(Surrey, BC) – Sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) increased by 23 % in one month going from 1,477 sales in May to 1,815 in June. June’s numbers represent an 8 % decrease compared to the 1,982 sales during the same month last year. 

“Historically, it’s not unusual for June sales to outperform May in the Fraser Valley. This has happened in nine of the last twenty years.  However, a 23% increase in one month is significant. We were busier than expected and it could be due to the combined effect of mortgage rates edging down, the Harmonized Sales Tax coming into effect July 1, as well as the tremendous selection of homes available in the Fraser Valley. 

Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory on Fraser Valley’s MLS® at month’s end was 11,110, 19% more than was available in June 2009. The Board’s MLS® received 9% fewer new listings in June compared to May.   Listings typically do decrease in the summer, which will continue to stabilize the market.  Over the last few months, we’ve seen residential benchmark prices leveling. Year-over-year, price increases may still appear dramatic depending on the property type and location because at this time last year, we hadn’t yet begun our recovery phase.  In a stabilizing market, consumers know to rely on the expertise of a REALTOR® because prices are highly local and competitive. 
In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9 % increase compared to $471,788 in June 2009.  The benchmark price of Fraser Valley townhouses in June was $328,080, a 9% increase compared to $301,103 in June 2009. The benchmark price of apartments increased by 6.6 per % year-over-year going from $231,014 in June 2009 to $246,351 in June 2010.

(Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.

The Fraser Valley Real Estate Board posted 1,477 sales in May, a decrease of 2 % compared to the 1,501 sales processed on the MLS® during May 2009. At the same time, the Board received 3,457 new listings, taking the number of active listings to 11,411, an increase of 14 % compared to the 10,047 listings available during May of last year. 

“May’s sales were 16 % below our ten-year average, 1,760 sales for that month. Considering how busy the market has been in the last decade that represents solid sales activity, slower yes, but steady.

“What’s changed most is the increase in inventory. The last time this many homes were available on Fraser Valley’s MLS® in May was in 1995.  Tremendous selection allows buyers the luxury to find the right home, comparison shop and gives their REALTORS® the ability to negotiate hard on their behalf.”

“For sellers, getting specific advice about home values in your local neighbourhood is crucial in a competitive market.”

In May, the benchmark price for Fraser Valley detached homes was $515,375, a 10.6 % increase compared to $465,939 in May 2009. The average number of days to sell a detached home in May was 43 days, one day faster than it was in May of last year.

The benchmark price of Fraser Valley townhouses in May was $328,295, a 10.1 %  increase compared to $298,308 in May 2009. Townhomes in May sold on average 27 days faster than they did a year ago – 39 days compared to 66 days in 2009.

The benchmark price of apartments increased by 8.6 % year-over-year going from $232,170 in May 2009 to $252,221 in May 2010. The average days to sell in May for apartments in the Fraser Valley was 51 compared to 69 days during the same month last year.

 With plenty of selection and relatively modest price increases, buyers are enjoying a healthy spring market in the Fraser Valley. The Board’s Multiple Listing Service® (MLS®) recorded 1,565 sales in March, an increase of 30 % over February’s sales and an increase of 56 % over the 1,006 sales processed March of last year.
“March sales volumes can fluctuate as much as the weather, and this year’s reached the mid-point between the highs and lows seen over the last decade.”
“However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of it.”
There were 3,395 new listings entered onto the MLS® in March, slightly higher than in March 2009, when 3,028 new listings were added. Altogether, there were 9,828 active listings on the MLS® at the end of March, on par with the 9,832 active listings one year ago.
The ratio of sales compared to active listings, which indicates the type of market, reached 16 % in March, representing a buyer’s market. This is up from last year’s 10 % but a far cry from the 25 % ratio in March 2007, when the Fraser Valley was in a seller’s market.
“Prices are closing in on the record highs we last saw in spring 2008, so it’s no surprise to see the increase in listings as sellers position themselves to move up or downsize into a smaller residence using their home equity for their purchase.”
In March, the benchmark price for Fraser Valley detached homes was $514,787, an increase of 11.9 % from the March 2009 price of $459,841.  The benchmark price of Fraser Valley townhouses in March was $326,307, a 10.3 % increase compared to $295,809 in March 2009. The benchmark price of apartments increased by 8.6 % year-over-year going from $227,188 in March 2009 to $246,673 in March 2010.

Not even the most engaging Olympics in Canadian history could completely slow the appetite for house hunting, according to the most recent statistics from the Fraser Valley Real Estate Board.
The Board’s Multiple Listing Service® (MLS®) recorded 1,204 sales in February, an increase of 23 % over January’s sales and an increase of 77 % over the 682 sales during February of last year.
 “Although the phones were quieter and we did experience less traffic at open houses, we were surprisingly busy given how much everyone, including REALTORS® were enjoying the Games.”
“Buyers are aware of two key changes that could impact their purchasing ability. The new mortgage rules coming in April, plus the Harmonized Sales Tax in July, so the ‘Olympic effect’ we were expecting wasn’t as deep.”
The Board’s MLS® received 2,879 new listings in February, an average of 144 per business day, providing buyers with 14 % more selection than they had the previous month. The number of active listings in February was 8,485, 12 % fewer than were available during February last year.  
The combined strength of listings and sales currently is stabilizing Fraser Valley home prices. “Overall, we’ve seen modest price gains for the last three months. The benchmark price for all residential types combined increased less than % from January to February.
“When you have a healthy level of inventory, it puts less upward pressure on prices and creates a stable, balanced market.”
In February, the benchmark price for Fraser Valley detached homes was $508,136, an increase of 11.3 per cent from the February 2009 price of $456,683.
The benchmark price of Fraser Valley townhouses in February was $324,708, a 9.8 $ increase compared to $295,731 in February 2009. The benchmark price of apartments increased by 7.8 % year-over-year going from $228,091 in February 2009 to $245,879 in February 2010.

