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Friday, October 2, 2020
September 2020 - Fraser Valley Housing Market Statistics
Tuesday, September 29, 2020
Vancouver Real Estate: Projected Trends for the Fall Market
Vancouver Real Estate:
Projected Trends for the Fall Market
Before the coronavirus pandemic paralysed the Canadian economy, the Vancouver real estate market was one of the strongest in the nation, with strong activity and rising prices. Like other major areas of the country, the city experienced a temporary slump at the height of the public health crisis as sellers waited out the chaos, and buyers sat on the sidelines. Since then, however, the city’s housing sector has significantly rebounded, with renewed sales activity and increasing prices.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales across Metro Vancouver advanced 36.6 per cent in August compared to the same time a year ago. In total, 3,047 homes were sold, up from 2,231 in August 2019. The number of listings surged 55.1 per cent, from 3,747 in August 2019 to 5,813 in August 2020.
The median price for all residential properties – condominiums and houses – rose 5.3 per cent year-over-year to $1,038,700. This is also up 0.7 per cent from July.
Colette Gerber, REBGV chair, cited pent-up demand and low interest rates for the comeback in Vancouver real estate.
“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer. Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall,” Gerber said in a news release. “Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market.”
There is a lot of uncertainty surrounding the health of Canadians over the next few months, primarily as the country enters cold and flu season, which has a lot of health authorities concerned. But, if the red-hot Vancouver housing market can withstand the eye of the storm, the West Coast city might emerge from 2020 unscathed.
Vancouver Real Estate: Projected Trends for the Fall Market
Real estate agents across Canada have been applauded for their work during the virus outbreak and national lockdown. They have been on call, utilising digital tools and adhering to public safety guidelines. Since real estate was deemed an essential service, realtors have been working diligently to ensure the housing sector did not suffer a serious crash. Should another outbreak surface in the autumn months, the industry will be prepared.
As Gerber noted, much uncertainty remains in the months ahead. Despite this, the Vancouver real estate market is still anticipated to expand, as not too many homebuyers are worried about a second wave, according to the RE/MAX Fall Market Outlook Report.
In the third quarter, it is projected that Canada’s third-largest city will see housing prices advance 3.7 per cent from the current $2,331,583 average residential sale price for a single detached property ($864,415 for a condominium or townhome).
“Overall, brokers and agents in Western Canada say the potential buyers they are talking to are not too concerned with a potential second wave of COVID-19 impacting their real estate journey, and RE/MAX brokers are estimating steady activity to round out 2020,” the report stated.
Borrowing costs will remain lower for long after the Bank of Canada (BoC) indicated that it would not raise interest rates until 2022 – at the earliest. The central bank cut rates by 150 basis points to 0.25 per cent earlier this year, and it recently reduced the five-year mortgage rate to below five per cent.
The present state of monetary policy could fuel the city’s luxury market, potentially transitioning into a sellers’ market. The numbers suggest that Vancouver is starting to witness an increase of move-up buyers rather than the foreign buyers who elevated demand in its luxury market before the coronavirus. Overall, Vancouver’s luxury niche could stay balanced for the rest of the year.
Could Vancouver Handle a Second Wave?
British Columbia is facing a resurgence in new COVID-19 cases. After being one of the first provinces to flatten the curve, BC is starting to see a triple-digit rise daily, which comes at a time when children are returning to school, and as more of parts of the local economy open up. For now, Provincial Health Officer Dr. Bonnie Henry does not believe a systemwide shutdown will occur again, something that should reassure every sector of the economy. But that does not mean the province should stop being vigilant.
Although agents are conducting more open houses, they are still applying the necessary health precautions, using hand-washing stations, and installing a visitor log for contact tracing. Many agents are also wisely embracing technology to help buy and sell properties, limiting in-person exposure. Based on the resilience this market has displayed over the past 6 months, many are hopeful that it will seamlessly endure the impacts of anther lockdown.
