 per cent increase from the 1,020 units sold in August 2011. The benchmark price for detached properties decreased 2 per cent from August 2012 to $923,700.
Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 per cent compared to the 725 sales in August 2012, and an increase of 6.6 per cent compared to the 955 sales in August 2011. The benchmark price of an apartment property decreased 1.1 per cent from August 2012 to $366,100.
Attached property sales in August 2013 totalled 444, an increase of 48 per cent compared to the 300 sales in August 2012, and a 10.2 per cent increase from the 403 attached properties sold in August 2011. The benchmark price of an attached unit decreased 1.1 per cent between August 2012 and 2013 to $457,000.
To read more, click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20August%202013.pdf
July home sale activity increases in Greater Vancouver
Sunny weather did not slow the pace of home sale activity in July. Last month was the highest selling month of the year in Greater Vancouver and the highest selling July since 2009.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an 11.5 per cent increase compared to the 2,642 sales in June 2013.
Last month’s sales were 0.1 per cent above the 10-year sales average for the month.
“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854 in July. This represents a 1.1 per cent increase compared to the 4,802 new listings reported in July 2012 and a 0.4 per cent decline from the 4,874 new listings in June of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from June 2013.
The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to this time last year and an increase of 2.3 per cent over the last six months.
“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”
Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787 detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to $920,500.
Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.
Attached property sales in July 2013 totalled 487, an increase of 27 per cent compared to the 384 sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and 2013 to $456,700.
To read more, click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20July%202013.pdf
Fraser Valley housing market getsits groove back
SURREY, BC – Buyers and sellers in the Fraser Valley took advantage of the record breaking hours of sunshine in July as both sales and listings on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) experienced a noticeable lift.
The Board processed 1,456 sales in July, an increase of 5 per cent compared to the 1,393 sales in July of last year and 10 per cent more than were processed in June. By historical comparison, sales in July ranked sixth going back to 2004. For over a year, monthly sales in Fraser Valley have been trending at 10‐year lows.
Ray Werger is the President‐elect of the Board. “Buoyancy during the summer is rare at the best of times and yet I’ve just experienced the busiest July in my 20 plus years as a REALTOR®. To jump from the worst June in 10 years to a slightly below average July may not sound unusual or unexpected but it was.
“We’re likely experiencing some pent‐up demand coming off some very slow winter months, tiny changes in mortgage rates are always incentive for many buyers, and let’s not underestimate our glorious weather. For our buyers and sellers, a return to a normal, balanced market is welcome news.”
In July, Fraser Valley’s sales‐to‐active‐listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types and 18 per cent for single family detached homes and town homes indicating stability in the marketplace.
The Board received 2,777 new listings in July – 5 per cent fewer than received during the same month last year, but 6 per cent more than were received in June – leaving the volume of active properties at 10,428 a decrease of 4 per cent compared to July 2012.
In July, the benchmark price of single family detached homes in the Fraser Valley was $551,000, virtually on par with $551,400 during the same month last year. For townhouses, the benchmark price was $297,800, a decrease of 1.8 per cent compared to $303,400 in July 2012 and the benchmark price of apartments was $202,000, 2 per cent less than in July 2012 when it was $206,200.
Werger adds, “Year over year, prices are stable or down slightly, however the six month trend is showing one to two per cent increases for all property types; again underlying the return to an average or typical housing market.”
To read more, click here: http://www.fvreb.bc.ca/statistics/Package%20201307.pdf
The Greater Vancouver housing market continues to maintain a relative balance between the number of homes for sale and the number of people looking to purchase a home in the region today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,642 on the Multiple Listing Service® (MLS®) in June 2013. This represents an 11.9 per cent increase compared to the 2,362 sales recorded in June 2012, and an 8.3 per cent decline compared to the 2,882 sales in May 2013.
Last month’s sales were 22.2 per cent below the 10-year sales average for the month, while new listings for the month were 11.5 percent below the 10-year average.
