News Release: August 5, 2015

JULY PROPERTY SALES HIT RECORD LEVELS IN FRASER VALLEY

SURREY, BC – Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the highest number of real estate transactions ever recorded for the month of July.

There were 2,184 property sales processed, an increase of 35 per cent compared to 1,615 sales in July of last year. The previous highest July was in 2009, with 2,089 sales and prior to that in 2005.

Jorda Maisey is the Board’s President. “Home ownership is a passion in our country and in our region currently, conditions couldn’t be better to support that goal. Interest rates are the lowest they’ve been in six years, our provincial economy is on track to be the strongest in the country this year and in the Fraser Valley we have amongst the most affordable homes in the region.

“This is why this summer is shaping up to be the busiest in our history.”

The Fraser Valley Board's MLS® showed 7,681 active listings at the end of July, a decrease of 20 per cent compared to the 9,636 listings available in July of last year. It received 3 per cent more new listings in July; 2,815 compared to the 2,724 new listings received during the same month last year.

Maisey notes that despite seeing a slight increase in new listings in July, demand has led to a shortage of inventory in certain markets. "A detached home in the Fraser Valley is selling on average in just over one month and in many communities buyers will find themselves in multiple offer situations. It’s critical to tap into local real estate expertise in a market this hectic. Your REALTOR® will have the knowledge, tools and services to best position you for success.”

The MLS® Home Price Index benchmark price of a detached home in July was $621,100, an increase of 9.3 per cent compared to July of last year when it was $568,300. The MLS® HPI benchmark price of Fraser Valley townhouses increased 2.1 per cent going from $298,500 in July of last year to $304,900 last month. The benchmark price of apartments decreased year-over-year by 1 per cent, going from $194,700 in July of last year to $192,700 last month.

Maisey adds, “Renters take note. Given interest rates and the affordable price of condos in certain neighbourhoods in Surrey, Langley and Abbotsford, it may be more economical over the long-term for you to own. There are excellent opportunities currently in the Fraser Valley for first-time buyers."

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201507.pdf

News Release

Fraser Valley Real Estate Board

For Immediate Release: Mar. 2, 2012

 

 

Typical ‘pre‐spring’ surge in home sales & new listings keeps market steady

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,269 sales in February, an increase of 59 per cent compared to January and a 1 per cent decrease compared to the 1,279 sales during February of last year.

In terms of new listings, the Board received 2,846 in February, an increase of 3 per cent compared to January and a 6 per cent decrease compared to the 3,038 listings received last February, taking the total number of active listings to 9,037, an increase of 4 per cent compared to those available in February 2011.

As Board President Scott Olson explains, a seasonal increase in sales is typical for February; however this increase was not as robust as in years past. February’s sales finished at 4 per cent fewer than the 10 average for that month.

“Although our market has picked up, it’s still favouring buyers. In terms of our clients, we’re seeing more caution and deliberation when house hunting.

“This could mean using a home inspection as part of negotiations, or asking for extras to be thrown in, or the client walking away if terms are not met. The other side is that selection at certain price points is limited depending on location, so if the buyer finds the right home, they act, which is keeping prices stable.”

The MLS® HPI benchmark price of a ‘typical’ detached home in Fraser Valley in February was, $569,200, an increase of 8.3 per cent compared to $525,400 last year. The benchmark price of Fraser Valley townhouses increased by 2.0 per cent in one year, going from $305,700 in February 2011 to $311,900 in February 2012, while the benchmark price of apartments increased by 0.6 per cent going from $200,200 in February of last year to $201,500 in February 2012.

Olson adds, “We anticipate the new HST transition rules will generate more buying activity of new homes over the coming months and will have a spill-over effect on the resale market. The majority of new homes in the Fraser Valley fall under the new $850,000 HST rebate threshold and first‐time buyers will be taking advantage of the refundable tax credit bonus of up to $10,000 available until March 31, 2013.

The Fraser Valley Real Estate Board is an association of 2,898 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90 year anniversary in 2011.

Scott Williams is pleased to announce that he has joined forces with Fair Realty to better serve his past, present and futre clients. Check out the new look website! www.surreyhomesales.com

Jan. 22 (Bloomberg) -- The Bank of Canada said the economy will recover from a recession this year more quickly than in the past as credit markets and exports rebound, a view that economists said may be too optimistic.

