Summer of 2017 Housing Market Statistics 'Wrap Up'

Demand for Fraser Valley homes remains unchanged despite change of season

Residential property sales in the Fraser Valley remained strong in September, with both attached and detached homes performing well throughout the region.
The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service® (MLS®) in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,879 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history.
Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.
“Often we see summer demand continue as far as October, so it’s not unusual to have another strong month before the seasonal cool down," said Board President Gopal Sahota. “What’s unusual this year is that attached inventory sales are still driving the market despite the increased competition we’re seeing there.”
Last month the total active inventory for the Fraser Valley was 5,854 listings. Active inventory increased by 2.5 per cent month-over-month, and decreased 8.8 per cent when compared to September 2016.
The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.
"It’s also interesting to observe the return to a balanced market for detached homes here in the Valley,” continued Sahota. “While pricing remains stable, competition for houses has simmered and listings are staying on market longer. If you were waiting to make a move or upgrade, now might be a good time to talk to your REALTOR® and see what’s out there.”
For the Fraser Valley region the average number of days to sell an apartment in September was 19 days, and 18 days for townhomes. Single family detached homes remained on market for an average of 29 days before selling.
HPI® Benchmark Price Activity
• Single Family Detached: At $974,500, the Benchmark price for a single family detached home in the Valley decreased 0.2 per cent compared to August 2017, and increased 11.2 per cent compared to September 2016.
• Townhomes: At $498,900 the Benchmark price for a townhome in the Fraser Valley increased 1.4 per cent compared to August 2017, and increased 17.7 per cent compared to September 2016.

• Apartments: At $358,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.5 per cent compared to August 2017, and increased 35.2 per cent compared to September 2016.

FULL DETAIL PACKAGE courtesy of the Fraser Valley Real Estate Board:
http://www.fvreb.bc.ca/statistics/Package201709.pdf

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7 Ways to Update Your Kitchen for Less Than $1,000

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https://blog.remax.ca/7-ways-update-kitchen-less-1000/

Don't forget to also visit our web site for more information about buying and selling! And to see our current listings!

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Fraser Valley Housing Market Statistics - July 2017

Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

The Board processed 1,937 sales of all property types on the MLS® in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing,” said Gopal Sahota, Board President.

Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and an 11 per cent decrease compared to June 2017’s 3,707 new listings.

“Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations,” continued Sahota.

“If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.
• Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.
• Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

*Data Courtesy of NEWSREAL REALNEWS @ Fraser Valley Real Estate Board*

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2017 RE/MAX Recreational Property Report

      2017 RE/MAX Recreational Property Report

As real estate prices remain high in Canada’s urban centres, young families are looking for unique ways to finance their dreams of recreational property ownership. In a recent survey conducted by Leger, more than a quarter (28 per cent) of Canadians with children under the age of 18 indicated they would consider selling their primary residence in the city in which they live in order to purchase a cottage, cabin or ski chalet. Other options that these potential buyers are willing to consider include fractional ownership in a shared property, purchasing a recreational property with a friend or family member, and renting out the recreational property they purchase on a vacation rental website such as AirBnB.

In a separate survey of RE/MAX brokers and agents, 73 per cent of regions indicated that young families with children were a key driver of demand in their market, including established recreational regions such as the Okanagan Valley in B.C., Canmore, AB, Collingwood, ON and the Laurentians in Quebec. Retirees were also a key driver of demand across Canada, with more than half (55 per cent) of regions surveyed reporting an increase in retiree buyers this year compared to last year.

Continued high real estate prices in regions like Toronto and Vancouver have led to large numbers of retirees and Baby Boomers nearing retirement to sell their homes and put the equity they received from the sale into the purchase of a recreational property. This has in turn resulted in the price appreciation that we’ve seen in popular recreational property markets such as Whistler in B.C. and Haliburton in Ontario.

The RE/MAX survey of brokers and agents found that 39 per cent of regions experienced an increase in demand from buyers leaving either the GTA or B.C.’s Lower Mainland compared to last year. More local markets such as Salt Spring Island, located a few hours away from Vancouver and the Kawarthas in Ontario, experienced significant increases in demand as a result of this trend. Regions as far away as Ottawa’s Rideau Lakes Region and P.E.I’s north and south shore also received a boost from buyers leaving the GTA who are looking for great value on properties further out from the Greater Golden Horseshoe.

In Leger’s survey of Canadians, almost two-thirds (65 per cent) of millennials (18-34 years old) expressed interest in purchasing a cottage, cabin or ski chalet in the next 10 years. A quarter of respondents also indicated they would consider purchasing a recreational property as an investment vehicle to help finance retirement. At the same time however, many millennials feel that high real estate prices in the city in which they live will negatively impact their ability to buy a recreational property in addition to owning a primary residence.

To overcome this gap between demand and affordability, many Canadian millennials are willing to turn to unique financing methods to help purchase a recreational property. Nearly half (44 per cent) of millennials said they would purchase a property with a family member, while 39 per cent would purchase a property and rent it out using a vacation rental site such as AirBnB. Additionally, over a quarter of young Canadians (age 18-34) said they would consider selling the primary residence in which they live, while one in five millennials said they would consider both fractional ownership of a shared a property or buying with a friend.

View Full Report in a pdf format:

http://download.remax.ca/PR/REC2017/Report/REMAX_2017RecreationalPropertyReport_ENG-Final-LR.pdf#20389715

Report Courtesy of RE/MAX Canada Newsroom: 

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May 2017 Fraser Valley Market Data Released

The spring market is in full swing, according to the most recent MLS® data for our region.

The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in our region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.

The Board processed 2,707 sales of all property types on its MLS® in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types,” said Gopal Sahota, Board President.

In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.

The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.

“We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

For the Fraser Valley region, the average number of days to sell a single-family detached home in May 2017 was 23 days, compared to 16 days in May 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.
• Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.
• Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

**Article courtesy of NewsReal Real News for Fraser Valley Realtors**

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