SURREY, BC – Fraser Valley’s real estate market showed no signs of slowing down, producing the strongest sales for January on record.
The Fraser Valley Real Estate Board processed 1,338 sales on its Multiple Listing Service® (MLS®) in January, an increase of 57 per cent compared to January 2015 and 13 per cent fewer then were processed in December. Sales in January ranked at the top for the last ten years coming in 57 per cent over the 10-year average, and 5 per cent higher than the previous record of 1,270 sales in January 1992.
Jorda Maisey, President of the Board said, “Typically, we see January numbers slow down post-holiday season, but so far demand for Fraser Valley homes hasn’t let up. Homebuyers are reluctant to wait when the market is moving this fast.”
“There are a number of factors we can attribute this jump to, but most importantly, we’re seeing that the demand for owning a home continues to rise and inventory is struggling to keep up. Job creation and a strong BC economy are drawing more people to our region; and despite rising prices in some areas, many communities within the Fraser Valley remain affordable.”
The Board received 2,510 new listings in January, a decrease of 8 per cent compared to January of last year. The total active inventory for January was 4,790, down 34 per cent from last year’s 7,307 active listings.
Maisey explained, “Homeowners may be reluctant to sell because they love their home and where they live. However, for those looking to enter the market and perhaps are waiting for spring, we suggest you and your REALTOR® start planning now. There are a lot of people out there who will want your home.”
Across Fraser Valley, the average number of days to sell a single family detached home in January 2016 was 33 days, compared to 55 days in January 2015.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in January was $689,300, an increase of 20.9 per cent compared to January 2015 when it was $571,700.
In January, the benchmark price of townhouses was $326,500, an increase of 13.8 per cent compared to $293,800 in January 2015. The benchmark price of apartments also increased year-over-year by 7.8 per cent, going from $189,500 in January 2015 to $205,600 in January 2016.Find the January Statistics Package here.
SURREY, BC – Fraser Valley real estate experienced its strongest year in a decade in 2015. This was the second highest year for property sales in Fraser Valley’s history, just shy of the region’s previous sales high in 2005.
The Board’s Multiple Listing Service® (MLS®) processed 21,095 sales in 2015, 33 per cent more than the 15,840 sales in 2014, and 0.9 per cent fewer than the 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $12.1 billion, four billion more than was sold in 2014.
In contrast, the Board received a typical volume of new listings in 2015 – 30,998 – comparable to the average over the last ten years, set at 31,296 new listings.
Jorda Maisey, President of the Fraser Valley Real Estate Board, attributes 2015’s market strength to a strong economy elevating consumer housing demand. “The Fraser Valley has always appealed to consumers looking for competitive pricing and a diverse range of housing options.
“Last year shows that consumers recognize the long-term value of property ownership in the Fraser Valley, particularly valuing the single family home, which they recognize is becoming a limited commodity. Sales of single family detached increased across all of our communities, in some instances more than doubling 2014’s sales.”
Sales during December were the highest for that month in Fraser Valley’s history. The Board processed 1,543 sales, an increase of 44 per cent compared to December of 2014. December’s total inventory in the Fraser Valley was 4,280 active listings; 33 per cent fewer than were available in December 2014.
The MLS® Home Price Index benchmark price of a detached home in December was $672,400, an increase of 17.3 per cent compared to December of last year when it was $573,100. The MLS® HPI benchmark price of townhouses increased 9.6 per cent going from $293,500 in December of last year to $321,800 last month. The benchmark price of apartments was $204,900, an increase of 7.3 per cent compared to $191,100 in December 2014.
Maisey adds, “The market remains buoyant, and with very low inventory currently there is tremendous opportunity for sellers. For buyers finding it challenging in their search, REALTORS® are recommending they consider a variety of housing options and communities they may not have considered. There’s a lot of choice out there, you just need to know where to look.”Find the December Statistics Package here.
SURREY, BC – December 18, 2015 - Between November 16 to 23, the 21st annual REALTORS Care® Blanket Drive collected over 1000 bags of warm clothing and blankets to help an estimated 5000 working poor and homeless in Abbotsford, Mission, Langley, Surrey, North Delta and White Rock. The donations were collected at 35 real estate offices across the Fraser Valley, sorted by 37 REALTOR® volunteers, and delivered directly to 22 local charities.
One of the hallmarks of the Blanket Drive is that all donations remain in the communities in which they were collected. Many recipient charities rely on donations from the Blanket Drive to help them through the winter.
“The way that Realtors give back to our community through the REALTORS Care® Blanket Drive is both incredible and impactful,” said Angie Paulson, Clothing Coordinator for NightShift Street Ministries. “They help us keep folks in need and on the street warm and dry.”