“As the term suggests, a balanced market means that many of the key housing market indicators, such as price, are stable and conditions therefore don’t tilt in favour of buyers or sellers,” Sandra Wyant, REBGV president said. “If you plan to enter the market today, identify your needs, consult your REALTOR® and work to build a ‘win-win’ scenario with the people on the other side of the sale.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,874 in June. This represents a 13.2 per cent decline compared to the 5,617 new listings reported in June 2012 and a 13.8 per cent decline from the 5,656 new listings in May of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,289, a 6 per cent decrease compared to June 2012 and a 0.4 per cent increase compared to May 2013.
The sales-to-active-listings ratio currently sits at 15 per cent in Greater Vancouver. This is the fourth straight month that this ratio has been at or above 15 per cent.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 3 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.
Sales of detached properties reached 1,102 in June 2013, an increase of 19.7 per cent from the 921 detached sales recorded in June 2012, and a 25.1 per cent decrease from the 1,471 units sold in June 2011. The benchmark price for detached properties decreased 4.3 per cent from June 2012 to $919,900.
Sales of apartment properties reached 1,068 in June 2013, an increase of 4.1 per cent compared to the 1,026 sales in June 2012, and a decrease of 15.6 per cent compared to the 1,266 sales in June 2011. The benchmark price of an apartment property decreased 1.9 per cent from June 2012 to $369,100.
Attached property sales in June 2013 totalled 472, an increase of 13.7 per cent compared to the 415 sales in June 2012, and a 10.1 per cent decrease from the 525 attached properties sold in June 2011. The benchmark price of an attached unit decreased 2.4 per cent between June 2012 and 2013 to $457,000.
To read more, click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20June%202013.pdf
Property salesin the Fraser Valley remain static with localized brightspots
SURREY, BC – Property sales in the Fraser Valley were 9 per cent lowerin June compared to last year – 1,327 compared to 1,463 in June 2012 – remaining significantly below 10 and 20 year averages. However, data from the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reveals localized brightspots where sales have rebounded since May.
Ron Todson is the Board’s president. “In the last month,sales of single family detached homes have picked up in North Delta, North Surrey, Langley and Abbotsford, and in some neighbourhoods where we’ve seen a decrease in new listings, we now have a shortage of quality inventory.
“It’s too soon to know if this trend shows increased consumer demand in general, or if it’sspecific to those communities, property types and price points, but it does speak to the importance of getting local real estate expertise if you’re thinking of buying or selling because of the wide variance in the market depending on neighbourhood and property type.”
The Board received 2,625 new listingsin June – 9 per cent fewer than received during the same month last year – leaving the volume of active properties at 10,515 a decrease of 1 per cent compared to June 2012 and 1 per cent fewer than were available in May.
Todson adds, “In general, prices are flat and firm. They remain on par with what they were a year ago and that stability is thanks to inventory levels remaining in check, but again similar to sales, price increases or decreases vary.
“For example, the price of a typical detached home in Langley has increased 3.5 per cent over the last year while detached homes in South Surrey/White Rock have decreased in value by the same amount. That variation is the same whether we’re talking about single family homes, townhouses or apartments. Real estate is local.”
In June, the benchmark price of single family detached homes in the Fraser Valley was $552,200, an increase of 0.2 per cent compared to $551,000 during the same month last year. For townhouses, the benchmark price was $298,700, a decrease of 2.1 per cent compared to $305,000 in June 2012 and the benchmark price of apartments was $202,500, 0.8 per cent less than in June 2012 when it was $204,200.
To read more, click here: http://www.fvreb.bc.ca/statistics/Package%20201306.pdf
Prices continue to hold their own in transitioning housing market
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,379 sales in May, a decrease of 15 per cent compared to the 1,616 salesin May of last year and 1 per cent more than were processed in April. By historical comparison,sales in May were the slowest for that month since 2001.
