News

(Surrey, BC) – In March, selection reached a 10-year high on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), with the number of active listings reaching 9,361, an increase of 27 per cent compared to the 7,351 listings available during the same month last year. The previous March that offered as much or greater inventory was in 1998, when Fraser Valley had 10,148 active listings.

The total number of sales processed through Fraser Valley’s MLS® in March was 1,315, a decrease of 25 per cent compared to March 2007 when 1,743 sales were processed.

The number of new listings in March also decreased slightly with the Board receiving 3,277 compared to 3,369 new listings received during the same month last year, a decrease of 3 per cent.

In March, average Fraser Valley home prices continued to increase in the strong single digits for detached and townhomes and remained in the double digits for condominiums.

Kelvin Neufeld, president of the Fraser Valley Real Estate Board explains, “With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards.

“Our advice is that to sell your home this spring, work with your REALTOR® to ensure it’s priced correctly because buyers are taking a careful look at the broader range of homes available on the MLS®.”

In March, it took almost four days longer on average to sell a Fraser Valley detached home, 50.7 days compared to the 46.9 days during March of last year. Apartments took almost eight days longer to sell with the average days to sell in March at 47.3 compared to 39.4 during the same month last year and townhomes saw the smallest increase in average days to sell, increasing 1.8 days, going from 33.6 in March 2007 to 35.4 days last month.

The price of a single-family detached home in March averaged $550,259, an 8.1 per cent increase in one year. The average price in March 2007 was $509,197. The average price of a Fraser Valley townhouse in March was $346,949, an increase of 8.6 per cent compared to last year’s average price of $319,592. Average apartment prices in the Fraser Valley increased by 13.6 per cent compared to last year. In March 2007, they averaged $203,874 compared to $231,669 last month.

(Surrey, BC) – The Fraser Valley Multiple Listing Service® (MLS®) January 2008 statistics reveal an increase in selection for buyers and continued price increases for sellers in the Fraser Valley.

There were 956 MLS® sales processed in January, a decrease of 4 per cent compared to the 1,001 sales processed the same month in 2007. However, there was an 18 per cent increase in new listings in January 2008 compared to the number received in January last year – 2,850 news listings compared to 2,425. January’s total active inventory at 7,554 listings finished 24 per cent higher than the 6,099 active listings during January 2007.

“With more inventory buyers have greater freedom to comparison shop and we’re seeing evidence of that in the increase of the average number of days homes are staying on the market,” confirms Jim McCaughan, president of the Fraser Valley Real Estate Board. “Comparing October 2007 to January 2008, detached homes in the Fraser Valley are taking three days longer to sell, apartments five days and townhouses 14 days more.

“In the real estate industry a winter calm or ‘re-stocking of our shelves’ often precedes our busiest season, which is spring. We are anticipating a solid spring market with average home prices continuing to increase, but at a slower pace compared to last year.”

In January, the average price of a single-family detached house in the Fraser Valley was $524,293, an increase of 6 per cent compared to January 2007, when the average price was $494,177.

Fraser Valley townhouses sold for an average of $340,760 in January, an increase of 12.6 per cent from the average price of $302,591 in January 2007. The average price of a Fraser Valley apartment increased by 12.3 per cent in one year, going from $199,995 in January 2007 to an average of $224,547 in January 2008.

(Surrey, BC) – The Fraser Valley Real Estate Board reports more activity on the Multiple Listing Service® (MLS®) in November compared to 2006.

The total number of sales processed through the MLS® in November was 1,327, an increase of 11 per cent compared to the same month last year when 1,194 sales were processed.

“The market typically slows a little at this time of year, which is evident in the decrease in November’s sales and new listings compared to October of this year,” says Jim McCaughan, president of the Board.

McCaughan, a 30-year real estate veteran, explains why November 2007 outperformed the same month last year, “It’s thanks to a healthier supply. We’ve had strong demand in the Fraser Valley for essentially the last five years, however we haven’t always had as broad a selection of product. Our recent increase in inventory is what’s keeping sales solid.”

The Board added 2,154 new listings in November, an increase of 9 per cent compared to November 2006. The total active inventory for November 2007 was 8,593, an increase of 16 per cent compared to 7,391 active listings in November of last year.

The average price of a single-family detached home in the Fraser Valley in November was $511,176, an increase of 4.9 per cent from 2006 when the average price was $487,392.