While the volume of donations collected this year in the Fraser Valley was less than previous years, Realtor volunteers noticed that the quality of the donations was much better.
In Surrey, volunteer leader Sheila Potter says, “I really noticed that people put a lot of thought into what they gave; they really considered what they would like to receive for themselves if facing similar conditions, like new socks and underwear.”
Volunteer Realtors continue to feel a strong sense of accomplishment when helping with the Drive because they’re making a noticeable difference in their communities.
“No matter how many bags we accumulate, we know we’ve made a difference in at least one person’s life. That’s why I help out whenever I can,” says long time Blanket Drive volunteer Michele Cartwright.
The REALTORS Care® Blanket Drive is a partnership between the Realtors of the Fraser Valley, Greater Vancouver and Chilliwack and District real estate boards and their communities. For more information on the program, go to www.blanketdrive.ca. For a selection of photos from the Blanket Drive, visit www.facebook.com/BlanketDrive.
REALTORS® and police officers from across the Lower Mainland gathered this month to celebrate 20 years of partnership through the Realty Watch program. At our annual Realty Watch Police Breakfast on November 6, nearly 200 police officers and law enforcement officials learned about the effectiveness of the Realty Watch program in helping locate missing persons.
The breakfast kicked off the BC Crime Prevention Society’s annual training symposium. It’s the sixth year Realty Watch has been a part of this symposium.
Realty Watch is a community policing program in which police can mobilize Realtors across the Lower Mainland to be on the lookout when a child or vulnerable adult goes missing. When police send us a fan-out request, we send you a text message with details about the missing person.
The program started 20 years ago and was borne out of tragedy – watch this video to learn more about the history of Realty Watch and how it works.
This year, the breakfast featured guest speakers Superintendent Michael Porteous of the Vancouver Police Department and Chief Neil Dubord of the Delta Police Department. Superintendent Porteous gave the audience an overview of the current organized crime landscape in the Lower Mainland. He spoke about how our ports, proximity to the United States, and our multicultural makeup create a fertile ground for organized crime and the illicit drug trade to thrive in the region.
Chief Dubord spoke about the importance of fostering partnerships and dialogue in community policing. Delta police employ a “no call too small” philosophy that creates good relationships within the community. Each positive interaction makes a small deposit into the community’s “trust account.” This, Chief Dubord says, is vital when you have to make the inevitable “catastrophic withdrawal” from that trust account in moments of crisis.
To learn more about the Realty Watch program, visit www.realtywatch.net
SURREY, BC – Fraser Valley’s housing market remained in a seller’s market in October, fuelled by low interest rates and strong consumer demand, according to the Fraser Valley Real Estate Board.
There were 1,772 sales processed on the Multiple Listing Service® (MLS®) in October compared with 1,448 in 2014, an increase of 22 per cent. For the month, sales are on par with the previous high in October 2005; and historically, only surpassed by the markets of October 1992 and 1989.
Jorda Maisey, President of the Board, says she’s not surprised that October sales were near historic levels, “BC continues to be an economic growth leader in our country and we’re seeing the impact of that in our housing market.
“In the Fraser Valley, demand is strongest for ground-oriented homes. Single family homes and townhomes garnered 83 per cent of our residential market last month. The reasons are due to low interest rates, pent-up demand and most importantly, price. People can afford to own their own single family home in the Fraser Valley.”
The Board received 2,155 new listings last month, 10 per cent fewer listings compared to October of last year. The total active inventory for October was 6,535, down 26 per cent from last year’s 8,807 active listings.
Maisey says with the lack of listings, sellers have had the advantage, “In some of our areas, active inventory of single family detached is down a third to a half of what was available this time last year. The fewer homes available, the more in demand they become, which is why we have seen an impact on prices, most notably on single family detached homes.”
The MLS® Home Price Index benchmark price of a detached home in October was $649,200, an increase of 13.2 per cent compared to October of last year when it was $573,500. The MLS® HPI benchmark price of Fraser Valley townhouses increased 5.1 per cent going from $298,500 in October of last year to $313,700 last month. The benchmark price of apartments was $203,100, an increase of 5.5 per cent compared to $192,600 in October 2014.Maisey adds, “Our inventory shortage of ground-oriented homes has had a positive spin-off on our condo market. We’ve advised many of our entry-level buyers to consider an apartment rather than a townhome because the selection is far superior and prices, on average, $100,000 less. Many buyers just aren’t aware of the new and resale options available to them.”
Find the October Statistics Package here.