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Fraser Valley market finds comfortable pace in May as inventory reaches highest level in two years

SURREY, BC – The Fraser Valley stepped towards a more balanced market in May, with both sales and overall inventory reaching their highest points for the year.

The Fraser Valley Real Estate Board processed 1,758 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 35.1 per cent compared to the 2,707 sales in May of last year, and a 2.9 per cent increase compared to the 1,708 sales in April 2018.

Of the 1,758 sales processed last month 417 were townhouses and 516 were apartments, together representing 53 per cent of all transactions in May.

Active inventory for the Fraser Valley finished at 6,736 listings last month, the highest level since September 2015, increasing 18.9 per cent month-over-month and 29.5 per cent when compared to May 2017.

“This is the most inventory we’ve had in over two years,” said John Barbisan, Board President. “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.”

The Board received 3,965 new listings in April, a 15.6 per cent increase from April 2018’s 3,429 new listings, and a 6.8 per cent increase compared to May 2017.

“Sales continue to be strong and there’s plenty of potential 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.”

For the Fraser Valley region the average number of days to sell an apartment in May was 15, and 16 for townhomes. Single family detached homes remained on the market for an average of 24 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,020,800, the Benchmark price for a single family detached home in the Valley
    increased 1.1 per cent compared to April 2018, and increased 11.6 per cent compared to May 2017.
  • Townhomes: At $555,500, the Benchmark price for a townhome in the Fraser Valley increased 1 per cent
    compared to April 2018, and increased 20.6 per cent compared to May 2017.
  • Apartments: At $452,900, the Benchmark price for apartments/condos in the Fraser Valley increased 1.2 per
    cent compared to April 2018, and increased 42.4 per cent compared to May 2017.

Full Package:
http://www.fvreb.bc.ca/statistics/Package201805.pdf

 

New Fraser Valley listings stood-up as spring market fails to show in April

SURREY, BC – Buyer activity in the Fraser Valley stayed coy throughout April despite a bump in inventory across all three major residential types.
The Fraser Valley Real Estate Board processed 1,708 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 23.4 per cent compared to the 2,230 sales in April of last year, and a 2.6 per cent increase compared to the 1,664 sales in March 2018.
Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all transactions in April.
Active inventory for the Fraser Valley finished at 5,667 listings last month, increasing 18.2 per cent month-over-month, and 15.3 per cent when compared to April 2017.

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Spring market kicks-off with slim supply in March

SURREY, BC. While sales reached slightly above the ten-year average for the month, a lack of sufficient inventory in the Fraser Valley continued to put pressure on homebuyers in March.

The Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 24.8 per cent compared to the 2,213 sales in March of last year, and a 20.1 per cent increase compared to the 1,385 sales in February 2018. The ten-year average for sales in the Fraser Valley in March is 1,658 transactions.

Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March.

Active inventory for the Fraser Valley finished at 4,796 listings last month, increasing 10.5 per cent month-over-month, and decreasing 0.2 per cent when compared to March 2017.

“We continue to see demand capped-off due to an inadequate amount of supply,” said John Barbisan, Board President. March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.

The Board received 2,865 new listings in March, a 24.9 per cent increase from February 2018’s 2,293 new listings, and a 6.7 per cent decrease compared to March 2017.

“On the plus side, despite a tighter market pricing has remained relatively stable for our region. Talk to your REALTOR® who can help show you the best options at the price level you’re looking for.

For the Fraser Valley region the average number of days to sell an apartment in March was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 30 days before selling.

HPI® Benchmark Price Activity

* Single Family Detached: At $1,001,400, the Benchmark price for a single family detached home in the Valley increased 0.9 per cent compared to February 2018, and increased 15.2 per cent compared to March 2017.

* Townhomes: At $541,800, the Benchmark price for a townhome in the Fraser Valley increased 2 per cent compared to February 2018, and increased 24.9 per cent compared to March 2017.

* Apartments: At $440,400, the Benchmark price for apartments/condos in the Fraser Valley increased 4.3 per cent compared to February 2018, and increased 48 per cent compared to March 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201803.pdf

2018 brings more of the same for Fraser Valley real estate

Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per
cent of all transactions in January.

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly
where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales,” said Gopal Sahota, Board President.

Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.

“Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”

For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes.
Single family detached homes remained on the market for an average of 46 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley
increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
• Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent
compared to December 2017, and increased 23.4 per cent compared to January 2017.
• Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent
compared to December 2017, and increased 44.1 per cent compared to January 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201801.pdf

Another big year for Fraser Valley real estate

Attached sales continue to drive Fraser Valley market in November

SURREY, BC. Demand for Fraser Valley properties persisted through November, once again bolstered by strong attached sales across the region.
The Fraser Valley Real Estate Board processed 1,743 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 39.8 per cent compared to the 1,247 sales in November of last year, and a 3.1 per cent decrease compared to the 1,799 sales in October 2017. This will mark the second highest sales total for a November in the Board’s history.

Attached sales represented 53% of all market activity for the month, with apartment sales totaling 496 and townhomes at 426.
Our attached market feels like our detached market used to, Gopal Sahota, Fraser Valley Real Estate Board President remarked. With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the Valley.
Last month the total active inventory for the Fraser Valley was 5,129 listings. Active inventory decreased by 6.5 per cent month-over-month, and decreased 8.4 per cent when compared to November 2016.
The Board received 2,324 new listings in November, a 6.3 per cent decrease from October 2017, and a 29.7 per cent increase compared to November 2016’s 1,792 new listings.

“As you can imagine, attached listings are moving fast and often facing multiple offer situations, continued Sahota. Talk to a REALTOR® if you’re ready to buy, and they can help give you the best chance at the homes you want.
For the Fraser Valley region the average number of days to sell an apartment in November was 17, and 21 for townhomes. Single family detached homes remained on the market for an average of 31 days before selling.

HPI® Benchmark Price Activity
* Single Family Detached: At $972,700, the Benchmark price for a single family detached home in the Valley increased 0.1 per cent compared to October 2017, and increased 13.2 per cent compared to November 2016.
* Townhomes: At $505,700, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to October 2017, and increased 19 per cent compared to November 2016.
* Apartments: At $376,700, the Benchmark price for apartments/condos in the Fraser Valley increased 2 per cent compared to October 2017, and increased 36.6 per cent compared to November 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201711.pdf

BCREA releases Fourth Quarter Housing Forecast

The British Columbia Real Estate Association released their 2017 Fourth Quarter Housing Forecast on Tuesday, November 28, offering in-depth analysis of what’s been happening and what’s to come for real estate across the province.

“Housing demand across the province will face increasing headwinds in 2018,” said Cameron Muir, BCREA Chief Economist. “A rising interest rate environment combined with more stringent mortgage stress tests will reduce household purchasing power and erode housing affordability.”

The report forecasts that, after an expected decrease in sales this year, Multiple Listing Service® residential sales in the province will decline 10.4 per cent in 2018 as well. Supply levels will continue to trend on the lower end of historical levels, which could move the market towards more balanced conditions and reduce pressure on home prices.

The Fraser Valley and Lower Mainland are featured extensively in the full report starting on Page 6. According to BCREA’s economists, our region can continue to expect the combined influence of employment growth, international and interprovincial migration, and economic strength to fuel demand into next year.

“Residential sales have rebounded from levels of a year ago, up 25 to 35 per cent in Vancouver, the Fraser Valley and Chilliwack in October. However, year-to-date transactions were down 10 to 14 per cent, reflecting moderation from the record demand in the first quarter of 2016.”

To see the latest Fraser Valley housing market data, reports, and analysis, visit the Market Data & Stats page on REALTOR Link®. To create your own reports and graphs, check out the Board’s Stats Centre.

Article taken from news.fvreb.bc.ca

CMHC: Tale of two markets to continue through 2018

So far this year, Fraser Valley REALTORS® have seen demand for Fraser Valley apartments and townhomes dramatically outpace that of single family detached homes and the Canada Mortgage and Housing Corporation (CMHC) is saying prepare for more of the same next year.

On October 26, CMHC released its fourth quarter Housing Market Assessment (HMA) and Housing Market Outlook (HMO)  for the Vancouver Central Metropolitan Area (CMA) – covering the Vancouver communities of West Van through to Pitt Meadows and the Fraser Valley communities of North Delta, Langley, Surrey and White Rock.

It concludes that certain areas in Metro Vancouver’s housing market are so active, they remain vulnerable. Depending on the location and property type, CMHC cites evidence of an over-heated market – nothing like 2016 – but pockets where prices have climbed too fast and homes are overvalued. CMHC attributes this trend to “low mortgage rates, stronger population growth (led by international and interprovincial migration), and solid employment figures in the Vancouver CMA.”

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October fails to scare away home buyers in the Fraser Valley

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.

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