Another month, another record 

for property sales in the Fraser Valley

For the sixth consecutive month, Fraser Valley’s real estate market experienced  property sales at levels never seen before in the 100-year history of the Fraser  Valley Real Estate Board (FVREB). In February, the FVREB processed a total of 2,815 sales on its Multiple Listing  Service® (MLS®), an increase of 108 per cent compared to February 2020 and  64 per cent more than were processed in January 2021. To provide a historical  perspective, sales in February were 88 per cent above the 10-year average for  that month; and 18 per cent higher than the previous record of 2,387 sales in  February 2016. Chris Shields, President of the Board said of this month’s record numbers,  “This is new territory for us. We have never seen such consistent and persistent  demand for housing in the Fraser Valley.   “What’s fueling the demand is the combination of record-low interest rates and  the response to the pandemic. It’s not something that could have been predicted  and it has created a very complex market for buyers that requires the knowledge  and expertise of a professional. For family-sized homes, prices climbed 3 to 5  per cent in February alone and sold on average in three weeks. We understand  the stress and frustration with the market currently and we’re here to help guide  and protect home buyers.”   The Board received 3,265 new listings in February, an increase of 28 per cent  compared to February of last year, placing it second highest for February for  new listings in the last decade. The total active inventory for February was 4,120,  down 28 per cent from last year’s 5,741 active listings, and the lowest ever for  the month.   Baldev Gill, Chief Executive Officer of the Board, added, “We know more people  are choosing to move to the Fraser Valley right now because they’re seeking  more usable space, a better quality of life, and they recognize that their housing  dollar goes further. The challenge is selection. We anticipate as the vaccination  roll-out accelerates, confidence to list will increase and we’ll see inventory return  to more normal levels. In the meantime, REALTORS® will continue to ensure   consumer safety is at the forefront of all home viewings and transactions.”   Across Fraser Valley, in February, the average number of days to sell a   single-family detached home and a townhome was 21 days. Apartments took   on average 35 days to sell.   MLS® HPI Benchmark Price Activity Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020. Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020. Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020. For the FULL February Listings Statistics Package, please click HERE Know someone moving ANYWHERE in the WORLD?  Call me today--I know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

Fraser Valley Housing Market Statistics - January 2021

 

Fraser Valley real estate market 

full steam ahead in January; 

another record-setter for property sales

In a month that is usually one of the quietest in real estate, Fraser Valley’s   market continued at a breakneck pace, producing the strongest January sales   on record as well as a modest uptick in new listings. The Fraser Valley Real Estate Board processed a total of 1,718 sales of all  property types on its Multiple Listing Service® (MLS®) in January 2021, an  increase of 76 per cent compared to January 2020 and 18 per cent fewer then  were processed in December 2020. Sales in January set a new, record high  for the month; 72 per cent above the 10-year average, and 28 per cent higher  than the previous record of 1,338 sales set in January 2016.   “Buyers are very motivated right now,” said Chris Shields, President of the  Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year  in how people value their homes. People are asking us to find them more  space.   “I am working with a young couple who want and are able to move up – from  a condo to a townhome – due to interest rates and the equity they’ve gained   over the last couple of years. The challenge is supply. It improved slightly in  January, but we’ve got a long way to go to replenish our housing stock. It   remains a seller’s market.”   The Board received 2,784 new listings in January 2021, an increase of 26 per   cent compared to January of last year. Total active inventory for the month was  4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per  cent below the 10-year average.   Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may  be reluctant to sell because of concerns about buying and selling safety   protocols; or the challenge of finding a new home to buy. The industry has   worked hard to make it as easy as possible for you to thoroughly evaluate   homes online first and then, for serious, final consideration, strict regulations  are in place for in-person viewing.” “And note, we’re already seeing an improvement in supply levels compared  to December, a trend we anticipate that will continue as spring approaches  bringing what is typically one of the busiest markets of the year.”     In January 2021, the average number of days to sell a single-family detached  home in the Fraser Valley was 35, compared to 60 days in January 2020; 28  days on average to sell a townhome and 37 days for apartments, compared to  47 and 49 days respectively, in January of last year. MLS® HPI Benchmark Price Activity Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020. Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020. Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020. For the FULL Monthly Statistics Package click HERE Know someone moving ANYWHERE in the WORLD?  Call us today--we know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD! Office Phone: 604-743-7653 Check out our web sites for lots of great information  and to see what we have going on! General Real Estate: gelderman.ca Luxury Homes: fvluxuryhomes.com

Your 2021 BC Assessment - Let's Help You Learn More

 

Let's help you understand your 

BC Assessment notice and the new 

Home Owner Grant application process

Most tech-savvy homeowners across BC have likely looked up their property’s assessed value on the BC Assessment site by now, instead of waiting for their notice to arrive in the mail.

