Fraser Valley Housing Market Statistics - March 2021

 

March shatters monthly sales and new listings records in the Fraser Valley Fraser Valley real estate hit two historical highs in March, setting records for both  sales and new listings processed in one month since the Fraser Valley Real  Estate Board’s (FVREB) inception in 1921. In March, the FVREB processed 3,329 residential and commercial sales on its  Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March  2020 and 18 per cent more than were processed in February. The previous record  of 3,006 sales was set in March of 2016. Larry Anderson, President of the Board, said of this month’s statistics, “This market  is uncharted territory for Fraser Valley real estate. The surprising strength of the   economy, the influence of the pandemic and a lack of inventory of all property  types has created unprecedented demand for housing in our region.   “It is very stressful for buyers. REALTORS® are working hard to guide them through  what has become a protracted, powerful seller’s market. As we continue to help our  clients grapple with escalating prices and multiple offers, March did bring some  good news. It set a record for volume of new listings received improving selection,”  said Anderson.   The Board received 5,087 new listings in March, an increase of 91 per cent   compared to March of last year, and 56 per cent more than were processed in   February. The previous high for new listings was 4,458 in April 2008. Total active  inventory for March was 5,012, a decrease of 18 per cent compared to last year’s  6,083 active listings, however 22 per cent higher than February 2021.   Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic  on the market cannot be overstated and as we know from the province’s latest announcement, we are in a precarious situation currently. Since the end of the first  lockdown in 2020, the real estate profession has led the way on protecting its  members and the public. “Realtors take this extra duty to protect their clients during private, in-person showings  very seriously and will continue to remain vigilant until vaccines are rolled out to the  greater population,” added Gill.   Across Fraser Valley, in March, the average number of days to sell a single-family  detached home was 15 and a townhome was 14 days. Apartments took, on average,  31 days to sell.   MLS® HPI Benchmark Price Activity Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single-family detached home increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020. Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent compared to March 2020. Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020. For the FULL Statistics Package please 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

 

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