SURREY, BC – Once again Fraser Valley real estate saw record-breaking numbers with April sales reaching higher than any previous April historically.
Last month, the Fraser Valley Real Estate Board processed 2,969 sales on its Multiple Listing Service® (MLS®), an increase of 47.8 per cent compared to April 2015. The previous record for sales processed in an April was set in 1991 at 2,513. However, sales did drop 1.2 per cent compared to the all-time Board record set in March 2016 at 3,006 sales processed.
Charles Wiebe, President of the Board, said of this month’s market data, “Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley."
“There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”
The Board received 3,942 new listings in April, an increase of 22.5 per cent compared to April of last year, and a 2.8 per cent decrease from March 2016. The total active inventory for April was 5,697, down 32 per cent from last year’s 8,384 active listings.
Wiebe added, “While it may seem daunting, I must emphasize that it is still very possible to enter this market. However, working with a REALTOR® is essential for both home buyers and sellers; a professional will help you navigate what you need and what’s out there. Whether it’s a buyer or a home that you’re looking for, we’ll help you find it.”
Across Fraser Valley, the average number of days to sell a single family detached home in April 2016 was 17 days, compared to 38 days in April 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in April was $776,500, an increase of 30 per cent compared to April 2015 when it was $595,500.
In April, the benchmark price of townhouses was $353,300, an increase of 17.6 per cent compared to $300,400 in April 2015. The benchmark price of apartments also increased year-over-year by 15 per cent, going from $191,200 in April 2015 to $219,900 in April 2016.Find the April Statistics Package here.
SURREY, BC – Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.
In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February. The previous record of 2,720 processed sales was set in March of 1991.
Charles Wiebe, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”
“While I'm certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition. Talk to a local REALTOR®, and discuss what you want and what’s possible for you. We can help you get there.”
The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.
Wiebe explained, “Wiebe commented, “This is typically a busy time of year to buy and sell real estate, and those seeking homes are hungry to purchase. Unfortunately, inventory is struggling to keep up. With that said, if you’re thinking of selling your home, I encourage you to talk to a REALTOR® and consider your current opportunities. The market is in your favour.”
Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.
In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.Find the March Statistics Package here.
SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales.
In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January. To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992.
Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”
“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.”
The Board received 3,283 new listings in February, an increase of 26 per cent compared to February of last year, and another record high for February. The total active inventory for February was 5,127, down 35 per cent from last year’s 7,864 active listings.
Wiebe explained, “Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”
Across Fraser Valley, the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400.
In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015. The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016.Find the February Statistics Package here.
LANGLEY, BC – The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for the 2016/2017 year at its Annual General Meeting held on February 24th.
Charles Wiebe will replace outgoing President Jorda Maisey. Wiebe is a licensed REALTOR® of over twenty-five years, and is a representative of RE/MAX Little Oak Realty in Fort Langley.
“This is a great honour, and an exciting opportunity, to help lead the Fraser Valley Real Estate Board through 2016,” remarked Wiebe. “Now, more than ever, given the unprecedented pace of our market, it is critical that our organization continues to emphasize and build upon pillars of professionalism and expertise within Fraser Valley real estate.”
Wiebe has served as a Director at the Board for seven years and has chaired several member-led committees, including Commercial, Finance and Business Practices.
The incoming President-Elect is Gopal Sahota, Sutton Group – West Coast Realty, Surrey and the Vice President is John Barbisan, Sutton Premier Realty, Surrey.
During the meeting, Len Doray of HomeLife Benchmark Realty (White Rock) received the John Armeneau Professional of the Year award for his tremendous contribution to the real estate profession. The award is the highest honour the Board bestows, recognizing outstanding leadership and dedication professionally and within the community.
Of Doray receiving the award, outgoing-President Jorda Maisey said, ”Len represents the best of what our profession can, and should, offer. A veteran Realtor of nearly forty years, and a volunteer at the Board since 1996, our organization is immensely grateful for the time, knowledge, and experience Len has offered toward the betterment of our Board and its members.”
Doray is the 31st 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 Realtor.
The FVREB is a professional association of more than 2,900 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 2016/2017 FVREB Board of Directors is as follows:
Fraser Valley's new Board of Directors takes office on March 1, 2016.
SURREY, BC – On behalf of Fraser Valley’s 2,900-plus REALTORS®, the Fraser Valley Real Estate Board (FVREB) has donated $20,000 to five food banks in its regional area.
Jorda Maisey, President of the FVREB, said “This gift is an acknowledgement of the tremendous work these organizations accomplish in caring for our neighbours and communities throughout the Valley.”
“Our region is developing on many levels, but there are still a great number of individuals and families who need food on a daily basis. We’re honoured to be able to help.”
This is the fifth year Fraser Valley Realtors have donated to local food banks. In that time, a total amount of $100,000 has been distributed throughout the region.
As in previous years, the donation is divided proportionately based on the number of Realtors represented in each community. $8,400 will go to the Surrey Food Bank; $4,200 to the Langley Food Bank; $4,400 to Sources White Rock South Surrey Food Bank; $2,400 to the Abbotsford Food Bank; and lastly, $600 to St. Joseph’s Food Bank in Mission.
Naomi Chambers, Executive Director and Manager at the Langley Food Bank, received the FVREB’s cheque on behalf of the communities of Langley. “Food bank use in British Columbia has increased over 25% in less than a decade, so support is critical to address the growing need that exists throughout our communities.”
“The need for food banks is very apparent as every day we see our clients struggle to make ends meet and depend on us to help feed themselves and their families. We are continually encouraged by the support of our community, who help us assist those who need it most. Thank you Fraser Valley Realtors for your part in helping us do that.”
British Columbia’s food banks support over 100,000 people every year; please consider supporting the food bank organization in your community. For more information about all FVREB community giving initiatives, go to www.fvreb.bc.ca .
The Fraser Valley Real Estate Board is an association of 2,772 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission, British Columbia. The FVREB marked its 90-year anniversary in 2011.