FRASER VALLEY HOUSING MARKET SHOWS LOCAL VARIATION
(Surrey, BC) – The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple
Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of
last year, and an increase of 6 per cent compared to April’s 1,516 sales.
Sukh Sidhu, president of the Board, reports, “Overall, the Fraser Valley market is in a balanced
position, however there are significant differences amongst individual communities and property
types stressing the importance of getting local expertise if you’re thinking of buying or selling.
“For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and
North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission
high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey
Central and North Surrey, conditions are balanced for sales of detached homes.”
Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached
homes was $529,810, an increase of 2.8 per cent year-over-year. The benchmark price is the
predicted sale price of a typical property in the Fraser Valley. Contrast that to May’s average price
of $630,870 for detached homes, an 11.6 per cent increase compared to May 2010 – influenced by
the sale of higher-end homes or homes with larger lots.
Sukh Sidhu explains, “The average price and its percentage change often do not provide an accuratepicture
of the real market, which is why we talk about prices of “typical” homes that most people are buying or selling.”
In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1 per cent
compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a
decrease of 0.5 per cent compared to the $252,221 price in May of last year.
May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978
compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during
May of 2010. The Board received 3,070 new listings in May, an increase of 5.2 per cent compared
to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010.
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 2,917 real estate professionals
who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
who live and work in the communities of North Delta, Surrey, White
Rock, Langley, Abbotsford, and Mission.Fraser Valley Real Estate Board
NEWS RELEASE
For immediate release: December 2, 2010
CONSISTENT HOME SALES IN THE FRASER
VALLEY SPEAK TO CONSUMER CONFIDENCE
(Surrey, BC) – For the fifth consecutive month, sales processed on the Fraser Valley Real Estate Board’s
Multiple Listing Service® (MLS®) have remained stable with November’s figures showing a modest
increase over October.
“Consumers are responding to how prices have moderated in the last six months, in addition to the double
dip in mortgage rates,” says Deanna Horn, Board president.
“Buyers are optimistic because of the improved economic conditions, which is why we’re seeing
consistency in homes sales in the Fraser Valley.”
A total of 1,084 sales were processed on the Board’s MLS® in November, an increase of 7 per cent
compared to 1,014 sales in October and a decrease of 29 per cent compared to 1,522 sales in November of
last year.
The Board received the fewest number of new listings this year to date with 1,773 new properties coming
on stream in November, a 17 per cent decrease from October and a 15 per cent decrease compared to
November 2009. The Board finished November with 9,049 active listings, 5 per cent fewer than in
October and an increase of 9 per cent compared to the 8,334 properties available in November 2009.
Horn says, “It’s not unusual to see a dip in new listings at this time of year, however the level of homebuying interest, in particular for homes priced competitively, is stronger than we expected given we’re
approaching the holiday season. That combination continues to have a stabilizing effect on home prices in
the Fraser Valley.”
The benchmark price for Fraser Valley detached homes in November was $504,848, down 0.2 per cent
compared to October and 1.4 per cent higher compared to $497,697 in November 2009.
The benchmark price of Fraser Valley townhouses in November was $319,623, a 0.2 per cent increase
compared to October and a 1.2 per cent increase compared to November 2009 when it was $315,890.
Year-over-year, the benchmark price of apartments increased 2.7 per cent going from $235,842 in
November 2009 to $242,276 last month and 0.7 per cent higher compared to October 2010.
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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 2,918 real estate professionals who live and work in the communities
of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. Fraser Valley Real Estate B