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 …

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 …

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 …

CONTINUED IMPROVEMENT IN FRASER VALLEY’S HOUSING MARKET (Surrey, BC) – Buyers and sellers continued to show greater confidence in the market 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 our market 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 from a year ago; however, do check with your local REALTOR® if you’re in need of specific values because the range between property type and …

FRASER VALLEY HOUSING MARKET GETS ITS 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 townhomes 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 …

PROPERTY SALES IN THE FRASER VALLEY REMAIN STATIC WITH LOCALIZED BRIGHT SPOTS (Surrey, BC) – Property sales in the Fraser Valley were 9 per cent lower in 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 bright spots 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’s specific 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 listings in 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 …

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 sales in 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 listings in 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 of the real estate market is comparing the ratio of number of sales to the number of active listings. The British Columbia Real Estate Association describes the 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 latest Statistics Package is now available on REALTOR Link®. For your convenience the press release has been included in this email. To view the full package, please click on the direct link under the release. The link takes you to our public website at www.fvreb.bc.ca. A reminder to members that you can easily share any FVREB press releases from this site. From the main page, choose the “Read more” link under any press release excerpt. The full release opens along with a Share feature below. Automatically share the release via Facebook, Twitter, email or a variety of other options. Additional statistics reports and graphs, many only available to members can be found on our Statistics page on http://www.realtorlink.ca. News Release: May 2, 2013 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 of the 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, its 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 …

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 of single family detached homes in the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For townhouses, 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, …