Klassen Real Estate Group : Blog : Latest Blog Posts

Top ten tips for safely buying or selling a home during COVID-19

Mon, 01 Jun 2020 21:24:15 GMT

Released by FVREB to BC media May 27, 2020

Thinking of putting your home on the market? You’re not alone. As of May 25th, new listings in the Fraser Valley have increased by over 46 per cent compared to the same period in April.

And last month, even though transactions were down significantly compared to April of last year, on average on a daily basis, 23 families in the Fraser Valley relied on the guidance and advice from their REALTOR® and purchased a new home, while on average, 47 sellers per day listed their home.

Chris Shields is the President of the FVREB. “Housing needs do not stop during a pandemic. It’s why we were declared an essential service early on and why the real estate industry was included in BC’s phased reopening for businesses.”

“We have been working hard since the beginning of the lockdown to serve our clients in innovative and effective ways that limit personal interaction yet showcase homes and facilitate sales,” added Shields.

If you are currently considering buying or selling a home, here are the top ten actions REALTORS® are taking to meet WorkSafeBC’s new guidelines to serve the public:

1. DIGITAL COMMUNICATION
Your Realtor will communicate with you through telephone, email, or video/teleconference. During this period, Realtors have been connecting virtually with their clients more than ever through FaceTime, Zoom and other videoconferencing technologies.

2. DOUBLING THE VOLUME OF LISTING PHOTOS ON REALTOR.CA
As you search Canada’s most-viewed real estate website, you’ll notice that Fraser Valley listings may display up to 40 photos now, up from a previous maximum of 20. This allows your Realtor to provide more visual depth and detail for your listing.

3. VIRTUAL HOME TOURS
In April, Realtor.ca introduced a new feature that allows Realtors to showcase listings by integrating video and 3D tours from multiple popular services. Since mid-April, traffic to Realtor.ca has increased by 14 per cent and inquiries to Realtors have increased by 25 per cent.

4. LIVE STREAMING OPEN HOUSES
Realtors are now scheduling and promoting live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube. They walk through the home videoing each room describing while you watch live and in real time. “What’s behind that door?” They’ll show you.

5. E-TRANSACTIONS
No sharing of pens and much more efficient. For many years, Fraser Valley Realtors have guided their clients through the completion of MLS® contracts electronically using PDF and e-signature technology.

6. E-DOCUMENTS
If you haven’t sold your home in a while, you may not be aware that strata documents, land title documents, floor plans and others are available digitally. Your Realtor will email them to you.

7. SAFE IN-PERSON VIEWINGS
When a client is serious about a purchase, they (and their home inspector) must see the home. Per WorkSafeBC’s reopening guidelines, Realtors are working with their buyers and sellers to ensure that in-person viewings adhere to stringent safety protocols including physical distancing; handwashing and sanitizing; the use of masks, gloves and shoe covers; viewings by appointment only; limiting the number of viewers and allowing time to disinfect between viewings.

8. DISINFECTING REALTOR/CLIENT HIGH-TOUCH SURFACES
When appropriate, Realtors are taking extra precautions to ensure that high-touch areas such as keys, lockboxes, doorknobs, handrails, elevator buttons, etc. are cleaned and disinfected.

9. ENSURING REAL ESTATE OFFICES ARE SAFE TO VISIT
Like many businesses, numerous local real estate brokerages are in the process of reopening and are aware of the government’s stringent public safety guidelines including physical distancing policies, personal protective measures, and disinfection protocols.

10. NEW PROVINCIAL REAL ESTATE STANDARD FORMS TO PROTECT CLIENTS
A new Notice & Acknowledgement form is available for use by your Realtor during the COVID-19 pandemic. It alerts clients of changes to the real estate practice and supports your safety by helping you make informed decisions.

For more information about how the FVREB and its 3,671 members are working to keep real estate transactions safe during the pandemic, see our dedicated page at www.fvreb.bc.ca/about/covid-19-update/

In addition, the province’s real estate licensing body, the Real Estate Council of BC has a COVID-19 page devoted to consumers.

March Sales and New Listing Data Show Preliminary Impact of COVID-19 on Fraser Valley Housing Market

Tue, 14 Apr 2020 20:22:48 GMT

SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.

By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019. During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.

Chris Shields, President of the Board, observes, “Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline. We serve the public and we understand it is very challenging to buy or list a home while maintaining physical distancing, however if you need us, know that we are here for you.”

“We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing transactions with their clients to do so electronically.”

The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.

By month-end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year-over-year.

Shields adds, “A Realtor’s duty is to protect our clients. Now, as a society, we all have a duty. We are urging consumers to follow all recommended health and government guidelines and are committed to doing our part for as long as necessary.”

