FVREB reports the highest ever recorded sales for September!

Housing market activity reaches historic levels in September

So, what do the latest stats tell us about the Fraser Valley Real Estate market? Basically, following a COVID-related pause, it’s back with a bang!

Click HERE for all the stats and analysis from the FVREB.

Contact me to find out your property’s current market value, or for expert help in finding your next dream home!

The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second-highest number of both property sales and new listings ever recorded in July.

The FVREB processed a total of 2,100 sales in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. Last month’s sales were 25.5 per cent above the ten-year average for July and second only to July 2015.

Chris Shields, President of the Board, observes:

“We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month.”

The Fraser Valley Board received 3,549 new listings in July, a 2.7 per cent increase compared to June’s intake of 3,456 new listings and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008.  Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.

Baldev Gill, Chief Executive Officer of the Board, adds, “The real estate profession has worked hard to make the buying and selling process safe during this pandemic and consumers have responded. Homeownership is a prudent, long-term investment strategy that isn’t as vulnerable to short-term fluctuations, and in this period of economic uncertainty, it’s encouraging to see the strong demand currently for Fraser Valley real estate.”

In July, the average number of days to sell an apartment was 34; 28 for townhomes and 34 for single family detached.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to June and, increased 5.3 per cent compared to July 2019.

Townhomes: At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to June and increased 3.3 per cent compared to July 2019.

Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.5 per cent compared to June and increased 3.8 per cent compared to July 2019.

Property sales in the Fraser Valley more than double in one month as buyers return to the market

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

A lack of inventory is keeping prices stable, as the market shows signs of recovery.

Here’s the latest info from the Fraser Valley Real Estate Board (FVREB):

SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19.

The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.

Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.

“Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”

The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year-over-year.

Shields adds, “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.

“It’s important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.”

In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $990,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019.
• Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.
• Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.

Click HERE for the full FVREB stats package.

Check out my newest listing at Wills Creek in South Surrey.

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. Overheight 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 Ck golf course, Southridge and Morgan Crossing.

COVID-19 couldn’t have come at a worse time for many B.C. real estate agents.

The housing market was just emerging from a lengthy slowdown when the World Heath Organization declared a pandemic on March 11.

In a four-page report released this morning, the B.C. Real Estate Association has forecast an “initial sharp decline” in home sales as households and people in the industry adhere to social distancing.

“As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home sales and prices,” the report states.

The BCREA notes that three major recessions since 1980 lasted between eight and 25 months, accompanied by an average economic contraction of about four percent and a rise in unemployment of 4.5 percent.

The worst slowdown occurred in 1981 and 1982, when the B.C. economy contracted by 6.4 percent and the jobless rate jumped by nearly 10 percent.

The BCREA estimates that in 2008-09, the B.C. economy shrank by 3.7 percent over 12 months as the unemployment rate increased by more than four percentage points.

The recession of 1990 to 1992 was the longest, lasting 25 months, but its effects were milder in B.C., with unemployment only rising by 3.1 percent.

“The COVID-19 recession is unique in that it is not man-made,” the BCREA states. “It did not evolve due to collective poor business decisions, bad loans, or misadventures in financial engineering. Rather, the economy has been purposely halted for the greater good.”

As a result, the BCREA expects demand for housing to return to pre-COVID-19 levels, “with home sales and prices recovering into 2021”.

Source:

https://www.straight.com/news/bc-real-estate-association-forecasts-deep-recession-followed-by-significant-recovery-in-home

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:

https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html?utm_campaign=not-applicable&utm_medium=vanity-url&utm_source=canada-ca_coronavirus