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Fraser Valley housing market simmers in July

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

News Release: September 2, 2015

STRONG SALES ACTIVITY CONTINUES THROUGH AUGUST

SURREY, BC – In August, home sales in the Fraser Valley moderated in comparison to July’s record-setting pace, however, they remained elevated compared to historical norms for the month.

There was a total of 1,734 property sales processed in August, an increase of 33 per cent compared to 1,302 sales during August of last year and a decrease of 21 per cent compared to July’s 2,184 sales.

Jorda Maisey is the Board’s President. “High consumer confidence and low mortgage rates continue to drive the activity we’ve seen in our market this summer.

“Even with the holiday season, sales last month remained 25 per cent higher than the Board’s 10-year average for August. This year marks one of the busiest summer markets we’ve ever had in the Fraser Valley, second only to 2005.”

In August, the total number of active listings in the Fraser Valley decreased 4 per cent compared to July, dropping to 7,407 listings. This represents a 21 per cent decrease from last year’s 9,403 active listings. The MLS® received 2,457 new listings in August, an increase of 3 per cent compared to August of last year.

Maisey adds, “In our market, price is key. Demand remains strongest for single family detached homes and townhomes that are priced correctly. Sellers who hope to take advantage of the current market will find that neither buyers nor their lenders are prepared to over pay.

“We anticipate more inventory will be coming on stream come fall, and we advise our buyers who can wait, to wait.”

The MLS® Home Price Index benchmark price of a detached home in August was $629,400, an increase of 10.5 per cent compared to August of last year when it was $569,800. The MLS® HPI benchmark price of Fraser Valley townhouses increased 2.7 per cent going from $298,500 in August of last year to $306,700 last month. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $196,700 in August of last year to $191,900 last month.

Maisey adds, “First time buyers and investors are noticing that of the three main property types, the best selection in the Fraser Valley is in the condo market. In August, we saw apartment sales pick up specifically in White Rock, Langley and North Surrey.”

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201508.pdf

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

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3 per cent above the 10-year sales average for the month.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.

*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2014, 33,116 homes changed ownership in the Board’s area, generating $2.136 billion in economic spin-off activity and an estimated 16,227 jobs. The total dollar value of residential sales transacted through the MLS® system in Metro Vancouver totalled $27.3 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.    
    

CMHC Has increased their rates again. It’s the second time in about a year that CMHC has raised its fees on homeowners.  CMHC’s move targets only those putting down less than 10%, which equates to $450 per $100,000 of mortgage.

• If your loan-to-value is over 90% and your lender submits your complete application to CMHC before June 1, 2015, you’ll pay the old (cheaper) CMHC fees. It doesn’t matter when your mortgage closes.
• Submitting a pre-approval as opposed to a complete application will not hold the old insurance premiums.
• If you borrow your down payment, the fee is another 5 basis points (0.05%) higher, or 3.85% of the mortgage amount.

• Effective June 1^st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage loan insurance premiums will be:

Mortgage wars heat up Vancouver’s already hot real estate market!

A lowering of a popular financing option for home buyers could cause more harm than good for at least one Vancouver couple.

“Why couldn’t [interest rates] just go up to where they were before, and we would probably be able to find a place?” asks Melanie Lee. She and her husband are looking to buy their first home, but have found themselves on the losing end of several bidding wars.

“It always feels like you’re getting slapped down and not winning the war. It’s a very tough market,” she says.

Virtually all major Canadian banks have lowered their five-year fix term mortgageto 2.79 per cent in recent days, the second major reduction they’ve made since the Bank of Canada lowered its overnight interest rate to 0.75 per cent in January.

READ MORE: Mortgage rates are dropping — so how much house can you handle?

It’s one of the reasons that Vancouver’s housing market has surged in recent months. The Real Estate Board of Greater Vancouver said total sales in February were 20.2 per cent above the 10-year sales average for the month. They also reported the average price for a single family detached property in Metro Vancouver is now over a million dollars.

“These housing are selling 100 to 200 thousand above asking price. As a first-time home buyer, it’s very frustrating,” says Sherlock Yam, a mortgage broker for Verico Clear Trust Mortgages.

READ MORE: ‘Average’ million dollar homes now being seen throughout Metro Van

“We’re seeing a lot of people who own houses see how crazy the market is going, and they’re listing their properties, hoping to get way above asking price, which is what’s happening.”

WATCH GLOBAL NEWS VIDEO HERE

© Shaw Media, 2015