In March, the average number of days to sell an apartment was 27; 28 for townhomes and 38 for single-family detached.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $988,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.8 per cent compared to February and, also increased 2.6 per cent compared to March 2019.
Townhomes: At $549,600*, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to February and increased 1.3 per cent compared to March 2019.
*Effective Mar 2020, MLS® HPI for townhomes updated and revised back to Jan 2005
Apartments: At $423,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.1 per cent compared to February and increased 1.2 per cent compared to March 2019.

Find the March Statistics Package here.

February Home Sales Outpace New Listings in Fraser Valley

Wed, 04 Mar 2020 17:09:32 GMT

SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10-year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below-average levels.

The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year.

Of the 1,352 total MLS® sales of residential and commercial combined in the Fraser Valley, 534 were single family detached homes, 341 were townhouses, and 315 were apartments.

“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.

There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year-over-year.

Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.

“We are seeing more traffic at open houses, more multiple offers and a slight increase in year-over-year prices, so if you’ve been thinking about selling, talk to your local REALTOR® to find out if it’s the right time for you,” observed Germyn. “Another indicator we look at is how long it takes to sell a home and in February, the three main residential property types sold on average six days faster than last year.”

For the Fraser Valley region, the average number of days to sell an apartment in February was 35, and 33 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $971,300, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.
Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019.
*Preliminary number pending further review.
Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.

Murrayville Schoolhouse development passes first hurdle at council

Wed, 27 Jun 2018 19:17:20 GMT

An artist rendering shows the original Murrayville schoolhouse next to new townhomes.

by MIRANDA GATHERCOLE

A heritage building that once served as a bustling school is one step closer to becoming a revamped housing development.

On June 11, Township council gave first and second reading to Lanstone Homes’ proposal to turn the five-acre Murrayville Elementary School property at 21812 48 Ave. into 54 homes.

Coun. Petrina Arnason was opposed. Councillors Kim Richter and Bob Long were absent.

The proposal includes restoring the original, historic portion of the elementary school and locating six residential units inside, as well as building an additional 48 townhouses on the remainder of the property.

Murrayville Elementary School, originally called Belmont Superior School, was built in the early 1900s at at time of rapid development in Murrayville, a report to council says.

It started as a two-room schoolhouse for all grades in 1911, and was expanded to four rooms in 1913. In 1922, high school classes were moved to a new location, and the school assumed the name Murrayville Elementary.

“Later additions were made to the school during the 1960s and 1970s, and again in 1992, and by the time it was decommissioned in 2004, the school had grown to nine classrooms, a gym, library, two kindergarten rooms, two special education rooms and a computer room,” the report states.

Lanstone Homes purchased the land from the Langley School District in 2016. The empty buildings have since been used for filming and RCMP training.

As part of the housing plan, the Murrayville Elementary School and Belmont School oak tress will be protected heritage property within the Murrayville Heritage Conservation Area.

The Township also requires that the school’s parking lot, which serves as parking for the adjacent Denny Ross Memorial Park, be relocated onto the park property.

That plan created some controversy last fall, when it was revealed that the parking lot would be moved to the passive greenspace at the south end of the park. Residents protested by hanging up yellow tape and signs until the developer and Township agreed to find a new location. Just where that location is, however, has yet to be released.

As part of that process, on Monday night, council adopted an amendment by Coun. Angie Quaale that prohibits the parking lot from being located at the southeast corner of Denny Ross Park.

Arnason cast the lone vote again the amendment as she felt the entire proposal should be referred back to staff until a suitable location is found. Her referral failed with only one other councillor, David Davis, in favour.

“I think it’s highly irregular from my perspective — I’ve only sat here for three and a bit years — but I have never seen an application come forward that’s taken a very integral part of the plan and have it as a secondary condition to this,” Arnason said.

“I think that due diligence requires that we find out where we are anticipating putting those cars, because I think if it was an easy fix, we would have done it already. And I don’t think it’s good planning to do it after the fact.”

Mayor Jack Froese said he heard a lot of concerns from residents about where the parking woould be, and believes Quaale's amendment helps to solve some of these issues.

Coun. Charlie Fox noted that there are several amenities in the park, like the baseball diamond and water pump house, that cannot be moved.

"Obviously there's a limited amount of space that they can use," he said. "Although I've seen a couple of conceptual opportunities, I'm sure that this could be resolved fairly quickly to the satisfaction of the homeowners and other park users."

Coun. Blair Whitmarsh noted that the development itself requires 119 parking stalls, and that 130 are being provided.

