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Professional association of Fraser Valley REALTORS® supports moving forward with IAG recommendations

June, 30 2016 10:17:47 am, by FVREB
Categories: Legislation

SURREY, BC – The Fraser Valley Real Estate Board (FVREB) strongly supports moving forward with the recommendations brought forward by the Real Estate Council of BC’s Independent Advisory Group (IAG) advocating higher consumer protection and improved processes to regulate the real estate industry.

In response to both the IAG report and Premier Christy Clark’s announcement to end self-regulation of the industry, Charles Wiebe, Board President, says, “Our Board is in full support of initiatives that will promote higher standards of practice for licensees and brokerages in BC, and more importantly, enhance the level of protection for our clients.

“We are disappointed in the government’s decision to remove the privilege of self-regulation, however, we are encouraged that the Premier is still committed to moving forward with the IAG recommendations. That’s good news for consumers, REALTORS® and the entire industry.”

Wiebe adds, “As the Premier pointed out, the vast majority of REALTORS® in BC are honest, hard-working and doing a good job. Any changes that will help us do a better job, are positive.”

Dennis Wilson, FVREB’s Manager of Professional Standards, says, “First and foremost, a REALTOR®’s duty is to look out for the best interests of their clients, not themselves. Clients must feel protected and supported by their REALTOR®, however if necessary, the means to issue a complaint and have that complaint heard should be readily available and effective.”

The FVREB will continue to prioritise consumer protection through the education and enforcement of our Board Rules and those of the Canadian Real Estate Association requiring members to have higher standards of ethics and professionalism.

The final IAG report and Council's supporting announcement were released jointly on June 28 and can be read in full on Council’s website.

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Demand in the Fraser Valley extends to townhomes and apartments

June, 02 2016 11:07:52 am, by FVREB
Categories: Statistics

SURREY, BC – Consumer demand for real estate in the Fraser Valley continued through May, with overall sales once again reaching record-breaking numbers for the month historically.

The Fraser Valley Real Estate Board processed 2,911 sales on its Multiple Listing Service® (MLS®) in May, an increase of 47.8 per cent compared to May 2015. The previous record for sales processed in a May was set in 2006 at 2,245. However, sales dropped two per cent when compared to April 2016, continuing a slight trend of easing off since sales peaked this spring at 3,006 sales in March.

Of the 2,911 sales processed in May, 615 were townhouses and 557 were apartments, representing a significant portion of May’s market activity and a large increase when compared to May 2015. Townhome transactions increased 56.1 per cent when compared to last year, and apartments reached even higher levels seeing a 112.6 per cent gain.

Charles Wiebe, President of the Board, said of this month’s market data, “Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is leveling off.

"However, we’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

The Board received 3,674 new listings in May, an increase of 22.9 per cent compared to May of last year, and a 6.8 per cent decrease from April 2016. The total active inventory for May was 5,752, down 32.4 per cent from last year’s 8,512 active listings.

Across Fraser Valley, the average number of days to sell a single family detached home in May 2016 was 16 days, compared to 31 days in May 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in May was $834,200, an increase of 38.3 per cent compared to May 2015 when it was $603,100.

In May, the benchmark price of townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in May 2015. The benchmark price of apartments also increased year-over-year by 17 per cent, going from $192,500 in May 2015 to $225,200 in May 2016.

Find the May Statistics Package here.

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Four-for-four in record-setting months for Fraser Valley real estate

May, 03 2016 11:18:59 am, by FVREB
Categories: Statistics

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.
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March sees highest monthly sales on record for Fraser Valley

April, 04 2016 11:51:02 am, by FVREB
Categories: Statistics

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.
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Another record-setting month for Fraser Valley real estate

March, 02 2016 10:12:26 am, by FVREB
Categories: Statistics

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.
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