Townhouses sold for an average of $325,409 in November, an increase of 6.2 per cent from 2006 when the average price was $306,509. The average apartment price went up 7.5 per cent in one year, from November 2006’s average of $200,032, to $215,118 for 2007.

On home prices McCaughan says, “We are starting to see month to month fluctuations in price in all property types in all Fraser Valley communities although, as your REALTOR® will tell you, the overall trend in prices remains higher year over year.”

(Surrey, BC) – The average price of a single family home in the Fraser Valley reached $535,572 in September, the highest average price ever, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®. September’s MLS® numbers also revealed steady sales for sellers and increased inventory for Fraser Valley buyers.

“September numbers show that Fraser Valley buyers and sellers took a bit of a breather after an unusually busy summer market, but we can see that the return to a lower sales level and an increase in inventory hasn’t affected the strength in average prices,” observes Kelvin Neufeld, president-elect of the Fraser Valley Board.

September’s average price for a single detached home at $535,572 reflects an increase of 8.5 per cent compared to the average price of $493,727 from the same month last year. Average townhouse prices increased by 2.8 per cent in one year going from $312,829 in September 2006 to $321,480 last month. Apartment prices averaged $230,280 last month, an increase of 12 per cent compared to $205,520 during September of last year.

“In September, the communities of Surrey, Langley and Mission reached their highest average prices on record for a single family home and in August that happened in North Delta and Abbotsford.”

There were 1,332 sales processed through the Multiple Listing Service® (MLS®) in September, on par with last year when 1,323 sales were processed in September 2006. This marks a decrease of 25per cent compared to the previous month’s sales of 1,763 in August.

The number of total active listings increased by 22 per cent in one year, going from 6,918 active listings in September 2006 to 8,429 last month. The number of new listings in September at 2,614 was also six per cent higher than the 2,456 new listings received during the same month last year.

(Surrey, BC) – Sales on the Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®) in July were the second highest on record for that month.

A total of 1,984 sales were processed through the MLS® in July, an increase of 21 per cent compared to 1,635 sales the same month last year, and only a three per cent decrease compared to the strongest July on record, 2,051 sales in 2005. 

Jim McCaughan, President of the Fraser Valley Real Estate Board, attributes July's near record sales to a number of factors. "BC's economy continues to hum along, Fraser Valley REALTORS® are receiving a strong influx of new listings and some of our clients are feeling a little uncertainty about where interest rates are going. It all adds up to a desire to invest in real estate now."  

The number of active listings in July at 8,376 is 35 per cent higher than July 2006 inventory which sat at 6,200.  A total of 3,120 new listings were added to the MLS® in July, compared to 2,657 new listings added in July of last year.  

"Average annual price increases remain solid, however we are seeing price increases start to moderate on a month to month basis," says McCaughan. "Demand is strong for townhomes and apartments in Surrey, Langley, Abbotsford and Mission, which is why we continue to see an increase in both the number of sales and prices for those property types."

Townhouses in the Fraser Valley averaged $323,259 in July, a 7.1 per cent increase compared to the average price last year of $301,718. Apartments saw the highest July to July increase at 10.8 per cent with the average price going from $198,882 last year to $220,275 this year.

In July, single family detached homes averaged $519,896, an increase of 6.2 per cent compared to last year's average price of $489,547.

Surrey, BC - Sales and prices remained strong, while new listings climbed during the month of May, according to statistics from the Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®).

The total number of sales processed through the MLS® in May was 2,152, a decrease of 4 per cent compared to the same month last year - the highest May on record - when 2,245 sales were processed. This is an increase of 21 per cent compared to last month when 1,781 properties sold in April, 2007.

May's increase in new listings at 3,691 was the second highest influx of new inventory on record for the Fraser Valley Board's MLS®. New listings increased by 34 per cent compared to the same month last year taking the number of active listings in May to 8,381, an increase of 52 per cent compared to the 5,496 active listings in May of 2006.

"When you compare this spring's increase in new listings to other similar periods historically, what's most notable is the strength in sales right now," says Kelvin Neufeld, President-elect of the Fraser Valley Real Estate Board. "Buyers obviously wanted more selection in the Fraser Valley and they're responding, which is why sellers continue to get an excellent return."

In May, the average price of a single-family detached house in the Fraser Valley was $521,444, an increase of 12.6 per cent compared to the same month last year when the average price was $463,100.