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Thursday, September 3, 2020
August 2020 - Fraser Valley Housing Market Statistics
Sales and new listings continue to setrecords in the Fraser Valley
second highest number of property sales and the highest number of new listings in August within the last two decades, when 2,298 sales were recorded in August 2005. The FVREB processed a total of 2,039 sales in August, a decrease of 2.9 per cent compared to sales in July, but an increase of 57.2 per cent compared to the 1,297 sales during August of last year. Last month's sales were 39 per cent above the ten-year average for August, representing the highest August in the last decade and
second only to what was recorded back in August 2005. Chris Shields, President of the Board, indicated that, "we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities, while offering more value as well."
are encouraged by the numbers we are seeing," added
Shields.
decrease compared to July's intake of 3,549 new listings and a 40.4 per cent increase compared to August of last year. August's new listings were 28.9 per cent above the ten-year average for the month, the highest in the last ten years. Last month finished with 7,404 active listings, an increase of 0.9 per cent compared to July's inventory and a decrease of 7.9 per cent
year-over-year.
market with multiple offers and shorter days on market for various properties, provides further indication of the role REALTORS® are playing in this market. What we hear from our Realtor members is how consumers are seeking their guidance, advice and expertise during these unusual
times." In August, the average number of days to sell an apartment was 36; 24 for townhomes, and 31 for
single family detached. MLS® HPI
Benchmark Price Activity
For the full Statistics Package, click HERE  |
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Friday, August 7, 2020
Sales and new listings reach near record-setting numbers in the Fraser Valley
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) saw the second-highest number of both property sales and new listings ever recorded in July.
The FVREB processed a total of 2,100 sales in July, an increase of 22.2 per cent compared to sales in June and an increase of 44 per cent compared to the 1,458 sales during July of last year. Last month’s sales were 25.5 per cent above the ten-year average for July and second only to July 2015.
Chris Shields, President of the Board, observes, "In the context of the current pandemic environment, our market is significantly ahead of what we anticipated. We’re seeing market conditions representing a seller’s market for townhomes and single-family homes in the Fraser Valley. For example, in North Delta, Cloverdale, Langley, Abbotsford and Mission, for every 100 active detached listings, 40 or more sold in July."
"We attribute it to continued pent-up demand from what would have been a strong spring market for us; and clearly, near record-setting low interest rates. Buyers should take note that in some of our communities, the lack of supply and increase in demand is putting upward pressure on home prices. The average price of a detached home in our region set a record high in July, last set two years ago during the same month."
The Fraser Valley Board received 3,549 new listings in July, a 2.7 per cent increase compared to June’s intake of 3,456 new listings and a 26.9 per cent increase compared to July of last year. July’s new listings were 18.3 per cent above the ten-year average for the month and second only to July 2008. Last month finished with 7,341 active listings, an increase of 3.9 per cent compared to June’s inventory and a decrease of 12 per cent year-over-year.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,008,000, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to June and, increased 5.3 per cent compared to July 2019.
- Townhomes: At $563,200, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to June and increased 3.3 per cent compared to July 2019.
- Apartments: At $437,300, the Benchmark price for apartments/condos in the Fraser Valley increased 0.5 per cent compared to June and increased 3.8 per cent compared to July 2019.
For the latest Statistics Package, please click here.
Friday, July 3, 2020
Property sales in the Fraser Valley more than double in one month as buyers return to the market
"It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold, and the new CMHC rules that came into effect on July 1st making it harder to qualify for mortgage insurance. Also, consumers have told us that they respect and appreciate the safety protocols and use of technology we’ve implemented and they’re getting more comfortable with the new buying and selling process."
The Fraser Valley Board received 3,456 new listings in June, a 56.6 per cent increase compared to May’s intake of 2,207 new listings and a 23.0 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9.4 per cent compared to May’s inventory and a decrease of 17.1 per cent year-over-year.
Shields adds, "We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable."
- Single
Family Detached: At $994,500, the Benchmark
price for a single-family
detached home in the Fraser Valley increased 0.4 per cent
compared to May and, increased 3.6 per cent compared to June 2019.
- Townhomes:
At $559,600, the Benchmark price for a townhome
in the Fraser Valley increased 0.8 per cent compared to May and increased
1.9 per cent compared to June 2019.
- Apartments:
At $435,300, the Benchmark price for apartments/condos
in the Fraser Valley increased 0.4 per cent compared to May and increased
3.3 per cent compared to June 2019.
