Myddleton Real Estate Group

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Property sales in Fraser Valley have recovered bringing market into balance


SURREY, BC - For the third straight month, home sales in the Fraser Valley surpassed 2018 levels bringing the market back in line with long-term averages.


The Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® (MLS®) in September, a 3.5 per cent increase compared to sales in August 2019, and a 29.8 per cent increase compared to the 1,035 sales in September of last year.


Darin Germyn, President of the Board, says, "The market's return to balance is good news for both buyers and sellers, however it's important to put the 30 per cent year-over-year increase in sales into context. September's sales went from amongst the worst in 10 years to just above our 10-year average."

"Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it's been since April, which has had an impact on prices."

There were 7,946 active listings available in the Fraser Valley at the end of September, an increase of 3.9 per cent compared to September of last year and a decrease of 1.2 per cent compared to August 2019. The Board received 2,769 new listings in September, a 17.5 per cent increase compared to August 2019's intake of 2,357 new listings and a 6 per cent decrease compared to September of last year.

Germyn adds, "Financing is still a challenge for many clients, but fortunately in a balanced market like this, REALTORS® have the time to work with clients and advise them of the best strategies for them, whether they are buying or selling."

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $950,000, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.4 per cent compared to August 2019 and decreased 3.9 per cent compared to September 2018.
  • Townhomes: At $520,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to August 2019 and decreased 4.8 per cent compared to September 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to August 2019 and decreased 7.6 per cent compared to September 2018.


For the Fraser Valley region, the average number of days to sell an apartment in September was 41, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.



Latest Statistics Package

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NEW LISTING!  33 15450 ROSEMARY HEIGHTS CRES in Surrey.
Beautifully transformed luxurious townhome in the gated community of The Carrington. Duplex style home with so many updates that make this a one of a kind home in the community. The home features vaulted ceilings, master on the main, walk out to a beautifully landscaped backyard off of the kitchen. Every room has been updated! Wire brushed natural oak flooring, new lighting, new carpets, built in vacuum, updated fireplace hearths and mantles with ledgestone in living and family rooms, updated bathrooms with new plumbing fixtures and vanities, numerous kitchen improvements including counters, sink and more! Custom cabinetry in the master bath and laundry rooms, new casings around the windows & doors,....these are just SOME of the many detailed improvements (full list available).
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SURREY, BC – For the second month in a row, home sales in the Fraser Valley surpassed 2018 levels bringing the market closer to historical norms.  


The Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® (MLS®) in August, an 11 per cent decrease compared to sales in July 2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last year.   


Darin Germyn, President of the Board, observed, “Compared to last year, this August has been quite robust. All property types are selling and we’re seeing a resurgence in the single‐family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.  


“It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10‐year average.”


There were 8,040 active listings available in the Fraser Valley at the end of August, an increase of 9.6 per cent compared to August of last year and a decrease of 3.6 per cent compared to July 2019. The Board received 2,357 new listings in August, a 15.7 per cent decrease compared to July 2019’s intake of 2,797 new listings and an 8.5 per cent decrease compared to August of last year.


Germyn adds, “Inventory has stopped growing as demand has picked up, which is why we’re also seeing prices moderate. Last month, prices of typical homes in the Fraser Valley were on par with prices from six months ago.”


HPI® Benchmark Price Activity


 Single Family Detached: At $954,100, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.3 per cent compared to July 2019 and decreased 5.4 per cent compared to August 2018.


 Townhomes: At $521,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to July 2019 and decreased 4.9 per cent compared to August 2018.


 Apartments: At $409,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to July 2019 and decreased 7.7 per cent compared to August 2018.


For the Fraser Valley region, the average number of days to sell an apartment in August was 45, and 36 for townhomes. Single family detached homes remained on the market for an average of 44 days before selling.


