LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2015/2016 at its Annual General Meeting held on February 25.
Also at the event, the Board awarded Cloverdale REALTOR® and Managing Broker Rick Dubord with its top honour, the John Armeneau Professional of the Year award for 2014.
Jorda Maisey will replace outgoing President Ray Werger. Maisey is a licensed REALTOR® of over twenty years, and is a representative of RE/MAX Little Oak Realty in Fort Langley.
“I am honoured and proud for this opportunity to help lead the seventh largest real estate board in Canada,” remarked Maisey. “For nearly a century, our organization has been recognized for its dedication and commitment to helping Fraser Valley REALTORS® provide exemplary service to their clients. Along with my fellow directors, we look forward to building on that reputation.”
Maisey has served as a Director at the Board for seven years and has chaired several member-led committees including finance and government relations.
The incoming President-Elect is Charles Wiebe, RE/MAX Little Oak Realty, Fort Langley and the Vice President is Gopal Sahota, Sutton Group – West Coast Realty, Surrey.
“During the meeting, Rick Dubord of HomeLife Benchmark Realty (Cloverdale) received the John Armeneau Professional of the Year award for his tremendous contribution to Fraser Valley real estate. The award is the highest honour the Board bestows, recognizing outstanding leadership and dedication professionally and within the community.
Of Dubord receiving the award, Past President Ray Werger said, “Rick is a remarkable individual and an exceptional member of this Board. For four decades, he has led through innovation, hard work and a commitment to giving back setting a true standard of professionalism and inspiring those around him.”
He is the 30th Fraser Valley member to be recognized with a Professional of the Year award. The award was renamed in 1996 in honour of John Armeneau, a North Delta REALTOR® who for over two decades was a role model and mentor to other Fraser Valley REALTORS®.
The FVREB is a professional association of more than 2,700 REALTORS® in the Fraser Valley providing its members with a variety of membership services including the Multiple Listing Service®, professional development and technological innovation.
The full 2015/2016 FVREB Board of Directors is as follows:
Fraser Valley's new Board of Directors takes office on March 1, 2015.
SURREY, BC – In February, sales of all property types in the Fraser Valley increased by 21 per cent in one year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.
Last month, the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service® compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.
“It was our busiest February since 2007,” says newly elected Board President Jorda Maisey. “In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home in your neighbourhood, talk to your REALTOR®.”
A measurement the real estate industry relies on to gauge the health of the housing market is the ratio between sales and active listings. For the Lower Mainland, the balanced range is between 12 and 20 per cent; which means when it’s less than 12 it favours buyers and greater than 20 it favours sellers. The ratio in February for single family detached homes was 26 per cent; townhomes 22 per cent and apartments 12 per cent.
Maisey adds, “Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes in part because almost half our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and interest rates so low, many first-time buyers are finding they can get more for their money here.”
The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, an increase of 4.2 per cent compared to February 2014 when it was $558,100.
In February, the benchmark price of townhouses was $297,200, a decrease of 0.6 per cent compared to $298,900 in February 2014. The benchmark price of apartments also decreased year-over-year by 1.8 per cent, going from $193,200 in February 2014 to $189,700 in February 2015.
Across Fraser Valley, the average number of days to sell a single family detached home in February was 41 days, ten days faster than last year. Townhouses on average took 55 days to sell; one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014.
Find the February Statistics Package here.
SURREY, BC - On behalf of Fraser Valley’s 2,700 plus REALTORS®, the Fraser Valley Real Estate Board has donated $5,000 to the Fraser Valley Health Care Foundation in support of The Residence in Mission.
Established in April 2014, The Residence in Mission provides resident-centered support to seniors with complex care needs, dementia, and patients suffering from brain injuries. The donation will go towards providing furnishing for the clients living within the facility and up-to-date health care equipment for their needs.
Ray Werger is the Board’s president. “As REALTORS®, we understand the importance of home and having the amenities and features to meet the needs of those who live there. The Residence is home – a place of comfort and caring – for hundreds of clients supported by the facility’s incredible staff every day. We are very proud to contribute to their work with this donation.”
For Mission, it is projected that the demographic of residents aged 50 to 70 will see the greatest increase over the next decade. The Residence’s 27,000 square foot facility will be able to provide integrated care, affordable housing, and a community to live in for clients as their care needs develop with age.
