Market News

Slight shift in Fraser Valley market in May; sales edge down while inventory inches up

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April.

There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year.

Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased.

“The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”

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Strong sales volumes continue through April

SURREY, BC – Property sales in the Fraser Valley soared in April compared to one year ago increasing by 37 percent.

There were 2,009 sales processed on the Fraser Valley Real Estate Board Multiple Listing Service® (MLS®) in April, compared to 1,470 in April of last year. These volumes rank third highest of all time for the month with the next best April in 2004 and prior to that in 1991.

“April was a very active market,” says Jorda Maisey, Board President. “The low cost of borrowing continues to attract first-time buyers and families looking to either downsize or upsize as they take advantage of the equity they’ve built up in their existing homes.”

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March property sales climb in the Fraser Valley

SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259 sales in March of last year. Sales during March of 2006 were 2,072.

Jorda Maisey, President of the Board, attributes the strength in the market to a number of factors. “Our population is growing, interest rates continue to remain supportive of housing demand and consumers are confident. It all adds up to a desire to invest in real estate now.”

In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent fewer than available during the same month last year.

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FVREB announces new 2015/16 board; Cloverdale REALTOR® awarded top honour

LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2015/2016 at its Annual General Meeting held on February 25.

Also at the event, the Board awarded Cloverdale REALTOR® and Managing Broker Rick Dubord with its top honour, the John Armeneau Professional of the Year award for 2014.

Jorda Maisey will replace outgoing President Ray Werger. Maisey is a licensed REALTOR® of over twenty years, and is a representative of RE/MAX Little Oak Realty in Fort Langley.

“I am honoured and proud for this opportunity to help lead the seventh largest real estate board in Canada,” remarked Maisey. “For nearly a century, our organization has been recognized for its dedication and commitment to helping Fraser Valley REALTORS® provide exemplary service to their clients. Along with my fellow directors, we look forward to building on that reputation.”

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Early spring fever hits Fraser Valley real estate market

SURREY, BC – In February, sales of all property types in the Fraser Valley increased by 21 per cent in one year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply.

Last month, the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service® compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.

“It was our busiest February since 2007,” says newly elected Board President Jorda Maisey. “In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home in your neighbourhood, talk to your REALTOR®.”

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The Residence in Mission receives $5,000 gift from Fraser Valley REALTORS®

SURREY, BC - On behalf of Fraser Valley’s 2,700 plus REALTORS®, the Fraser Valley Real Estate Board has donated $5,000 to the Fraser Valley Health Care Foundation in support of The Residence in Mission.

Established in April 2014, The Residence in Mission provides resident-centered support to seniors with complex care needs, dementia, and patients suffering from brain injuries. The donation will go towards providing furnishing for the clients living within the facility and up-to-date health care equipment for their needs.

Ray Werger is the Board’s president. “As REALTORS®, we understand the importance of home and having the amenities and features to meet the needs of those who live there. The Residence is home – a place of comfort and caring – for hundreds of clients supported by the facility’s incredible staff every day. We are very proud to contribute to their work with this donation.”

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New Year kicks off with average activity for Fraser Valley real estate market

SURREY, BC – Fraser’s Valley’s real estate market improved in January compared to 2014 with sales and new listings reflecting levels close to seasonal norms.

The Fraser Valley Real Estate Board processed 853 sales on its Multiple Listing Service® (MLS®) in January, an increase of 10 per cent compared to January 2014 and 21 per cent fewer then were processed in December. Sales in January ranked in the middle of the pack for the last ten years coming in 2 per cent under the 10-year average.

Ray Werger, President of the Board said, “We’re typically a little slower post-holiday season and this year echoed that trend until about mid-month, when we noticed inquiries from interested buyers start to pick up at a number of our offices – including an increase in calls from first-timers.

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REALTORS® help Fraser Valley food banks bring in the New Year with $21,000 donation

SURREY, BC - On behalf of Fraser Valley’s 2,700-plus REALTORS®, the Fraser Valley Real Estate Board has donated $21,000 to five of its region’s food banks.

Ray Werger is the Board’s president. “As REALTORS®, it is our commitment to support our communities in which we both live and work. The Fraser Valley continues to grow and develop each year at an incredible rate, and so does the need for food for our neighbours who are less fortunate."

Werger adds, “In our region alone, food banks serve approximately 22,000 people every month, many of whom are children and babies. We hope this gift will help in providing aid for Fraser Valley residents that is so desperately needed.”

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Source: http://www.fvreb.bc.ca/blog/index.php