Full Stats Package: http://fvreb.bc.ca/statistics/Package201908.pdf

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NEW LISTING!  15445 BUENA VISTA AVE in White Rock.
One owner custom built home in Grandview Lane. Ocean View from covered balcony. This lovely 2 storey home has many great features. Open floor plan with the master on the main. Brazillian Cherry Hardwood floors, Maple kitchen cabinets & granite counters. Walk in pantry in the kitchen. Walk out from the livingroom and master bdrm to the covered deck to enjoy the southern views. Wide hallways & doorways make this home wheelchair accessible. Lower lever features include large games room, 2 bedrooms and main bath. Walk out to the landscaped patio and garden area. Don't miss this great home.
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NEW LISTING!  1 20738 84 AVE in Langley.
Welcome home to the highly sought after Yorkson Creek. This lovely end unit features many upgrades throughout. The bright kitchen includes granite counter tops, high end cabinetry, and stainless steel appliances. The fenced patio is the perfect spot to sit with a morning cup of coffee or keep an eye young children or pets. The living room features a gas fireplace and hardwood floors. Three spacious bedrooms upstairs with bright windows. The master bedroom includes air conditioning, a walk in closet, and an en suite with heated flooring. The ground floor includes a double tandem garage and recreation room. This well equipped home also includes a central vac, on demand hot water, and shaw cable and internet included in your strata fees.
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NEW LISTING!  115 16528 24A AVE in Surrey.
The Notting Hill townhomes were inspired by the timeless elegance of traditional British design and the natural west coast setting. This classic Stacked Flat is a new concept in South Surrey. 2-storey Townhomes stacked above parking and community foundation. This lovely 2 storey townhome with open main floor plan opening onto fenced yard. Kitchen features high end Kitchenaid appliances, quartz countertops, large island and plenty of cabinets. Open living/dining room plus a powder room on the main floor. 3 bedrooms up, master with his & hers closets walk in frameless glass shower, double sinks. Full main bath with soaker tub. Underground garage with side by side parking. Storage locker. Close to shopping, aquatic center, schools and transit.
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NEW LISTING!  1 20738 84 AVE in Langley.
Welcome home to the highly sought after Yorkson Creek. This lovely end unit features many upgrades throughout. The bright kitchen includes granite counter tops, high end cabinetry, and stainless steel appliances. The fenced patio is the perfect spot to sit with a morning cup of coffee or keep an eye on young children and pets. The living room features a gas fireplace and hardwood floors. Three spacious bedrooms upstairs with bright windows. The master bedroom includes air conditioning, a walk in closet, and an en suite with heated flooring. The ground floor includes a double tandem garage and recreation room. This well equipped home also includes a central vac, on demand hot water, and shaw cable and internet included in your strata fees.
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SURREY, BC – A noticeable lift in home sales and slight decrease in new listings bolstered the Fraser Valley housing market in July.

The Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® (MLS®) in July, a 11.6 per cent increase compared to sales in June 2019, and a 13 per cent increase compared to the 1,290 sales in July of last year.

Chris Shields, President-Elect of the Board, observed, "We've been expecting market improvement, but didn't quite anticipate July's momentum. We've gone from the worst June in almost 20 years to a July that's only slightly below the 10-year average. For both buyers and sellers, a return to an active, more balanced market is welcome news."

"We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses and an increase in the number of first-time buyers. Data from our informal member market poll in July showed the highest level of first-time buyer purchases in the Fraser Valley since early 2016."

There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7 per cent compared to July of last year and a decrease of 2.1 per cent compared to June 2019. The Board received 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019's intake of 2,810 new listings and a 4.2 per cent decrease compared to July of last year.

"Sales of single family detached in our region increased by over 18 per cent in July compared to last year," added Shields. "Sellers are now recognizing that although listing prices are down, it's also now more affordable to buy."

HPI® Benchmark Price Activity

  • Single Family Detached: At $957,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.3 per cent compared to June 2019 and decreased 6.3 per cent compared to July 2018.
  •  Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9 per cent compared to June 2019 and decreased 6.6 per cent compared to July 2018.
  •  Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9 per cent compared to July 2018.
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NEW LISTING!  211 12238 224 ST in Maple Ridge.
Welcome to Urbano! Feel right at home in this wonderfully laid out 2 bedroom, 2 bathroom condo, priced below the assessed value of $429,000.00. Bright open den can be used as a formal dining room, office, or whatever you choose! The kitchen features bar seating. Open living room with an electric fire place perfect to cozy up in during rainy days. Newer laminate throughout the main living areas is complimented by neutral paint colours. Enjoy the sunshine while sipping your coffee on the covered patio, tucked away at the front of the building away from the street noise. This lovely condo comes with 2 parking stalls and a storage locker on the same floor. Centrally located within walking distance to transit, shopping, and other amenities.
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NEW LISTING!  196 1840 160 ST in Surrey.
Awesome location, awesome home for under $100,000! New windows as an added bonus. The manufactured home is move in ready. Open floor plan with large living/dining area. Lots of windows. Kitchen features include a pantry, white appliances. Master bedroom with large closet. Second bedroom is double size and extra storage room. Covered outside patio area. Great location. Pad rent $1051.27 Includes most of your taxes, garbage collection, recreation facility including pool and ELECTRICITY. Pet welcome size restriction applies. No age restriction & rentals allowed.
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SURREY, BC - Last month's property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.