“I think the parking for the park, that’s a separate topic and I think it needs to be treated separately and not as part of the development as part of this particular proposal,” he said.

Quaale agreed with Whitmarsh, and noted there is also a First Nations memorial in the park that will have to be considered.

"There's a lot of moving parts in there and I think...if it went where the play structure is right now, that would give a really good opportunity for an upgrade of the play structure."

article written by MIRANDA GATHERCOLE @ the Langley Times

https://www.langleytimes.com/news/murrayville-schoolhouse-development-passes-first-hurdle-at-council/

For more details, visit murrayvilleschool.com.

8 Mistakes to Avoid When Buying a Home

Wed, 21 Jun 2017 23:13:03 GMT

You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups can be inevitable. Be as careful as possible: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

1. Searching for houses without getting pre-approved by a lender:

Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

2. Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.

3. Failing to have the home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your Realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written, incomprehensible or missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

5. Making an offer based on the asking price, not the market value:

Ask your Realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

6. Failing to familiarize yourself with the neighbourhood before buying:

Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Not looking for home insurance until you are about to move:

If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.

8. Not recognizing different styles and strategies of negotiation:

Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. Realtors will know what strategies of negotiation will prove most effective for individual situations.

Attached home sales thrive as overall inventory remains scarce

Thu, 13 Apr 2017 16:24:40 GMT

SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point for the month in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season,” said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our burgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.

The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.

“We’ve never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

HPI® Benchmark Price Activity

Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.
Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.
Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

Find the March Statistics Package here.

BC Home Sales Post Record Year

Wed, 01 Feb 2017 21:51:39 GMT

Vancouver, BC – January 13, 2017.

The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

"Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

For more information, please contact:

Cameron Muir	Damian Stathonikos
Chief Economist	Director, Communications and Public Affairs
Direct: 604.742.2780	Direct: 604.742.2793
Mobile: 778.229.1884	Mobile: 778.990.1320
Email: cmuir@bcrea.bc.ca	Email: dstathonikos@bcrea.bc.ca

Record-Setting Year for Fraser Valley Real Estate

Fri, 06 Jan 2017 20:10:08 GMT

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year."

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

HPI® Benchmark Price Activity

• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

Full package:
http://www.fvreb.bc.ca/statistics/Package201612.pdf

7 Reasons to List During the Holidays

Thu, 08 Dec 2016 19:22:44 GMT

Fraser Valley Market Moves to Familiar Territory in November

Thu, 08 Dec 2016 19:08:32 GMT

SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.

The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.

“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition," says Charles Wiebe, Board President.

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.

“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market - and REALTORS® can certainly help with this,” explains Wiebe. “I'm pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region."

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

HPI® Benchmark Price Activity

• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.

• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.

• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.

Full package:
http://www.fvreb.bc.ca/statistics/Package201611.pdf

BC Home Sales to Decline in 2017 from Record Pace

Thu, 01 Dec 2016 20:21:42 GMT

BCREA 2016 Fourth Quarter Housing Forecast Vancouver, BC

November 29, 2016

The British Columbia Real Estate Association (BCREA) released its 2016 Fourth Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 11 per cent to a record 113,800 units this year, eclipsing the previous record of 106,310 units in 2005.

Less robust economic conditions combined with government policy constraints are expected to slow housing demand by more than 15 per cent to 96,300 units in 2017. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales. “Housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers,” said Cameron Muir, BCREA Chief Economist. “However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average.”

The average MLS® residential price in the province is forecast to increase 9.8 per cent to $698,900 this year. The supply of homes for sale is expected to trend higher next year as moderating demand is met with added new home completions. A trend toward more balance in the market will unfold next year and exert less upward pressure on home prices. In addition, a larger contraction in the number high-end home sales will contribute to moving the aggregate average price statistic lower. As a result, the average MLS® residential price in the province is forecast to decline 6.4 per cent to $654,200 in 2017.

BC Home Sales Continue to Smash Record Book

Fri, 20 May 2016 20:07:16 GMT

Vancouver, BC – May 13, 2016.

The British Columbia Real Estate Association (BCREA) reports that a record 12,969 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, up 30.3 per cent from the same month last year. Home sales last month beat March's record of 12,560 units. Total sales dollar volume was $9.64 billion in April, up 52.7 per cent compared to the previous year. The average MLS® residential price in the province was up 17.2 per cent year-over-year, to $743,640.

"Housing demand is exceptionally strong across the southern regions of the province," said Cameron Muir, BCREA Chief Economist. "Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions."

"Strong employment growth is helping underpin consumer confidence," added Muir. The BC economy employed more than 78,000 additional workers during the first four months of the year, an increase of 3.5 per cent compared to the same period last year.