The central bank slashed its economic growth forecast for the first quarter, saying output will shrink at a 4.8 percent annualized pace after predicting in October that it would be unchanged. Gross domestic product will shrink at a 1 percent rate in the second quarter before growing 3.8 percent next year, almost double the median pace in a Bloomberg survey of economists.

“The projected return to balance of the Canadian economy is faster than either of the recoveries following the 1981-82 and 1990-92 recessions,” the Ottawa-based central bank said today in an update to its October Monetary Policy Report. “Canadian credit conditions remain better than those in other major countries” and “exports are also expected to recover next year,” the bank said.  Read More

New Listings: 60

Price Changes: 38

Listings Sold: 8

 

Using Online Marketing to Reduce Fees?

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Approximately 90% of all sales are the result of a Seller's Realtor and a Buyer's Realtor working together using the MLS system. Research also shows that most Buyers are finding properties online. For these reasons Scott Williams has decided to focus his marketing dollars cost effectively on the MLS and internet.

Scott Williams also believes that the amount of work required by a Seller's's Realtor to effectively market on MLS is relatively standard. Other then experience and negotiating skills, all Seller's agents are required to provide the same standard contracts, paper work and agency duties. 

By refraining from wasting money on ineffective marketing Scott is able to offer a $3450.00 flat listing fee. This alone will save you thousands. You, the seller choose the amount of commission to be offered to the Buyer's Agent. To provide the maximum exposure, and attract as many Buyer's Agents as possible, Scott recommends a Buyer's Agent commission that is competitive with the rates offered by other listings.

For Immediate Release: January 5, 2009

2008 YEAR OF CHANGE AND OPPORTUNITY FOR FRASER VALLEY REAL ESTATE MARKET

(Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) refl ect the real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market, similar to changes overall in the economy, took place in the second half of 2008.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as etermined by the MLSLink® Housing Price Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when it was $513,798. Read the whole News Release

 

For Immediate Release: January 5, 2009

2008 YEAR OF CHANGE AND OPPORTUNITY FOR

FRASER VALLEY REAL ESTATE MARKET

(Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) refl ect the

real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for

the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market,

similar to changes overall in the economy, took place in the second half of 2008.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price

Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark

price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when

it was $513,798.

Read the whole News Release: FVREB News Release Jan 5, 2009

 

Happy New Year to all and best wishes for 2008!

We thank are many clients for their continued support through 2007 making it our best year todate with 97 sales! We look forward to helping as many clients as we can save thousands more on thier fess in 2008.

Spread the word! No longer is it nessasary to spend $15-$25K to sell a home! 

 

JAMES (age 4) was listening to a Bible story. His dad read: "The man

named Lot was warned to take his wife and flee out of the city but his

wife looked back and was turned to salt." Concerned, James asked:

"What happened to the flea?"

The 2006 census data confirms what members of the Fraser Valley Real Estate Board already knew. When it comes to growth in the Greater Vancouver Regional District (GVRD), the ‘suburbs’ are where it’s at. According to census figures released mid-March, four of the top five fastest-growing neighbourhoods in the GVRD and in the province of BC are in Surrey. Once farms or forests, they are now the areas the census dubs as West Cloverdale, Valley View, Rosemary Heights and East Clayton. West Cloverdale and East Clayton fall under our Multiple Listing Service® (MLS®) jurisdiction of Cloverdale. Valley View encompasses parts of the MLS® Surrey sub-areas of East Newton, Fleetwood/Tynehead and Sullivan Station. Rosemary Heights straddles the South Surrey/White Rock sub-areas of Morgan Creek and Grandview. The 2006 census confirms that Surrey remains one of the fastest growing municipalities in the Lower Mainland growing by 13.6 per cent since 2001. However the top prize during this census period goes north of the Fraser River to Port Moody, which saw it’s population rise by 15.5 per cent in five years. Growth outside of the GVRD was also impressive, with Abbotsford’s population up 7.2 per cent and Chilliwack up 10.6 per cent from 2001. The fastest declining neighbourhoods were Burnaby Lake, Mundy Creek in Coquitlam, areas around the intersections of Knight/Broadway and Venables/Victoria in Vancouver and the Dewdney Truck Road area in Maple Ridge. Created: 03/29/2007 Modified: 03/29/2007