The average prices of townhomes and apartments both rose 13.9 per cent in one year. The average townhome price in May 2007 was $331,476 compared to $291,079 in May of last year. The average apartment price in May 2007 was $218,371 compared to $191,671 the same month last year.

"With the increase in competition, accurate pricing becomes even more important," says Neufeld. "In May, Fraser Valley REALTORS® helped their clients achieve very close to list price with an average listing to sale price ratio of 98 per cent for residential homes."

Using the services of a REALTOR®, who has detailed access to the private MLS® database, is the most effective way to market or purchase a home. The Fraser Valley Real Estate Board is an association of 2,898 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

(Surrey, BC) – March sales figures from the Fraser Valley Real Estate Board’s Multiple Listing Service® show a swell of new listings balanced by strong average prices and demand.

The total number of sales processed through the MLS® in March was 1,743, a decrease of 16 per cent compared to the same month last year when 2,072 sales were processed. New listings increased by 33 per cent compared to the same month last year with 3,369 new listings in March taking the number of active listings to 7,351, an increase of 46 per cent compared to the 5,037 active listings in March of 2006.

“The wider selection gives people more time to make their buying decision,” says Jim McCaughan, President of the Fraser Valley Real Estate Board. “This is reflected in the gradual increase we’ve seen in the number of days a Fraser Valley home is on the market.”

Compared to the same month last year, it took eight days longer to sell a single-family detached home in the Fraser Valley in March 2007 and just over five days longer for townhomes and apartments.

“It’s important to note that although REALTORS® and their clients have a few more days to do their research, the timeframe is still a competitive month to two months to sell a home in the Fraser Valley.” McCaughan adds that this is one reason average prices remain so strong.

In March, the average price of a single-family detached house in the Fraser Valley was $509,197, an increase of 15 per cent compared to the same month last year when the average price was $442,726.

The average price of townhomes also saw an increase of 15 per cent, going from $277,999 in March 2006 to $319,592 in March 2007. The average apartment price in March 2007 was $203,874 compared to $180,545 the same month last year, an increase of 12.9 per cent.

(Surrey, BC) – Buyers in the Fraser Valley are seeing an increase in home selection and sellers continue to see strong return on their investment as Fraser Valley housing statistics show a return to a balanced market.

There were 1,323 sales processed through the Multiple Listing Service® (MLS®) in September, a decrease of 23 per cent compared to the same month last year when 1,726 sales were processed, yet comparable to the 1,346 sales processed in September 2004.

By contrast, the number of total active listings increased by 19 per cent in one year, going from 5,824 active listings September 2005 to 6,918 last month. The ratio comparing sales to active listings indicates the type of market. A balanced market is any ratio between 18 and 22 per cent. At 19 per cent, September’s activity falls in this range.

“A balanced market is good news for buyers because it gives them a wider selection and more time to think about a home before they make a decision,” says David Rishel, president of the Fraser Valley Real Estate Board.
“The other side of that balance is that demand is keeping prices strong and stable in all categories which is welcome news to sellers.”

The average price of a single-family home in the Fraser Valley in September was $493,727 up 20.3 per cent compared to the average price of $410,335 from the same month last year. Average townhouse prices increased by 23.7 per cent in one year going from $252,974 in September 2005 to $312,829 last month. Apartment prices averaged $205,520 last month, an increase of 26.4 per cent compared to September last year.

“In addition to strong home values, another indicator of the strength in our current market is the consistency in the average number of days to sell compared to last year, even though inventory has increased by almost 20 percent,” explains Rishel. “Single-family homes on average sold two days faster last month than they did September 2005.”

(Surrey, BC) – More properties were sold on the Multiple Listing Service® last month in the Fraser Valley than any May on record.

The Fraser Valley Real Estate Board reports there were 2,245 sales processed on the MLS® in May, compared to 2,067 sales in May 2005, an increase of 9 per cent.

“We knew it was going to be a strong month but we couldn’t have predicted that strong,” says Board President David Rishel. “That is a significant increase over the same month last year which at that time was beating records last set in 1991.”

The strong demand and lack of new inventory resulted in a decline of active listings. There were 2,750 new listings received in May, down 7 per cent compared to the number of new listings added in May 2005. This brought the total number of active listings in May 2006 to 5,496, a decrease of 16 per cent compared to last year.