The year-to-date, BC residential sales dollar volume increased 64.3 per cent to $31.2 billion, when compared with the same period in 2015. Residential unit sales climbed by 36.2 per cent to 28,028 units, while the average MLS® residential price was up 20.6 per cent to $761,860.

- See more at: http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2016-04-statistical-release#sthash.Fk31ylZj.dpuf

B.C. Assessments Show Strong Appreciation in Vancouver Single-Family Home Values

Mon, 26 Jan 2015 18:31:00 GMT

Metro Vancouver homeowners have grown accustomed to healthy increases on their annual B.C. Assessment notices, which are now landing in mailboxes.

What’s new this year is that condo values are also rising in the region, after a few flat years that saw condo construction outpace homebuyer demand.

“Condominiums, that’s apartments and townhouses, up until 2014 had been relatively flat over three years,” said Cameron Muir, chief economist of the B.C. Real Estate Association.

Over 2014, however, Muir said condo sale prices have risen in step with inflation. Condo prices in Vancouver and its nearer suburbs were up about two per cent as of July, when B.C. Assessment sets its values for the next year’s assessment roll.

Single-family home values were up a more substantial 6.5 per cent, Muir said, but some of the condo valuations were a departure from the previous year.

“We’re probably looking, in Vancouver, at sales (increases) of 16 to 17 per cent in 2014,” Muir said, “so, there’s much stronger demand, and we’re also seeing inventory levels steadily decline.”

B.C. Assessment doesn’t produce average assessment values for property types in Lower Mainland markets but does highlight representative examples.

In Vancouver, a typical east-side two-bedroom apartment increased 4.7 per cent to $381,000, from $364,000 a year earlier.

On Vancouver’s west side, values for a typical two-bedroom apartment rose 7.5 per cent (to $616,000), in line with the growth in value of a detached home on a 33-foot lot (up 7.5 per cent to $1.575 million).

In its real estate assessments a year ago, B.C. Assessment had highlighted decreasing condominium values in the range of four to five per cent — the second consecutive year that condo prices declined or offered minimal increases.

“Changes within a plus or minus five per cent range, that’s what we categorize as stable,” said Dharmesh Sisodraker, B.C. Assessment’s deputy assessor for the Vancouver Sea to Sky region, which takes in Vancouver and the North Shore all the way to Whistler.

Assessments, which are used by municipalities to set property taxes, tend to lag the overall market by the time they are released.

In east Vancouver, a typical detached house on a 33-foot lot saw an increase of 11.3 per cent, to $993,000.

In Vancouver Heights, typical detached home prices rose five per cent to $955,000.

“(Condominium) prices are still under pressure versus detached homes, mostly because there is so much (condominium) product on the market,” explained Ray Harris, president of the Real Estate Board of Greater Vancouver, and the increases in condo prices are “sporadic.”

In Metro Vancouver, demand for new condos has been in high-growth areas linked to rapid transit, such as the Marine Gateway development at Cambie and Marine in Vancouver or the Metrotown and Brentwood town centres in Burnaby.

“If a complex is in demand and there are not a lot of units in the market, you can get more of a lift,” Harris said.

Suburbs such as Burnaby, Coquitlam and Port Moody — communities either on SkyTrain, or where SkyTrain is being built — are among those that have seen modest increases in the range of two to three per cent.

However, the gains weren’t shared equally and some spots still showed decreasing assessment values. B.C. Assessment cited an example at Simon Fraser University’s UniverCity development, where the assessed value of a two-bedroom highrise unit declined 2.5 per cent from 2014.

“There are a few pockets where values decreased slightly,” said Zina Weston, a deputy assessor for B.C. Assessment in its North Fraser region, which takes in the eastern suburbs closest to Vancouver.

“If there is a lot of building that comes on in a short period of time in a finite area, there might be some (downward) pressure on pricing,” Weston said.

Harris added that condo owners trying to re-sell are having a tougher time because developers are selling new units at lower prices than they would be if the market were stronger.

Condo values also declined in Fraser Valley suburbs from Langley to Chilliwack, where single-family home prices are in the reach of more buyers.

Dan Scarrow, a vice-president at Macdonald Realty in Vancouver, added that some municipalities are more encouraging to condo developers and “as a result of that, maybe some areas tend to get overbuilt.”

“Then, in some municipalities, say Vancouver, it is more difficult to get a project off the ground, but demand is actually quite high,” Scarrow added.

Markets that rely on recreational property sales — such as Whistler, the Okanagan and Kootenays, where sales collapsed and values declined following the 2008 recession — also took part in some of the rebound in 2015 assessments.

