Trevor Miller

After a so-so start, 2019 finished strong.

Click here for the Fraser Valley Real Estate Board’s December 2019 stat package.

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices,” said FVREB President Darin Germyn.

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
• Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
• Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

SURREY, BC – The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.

“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.

• Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.

• Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

Contact me at info@trevormillerhomes.com for the latest detailed Stats Package.

“Fraser Valley’s housing data is out for June. Second lowest June sales since 2000. Growing inventory plus lower prices creating opportunity.”

Both buyers and sellers taking a wait-and-see approach in the Fraser Valley

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

Slight uptick in Fraser Valley property sales in May attributable to single family detached

With a near free-fall in Metro Vancouver, British Columbia housing sales will plunge 23 per cent this year, according to the BC Real Estate Association (BCREA), and the projected 2019 recovery will be led by centres outside of the Lower Mainland, particularly in the Kamloops region and the north.

In Metro Vancouver, the real winners in 2019 will be existing residential landlords who can expect high demand, less competition and low vacancy rates, based on Western Investor’s analysis for its annual residential investment outlook.

Despite a 35 per cent plunge in Lower Mainland housing sales this year, home prices remain the highest in Canada while rising mortgage rates will also help to keep buyers sidelined. As of October there were more than 20,000 homes for sale through the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board, up 42 per cent from a year earlier, as sales cratered in both markets. Yet the composite benchmark home price in the Lower Mainland is $995,000 – nearly twice as high as the national average and up 2.9 per cent from October 2017, according to the REBGV. The benchmark detached-house price, now at $1.28 million, is down 2.7 per cent from the same period last year.

B.C. will welcome 59,300 new residents this year and another 61,000 in 2019, more than 90 per cent of whom will move into the Lower Mainland. The majority of the newcomers will be renters, because Metro Vancouver has the least affordable homes in Canada, based on home prices and incomes, according to both the Royal Bank of Canada and Zoocasa Realty Inc.

The BCREA is forecasting that, after falling to 80,000 sales this year, total residential transactions through provincial real estate boards will increase 12 per cent in 2019 to 89,500 units.

Source: By Frank O’Brien, Western Investor | November 26, 2018

Click Here For Full Article

Housing supply ample as buyers remain hesitant

SURREY, BC – The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.
A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.

“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single-family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $988,900, the Benchmark price for a single-family detached home in the Fraser Valley decreased 2 per cent compared to August 2018 and increased 1.1 per cent compared to September 2017.

• Townhomes: At $546,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4 per cent compared to August 2018 and increased 9.5 per cent compared to September 2017.

• Apartments: At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to August 2018 and increased 22.5 per cent compared to September 2017.

More info:
http://www.fvreb.bc.ca/statistics/Package201809.pdf

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