News Release: August 5, 2009
JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY
(Surrey, BC) - Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.
"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market.
"In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up."
Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."
The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.
Thursday, August 6, 2009
Monday, June 8, 2009
May Housing Starts
MAY HOUSING STARTS IN VANCOUVER
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity in May.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to
help Canadians access a variety of quality, environmentally sustainable, and affordable
homes — homes that will continue to create vibrant and healthy communities and cities
across the country
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity in May.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to
help Canadians access a variety of quality, environmentally sustainable, and affordable
homes — homes that will continue to create vibrant and healthy communities and cities
across the country
Tuesday, June 2, 2009
May Sales Stats
News Release: June 2, 2009
Housing sales and prices stabilizing in Fraser Valley
(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.
Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a significant improvement compared to where the market was a few months ago.
“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”
Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.
“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.”
The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.
Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per Hcent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.
The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.
“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca.
The Fraser Valley Real Estate Board is an association of 2,939 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
Housing sales and prices stabilizing in Fraser Valley
(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.
Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a significant improvement compared to where the market was a few months ago.
“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”
Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.
“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.”
The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.
Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per Hcent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.
The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.
“The benchmark price is the most consistent measurement of price change. In May, all three residential categories saw steady, small gains compared to April. This is a positive sign,” Penner says.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca.
The Fraser Valley Real Estate Board is an association of 2,939 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
Monday, May 4, 2009
April Fraser valley Real Estate Stats
News Release: May 4, 2009
More signs of a real estate rebound in the Fraser Valley
(Surrey, BC) – The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.
Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”
Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to firm up and that’s exactly what we’re seeing.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The benchmark price was $460,229 in April 2009 compared to $513,403 last year.
The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,07 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.
More signs of a real estate rebound in the Fraser Valley
(Surrey, BC) – The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.
Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”
Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to firm up and that’s exactly what we’re seeing.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The benchmark price was $460,229 in April 2009 compared to $513,403 last year.
The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,07 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.
Monday, April 6, 2009
Some Buyer Tips....
Alllrighty then!!! It's Spring on the west coast.....can't beat it........
Great deals out there....especially on the entry (condo/townhouse) market...... here are some tips for buyers out there ....remember - knowledge is power, especially right now if you are the buyer.
• Challenge the ideas that are presented to you. Negotiating requires you to be assertive and question what you are being told. If you disagree with someone regarding the price, value or condition, speak your mind. Of course, be sure to do so diplomatically.
• Become a good listener. Listening carefully and critically thinking about what you are being told can prevent a considerable amount of confusion and ensure that the negotiations run smoothly.
• Be prepared. If you're buying, what exactly does the property have that could take away from its value? What is community like? What is the average selling price in the neighborhood? If you're selling, know your property extremely well; you cannot allow yourself to be taken aback by what a prospective buyer might say.
• Aim high. If you're selling, try marking the price of your home about 5% above what you would actually want. This will leave you some negotiating space to come down. If you're a buyer, offer a price that is lower than what you normally would; enter negotiations with the optimistic attitude that the seller will come down.
• Just a little patience. Relax. This could take a while.
• Be diplomatic. Because negotiations may be a long and tedious process, it can be very easy to get irritated. Getting frustrated with negotiations that seem to be going nowhere will only perpetuate any difficulties you may be having, and may even result in an end to all talks. Keep your cool.
Great deals out there....especially on the entry (condo/townhouse) market...... here are some tips for buyers out there ....remember - knowledge is power, especially right now if you are the buyer.
• Challenge the ideas that are presented to you. Negotiating requires you to be assertive and question what you are being told. If you disagree with someone regarding the price, value or condition, speak your mind. Of course, be sure to do so diplomatically.
• Become a good listener. Listening carefully and critically thinking about what you are being told can prevent a considerable amount of confusion and ensure that the negotiations run smoothly.
• Be prepared. If you're buying, what exactly does the property have that could take away from its value? What is community like? What is the average selling price in the neighborhood? If you're selling, know your property extremely well; you cannot allow yourself to be taken aback by what a prospective buyer might say.
• Aim high. If you're selling, try marking the price of your home about 5% above what you would actually want. This will leave you some negotiating space to come down. If you're a buyer, offer a price that is lower than what you normally would; enter negotiations with the optimistic attitude that the seller will come down.
• Just a little patience. Relax. This could take a while.
• Be diplomatic. Because negotiations may be a long and tedious process, it can be very easy to get irritated. Getting frustrated with negotiations that seem to be going nowhere will only perpetuate any difficulties you may be having, and may even result in an end to all talks. Keep your cool.
Friday, March 13, 2009
revitalizing cities through the arts....
"Cities and towns across North America are attempting to replace manufacturing with galleries, theatre festivals and concert halls - using artists to burnish the Rust Belt. It is not as if civic leaders think they can save their communities through expanding their musical theatre offerings. Rather, they view the arts as a way to spur a sea change in their economies as a whole."
National Post: Arts to the Rescue?
real estate new in BC
B.C.'s top-10 growth towns
first time buyers driving the current market.
metro Vancouver new house prices dip due to build discounts.
Anecdotally, things are 'heating up'. On the entry level ie condo and townhouse market, the action is consistent with showings and either keen interest or offers written. As long as your property is priced correctly and readied for sale you should see good action. The detached market doesn't seem to have caught up yet, however all signs are pointing that way.....
first time buyers driving the current market.
metro Vancouver new house prices dip due to build discounts.
Anecdotally, things are 'heating up'. On the entry level ie condo and townhouse market, the action is consistent with showings and either keen interest or offers written. As long as your property is priced correctly and readied for sale you should see good action. The detached market doesn't seem to have caught up yet, however all signs are pointing that way.....
Subscribe to:
Posts (Atom)