B.C. Assessment cited examples in Kelowna where assessments were up from four to seven per cent. In Whistler, a typical home in the White Gold area increased in value 7.4 per cent, to $1.06 million.

depenner@vancouversun.com

Steady Home Sales in December Cap Solid Year for Fraser Valley Real Estate

Mon, 26 Jan 2015 18:17:00 GMT

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. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500.

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year-over-year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.

courtesy of Fraser Valley Real Estate Board

Barbara Yaffe: Vancouver’s real estate forecast to stay hot into next year, study finds

Tue, 30 Dec 2014 23:03:00 GMT

Foreign money and a robust provincial economy will preclude any cooling of Vancouver’s red-hot property market next year, according to a major real estate study being released Wednesday.

Office space is the one real-estate category where an oversupply is forecast in the city, to be accompanied by potential downward pressure on pricing.

That assessment comes courtesy of a voluminous annual report, titled Emerging Real Estate Trends 2015, issued jointly by the Urban Land Institute and PricewaterhouseCoopers.

It describes Vancouver’s market as one of the country’s “best bets” in 2015, fourth strongest in the country in terms of investment, development and housing.

Vancouver trails Calgary and Edmonton, boosted by Alberta’s resource industry, and Toronto, where a still-strong condo market is being bolstered by people flocking to live downtown, in more compact spaces.

The report’s bullishness on Vancouver is tied to a recent Conference Board of Canada prediction that, during the next three years, the West Coast city will lead all other major urban centres in economic growth — with a 3.2-per-cent annual increase in output.

The report also cites the role being played by Greater Vancouver’s relatively new tech industry.

And, of course, Vancouver is “a hedge city.”

It “lacks the cachet of Paris or Milan,” opines the report. “But it does offer ... a place for the world’s super-rich to park sizable funds in local real estate as a hedge against risk.

“Returns aren’t the point; safety of capital is, and a $5-million condo is more insurance policy than investment.”

The report also notes that foreign buyers, mainly from Hong Kong and China, account for the purchase of about 40 per cent of the luxury homes and are “one of the key reasons Vancouver real estate prices continue to rise.”

With the economy on a roll and so many foreign buyers, the city has issued a record number of building permits in 2014.

The report identifies a concern about a possible office-space glut resulting from several new office towers being completed. “Some foresee AAA space leasing at B rates.”

No such discount rates are anticipated in the residential sector. The report features a chart showing Vancouverites in 2015 will spend more than 50 per cent of household income on shelter — significantly more than in other cities, even Toronto where just more than 30 per cent will go to housing next year.

Overall in Canada, the property market is expected to be steady, with urbanization being the “new normal. People are flooding into city cores to live close to both work and the lifestyle they crave.”

Retailers and companies are following them with some builders incorporating stores and offices into their centrally located residential housing developments.

Western Canada’s real-estate market will continue to be the most robust, with the region acting as “the country’s economic engine.”

In a separate analysis on Wednesday that focused exclusively on the Vancouver market, Urban Analytics Managing principal Mike Ferreira told a downtown luncheon audience of realtors and developers that not since 2014 have sales for multi-family housing been so strong.

The real estate strategist said investors comprise a significant portion of condo buyers in Vancouver and Burnaby, but purchasing also has been strong among first-time buyers “with help from mom and dad, and low interest rates” and mature buyers, downsizing from single-family homes.

Ferreira told his audience the Chinese are a strong component of the market “and I suspect we will see more impact from that buyer group as we go along, especially with (the political instability) we are seeing in Hong Kong.”

byaffe@vancouversun.com

2014 trend towards increased sales and steady pricing continues

Fri, 19 Dec 2014 17:39:00 GMT

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 from area to area and within the different property types - as well as local amenities, transportation options and future community development, underscoring the importance of expert guidance when you’re looking to list or buy,” says Werger.

“Overall, 2014 is shaping up to be a good year for Fraser Valley real estate,” continues Werger. “We hit a bit of a trough during the summer of last year, but since then sales have recovered and we’re tracking towards a 15 percent increase in year-to-date sales for 2014 compared to 2013 with prices remaining relatively stable.”

Pumpkin Carving Contest

Thu, 27 Nov 2014 20:43:00 GMT

Pumpkin Carving Contest Winners

Thanks to all those who entered my first annual Pumpkin Carving Contest. I had a great response!

The winners were randomly drawn from all of the entrants. The two winners of the $50 Cineplex Gift Cards were:

Wyatt Jensen

Melissa Arens

Home Sales Slow to Near Historic Levels in Fraser Valley as Buyers Watch and Wait From the Sidelines.

