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 …

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 …