Home prices fall in Calgary as real estate chill deepens

The Calgary housing market is cooling fast. New sales and listing data for the first half of the month have been released and the numbers aren’t pretty.


The number of homes trading hands has plunged 37 per cent compared to the first two weeks of January 2014, while the number of active listings surged 64 per percent.

That means there are far more homes up for sale in Canada’s energy capital compared to a year ago, and far fewer buyers. The result: prices declined 1.5 per cent, according to data from the city’s real estate board.

There are now more than 4,000 homes on the market in Calgary versus about 2,500 in the same period a year ago.


“Calgary’s high-flying housing market has caught a serious chill,” Sal Guatieri, senior economist at Bank of Montreal, said Monday afternoon.


The price drop “is likely the start of a correction,” the economist said.


Until very recently, Calgary’s housing market was the top performing in the country alongside Toronto and Vancouver. Plunging oil prices have worked quickly to cool things down, however.


Oil prices have declined to about $47 (U.S.) a barrel, down more than 55 per cent from their June peak. The plunge has seen investment plans by companies in the energy patch cut back and led to layoffs. Most experts expect oil to remain at their current levels well into the new year.


A report from the Conference Board of Canada last week predicted that Alberta, which accounted for one in three new jobs in Canada last year, will contract in 2015 – an outlook Alberta Premier Jim Prentice disputed.


“More pain lies ahead,” BMO’s Guatieri said of the Alberta real estate market, noting pending sales in the province’s biggest city are also down 53 per cent year over year. “Ouch.”


BMO says economic growth in Alberta won’t contract this year but will slow to a crawl, or 0.5 per cent. That’s a sharp deceleration from the average annual growth rate of about 3.5 per cent in recent years, or the best clip in the country.








By Jamie Sturgeon 
Global News

REALTORS® HELP FRASER VALLEY FOOD BANKS BRING IN THE NEW YEAR WITH $21,000 DONATION

SURREY, BC – On behalf of Fraser Valley’s 2,700-plus REALTORS®, the Fraser Valley Real Estate Board has donated $21,000 to five of its region’s food banks.

Ray Werger is the Board’s president. “As REALTORS®, it is our commitment to support our communities in which we both live and work. The Fraser Valley continues to grow and develop each year at an incredible rate, and so does the need for food for our neighbours who are less fortunate.”

Werger adds, “In our region alone, food banks serve approximately 22,000 people every month, many of whom are children and babies. We hope this gift will help in providing aid for Fraser Valley residents that is so desperately needed.”

As in previous years, the donation is divided proportionately based on the number of REALTORS® represented in each community with $9,450 going to the Surrey Food Bank; $4,200 going to the Langley Food Bank; $3,900 going to Sources White Rock South Surrey Food Bank; $2,730 to the Abbotsford Food Bank; and $630 to St. Joseph’s Food Bank in Mission.

Marilyn Herrmann, Executive Director of the Surrey Food Bank, received FVREB’s cheque on behalf of the communities of North Delta and Surrey. “Regardless of where you live, there will always be someone close to you, be it a stranger or friend, who is hungry or needs to feed their family.

“We are very grateful to have received this gift, especially as this is a demanding time of year for many. Food banks in the Fraser Valley face an increasing population of low-income neighbours who need our help and our work is reliant on the donations we receive throughout the year. Thank you Fraser Valley REALTORS® for contributing to our vision to reduce hunger and elevate the quality of life in our communities.”

British Columbia’s food banks support nearly 100,000 people every year. To support your local food bank, please visit www.foodbanksbc.com. For more information about all FVREB community giving initiatives, go to www.fvreb.bc.ca.


By: Fraser Valley Real Estate Board

Real estate gains strongest for detached houses in 2014

Lower Mainland real estate prices recorded modest to strong gains in 2014, with detached houses generally rising faster than townhouses or condos.


Year-end statistics released by the Greater Vancouver and Fraser Valley real estate boards show benchmark detached houses on average gained 6.7 per cent over the past year.