Mon, 04 Feb 2013 20:14:00 GMT

For Immediate Release: February 4, 2013

SURREY, BC – A total of 617 sales were processed through the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in January, a decrease of 23 per cent compared to 799 sales during the same month last year. January 2013 ranks as the second slowest for that month in the last thirteen years, second only to January 2009 during the global recession.

Scott Olson, president of the board, says there is a distinction between what REALTORS® saw four years ago compared to today. “People want to buy. We’re already seeing early signs of a typical spring market with more foot traffic at open houses and an increase in calls.

“Buyers have been holding off in hopes that prices will drop more, however it’s become clear that sellers are only willing to go so far. Prices for typical homes in the Fraser Valley have decreased by only two to three per cent in the last six months and in January we’re starting to see a reversal of that – in half of our communities prices have crept back up.”

Olson suspects the market stalemate may be coming to an end. “The number one reason people buy a home is a lifestyle decision – you need a bigger home, a smaller one, closer to work or school – so when the right home comes along you can only wait so long.

“With interest rates as low as they are, our local economy as strong as it is and prices so tenacious I think we’ll see the effects of this pent‐up demand and a return to more balance in the market.”

In the last six months, prices for all three residential property types combined have decreased by 2.5 per cent while year over year they’re on par, showing an increase of 0.7 per cent. Of the three property types, prices of single family detached homes have been the most resilient, increasing 1.5 per cent in the last year going from $532,700 in January 2012 to $540,500 last month.

For townhouses, the benchmark price in January was $293,700, a decrease of 2.0 per cent compared to $299,800 during the same month last year. The benchmark price of apartments in Fraser Valley in January was $200,400, an increase of 1.2 per cent compared to $198,000 in January 2012.

REALTORS® added 2,643 new listings in January, 4 per cent fewer than the same month last year. This decreased the number of properties available in the Fraser Valley to 8,031, a decrease of 3.5 percent compared to January 2012. By historical comparison, January 2013 ranks as the third highest in terms of active listings in the last decade.

To View the full FVREB report, select the following link http://www.fvreb.bc.ca/statistics/Package%20201301.pdf .

Positive Signs for Fraser Valley Housing Market

Wed, 14 Nov 2012 20:44:00 GMT

For Immediate Release: November 2, 2012

SURREY, BC – The Fraser Valley Real Estate Board (FVREB) processed 1,053 sales on its Multiple Listing Service® (MLS®) in October, a decrease of 8 per cent compared to the 1,139 sales during October last year however a 23 percent increase compared to September.

Scott Olson is the president of the board. “This is a marked improvement over September. Our sales increased at the same time as our inventory dropped improving our supply‐demand conditions.

“Although we remain in a buyer’s market, it moves us in the direction we want to go, which is closer to balance.”

The number of new listings posted on the MLS® in October was on par with the same month last year and a decrease of 1 per cent compared to September with the result that the volume of active listings in Fraser Valley at the end of October remained unchanged compared to 2011 and 3 per cent fewer than in September.

Benchmark prices for residential property types are showing month‐over‐month decreases however, depending on the property type, still show positive gains year‐over‐year.

The benchmark price of a detached home in the Fraser Valley in October was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800; and a 0.5 per cent decrease compared to September when it was $549,500.

The benchmark price of townhouses decreased 2.2 per cent going from $303,900 in October 2011 to $297,100 last month. The benchmark price of apartments increased year‐over‐year by 2.9 per cent, going from $198,100 in October of last year to $203,900 in October 2012.

“Over the last three months we’ve seen the impact of lower sales and higher selection on prices of typical homes in our region. In most communities and for most property types, prices have slowly decreased in small increments month‐over‐month.

“This has had resulted in buyers having more time to make a decision and sellers working diligently with their
REALTOR® to understand the market and set their prices accordingly. What’s happened in October is good news for both. Greater stability is always positive.”

Economists at the British Columbia Real Estate Association have predicted sales in the Fraser Valley will rebound by 6 per cent in 2013 compared to 2012 while prices will remain flat.

Courtesy of the Fraser Valley Real Estate Board

"Modest" Growth in Real Estate Prices for 2012: CMHC

Wed, 11 Jan 2012 22:17:00 GMT

Anticipated hike of two per cent in line with inflation, experts say

After surprising growth in 2011, Greater Vancouver real estate prices will rise just two per cent in 2012, Canada

Mortgage and Housing is forecasting.

In 2011, CHMC predicted price growth of just three per cent, tempered by an expectation of higher interest rates,

but interest rates stayed low and prices ultimately jumped 16 to 17 per cent.