Looking at inventory, the Board received 3,172 new listingsin May – 4 per cent fewer than received during the same month last year – raising the volume of active properties to 10,651 the highest it’s been this year and 2 per cent lower than those available in May 2012.
Ron Todson, President of the Board,says, “We’re in a transitioning market. We’ve seen a significant improvement in activity compared to last fall, but by historical standards we’re lagging. Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average.”
An industry standard for measuring the health ofthe real estate market is comparing the ratio of number of sales to the number of active listings. The British Columbia Real Estate Association describesthe Lower Mainland market as balanced when that ratio is between 15 and 20 per cent. In the Fraser Valley, that ratio has favoured buyers hovering between 10 and 15 per cent for most of the last three years.
Todson adds, “In order for there to be significant downward pressure on home prices, you need to have a sustained period of time when the ratio of sales‐to‐actives is in the single digits and because that hasn’t happened, prices are remaining relatively stable.”
In May,the benchmark price of single family detached homes in the Fraser Valley was $549,200, an increase of 0.2 per cent compared to $548,000 during the same month last year. For townhouses, the benchmark price was $298,000, a decrease of 2.9 per cent compared to $306,800 in May 2012 and the benchmark price of apartments was $203,400, virtually unchanged from $203,600 in May 2012.
“Real estate is specific to community and property type and conditions can change rapidly,” says Todson. “For example, the town home market in Langley currently is brisk; the condo market in White Rock is not. The range in Fraser Valley alone is considerable, which is why it helps to have a local REALTOR® guide you and look outfor your best interests.”
For more information, please click here: http://www.fvreb.bc.ca/statistics/Package%20201305.pdf
Spring months bring balance to Greater Vancouver housing market
While the number of home sales in Greater Vancouver continued to trend below the 10-year average in May, the balance of sales and listings meant continued market stability this spring.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This represents a one per cent increase compared to the 2,853 sales recorded in May 2012, and a 9.7 per cent increase compared to the 2,627 sales in April 2013.
Last month’s sales were 19.4 per cent below the 10-year sales average for the month, while new listings for the month were 7.4 percent below the 10-year average.
“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV president said. “The number of homes listed for sale has been keeping pace with the number of property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence on home price activity.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,656 in May. This represents an 18.3 per cent decline compared to the 6,927 new listings reported in May 2012 and a 3.7 per cent decline from the 5,876 new listings in April of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 17,222, a 3.4 per cent decrease compared to May 2012 and a 2.9 per cent increase compared to April 2013.
The sales-to-active-listings ratio currently sits at 17 per cent in Greater Vancouver. This is the third straight month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $598,400. This represents a decline of 4.3 per cent compared to this time last year and an increase of 1.8 per cent compared to January 2013.
Sales of detached properties reached 1,212 in May 2013, an increase of 2.7 per cent from the 1,180 detached sales recorded in May 2012, and a 22.8 per cent decrease from the 1,570 units sold in May 2011. The benchmark price for detached properties decreased 5.2 per cent from May 2012 to $917,200.
Sales of apartment properties reached 1,136 in May 2013, a decline of 1.7 per cent compared to the 1,156 sales in May 2012, and a decrease of 7.5 per cent compared to the 1,228 sales in May 2011. The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to $365,600.
Attached property sales in May 2013 totalled 534, an increase of 3.3 per cent compared to the 517 sales in May 2012, and a 7.8 per cent decrease from the 579 attached properties sold in May 2011. The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and 2013 to $454,900.
For more information, please click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_May%202013.pdf
Spring delivers greater balance to Greater Vancouver housing market
VANCOUVER, B.C. – May 2, 2013 – A closer relationship between home buyer demand and the supply of homes for sale has been having a stabilizing impact on home prices in the Greater Vancouver housing market over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,627 on the Multiple Listing Service® (MLS®)in April 2013. This represents a 6.1 per cent decrease compared to the 2,799 sales recorded in April 2012, and an 11.9 per cent increase compared to the 2,347 sales in March 2013.
