The Fraser Valley Real Estate Board is an association of more than 2,900 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Looking for greater affordability? Head to Fraser Valley

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.

2011 real estate market showcases regional variation

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.”

2012 FVREB Conference & Trade Show a BIG deal!

"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.

Fraser Valley REALTORS® donate $20,000 to local food banks

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.”

Blanket drive continues to spread warmth to those who need it most

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.