In 2012, the market will stabilize and show modest growth in line with inflation, said Robyn Adamache, senior

market analyst with CMHC in Vancouver.

"I'd say it's a pretty stable market out there. We're not expecting to see a lot of change going forward," Adamache

said Thursday in an interview. "We have seen the market moving to more balanced conditions over the past five

or six months, and that's expected to continue."

She said job growth and migration, including people from within Canada and immigrants, are the factors

driving the housing market, and they should continue.

"So far, for the first 11 months of 2011, we've seen about 30,000 additional jobs created in the Metro Vancouver

area," Adamache said. "We're forecasting that we'll see 35,000 to 40,000 people moving here each year, going

forward."

Not all municipalities saw this kind of growth in housing prices in 2011; the west side of Vancouver and

Richmond led the way with 20-per-cent or higher increases for single family homes, while other municipalities

and multi-family homes saw lower growth.

For the five years leading up to 2010, the compound annual growth rate in Greater Vancouver for all types of

homes was 10 per cent, while the 20-year average was six per cent, Adamache said.

In some areas, such as Maple Ridge, prices of condominiums have not recovered to prerecession prices,

Adamache said.

The average price of a home in Greater Vancouver, including single-family and multi-family homes, for 2011

up to Nov. 30 was $796,000. CMHC is calling for that average to rise to just over $800,000 by the end of 2012.

For November only, the monthly average was down slightly to $736,000, and Adamache said that trend might

continue into the first half of 2012.

"I think we will see prices staying fairly flat until later in 2012," Adamache said.

Across the country, prices were 5.8 per cent higher in 2010, to an average $339,042.

Forty-eight per cent of households in Vancouver own their own homes, while nationally the average is

68 per cent.

In Greater Vancouver, housing starts will see growth of about five per cent in 2012, compared to 12 to 15

percent in 2011, and the number of houses sold will also increase about nine per cent over 2011,

Adamache said.

Meanwhile, CMHC released its 2011 Canadian Housing Observer on Thursday, showing that Canadians owed

more than a trillion dollars on their mortgages as of March, which when added to other household debt is a

"serious issue."

The CMHC reported that housing-related spending of about $330 billion a year in 2010 has risen by

67 per cent since 2001 and now comprises 20.3 per cent of Canada's gross domestic product in 2010 -

which underlines the importance of that debt load, and what might happen to the economy if for any reason

Canadians crack under its burden.

CMHC figures show that mortgages made up about 68 per cent of total household debt in 2010 - up from

63 per cent in 1971 but down from the peak of 75 per cent in 1993. Consumer credit, which makes up the

other 32 percent, has been growing faster than mortgage debt over the past two decades, it says.

A breakdown of these numbers for B.C. was not available; however, the report shows that B.C. has a high

percentage of mortgage-free homeowners at 47 per cent, a number second only to Cape Breton.

"The major risk in the mortgage market is impairment in a household's ability to pay, often due to job loss.

Recession or other adverse economic scenarios, such as rising interest rates, could certainly pose a challenge

for some Canadian households," the report states.

Canadians' debt levels have been growing fairly steadily since the 1960s, the report notes, but adds that

a number of more recent factors have allowed debt to grow to its current record level, including low interest rates,

rising household incomes and financial product innovations, which have allowed Canadians to make lower

payments on higher debt loads.

While about 6.5 per cent of Canadian households are financially vulnerable according to Bank of Canada

guidelines, the CMHC says continued employment growth, increasing net worth of households and a growing

population are all positive factors for housing demand.

tsherlock@vancouversun.com

+2012+CMHC/5927558/story.html#ixzz1jAzGULoT

Canadians Optimistic 2012 Will Be Bright

Wed, 11 Jan 2012 19:25:00 GMT

A vast majority of Canadians are anticipating positive things in 2012, a new survey suggests.

A poll done for Postmedia News and Global Television by Ipsos Reid and released Monday had 88 percent of respondents saying they felt the year will be good for themselves and their families.

A day earlier, data from the same poll showed 74 per cent of respondents judged 2011 to be a good year.

John Wright, senior vicepresident of public affairs for Ipsos Reid, said the positive views people had for both 2012 and 2011 are indicative of Canadians' appreciation of their lives compared to those who live elsewhere.

"Canadians are optimistic about the economy, about their country, about their place in the world," he said. "They have seen political turmoil and difficult times south of the border and around the world."