Those increases ranged from more than 10 per cent in Vancouver, Tsawwassen and Burnaby to less than five per cent in West Vancouver, Maple Ridge, Pitt Meadows, Port Coquitlam, Langley, Abbotsford, Mission and parts of Surrey.


The increases pushed the benchmark price of houses above $1 million for the first time in Burnaby and for the Greater Vancouver area as a whole.


Benchmark house prices across the Fraser Valley area, which includes Surrey, White Rock and North Delta, ended the year at $573,100.


Benchmark prices show the shifts of a typical property and exclude the most expensive ones that can skew average prices much higher.


Price increases were more muted for townhouses and condos across the region.


Townhouses or attached homes averaged a 2.6 per cent gain across the Lower Mainland, with the strongest gains of more than seven per cent recorded in Maple Ridge, North Delta, Squamish and Vancouver's west side.


Benchmark townhouse prices were $293,500 in the Fraser Valley and $476,000 in Greater Vancouver.


Condo prices dropped in value in several areas in 2014, with the Fraser Valley benchmark down 0.8 per cent and the biggest drops of nearly 10 per cent in Maple Ridge and North Surrey. Greater Vancouver condos gained 3.5 per cent on average.


Benchmark condo prices ended the year at $191,100 for the Fraser Valley and $380,700 for Greater Vancouver.


The December 2014 statistics provided by realtor associations are different from the just-released home assessments, which are conducted by BC Assessment and are intended to provide a valuation snapshot as of each July 1.


by  Jeff Nagel - Surrey North Delta Leader


To view graphs click here

Steady home sales in December cap solid year for Fraser Valley real estate

SURREY, BC – Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single family detached homes leading the way.

Ray Werger, President of the Board, says, “It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10‐year average.” 

The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014. 

According to Werger, sales during the month of December followed the same trend as every month in 2014 with sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.

“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas.” 

In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

 Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500. 

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year‐over‐year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.

Information provided by Fraser Valley Real Estate Board

20 years of recognition and support result in high quality donations to the REALTORS Care® Blanket Drive

VANCOUVER, BC - For the 20th year, REALTORS® across the Lower Mainland gathered warm clothing and blankets to help over 17,000 working poor and homeless people in our region and what stood out most during this year’s Blanket Drive – November 17 to 24 – was the quality and specificity of donations.


Sue Mukerji, Surrey REALTOR® and Blanket Drive volunteer for over ten years, observes, “The message that it’s not about quantity is really getting through now. Our goal has always been to collect the highest quality items to meet the needs of our most vulnerable citizens in each of our communities.


“Some of our charities request only blankets; others indicate they need mainly socks or underwear. Surrey’s Hyland House specifically asked for new pillows. Because we have REALTORS®, clients and members of the public who have been supporting us for many years, we have a network to help fulfill the unique requests as best we can.”


One group that regularly receives donations from the Blanket Drive is the Hope Central Ministry at New Heights Church in Mission. They provide food and other services to both low income families and to individuals living outdoors. Carrie Prentice is the ministry coordinator and the church’s only staff person. “For many of our clients, their only source of warmth is a blanket and winter clothing provided by the Blanket Drive.


“We were very touched when two REALTORS® returned after dropping off donations to bring us literally bags of socks. Something as simple as a clean, new pair of socks can really make a big difference to someone’s quality of life.”


Harvest Project Development officer Kevin J. Lee, said, “Thank you REALTORS Care® Blanket Drive! The donated items allow us to provide coats and clothing to women and men returning to the work force or school and help those simply in need of proper clothing for the winter season.”


Established in 1994, the Blanket Drive is the largest, most recognized warm clothing and blanket collection in the Lower Mainland and has assisted more than 250,000 people. Donations from REALTORS®, their clients, the general public, corporations, retailers, community groups and schools are dropped off at over 100 real estate offices from Whistler to Hope.


The REALTORS Care® Blanket Drive is a partnership between the REALTORS® of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board and the Chilliwack and District Real Estate Board and their communities.


by FVREB