According to the Fraser Valley Real Estate Board, market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981.
Read the full story HERE
And here’s a quick snapshot of what’s selling…
According to the Fraser Valley Real Estate Board, June saw our red-hot housing market cool… just a bit.
Click the link below for the full story.
Congrats to my wonderful clients, Scott & Tea, on the sale of their beautiful home at over the asking price!
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SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.
In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.
The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.
In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.
Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”
A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.
Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”
MLS® HPI Benchmark Price Activity
Find the December Statistics Package here.
Congrats to my wonderful clients Paul & Pat. Their White Rock townhouse had an accepted offer after just 4 days and sold for over asking!
Congrats Paul & Pat!
Exquisite mega-townhouse in Wills Creek! Featuring 3662 sqft of luxury living, with 5-bedrooms (including double-masters w/large walk-in closets) and 5-bathrooms. Formal dining room, media room, and huge chef’s kitchen w/granite counters and stainless steel Fisher & Paykel appliances. Over-height ceilings & hardwood floors throughout. Strata-owned Geo-thermal heating and air conditioning w/HEPA & UV furnace filtration system. Amenities centre w/full gym, outdoor pool & hot tub. Walking distance to Morgan Creek golf course, Southridge and shops at Morgan Crossing.
Looking to sell? Contact me to find out your home’s current market value.
The world is hurting right now. The brutal killings of George Floyd and too many others before him have shaken us all to the injustices we must face and work together to change.
As a leader in business, it’s important that the community hears that we stand together for equality and kindness. RE/MAX is committed to supporting homeownership and equal rights for all. We believe in community and we take fair housing very seriously. But right now, we must question whether that is enough. Today I ask how we – 130,000 professionals across 110 countries – can be not only real estate agents, but agents of change.
It’s also important I address one fact around this: both Derek Chauvin and his wife were once affiliated with a RE/MAX franchise. Derek was a team member and independent contractor with a franchise from November 2016 to April of 2018. Neither are affiliated with RE/MAX in any way today.
As many people know, I once served as a police officer. I became a Deputy Sheriff in 1993 and served until 2003 because of my passion for helping people. I loved being an officer. I loved helping protect and serve my community. And I appreciate all the officers who continue to do that in a way that upholds the oath that we took and are standing with their community to make it a better place. After seeing the horrific footage from Minneapolis, I can say confidently that this tragedy was contrary to the training I received as an officer, and wrong on a human level.
We have a lot of work ahead of us to bring healing. I’m asking our membership to listen, learn, and lead with love and kindness. Listen to those hurting and hear them. Learn how to be a better ally. And be leaders within your communities, with empathy, kindness and love for all.
We will continue to partner with minority and advocacy organizations within our industry to educate and drive change. We will continue to push training and awareness with our membership and our headquarter employees to eradicate unconscious bias and discrimination. And we will continue to make diversity and inclusion a priority.
This problem won’t be solved overnight, but today we restate our long-term commitment and declaration: At RE/MAX Holdings, we stand for justice. We stand with the Black community. And we stand against racism.
Adam Contos
CEO
RE/MAX Holdings, Inc
https://news.remax.com/we-stand-for-justice
Hi all. I know many of you have questions during this trying time.
First, I just want to extend my heartfelt sympathy to anyone affected by the COVID-19 virus. I would also like to thank our healthcare workers and those working at grocery stores and pharmacies, as well as delivery drivers and others risking their own health to make sure our community is looked after as we try and weather this pandemic.
As far as real estate goes, realtors have been deemed a “non-healthcare essential service”, and as such, we are still on the job, working for our clients, albeit taking extreme caution and limiting in-person contact wherever possible.
The BCREA has posted the following Information for Real Estate Consumers on COVID-19:
https://www.recbc.ca/about-us/media/news/information-real-estate-consumers-covid-19
The Bank of Canada has also responded to the crisis by lowering interest rates:
https://www.crea.ca/news/bank-of-canada-cuts-interest-rates-in-response-to-rising-global-economic-risks/
For my clients, please know I am doing my best to stay on top of industry developments while still working to assist you. I thank you for continuing to have confidence in my skill and expertise during this challenging period. We will get through this!
Trevor
PS. Find the latest COVID-19 news here:
| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Fraser Valley Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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