According to the president of the Fraser Valley Real Estate Board (FVREB), international affordability studies regarding Vancouver are misleading because they don’t reflect the reality that homebuyers purchase more affordable homes every day in neighbouring communities. 

Sukh Sidhu is a REALTOR® who lives and works in Abbotsford. “So far this month, over 50 homebuyers in the Fraser Valley have purchased a condo for $199,000 or less and over 100 families are now proud owners of townhomes valued at $399,000 or less.

“About one-third of our buyers are first-timers and two-thirds are using equity from an existing home to either buy up or downsize and they’re thrilled with the value and benefits home ownership provides.”

According to a recent Demographia International Housing Affordability Survey, Vancouver ranks the second most unaffordable major housing market in the world based on median household income and a median home price of $678,000.

Based on January sales to date, the median home price in Fraser Valley is $405,000. Sidhu says, “To buy that home, you would need about $80,000 as a household income, however to buy a typical condo or townhome in Surrey or Abbotsford for example, you need less than $60,000 as a household income.

“We’re not suggesting that affordability isn’t an issue in Greater Vancouver. In fact, REALTORS® in BC are amongst the most active proponents of strategies to make home ownership more accessible. What we are saying is that these broad, general studies don’t reflect what’s really happening within the local housing market.”

The FVREB is scheduled to release its final January month-end sales statistics from its Multiple Listing Service® during the first week of February.

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 per cent 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 per cent less than the 10-year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent 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 per cent 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.  

"The BIG Picture," the Fraser Valley Real Estate Board's 20th annual Conference & Trade Show, is only weeks away!

The Conference will take place at the Coast Hotel & Convention Centre, 20393 Fraser Highway in Langley on February 1, 2 and 3, 2012. Formerly known as "Education Week," this event is open to Canadian REALTORS® and Managing Brokers.

Registration is only $99 plus HST.

For accomodations at the Coast Hotel (not included in conference fee), please contact the hotel directly at 1.800.716.6199 and quote "FVREB Conference & Trade Show" for a discounted room rate of $112 + HST.

February 1

Conference Trade Show

• Visit over 40 exhibitor booths and displays. Complete your Passport for the chance to win an iPad2 or a digital HD camera!
• Check out special exhibitor break-out sessions.
• Drop by our Tip Tables and learn from the experts on Touchbase, Technology FAQ’s, WEBForms, Mobile Computing, Statistics and the Resource Centre.
• Over 50 door prizes to be won!

Networking Wine & Cheese

• Enjoy a glass of wine as you mingle with colleagues and listen to Sinatra favourites by Bryant Olender.
• Cash bar with one complimentary beverage.

February 2

Tod Maffin – 9 am to 12 pm - Profitable, Lead-Generating Social Media Marketing in an Hour a Week

Krish Dhanam – 1:30 pm to 4:30 pm - Creating a Winning Momentum

February 3

David Eaves – 9 am to 10:00 am – Open Innovation in the Real Estate Sector

Bill Rancic – 10:30 am to 10:55 am – Meet & Greet
                     11 am to 12 pm – How to Think Like an Entrepreneur

***Space still available: email registration@fvreb.bc.ca, call 604.930.7644 or click here to register***

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The Fraser Valley Real Estate Board has made its largest donation ever to area food banks – $20,000 – to assist them in their fight against hunger. Sukh Sidhu is Board president. “As REALTORS®, we understand the challenges many families face to pay rent, utilities as well as put food on the table.

“We were fortunate this year to be able to help thousands of families achieve their dream of home ownership. Not every year is prosperous however, whenever possible, we feel it’s important to do what we can to improve the quality of life in our communities.  With this gift to Fraser Valley food banks we’re hoping to assist some of those who can’t afford a home by stocking their pantries.”

The $20,000 donation was divided proportionately based on the number of REALTORS® represented in each community with $9,000 going to the Surrey Food Bank; $3,600 going to both the Langley Food Bank and Sources White Rock South Surrey Food Bank; $3,200 to the Abbotsford Food Bank; and $600 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. “REALTORS® are amongst our most generous supporters, not just in dollars but in volunteer time.

“Sukh asked how many bags of rice nine thousand dollars could provide and I was very happy to tell him: 225 forty-pound bags. Or it will provide formula to 230 babies for almost two months. This is a very special gift and on behalf of all Fraser Valley food banks, we are very grateful.”
 
The Fraser Valley Real Estate Board is the professional association of over 2,800 REALTORS® who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford and Mission. Because REALTORS® live where they work and work where they live, they care deeply about the quality of life in their communities.  The profession embraces a philosophy called Quality of Life, which provides a framework for government relations work; member volunteer work and community support.

Now that's a lot of rice! Marilyn Herrmann, Surrey Food Bank's Executive Director, tells president Sukh Sidhu that FVREB's $9,000 donation could buy 225 forty-pound bags of rice.

Nearly 19,000 working poor and homeless people across the Lower Mainland received donations of blankets, clothing, and other necessities this year from the region’s longest running Blanket Drive. Over the years, the Drive has grown to become the largest collection of its kind in our region.

Since 1994, the real estate community has partnered with local charities to distribute items collected in the region, in that time helping more than 185,000 people.
 
During this year’s REALTORS Care® Blanket Drive, Nov. 28 - Dec. 5, people from across the Lower Mainland benefited from the many contributions distributed through local charities.

“Many people in our community who are struggling financially will be blessed and warm this winter because of the Blanket Drive,” said Lorraine Pilling, clothing co-op manager at Higher Ground Ministry, a charitable organization in Port Coquitlam.
 
The largest recipient charity in Surrey, NightShift Street Ministries, is an organization that offers outreach services to the homeless including food, clothing and counselling.
 
“We anticipate the hundreds of bags of coats and blankets we received this year will provide a change of clothes and a fresh blanket to every client who needs it until April 2012,” said MaryAnne Connor, founder/president of Nightshift Street Ministries. “This donation program is an integral part of our mission to assist those in need.”
 
Across the Lower Mainland, people generously support the Blanket Drive. Individual people, corporations, retailers, community groups and schools all partner with local REALTORS® to collect quality items.
 
Donations collected by Chilliwack and district volunteers were distributed to Ruth and Naomi’s Mission, Chilliwack; the Joshua Project, Hope; and Agassiz-Harrison Community Services, Agassiz.

This year, for the first time, a video blog was created to tell the stories behind the Blanket Drive. Learn how it started, how volunteers collect and sort donations, and how charities distribute the items by visiting:

www.blanketdrive.ca
www.facebook.com/blanketdrive
www.twitter.com/FVREB  and www.twitter.com/REBGV  (#RCBD)