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 …

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 …

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 …

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 …

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 …

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. …

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 …

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: November 4, 2014 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 …

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 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 brisk 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 MLSLink® Housing Price Index (HPI) benchmark price of a detached home in …

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 …

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 …

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 …

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 …