“The combination of heavy demand and an increase in prices in the Fraser Valley is possibly leaving some buyers and sellers feeling pressured,” Rishel explained. “Enlist the help of a professional to make an informed decision, that’s what we’re here for.”

The average price of a single-family detached home in the Fraser Valley was $463,100, an increase of 19 per cent from May 2005 when the average price was $389,288. Townhouses increased by 16.2 per cent going from an average of $250,447 in May 2005 to $291,079 in 2006. Apartments averaged $191,671 last month, an increase of 23.8 per cent compared to last year's $154,848.

(Surrey, BC) – For the tenth month in a row, real estate sales increased in the Fraser Valley, with March showing 2,072 properties sold on the Multiple Listing Service® (MLS®), compared to 1,922 in 2005.

That 8 per cent increase in sales contrasts with a decrease in the number of listings received and a decrease in the overall number of active listings. Active listings closed at 5,037, which is 20 per cent fewer than one year ago. The number of new listings received in March was 2,540, a decline of 10 per cent compared to last year’s 2,815 new listings.

Fraser Valley’s president David Rishel says in March demand outpaced supply, “In this type of market, it is more critical than ever for buyers to rely on their agent to keep them informed, prepared and guide them through what could be a time-sensitive decision.”

Prices also reflect demand with the average price of a single-family detached house in the Fraser Valley increasing by 19.4 per cent in one year to $442,726 in March, compared to last year’s $370,661.

Townhouses sold for an average of $277,999 in March, an increase of 17.3 per cent from 2005 when the average price was $236,998. The average apartment price went up 23.4 per cent in one year, from March 2005’s average of $146,362, to $180,545 in 2006.

Rishel points out that prices are starting to level off when you look at a shorter time frame, “Month to month we’re seeing more moderate increases in prices such as lower single digit increases indicating slower, long-term growth which is good for the market.”

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public MLS® advertising web site www.mls.ca. Using the services of a Realtor®, who has detailed access to the full, private MLS® database, is the most effective way to purchase your new home. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,572 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Vancouver, BC – February 23, 2006. There was good news for homeowners in Tuesday’s provincial budget, as $309 million was injected into the Home Owner Grant Program. A 22 per cent boost in the amount of the basic grant available, now $570 per qualifying homeowner, was the centerpiece of the announcement.

“This marks the first time in 13 years that the amount of the basic grant has been increased,” notes British Columbia Real Estate Association (BCREA) President Dave Barclay. “The impact of this is significant when you consider the government’s announcement that it plans to raise the grant qualifying threshold to $780,000.” The change will need to be included later this spring in the Budget Implementation Act.

At least 27,000 additional homeowners are expected to qualify for the basic grant under the changes. The grant for seniors, disabled people and veterans was also increased to $845 from $745.

“The strain on housing affordability requires considerably more attention,” explains Barclay, who suggests changes to the notorious Property Transfer Tax (PTT) would have meaningful results for first-time, middle and low-income homebuyers.

The PTT is a registration tax an individual must pay when purchasing or acquiring an interest in property. The amount payable depends on a property’s fair market value, and is charged as one per cent on the first $200,000, plus two per cent on the remainder.

The government’s revised projections suggest PTT revenues could hit $800 million this fiscal year. “We all realize this revenue is very important to the government, but it’s time that purchasers were given some relief from the tax,” suggests Barclay. “A portion of the revenues could also be allocated to assist social housing needs across BC.”

According to the budget forecast and figures on the Ministry of Community Services website (Total Taxes and Charges for All Property Types, schedule 703) the overall tax burden on property owners could exceed $6.1 billion, when the School Tax and Rural Tax are counted. This is comparable to royalties received from natural resource operations in the province, including the forest and oil and gas sectors.

BCREA represents 12 member real estate boards and their more than 15,000 realtors on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education. To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods.

(Surrey, BC) – Home sales in the Fraser Valley reached 1,620 last month, the second highest number of sales in 16 years. The only November higher was in 1989 with 2,154 sales processed on the Multiple Listing Service® (MLS®).

November sales increased by 34 per cent compared to the same month in 2004 and decreased by 9 per cent compared to previous months sales of 1,778 in October.

Jake Siemens, president of the Fraser Valley Real Estate Board, says November 2005 deserves to go down in the record books, “It’s normal at this time of year to see a bit of a slowdown due to the weather and preparation for the holiday season but it just isn’t happening. These are sales volumes we’re used to seeing in the spring.”