The Fraser Valley experienced a return to typical home sale levels plus an early surge in new listings in January, according to the latest figures from the Fraser Valley Real Estate Board. “Compared to last January, the market has returned to balance. Consumers continue to take advantage of the affordability created by lower interest rates.”

There were 981 sales processed on FVREB’s Multiple Listing Service® (MLS®) in January, an increase of 152 % compared to the same month last year when 389 sales were processed. There was also a 46.8 % increase in new listings, 2,941 compared to 2,003 during January last year.

On a month-to-month basis, sales decreased 22 % in January compared to December, while new inventory more than doubled, going from 1,453 new listings in December to 2,941 in January. This increased overall inventory by 14 % in one month.

“If I were house-hunting right now, I’d be pretty excited. There is more selection and potentially less competition over the next few weeks. Some buyers will put their house-hunting on hold during the Olympics creating an advantage for those who don’t want to wait.”

While residential benchmark prices, as determined by the MLSLink Housing Price Index (HPI), continued to recover, they remain 3 % lower than in spring 2008. The price in January for the three main residential property types combined was $446,671 compared to $460,682 in May 2008.

In one year, the benchmark price for detached homes in the Fraser Valley increased by 10.8 %going from $452,145 in January 2009 to $500,931 in January 2010. The benchmark price of Fraser Valley townhouses in January was $317,719, a 7.6 % increase compared to $295,339 in January 2009. The benchmark price of apartments increased by 10.4 % year-over-year going from $220,595 in January 2009 to $243,470 in January 2010.

Highlights:

• This week’s spate of U.S. economic news told the tale of a tepid U.S. recovery, still-benign inflation pressures and a Fed that is poised to stand pat for some time to come.
• U.S. retailers suffered an unexpected drop in sales in December of -0.3% and -0.2% excluding autos. Q4 results still point to a recovery in retail spending, but a relatively shallow one in light of the precipitous slump in sales during the recession.
• U.S. CPI headline and core inflation rose by a modest 0.1% M/M in December and the 12-month trend in core prices was stable at 1.8%.
• Bolstered by this week’s reports, the U.S. 10-year Treasury yield fell to a one-month low. What is good for bonds is often bad for the USD, which continued to shed ground against a number of major currencies.
• In Canada, housing developments moved to centre stage again, with evidence that new homebuilding activity continued to gear up and resale activity stayed strong in December.
• Remarks by a Bank of Canada Deputy Governor this week reinforced the view that regulatory changes, not rate hikes, would be used to address an overheated housing market if future conditions warrant.
• The Canadian trade balance worsened unexpectedly in November, moving back into deficit territory on the back of a 3.9% M/M surge in imports.

Summary:

This would indicate to me that we could see extended amortizations scaled back further in which case, a 35 year could be reduced to a 30 year, and this of course would affect the mortgage amount that one could qualify for. Down payments could be affected, and/or sources of down payment, and variable rate mortgages may have restrictions to those with little down payment.
The report is also an indicator that we might not see rates go up as early or by as much as originally speculated. However, for anyone about to get into the market and buy, or about to refinance an existing mortgage, now couldn’t be a better time to secure your options and make plans.

In 12 months, we went from the worst January in 20 years to the third best December. A significant portion of the 148% increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. An informal poll in December revealed 40% of home sales were by first-time buyers when it would normally be in the 25% range.

The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26%. However, it received 15% fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34% going from 9,960 properties in December 2008 to 6,534 in December 2009.

We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets.

The Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2%. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.

The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4% increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.

The benchmark price of apartments decreased by 0.3 % year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.

The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple
Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.

“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade.”

“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”

Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property
types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago.

The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983. The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009.

“We expect to see prices remain competitive in the Fraser Valley,” “Even during our
unusually busy summer, prices were sensitive to location and property type.”

Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in
September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.

(Surrey, BC) - Low interest rates continue to fuel a strong housing market in the Fraser Valley according to Paul Penner, President of the Fraser Valley Real Estate Board.

The Board processed 1,590 sales on its Multiple Listing Service (MLS®) in September, an increase of 62 per cent compared to the 980 sales during the same month last year, however, 11 per cent fewer sales compared to August’s 1,786 sales.

“Summer months are historically stronger for home sales in the Valley compared to the beginning of fall,” Penner explained. “However, as far as Septembers go, this one was solid, in fact the third strongest in the last decade.

“That pent-up demand we saw in the spring has carried forward, buoyed by low interest rates and housing prices that, despite inching up in some areas, remain more economical than they were a year ago.”

The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in September was $491,404 a decrease of 1.5 per cent compared to September 2008, when it was $498,822. In the last three months, the HPI benchmark price of a detached home has increased by 4.2 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 4.2 per cent from $325,898 in September 2008 to $312,143 in September 2009, and in the last three months has increased by 3.7 per cent. The benchmark price of apartments also decreased year-over-year by 5.2 per cent, going from $253,489 in September of last year to $240,378 in September 2009, and has increased by 4.1 per cent in the last three months.

In September, the average number of days on market for a detached home in the Fraser Valley was 55 days, a decrease from the average of 60 days where it’s hovered for five months. Townhomes sold on average in 46 days in September and apartments, 54 days.

The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.

The number of active Fraser Valley listings in September decreased 2 per cent from August, dropping to 8,799 listings. This represents a 29 per cent decrease from last year’s all-time high for actives, 12,379. The MLS® received 2,640 new listings in September, an increase of 7 per cent compared to August, yet 14 per cent fewer than September of last year.

The Fraser Valley Real Estate Board is an association of 2,944 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.

Click Here to View Full Report.