The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® (MLS®) in June, a 13.9 per cent decrease compared to sales in May 2019, and a 10.1 per cent decrease compared to the 1,452 sales in June of last year.


Darin Germyn, President of the Board, commented, "The Fraser Valley market is still adjusting to the federal government's new mortgage requirements and to the provincial government's speculation and vacancy taxes. We're seeing historically low levels for home purchases in our region, and at the same time, we're seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.


"This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of benchmark, or typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm."


There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019. The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019's intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.


"There is tremendous variation in the market depending on the property type and location", added Germyn. "It's currently a buyers' market for detached homes in South Surrey/White Rock; but is leaning towards a sellers' market for townhomes in Langley, so if you're considering taking advantage of the market slowdown, first, talk to your REALTOR®."


HPI® Benchmark Price Activity

  • Single Family Detached: At $960,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.4 per cent compared to May 2019 and decreased 6.1 per cent compared to June 2018.
  • Townhomes: At $525,200, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.5 per cent compared to May 2019 and decreased 5.9 per cent compared to June 2018.
  • Apartments: At $409,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.7 per cent compared to May 2019 and decreased 9.6 per cent compared to June 2018.
Full package:
http://www.fvreb.bc.ca/statistics/Package201906.pdf
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NEW LISTING!  167 PIKE RD in Gibsons.
A "solid" home under construction WITH an OCEAN VIEW on half an acre of land with firs and Portuguese Laurel on either side of the property It's in a cul-de-sac in Langdale. The building is in construction stage; exterior finished. The design: main floor has kitchen-family room, bathroom-laundry, a bedroom and a partial loft above for storage/sleeping area. Superb glass balcony with Durodeck finish. Below, the design has been for a one bedroom basement suite with insulated concrete slap opening on to unfinished covered patio.. Excellent location for elementary school and ferry.Easy to reach Gibsons and all amenities - the Recreation Centre, shopping and other activities. A wonderful opportunity for someone creative to add their ideas to finish this cute building and yard.
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SURREY, BC – The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes. Although total market activity remained well below historical norms – 18 per cent below the 10-year average – the sale of detached homes increased by 14.9 per cent in one month.


The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year.


In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.


Darin Germyn, President of the Board, said of the market: "Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.


"We're seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It's been four years since buyers had this much choice in the Fraser Valley."


There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.


The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019's intake of 3,391 new listings and a 10.7 per cent decrease year-over-year.


"Key to this market is pricing," continued Germyn. "We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford."


HPI® Benchmark Price Activity

  • Single Family Detached: At $964,200, the Benchmark price for a single family detached home in the Fraser Valley remained unchanged compared to April 2019 and decreased 5.9 per cent compared to May 2018.
  • Townhomes: At $522,500 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to April 2019 and decreased 5.9 per cent compared to May 2018.
  • Apartments: At $416,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to April 2019 and decreased 8.0 per cent compared to May 2018.
Full package:
http://www.fvreb.bc.ca/statistics/Package201905.pdf
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NEW LISTING!  5315 CEDARVIEW PL in Sechelt.
Immaculate Rancher with full walk-out basement. Top floor features a fabulous Great Room design with open kitchen & dining area. walk out to the covered screened in porch with gas bbq outlet. large master suite with walk in closet and newly updated ensuite. 2nd bedroom overlooking the beautiful front gardens. 3rd bdrm up is perfect for a home office next tot he front entrance. Lovely full bath with soaker tub. basement level features a large laundry room, sitting area, full bath & bedroom. Hobby room, large games/family room perfect for teens or inlaws. Separate entrance with a covered porch area. The back yard is private and beautifully done. Green house, garden shed, fire pit make this a perfect retreat. Rough in for hot tub... what more could you ask for. Great cul-de-sace location.
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SURREY, BC – The Fraser Valley real estate market experienced its second slowest April in ten years and yet sales of certain property types and price ranges remain solid.


The Fraser Valley Real Estate Board processed 1,383 sales of all property types on its Multiple Listing Service® (MLS®) in April, a 13.3 per cent increase compared to sales in March 2019, and a 19 per cent decrease compared to the 1,708 sales in April of last year. Of the 1,383 total sales of residential and commercial combined, 489 were residential detached homes, 379 were townhouses, and 374 were apartments.


Darin Germyn, President of the Board, said of the market: “Consumers may not have the purchasing power that they did prior to January 2018, but the desire for home ownership is still there and we’re seeing that reflected in our MLS® data. 