The Board added 1,857 new listings in November, 16 per cent fewer than in October and 3 per cent more than November of last year. The total active inventory for November 2005 was 5,386, a decrease of 24 per cent from last year’s 7,050 active listings.

The average price of a single-family home in the Fraser Valley, at $410,709, increased by 16.7 per cent in November compared to last year’s $351,996. Townhouses went for an average $254,946, an increase of 14.3 per cent compared to $223,076 November 2004. Average apartment prices increased by 13.7 per cent from $142,809 in November of last year to $162,323 last month.

“We’re still seeing the double-digit price increases year to year, however, when you look at month to month, the increases are getting smaller which is good news for both buyers and sellers,” explains Siemens. “Over the long haul what’s better for consumers is a strong and stable market.”

 BC residents continue to enjoy a vibrant real estate market, as September’s home sales eclipsed the $3 billion mark for the seventh consecutive month. In addition, all indications point to record sales by the end of the year.

The British Columbia Real Estate Association (BCREA) reports 9,148 homes, worth more than $3.19 billion, were sold in the province on the Multiple Listing Service® (MLS®) in September—a 40.02 per cent increase in dollar volume and a 15.43 per cent hike in the number of units sold during the same time last year.

“It was a busy summer for BC real estate, and we’re still seeing very strong numbers throughout the province,” said BCREA President Dave Barclay. “We’ve seen consistently positive results and stable market growth, and I don’t expect significant changes any time soon.”

September sales were strong in every corner of the province. Eleven of the 12 real estate boards reported double-digit percentage increases in dollar volume sales over 2004, with eight boards experiencing at least a 35 per cent boost.

In the third quarter alone, sales topped $9.97 billion, an increase of more than 46 per cent from the same time last year. In addition, 29,407 units were sold in Q3, which translates into over a 22 per cent increase from 2004.

Consumers invested a record $27.8 billion in residential real estate across BC in 2004, shattering the 2003 record by more than $3.6 billion, or 15 per cent. More homes were sold than any other year, totaling 96,316—over 2,700 more than the previous record set in 1992. With 84,410 units and more than $27.6 billion sold to date already in 2005, BC is poised to set a new record yet again this year.

“Thanks to the pattern of strong residential sales figures within the past seven months and the hard work of REALTORS® throughout the province, we are in a position to see a potentially record-setting performance by the end of 2005,” said Barclay.

A study prepared by Clayton Research Associates Limited found the average BC home sold on the MLS® between 2002 and 2004 triggered an estimated $27,873 in additional spending, including legal fees, moving expenses, furniture and appliance purchases and taxes. 

(Surrey, BC) – The summer of 2005 will go down in the history books for Fraser Valley as one of the most dynamic markets on record.

August home sales processed on the Multiple Listing Service ® (MLS ®) set an all-time high for that month, similar to both June and July, making the summer of 2005 the most successful on record with 6,866 sales. The previous best summer was in 2003 with 5,535 sales and then prior to that, 4,900 in June, July and August of 1992.

“Clearly we continue to experience phenomenal growth in this region,” says Jake Siemens, president of the Fraser Valley Real Estate Board. “It’s not just interest rates, look at BC’s economy right now – migration, jobs, construction, development – that’s also why Fraser Valley is booming.”

There were 2,298 sales processed in August, an increase of 66 per cent compared to last year and 12 per cent higher than last month. This summer, Fraser Valley’s MLS® service administered the sale of three Infinity towers in Surrey, with 345 units processed in August, however, “Even excluding the Surrey project, our numbers last month would still be 40 per cent higher than the same time last year,” says Siemens.

Housing prices also held strong throughout the summer. The price of a single-family house in the Fraser Valley averaged $408,347, representing an 11 per cent increase from August 2004, and a 1.8 per cent increase from last month. Townhouses went for an average $250,595, relatively unchanged from last month, however 11.4 per cent higher than August last year. Apartment prices rose dramatically increasing by 45.5 per cent compared to last year. They averaged $198,103—a 7.7 per cent increase from last month.

The number of active listings in August decreased 8 per cent from July, dropping to 5,661 listings. This was an 18 per cent decrease from last year. The MLS® saw 2,358 new listings come on stream in August.

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public MLS® web site www.mls.ca. Using the services of a Realtor, who has detailed access to the private MLS® database, is the most effective way to purchase your new home.

Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,403 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.