Last month’s sales equate to the lowest April total in the region since 2001 and 20.9 per cent below the 10-year sales average for the month.
“While the number of home sales remains below average, properties that are priced right are selling and we’re seeing greater balance between buyer demand and the number of homes listed for sale. This is having a steadying influence on home prices in the region,” says Sandra Wyant, REBGV president.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,876 in April. This represents a three per cent decline compared to the 6,056 new listings reported in April 2012 and a 21.4 per cent increase from the 4,839 new listings in March of this year. Last month’s new listing count was 0.4 per cent above the region’s 10-year new listing average for the month.
The total number of properties listed for sale on the MLS® in Greater Vancouver is 16,730, a 1.2 per cent increase compared to April 2012 and an 8.2 per cent increase compared to March 2013. The sales-to-active-listings ratio currently sits at 15.7 per cent in Greater Vancouver. This is the second consecutive month that this ratio has been above 15 per cent. Previous to this, May 2012 was the last time this ratio was above 15 per cent.
“There have been modest increasesin home prices across the region over the last three months. This comes on the heels of home price declines of approximately five to six per cent in Greater Vancouver during the last half of 2012,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $597,300. This represents a decline of 3.9 per cent compared to this time last year and an increase of 1.6 per cent compared to January 2013.
Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5 per cent from the 1,126 detached sales recorded in April 2012, and a 24.1 per cent decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2 per cent from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4 per cent.
Sales of apartment properties reached 1,052 in April 2013, a decline of 11.6 per cent compared to the 1,190 sales in April 2012, and a decrease of 12.4 per cent compared to the 1,201 sales in April 2011. The benchmark price of an apartment property decreased 2.6 per cent from April 2012 to $365,900. Since January the benchmark price of an apartment home has increased 2.1 per cent.
Attached property sales in April 2013 totalled 511, an increase of 5.8 per cent compared to the 483 sales in April 2012, and a 17.8 per cent decrease from the 622 attached properties sold in April 2011. The benchmark price of an attached unit decreased 3.5 per cent between April 2012 and 2013 to $455,200. Since January the benchmark price of an attached home has increased 1.2 per cent.
To read more, click here:
http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20April%202013.pdf
Spring market bolsters MLS® activity in Fraser Valley
SURREY, BC –Home sales increased in April, with the Fraser Valley Real Estate Board reporting 1,366 sales processed through its Multiple Listing Service® (MLS®), an increase of 21.1 per cent compared to March’s 1,128 sales, but still lagging behind April 2012’s 1,435 sales.
“Historically,sales and listings activity noticeably increases during the spring months and April was no exception,” explains Ron Todson, President ofthe Board. “What’s different this year is that a number of external factors,such as tighter credit rules and the government’s spotlight on consumer debt have made some consumers more cautious about buying or selling a property. However, for those who need to move to a bigger or smaller home or to another community before summer hits, it's business as usual because when you need a home, you need a home.”
The Board received 2,951 new listings in April, 5.8 per cent fewer compared to last year’s 3,134 new listings in April but up 7.8 per cent from March. Total active inventory at month‐end was 9,995 listings, up from March but still down from 2012. The result has been that the balance between sales, new listings and total active inventory shifted slightly in favour of a balanced market, with April’s sales‐to‐active‐listings ratio increasing to 14 per cent compared to March.
Todson says a balanced market helps to keep prices in check. “Depending on the market area and property type, prices are either slightly up or down based on desirability and availability of product, underscoring the importance of understanding what’s going on in your specific area, which is exactly where REALTORS® can help.”
In April, the benchmark price of single family detached homes in the Fraser Valley was $547,300, an increase of 0.4 per cent compared to $545,000 during the same month last year. For townhouses, the benchmark price was $299,100, a decrease of 2.2 per cent compared to $305,900 in April 2012 and the benchmark price of apartments was $203,900, virtually unchanged from $203,800 in April 2012.