Elizabeth Findlay, Director of Residential Care, said of the donation, “As a relatively new facility, we need every ounce of help we can get. This donation will go directly towards helping our clients and reaching our vision of innovative health care for seniors in the Fraser Valley.”
Aiding not only the community of Mission, The Residence aims to support the growing needs of the district and surrounding areas of the Fraser Valley.
For more information about The Residence in Mission, please visit www.fraserhealth.ca.
For more information about all FVREB community giving initiatives, go to www.fvreb.bc.ca.
SURREY, BC – Fraser’s Valley’s real estate market improved in January compared to 2014 with sales and new listings reflecting levels close to seasonal norms.
The Fraser Valley Real Estate Board processed 853 sales on its Multiple Listing Service® (MLS®) in January, an increase of 10 per cent compared to January 2014 and 21 per cent fewer then were processed in December. Sales in January ranked in the middle of the pack for the last ten years coming in 2 per cent under the 10-year average.
Ray Werger, President of the Board said, “We’re typically a little slower post-holiday season and this year echoed that trend until about mid-month, when we noticed inquiries from interested buyers start to pick up at a number of our offices – including an increase in calls from first-timers.
“Can we attribute it to the interest rate drop? We can’t know what specifically motivated them to act, but we do know that stability generates confidence in the economy and confidence stimulates the housing market.”
The Board received 2,714 new listings in January, an increase of 1 per cent compared to January of last year and more than doubling the listings received in December 2014. From a historical perspective, January 2015’s new listings – similar to sales – finished 5 per cent above the 10-year average.
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.
Werger explained, “It’s normal for us to see inventory start to climb at the beginning of the year in preparation for a busier spring market. What’s different this year is with sales as strong as they are for detached homes; particularly in the mid-price point, the shortage that we started to see late last year in certain areas isn’t diminishing.”
Across Fraser Valley, the average number of days to sell a single family detached home in January 2015 ranged anywhere from 30 to 80 days depending on the community. “That’s a big difference. Ask your REALTOR® to show you the impact of supply and demand on prices and average days to sale in your neighbourhood,” added Werger.
The MLS® HPI benchmark* price of a Fraser Valley single family detached home in January was $571,700, an increase of 3.5 per cent compared to January 2014 when it was $552,500.
In January, the benchmark price of townhouses was $293,800, a decrease of 1.3 per cent compared to $297,600 in January 2014. The benchmark price of apartments also decreased year-over-year by 1.5 per cent, going from $192,300 in January 2014 to $189,500 in January 2015.
Find the January Statistics Package here.
*Note: In January 2015, the national MLS® Home Price Index (MLS® HPI) underwent its annual review resulting in updates to Benchmark descriptions and sub-areas. The updated MLS® HPI methodology is available at: http://homepriceindex.ca/hpi_resources_en.html
SURREY, BC - On behalf of Fraser Valley’s 2,700-plus REALTORS®, the Fraser Valley Real Estate Board has donated $21,000 to five of its region’s food banks.
Ray Werger is the Board’s president. “As REALTORS®, it is our commitment to support our communities in which we both live and work. The Fraser Valley continues to grow and develop each year at an incredible rate, and so does the need for food for our neighbours who are less fortunate."
Werger adds, “In our region alone, food banks serve approximately 22,000 people every month, many of whom are children and babies. We hope this gift will help in providing aid for Fraser Valley residents that is so desperately needed.”
As in previous years, the donation is divided proportionately based on the number of REALTORS® represented in each community with $9,450 going to the Surrey Food Bank; $4,200 going to the Langley Food Bank; $3,900 going to Sources White Rock South Surrey Food Bank; $2,730 to the Abbotsford Food Bank; and $630 to St. Joseph’s Food Bank in Mission.
Marilyn Herrmann, Executive Director of the Surrey Food Bank, received FVREB’s cheque on behalf of the communities of North Delta and Surrey. “Regardless of where you live, there will always be someone close to you, be it a stranger or friend, who is hungry or needs to feed their family.
“We are very grateful to have received this gift, especially as this is a demanding time of year for many. Food banks in the Fraser Valley face an increasing population of low-income neighbours who need our help and our work is reliant on the donations we receive throughout the year. Thank you Fraser Valley REALTORS® for contributing to our vision to reduce hunger and elevate the quality of life in our communities.”
British Columbia’s food banks support nearly 100,000 people every year. To support your local food bank, please visit www.foodbanksbc.com. For more information about all FVREB community giving initiatives, go to www.fvreb.bc.ca.