“Detached homes under one million dollars and attached homes – ranging from $400,000 to $700,000 – continue to attract buyers in the Fraser Valley. Townhome sales in Abbotsford increased by almost 60 per cent compared to March and were on par with last year’s April sales.”


There were 7,870 active listings available in the Fraser Valley at the end of April, an increase of 12.3 per cent compared to March 2019’s inventory and an increase of 38.9 per cent year-over-year.


The Board received 3,391 new listings during the month, an 18.1 per cent increase compared to March 2019’s intake of 2,872 new listings and a decrease of 1.1 per cent compared to April of last year.


"A slower, stable market has had a positive impact on affordability in our region. Prices of typical residential homes in the Fraser Valley have decreased between 5 and 6 per cent in the last year. In the last three months, benchmark prices have either plateaued or have experienced a small recovery,” added Germyn.


For the Fraser Valley region, the average number of days to sell an apartment in April was 37, and 31 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.


HPI® Benchmark Price Activity

  • Single Family Detached: At $964,600, the Benchmark price for a single family detached home in the Fraser Valley increased 0.2 per cent compared to March 2019 and decreased 4.8 per cent compared to April 2018.
  • Townhomes: At $521,800 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.9 per cent compared to March 2019 and decreased 5.1 per cent compared to April 2018.
  • Apartments: At $420,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.6 per cent compared to March 2019 and decreased 6 per cent compared to April 2018.

Full package:
http://www.fvreb.bc.ca/statistics/Package201904.pdf

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NEW LISTING!  TUDOR GROVE ROAD in Pender Harbour.
This is a very special property on Gerrans Bay in Pender Harbour, offering over 300 ft of waterfront on a sub dividable 8.7 acre parcel of land. This property has many possibilities for its use including a personal and very private estate, multiple family compound, or take advantage of the sub division potential and develop into multiple lots for resale. This property includes beautiful mature trees, a winding path towards the ocean, multiple sites, and tremendous privacy and tranquility. There may be dock potential for this property. Please call for your information package and directions to tour the property.
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NEW LISTING!  326 1840 160 ST in Surrey.
Breakaway Bays beautifully updated home. New kitchen, new bathroom, flooring and more. Plenty of kitchen cabinets, quartz counter tops, stainless appliances. Newer hot water tank. Gas fireplace in the living room, patio doors to the covered deck. 2 good sized bedrooms, with large closets. Side by side laundry. Furnace previously updated. Hobby room off the deck is heated and would make a great home office. Recreation room, outdoor pool. No age restriction, No rental restriction, pet under 17" at shoulder allowed. Pad fee is $980.00 p/m includes, water, sewer, garbage and taxes on the land. This is a great condo alternative or perfect for first time buyer.
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NEW LISTING!  5315 CEDARVIEW PL in Sechelt.
Fantastic location! Beautiful 4 Bedroom/3 Bath plus office Rancher with walk-out basement located in quiet neighborhood on a private cul-de-sac of quality homes. This home offers in-floor radiant heat, open concept kitchen/dining/living area, Centre island, walk-in pantry, lovely all season outdoor living area with granite gas fire-pit table, master bedroom/en-suite with granite counter/ French doors to sundeck, second bedroom and office on main floor. Covered decks both up and down, front patio, flower drip-system, in-ground watering system RI, fully fenced gorgeous yard, flower gardens/vegetable beds, greenhouse, 2 car garage, RI for hot-tub. Offered below assessed value! This is a special home in a coveted location.
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NEW LISTING!  308 1442 BLACKWOOD ST in White Rock.
Bright one bedroom TOP FLOOR CORNER condo in the heart of White Rock. This home has had updates over the past 3 years. Including white kitchen, appliances, counter tops, kitchen as well as updated bathroom, flooring & paint. Nothing to do but move in and enjoy. Quiet building super location. Strata fee includes heat and hot water. 1 underground parking & storage unit on same floor as condo.
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NEW LISTING!  502 1255 SEYMOUR ST in Vancouver.
The ELAN by Cressey. Cute bachelor suite in the heart of Yaletown. Don't be fooled by the square footage, there is plenty of closets and room in this condo. Expansive windows make it a bright place to call home. Wide plank engineered flooring, gourmet kitchen with eating bar, s/s appliances including built in microwave, ceramic tile backsplash, quartz counters and more. In-suite laundry! Den for storage or a home workspace. Full bath with soaker tub. Home has been repainted and available for fast completion. 1 parking stall & storage locker. Pets& rentals welcome. Fabulous amenities include caretaker, steam/sauna fitness center, yoga studio, lounges and executive meeting room. Wheelchair accessible right at the front door. Walking distance to parks and shopping.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.