“Pricing is incredibly important in slower than average markets,” explains Todson, a real estate veteran with 30 plus years in the business. “We’re not seeing the rapid increases in home values of the last decade, which means that sellers may need to sharpen their pricing in order to be competitive, but buyers won’t see dramatic price drops. A balanced, steady market can be a very good market for consumers to be in.”
To read more, click here:
http://www.fvreb.bc.ca/statistics/Package%20201304.pdf
Lower inventory keeps home prices in check as‘slow but steady’ market continues
SURREY, BC – In March, the Fraser Valley Real Estate Board processed 1,128 sales on its Multiple Listing Service® (MLS®), a 20 per cent decrease compared to the 1,412 sales during the same month last year, and a 24 per cent increase compared to February’s 913 sales.
The Board also received 11 per cent fewer new listings in March compared to last year – 2,736 compared to 3,066 – keeping inventory in check. March finished with 9,503 active listings, 1.5 per cent fewer than March of last year and 3.5 per cent fewer than the 9,832 available during March of 2009; the highest volume of active listings for that month in the last decade.
Ron Todson, President of the Board, explains, “Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive.
“Because inventory levels are in check, prices are staying in check.”
In March,the benchmark price ofsingle family detached homesin the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For town houses, the benchmark price was $298,200, a decrease of 1.7 per cent compared to $303,400 in March 2012 and the benchmark price of apartments was $204,200, an increase of 0.8 per cent compared to $202,500 in March 2012.
Todson adds, “Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community.
“In fact, we’re seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent.”
To read more, click here:
http://fvreb.bc.ca/statistics/Package%20201303.pdf
Home sale activity improves but remains below historical averages
Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013. This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.
Last month’s sales were the second lowest March total in the region since 2001 and 30.2 per cent below the 10-year sales average for the month.
“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.
The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.
Sales of detached properties reached 933 in March 2013, a decrease of 21.1 per cent from the 1,183 detached sales recorded in March 2012, and a 48 per cent decrease from the 1,795 units sold in March 2011. The benchmark price for detached properties decreased 5 per cent from March 2012 to $906,900.
Sales of apartment properties reached 982 in March 2013, a decline of 17.5 per cent compared to the 1,191 sales in March 2012, and a decrease of 39.5 per cent compared to the 1,622 sales in March 2011. The benchmark price of an apartment property decreased 3.3 per cent from March 2012 to $362,100.
Attached property sales in March 2013 totalled 432, a decline of 13.6 per cent compared to the 500 sales in March 2012, and a 34.8 per cent decrease from the 663 attached properties sold in March 2011. The benchmark price of an attached unit decreased 2.5 per cent between March 2012 and 2013 to $454,300.
April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:
• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per
cent under the HST; and
• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.
These reduced tax rates apply to transactions payable on or after April 1.
To read more, click here: http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20March%202013.pdf
Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.
Last month’s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.
“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.
The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.
“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last month’s new listing count was 4 per cent higher than the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2012.
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.
Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.
Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.
Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.
For more information, click here: http://www.rebgv.org/sites/default/files/2%20REBGV%20Stats%20Pkg%20Feb%202013.pdf
Positive signs Fraser Valley housing marketisstarting to move
SURREY, BC – Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early
spring’surge, increasing by 48 per centin onemonth going from 617 sales in January to 913 last month. However
year‐over‐year,they reflect a decrease of 28 per cent compared to the 1,269 sales processed in February 2012.
Since last September, home sales have idled at levels last seen in the early 2000s.
Based on February’sincrease in activity, Ron Todson, President ofthe Board, is guardedly optimistic, “We’re seeing signals that the stand‐off between buyers and sellers over the last six months is coming to an end.
“Business has picked up in the last month with increased traffic at open houses,sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”
Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing
they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent
compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6
per cent compared to 2012.