This is a great time for Realtors to be available to clients in case they have questions or concerns about the information they received.

“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” says BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”

No doubt some people are unsure about how to react to the general increase in assessed property values as of July 1, 2020. For the most part, they may be feeling a sense of relief that their home either held its value from the previous year or increased in value even during a global pandemic. Some may even be thinking, “Hey, it’s a great time to sell!”

Understandably, others may be anxious about whether their property taxes will be going up as a result and wondering whether they will be able to afford to cover an increase.

Owners of single family detached homes across our Board area saw their assessed values increase anywhere from four to eight per cent. Condo owners in our region in general saw a rise in value of one to four per cent except in White Rock, where assessed values decreased by two per cent.

As you know, property tax bills have more to do with each individual municipality’s budget rather than how much a home’s value has gone up or down, but your client may not be aware of that.

For example, the City of Surrey’s move before the holidays to approve a property tax increase of 2.9 per cent for residents and businesses and increase the annual flat rate parcel tax of $100 to $300, will likely increase Surrey property tax bills. Surrey property owners are charged the flat rate parcel tax on top of their regular property tax.

Here are some BC Assessment resources that can help you:

• Search for specific property assessment information.
• Video on how BC Assessment assesses property values.
• Media release for the Lower Mainland region.
• Interactive maps on market movement for different property classes, market trends and the top 500 valued residential properties.
• Frequently Asked Questions (includes several videos you can share on social media) about assessments and complaints (appeals).

How to reach BC Assessment:

Due to concerns related to COVID-19, BC Assessment says their staff will not be offering in-person customer service at this time. However, they would be happy to help you or your clients over the phone or online during their regular office hours Monday to Friday from 8:30 am to 4:30 pm.

• Phone: 1-866-valueBC (1-866-825-8322)
• Online form: click here

The Home Owner Grant application process is changing in 2021:

Similar to past years, the provincial government’s Home Owner Grant program can help to reduce the amount of property tax British Columbians pay on their principal residence.

However, please note that starting this year the process to apply for the assistance will be different. The program details and eligibility requirements will not change.

What’s new for 2021:

Instead of applying through a municipality, this year residents will need to apply to the provincial government directly through a new online system the government says will be easy to use and will process applications faster.

The best time to apply:

The best time to apply will be after the property tax notice has arrived in the mail and before the property tax due date. No further details have been posted on the Home Owner Grant webpage at this time.

Source: FVREB Communications

Know someone moving ANYWHERE in the WORLD? 

Call us today--We know the BEST agents everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

 

Office Phone: 604-743-7653

Fraser Valley Housing Market Statistics - December 2020

 

Record-shattering December  caps unexpected year in  Fraser Valley real estate SURREY, BC – In a year when the real estate market was at a standstill for  months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4  per cent above the 10-year average due to unrelenting, pent-up consumer  demand during the second half of 2020. In December, the Board’s Multiple Listing Service® (MLS®) processed a  staggering 2,086 sales, the strongest December on record and 81.2 per cent  above normal for the month. New listings in December, were the second highest  on record at 1,502. By month’s end, active inventory finished below typical levels,  at 3,949 units. The total sales volume for the year in Fraser Valley was 19,926; an increase of  28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for  annual sales since 2011. In 2020, sales of the three main residential property types were as follows: 8,176  single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year,  sales of detached soared by 41.7 per cent compared to 2019; townhome sales  increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.   Chris Shields, President of the Board, observes, “The pandemic upended   everything in 2020 and how the real estate market responded to it was nothing   short of  remarkable. No one could have anticipated a six-month stretch like we’ve just  experienced. Typical seasonal cycles did not apply, how we conduct business had  to change to keep the public safe; and most unexpected, has been the  unwavering demand for family-sized homes in our region and so far, there is no  sign of it slowing down.”   A total of 31,693 new listings were received by the Board’s MLS® in 2020, an   increase of 3.7 per cent compared to 2019. As with annual sales, 2020 was   also the fourth highest year for new inventory for the Board in the last decade.   Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes  appear healthy, our region’s current overall inventory is 28 per cent below normal.  For those who have been thinking of selling but have held off due to the pandemic,  the industry has mastered how to keep consumers safe using technology and  strictly following provincial health guidelines. Ask your REALTOR® if now is a  prudent time to list because the market currently is favouring sellers.”   MLS® HPI Benchmark Price Activity Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019. Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019. Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019. For the Full Listings Package, please click HERE Know someone moving ANYWHERE in the WORLD?  Call me today--I know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD! Office Phone: 604-743-7653 Everyday Real Estate Services visit: geldermna.ca Luxury Property Real Estate visit: fvluxuryhomes.com