The survey showed 14 per cent of the people polled who didn't have a good experience in 2011 were optimistic about 2012. Wright said many of these people might be expecting better employment prospects this year, anticipating better returns on their investments or simply looking forward to more positive developments in their personal lives. Among those polled who thought 2012 would be kind to them, 26 per cent said it would be "very good" and 62 per cent said it would be "somewhat good."

Looking at the 12 per cent who were downbeat about 2012, three per cent said it would be a "very bad" year and nine per cent said it would be "somewhat bad."

Respondents in the Atlantic provinces were most optimistic about 2012, with 98 per cent of them predicting a good 2012. Elsewhere, 87 per cent of British Columbia residents were expecting a good year, along with 89 per cent of those polled in Alberta, 88 per cent of respondents in Manitoba and Saskatchewan combined, 87 per cent of Ontario residents and 88 per cent of those polled in Quebec.

Those making more money were more likely to have a positive outlook. Among respondents making $60,000 a year or more, 93 per cent said 2012 would be good, compared to 86 per cent of those making between $30,000 and $60,000, and 82 per cent of people making less than $30,000.

Among the sexes, 91 per cent of women said 2012 would be a good year, and 85 per cent of men felt this way.

Among people with children, 93 per cent thought 2012 would be good compared to 87 per cent of those without children.

The results were based on a polling done from Dec. 14-19 with 1,021 adults from an online panel. Ipsos Reid said an unweighted random sample of this size would accurately represent the population within 3.1 percentage points, 19 times in 20.

2011 Real Estate Market Showcases Regional Variation

Thu, 05 Jan 2012 22:17:00 GMT

2011 real estate market showcases regional variation

January, 04 2012 12:48:16 pm, by FVREB

Overall, Fraser Valley’s real estate market in 2011 was below the 10-year average in property sales and

above average in the number of new listings received, however, according to the president of the Fraser

Valley Real Estate Board, results varied widely depending on the community and property type.

Sukh Sidhu observes, “I can’t remember a year that illustrates better how local real estate is and the

importance of talking to your REALTOR® before making a decision to buy or sell. For example, in my

community of Abbotsford, sales of single family homes dropped by almost 7 per cent compared to 2010,

pushing prices down slightly, while in South Surrey/White Rock sales increased year over year by 45

percent resulting in double-digit price increases.”

The Board’s Multiple Listing Service® processed 15,529 sales in 2011 compared to 14,891 the previous

year, an increase of 4 per cent, while the number of new listings remained about the same – 31,592 in

2011 compared to 31,437 in 2010. Over the year, the number of active listings for buyers to choose from

dropped by 9 per cent going from 8,139 properties in December 2010 to 7,399 in December 2011.

Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 percent

less than the 10-year average of 17,210 sales. The volume of new listings received in 2011 was

6 percent more than the 10-year average of 29,867 new listings, placing last year third in ranking since

2002.

Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most

part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or

decreased.” In December, the benchmark price of a detached home in the Fraser Valley was $522,998,

an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 percent

compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared

to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The

benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to

December 2010 and a decrease of 0.5 per cent compared to November.

Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to

$559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in

2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from

$223,910 in 2010 to $225,976 in 2011.

Click here to view the full report at http://www.fvreb.bc.ca/blog/index.php/2012/01/04/2011-real-

estate-market-showcases-regional-variation

Advantage buyers...in Fraser Valley's housing market

Mon, 05 Dec 2011 15:28:00 GMT

Below average home sales combined with a regular influx of new listings continue to give buyers
the upper hand in communities south of the Fraser River, including Mission. However, according 
to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when 
the property iscompetitively priced.

"It is not a quiet market. Priced‐right properties are selling thanks to the continuation of low 
interestrates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available 
in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.”
The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service®
(MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a
decrease of 2 per cent compared to 1,165 sales in September.


In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent
compared to October of last year and a decrease of 5 per cent compared to September. The number of
active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005.
Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and
sales remain steady. This is why the overall benchmark price for residential properties has remained
unchanged for six months.”


The benchmark price (the price of homes with characteristics typical to that area) of a single family
detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to
$505,759 in October 2010 and on par with the price in September.


For townhouses, the benchmark price in October was $325,482, an increase of 2 per cent compared to
the same month last year when it was $319,058 and down 0.6 per cent compared to September. The
benchmark price of apartments in October was $243,725, an increase of 1.3 per cent compared to
October 2010 and on par with the price in September.


The average number of days to sell a Fraser Valley home varies depending on the property type. Sidhu
says the average of 45 days to sell a single family detached home has been constant for three months.
In October, townhomes took on average 55 days to sell and apartments 75 days.

Click to view the full report at http://www.fvreb.bc.ca/statistics/Package%20201110.pdf

SOURCE- FVREB