“As your REALTOR® will explain, each market is different. Right now,the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are
steady in North and Central Surrey as well as Cloverdale.
“One commonality amongst these areas and property types is greater affordability. What’s not doing well
generally anywhere in the Fraser Valley is sales of higher‐end homes unless they are priced competitively.”
In February, the benchmark price of single family detached homes in the Fraser Valley was $540,900, an increase
of 0.7 per cent compared to $537,200 during the same month last year. For town houses, the benchmark price was $296,700, a decrease of 1.3 per cent compared to $300,500 in February 2012 and the benchmark price of
apartments was $202,500, an increase of 1.5 per cent compared to $199,500 in February 2012.
In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.
For more information click on this link.
http://fvreb.bc.ca/statistics/Package%20201302.pdf
SURREY, BC – The Fraser Valley Real Estate Board (FVREB) processed 1,053 sales on its Multiple Listing Service® (MLS®) in October, a decrease of 8 per cent compared to the 1,139 sales during October last year however a 23 per cent increase compared to September.
Scott Olson is the president of the board. “This is a marked improvement over September. Our sales increased at
the same time as our inventory dropped improving our supply‐demand conditions.
“Although we remain in a buyer’s market, it moves us in the direction we want to go, which is closer to balance.”
The number of new listings posted on the MLS® in October was on par with the same month last year and a
decrease of 1 per cent compared to September with the result that the volume of active listings in Fraser Valley at
the end of October remained unchanged compared to 2011 and 3 per cent fewer than in September.
Benchmark prices for residential property types are showing month‐over‐month decreases however, depending on the property type, still show positive gains year‐over‐year.
The benchmark price of a detached home in the Fraser Valley in October was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800; and a 0.5 per cent decrease compared to September when it was $549,500.
The benchmark price of townhouses decreased 2.2 per cent going from $303,900 in October 2011 to $297,100 last month. The benchmark price of apartments increased year‐over‐year by 2.9 per cent, going from $198,100 in
October of last year to $203,900 in October 2012. “Over the last three months we’ve seen the impact of lower sales and higher selection on prices of typical homes
in our region. In most communities and for most property types, prices have slowly decreased in small increments month‐over‐month. “This has had resulted in buyers having more time to make a decision and sellers working diligently with their REALTOR® to understand the market and set their prices accordingly. What’s happened in October is good news for both. Greater stability is always positive.”
Economists at the British Columbia Real Estate Association have predicted sales in the Fraser Valley will rebound
by 6 per cent in 2013 compared to 2012 while prices will remain flat.
http://www.fvreb.bc.ca/statistics/Package%20201210.pdf
The Fraser Valley Real Estate Board processed 1,341 sales on the Multiple Listing Service® (MLS®) in August, an increase of 35 per cent compared to the 997 sales during the same month last year and slightly higher than the 1,322 sales in July.
Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “We typically see a summer dip in sales in August compared to July and that didn’t happen this year. We attribute the current steady market to interest rates remaining favourable, as well as buyers taking advantage of home prices softening slightly in certain markets and an influx of new inventory across all property types.”
The board posted 2,644 new properties on its MLS® in August, an increase of 26 per cent compared to August of last year and 10 per cent fewer than it received in July. The number of active listings in the Fraser Valley remained at 10,074 in August, on par with July’s volume.
“The number of homes on the market remains at a yearly high, which combined with a decrease in sales, can put downward pressure on pricing. We’re only seeing this in some communities for certain property types underlining the importance for both sellers and buyers to obtain local real estate expertise.
“Year over year, home prices in the Fraser Valley are either on par or showing increases; month over month, benchmark prices for the three main residential property types combined declined by 1.3 per cent.”
The benchmark price of a single family detached house in the Fraser Valley in August was $528,959, an increase of 3.7 per cent compared to $510,107 in August 2010.
For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent compared to $324,485 during the same month last year. The benchmark price of apartments in Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August 2010.
Find the latest statistics package here.
