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Buyers see value in single family detached homes in the Fraser Valley

April, 02 2014 11:05:07 am, by FVREB
Categories: Statistics

SURREY, BC – In March, the Fraser Valley Real Estate Board (FVREB) processed 1,259 sales on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,128 sales during March of last year, and a 14 per cent increase compared to February’s 1,102 sales.

Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley compared to last year.

“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses.” Werger explains, “Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”

The most popular price range for single family detached homes in the Fraser Valley last month was between $500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per cent compared to $544,300 during the same month last year.

For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in March 2013.

The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were available during March 2013.

Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”

In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per cent for the three main residential property types indicating stability in the marketplace.

Find the March Statistics Package here.

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Fraser Valley market showing signs of spring

March, 04 2014 09:43:27 am, by FVREB
Categories: Statistics

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during February of last year.

Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer. It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”

Werger adds, “Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare.”

The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were available in January and 8 per cent less than were available during February 2013.

Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.

“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”

In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.

In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.

Find the February Statistics Package here.

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FVREB announces new 2014/2015 board

February, 27 2014 01:53:07 pm, by FVREB
Categories: Announcements, Events

LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2014/2015 at its Annual General Meeting held on February 26.

REALTOR® Ray Werger will replace outgoing President Ron Todson. Werger has been active in real estate since 1992, and is a representative of Royal LePage West R.E.S. (Surrey).

“It's an incredible honour to lead one of the largest, longest-serving professional associations in BC. Since 1921, our Board has been providing Fraser Valley REALTORS® with the tools and services we need to give consumers the best possible service,” Werger said.

Werger started volunteering on behalf of the Board 18 years ago and has served as a director since 2007, chairing a number of committees and assisting in the development of many of the Board’s initiatives.

The FVREB is the 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 incoming President-Elect is Jorda Maisey, RE/MAX Little Oak Realty, Fort Langley and the Vice President is Charles Wiebe, Landmark Realty Corp., Abbotsford.

The full 2014/2015 FVREB Board of Directors is as follows:

  • President: Ray Werger, Royal LePage West R.E.S. (Surrey), Surrey
  • President-Elect: Jorda Maisey, RE/MAX Little Oak Realty, Fort Langley
  • Vice President: Charles Wiebe, Landmark Realty Corp., Abbotsford
  • Past President: Ron Todson, RE/MAX Little Oak Realty, Abbotsford
  • Directors:

  • Larry Anderson, Sutton – Premier Realty, Surrey
  • John Barbisan, Sutton – Premier Realty, Surrey
  • Sandra Benz, RE/MAX Performance Realty, Delta
  • Manny Boparai, Century 21 Coastal Realty Ltd., Surrey
  • Jim Cox, RE/MAX Aldercenter Realty, Aldergrove
  • Darin Germyn, Macdonald Realty, Surrey
  • Ishaq Ismail, Sutton Group – West Coast Realty, Surrey
  • Gopal Sahota, Sutton Group – West Coast Realty, Surrey
  • Fraser Valley’s new Board of Directors takes office on March 1, 2014.

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    White Rock REALTOR® takes top honour in Fraser Valley

    February, 27 2014 01:41:51 pm, by FVREB
    Categories: Community, Awards

    LANGLEY, BC - The 2014 recipient of the Fraser Valley Real Estate Board’s John Armeneau Professional of the Year award is Bonnie Moy of HomeLife Benchmark Realty in White Rock.

    The award is the highest honour the Board bestows, recognizing outstanding leadership and dedication professionally and within the community.

    With over 22 years in the real estate profession, Bonnie is revered for her skill, expertise, and commitment to both the Fraser Valley and its community of REALTORS®.

    Her dedication has offered over 17 years of volunteerism to the Board, and her efforts have made her integral to the development of professional real estate in British Columbia. Notably, Bonnie is the founder of the Board’s influential crime prevention program Realty Watch, and also the creator of the REALTOR® Value Toolkit, an educational tool used by REALTORS® across Canada that helps them explain their value to clients.

    “Bonnie demonstrates an incredible passion for her profession, one that shines in every aspect of her work. I’ve seen both clients and REALTORS® alike in awe of her immense knowledge and commitment toward the job at hand,” said Ron Todson, FVREB president.

    “Our Board is lucky to have her. Without even realizing it, Bonnie raises the standard for all REALTORS® through her conduct. We couldn’t have selected a more appropriate person to represent the value our members provide to clients throughout the Fraser Valley.”

    She is the 29th Fraser Valley member to be recognized with a Professional of the Year award presented at the Board’s Annual General Meeting held in Langley on February 26. 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®.

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    Fraser Valley Board honours its brightest community contributors

    February, 27 2014 01:35:00 pm, by FVREB
    Categories: Community, Awards

    LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) presented its highest honours for community giving at its Annual General Meeting, February 26 at the Coast Hotel & Convention Centre in Langley.

    The individual award went to Abbotsford REALTOR® Wendy Church with Lighthouse Realty Ltd. and the corporate award was presented to Royal LePage - Wolstencroft, Langley.

    The REALTORS® Make Good Neighbours awards recognize volunteerism and community support offered by Fraser Valley REALTORS® and offices. Candidates are nominated for going above and beyond to improve the quality of life within their communities.

    Board president Ron Todson explains how important these awards are, “Almost 70 per cent of REALTORS® in the Fraser Valley support their communities at some level, be it volunteering, coaching, fund-raising and so on. However, we have exceptional members that make giving back a vocation, as important as their full-time jobs serving home buyers and sellers.

    “Our award recipients’ immense dedication beautifully reflects what it means to not only be great REALTORS®, but great human beings as well. Their efforts are a source of enduring inspiration for our membership, and I am very proud to call them peers.”

    Wendy Church has been an active member of Abbotsford’s Citizens on Patrol since 2008, volunteering more than 20 hours weekly and now serves on the executive committee. Her contributions include coordinating patrol schedules, training new volunteers and personally completing over 130 patrol shifts every year. For her astounding level of service, the Abbotsford Police Department recognized Church as the Citizens on Patrol “Member of the Year” last year.

    Royal LePage - Wolstencroft, established in Langley in 1991, devotes countless hours raising funds through its Royal LePage Shelter Foundation in support of the Ishtar Transition Housing Society. In addition, the office is a significant contributor to the REALTORS® Care Blanket Drive, the Langley Christmas Bureau, and the Langley Food Bank. The office represents 90 plus REALTORS® and is lead by Karen Grunlund, Managing Broker.

    The Fraser Valley Real Estate Board launched the REALTORS® Make Good Neighbours Awards in 2002 to honour community volunteering by REALTORS®. Recipients are selected based on the amount of time they spend volunteering, level of responsibility undertaken as volunteers and overall impact of their efforts within their communities. The selection panel is composed of people outside the real estate profession who work in local charities or non-profit associations.

    For more information on the RMGN awards, go to www.fvreb.bc.ca.

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