Langley BC Real Estate | Condominums And Town Homes

For immediate release: March 2, 2010

(Surrey, BC) – 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 per cent over January’s sales and an increase of 77 per cent over the 682 sales during February of last year.

Deanna Horn, president of the Board explains, “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 per cent more selection than they had the previous month. The number of active listings in February was 8,485, 12 per cent fewer than were available during February last year.

Horn adds that 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 one per cent 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 per cent increase compared to $295,731 in February 2009. The benchmark price of apartments increased by 7.8 per cent year-over-year going from $228,091 in February 2009 to $245,879 in February 2010.

For immediate release: February 2, 2010

(Surrey, BC) – 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.

Paul Penner, President of the Board said, “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 per cent compared to the same month last year when 389 sales were processed. There was also a 46.8 per cent increase in new listings, 2,941 compared to 2,003 during January last year.

On a month-to-month basis, sales decreased 22 per cent 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 per cent in one month.

Penner added, “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 per cent 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 per cent 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 per cent increase compared to $295,339 in January 2009. The benchmark price of apartments increased by 10.4 per cent year-over-year going from $220,595 in January 2009 to $243,470 in January 2010.

For immediate release: January 5, 2010

(Surrey, BC) – Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in December reflect the real estate story of 2009: recovery.

“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”

According to Penner, a significant portion of the 148 per cent 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 of our members in December revealed 40 per cent of home sales were by first-time buyers when it would normally be in the 25 per cent 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 per cent. However, it received 15 per cent 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 per cent 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,” explained Penner.

The MLSLink 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 per cent. 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 per cent 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 per cent 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.

For immediate release: December 2, 2009

(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the same month last year and only 10.7 per cent less than in October.

“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” said Paul Penner, President of the Board.

“We typically see both sales and listing activity slow in November as people start to get ready for the holidays and we did experience that on the listing side, but not in sales. This was the second busiest November Fraser Valley REALTORS® have seen in ten years.”

The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per cent more than were received in November last year.

The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared to November 2008, when it was $467,497.

The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890 last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from $231,498 in November of last year to $235,842 in November 2009.

“Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes sold for under $500,000, indicative of a diverse housing stock across our six communities.”

Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.

For immediate release: November 3, 2009

(Surrey, BC) - 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,” said FVREB President,
Paul Penner.

“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,” added Penner. “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.

For immediate release: October 2, 2009

(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 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.

For immediate release: September 2, 2009

(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.

There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.

“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”

“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”

Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.

“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”

The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.

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 August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.

For immediate release: August 5, 2009

(Surrey, BC) - 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.

“The factors contributing to last month’s sales are completely different than they were in 2005,” explained Board President Paul Penner. “Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a ‘move-up’ market.

“In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up.”

Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. “Whether you’re buying or selling, it’s important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren’t moving.”

The Fraser Valley Board’s MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.

The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in July was $477,420, a decrease of 5.6 per cent compared to July 2008. In the last three months, the HPI benchmark price of a detached home has increased by 3.7 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and in the last three months has increased by 3.3 per cent. The benchmark price of apartments also decreased year-over-year by 8 per cent, going from $254,510 in July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in the last three months.

For Immediate Release: July 3, 2009

(Surrey, BC) – Crediting low interest rates and reductions in house prices, Fraser Valley REALTORS® had their fourth busiest June on record.

The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,982 sales in June, an increase of 40 per cent compared to the 1,418 sales in June 2008 and 32 per cent higher than sales in May 2009. June’s numbers were comparable to sales achieved during the same month in 2006 and 2007 during the strongest real estate cycle in the Lower Mainland’s history.

“The combination of historically low interest rates and sellers reducing their asking prices has created greater affordability,” Board President Paul Penner said.

“Buyers are looking at monthly mortgage costs that are 20 to 25 per cent less than they were a year ago. For a home in Fraser Valley, that translates into hundreds of dollars a month in savings.”

A recent market poll conducted by the Board confirms that first-time homebuyers and people ‘buying-up’ are taking advantage of the current market conditions. The survey, looking at buying trends, was issued to Fraser Valley REALTORS® who completed a sale during the first two weeks of June. Results show that 32 per cent of buyers were first-time homebuyers and 22 per cent were buyers moving from an apartment or townhouse to a detached house.

Penner observed, “We’re essentially seeing two markets right now. Sellers have the advantage when it comes to more affordable homes, but buyers hold more sway with higher-end properties.”

The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in June was $471,788, a decrease of 8 per cent compared to June 2008 when it was $512,850 and a 1.3 per cent increase compared to May 2009 when it was $465,939.

The HPI benchmark price of Fraser Valley townhouses decreased 10.1 per cent from $335,090 in June 2008 to $301,103 in June 2009, and increased 0.9 per cent compared to May 2009 when it was $298,308. The benchmark price of apartments also decreased year-over-year by 9.6 per cent, going from $255,670 in June of last year to $231,014 in June 2009, and decreased 0.5 per cent compared to $232,170 in May 2009.

The Fraser Valley Board’s MLS® showed 9,300 active listings at the end of June, a decrease of 17.7 per cent compared to the 11,295 listings available in June of last year. It received 11.5 per cent fewer new listings in June, 2,863 compared to the 3,236 new listings received during the same month last year.

For Immediate Release: June 2, 2009

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.

Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a signifi cant improvement compared to where the market was a few months ago.

“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”

Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.

“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.”

The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.

Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per cent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.

The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.

“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.