SURREY, BC – The Fraser Valley real estate market saw a resurgence in activity in June as the industry and consumers continue to successfully adapt to doing business during a pandemic.  

The Fraser Valley Real Estate Board (FVREB) processed a total of 1,718 sales on its Multiple Listing Service® (MLS®) in June, an increase of 113 per cent compared to sales in May and a increase of 32 per cent compared to the 1,306 sales during June of last year. Last month’s sales were 6.4 per cent below the ten‐year average for June.  

Chris Shields, President of the Board, observes, “We’re cautiously optimistic. June’s numbers clearly indicate that the market is functioning in this challenging new environment and we’re returning to more typical activity levels.”

“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 57 per cent increase compared to May’s intake of 2,207 new listings and a 23 per cent increase compared to June of last year. June finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 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.”  

In June, the average number of days to sell an apartment was 37; 30 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

 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.

SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID‐19.

The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.  

Chris Shields, President of the Board, observes, “This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy.   

“Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal.”   

The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year‐over‐year.

Shields adds, “Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve.  

“It’s important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm.”  

In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached.

MLS® HPI Benchmark Price Activity

 Single Family Detached: At $990,400, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019.

 Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.

 Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.

SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history. 

The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April, a decrease of 52 per cent compared to sales in March and a decrease of 50 per cent compared to April of last year.   According to FVREB historical data, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last seen in April 1981.

Chris Shields, President of the Board, observes, “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic.  

Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.”    “What has been most impressive is how the industry – both REALTORS® and our clients – have pivoted and adapted to innovations such as live streaming open houses and e‐transactions that we anticipate will become mainstream even when physical distancing is no longer a requirement. These tools not only ensure public safety; clients appreciate their speed and efficiency.”

The Fraser Valley Board received 1,416 new listings in April, a 47 per cent decrease compared to March’s intake of 2,666 new listings and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year‐over‐year.

Shields adds, “Although we’re seeing fewer transactions, it’s important to emphasize that Realtors are still advising and protecting their clients every day. We were deemed a non‐health essential service because there are always people who need to buy or sell a home, potentially due to the economic downturn.  So, for those who need real estate guidance now, or who want to start preparing for the pending market rebound, feel free to call your Realtor to get the advice you need.”  

In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached.

MLS® HPI Benchmark Price Activity

 Single Family Detached: At $993,400, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.5 per cent compared to March and, also increased 3.0 per cent compared to April 2019.

 Townhomes: At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to March and increased 1.4 per cent compared to April 2019.

 Apartments: At $424,100, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to March and increased 0.8 per cent compared to April 2019.

COVID-19 has made a large finacial impact on homeowners and tenants. Here are some of the many relief and information resources available. We will update this with new information as it becomes available.

MORTGAGES:

Many financial institutions are offering payment deferrals. If you are currently facing financial hardship it is worth talking with your lender to see if this is an appropriate option for you.

RENTAL SUPPLEMENT:

BC housing is providing up to $500 as a temporary rental supplement to qualifying tenants.

More info: https://www.bchousing.org/BCTRS

BC HYDRO

• Relief Fund: Applies a 3-month credit to your BC Hydro account for eligible customers (avg credit will be $477).
• Bill deferral and payment plans.
• Customer Crisis Fund: Grants of up to $600 off your energy bill.
• BC Hydro is halting all service disconnections for non-payment of bills

https://app.bchydro.com/accounts-billing/bill-payment/ways-to-pay/covid-19-relief-fund.html

For more information on individual and business income support:

Federal Supports

https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals

Provincial Supports:

https://www2.gov.bc.ca/gov/content/employment-business/business/small-business/resources/covid-19-supports

SURREY, BC – The most up to date Multiple Listing Service® (MLS®) data from the Fraser Valley Real Estate Board (FVREB) indicates COVID-19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.

By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019. During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year, however finished significantly lower.

Chris Shields, President of the Board, observes, "Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline. We serve the public and we understand it is very challenging to buy or list a home while maintaining physical distancing, however if you need us, know that we are here for you."

"We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk. We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing transactions with their clients to do so electronically."

The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.

By month end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year-over-year.

"Shields adds, "A Realtor’s duty is to protect our clients. Now, as a society, we all have a duty. We are urging consumers to follow all recommended health and government guidelines and are committed to doing our part for as long as necessary."

In March, the average number of days to sell an apartment was 27; 28 for townhomes and 38 or single family detached.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $988,500, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.8 per cent compared to February and, also increased 2.6 per cent compared to March 2019.
• Townhomes: At $549,600*, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to February and increased 1.3 per cent compared to March 2019.
  *Effective Mar 2020, MLS® HPI for townhomes updated and revised back to Jan 2005
• Apartments: At $423,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.1 per cent compared to February and increased 1.2 per cent compared to March 2019.

SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10‐year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below‐average levels. 

The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year. Of the 1,352 total MLS® sales of residential and commercial combined in the Fraser Valley, 534 were single family detached homes, 341 were townhouses, and 315 were apartments.

“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.

There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year‐over‐year. Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.

“We are seeing more traffic at open houses, more multiple offers and a slight increase in year‐over‐year prices, so if you’ve been thinking about selling, talk to your local REALTOR® to find out if it’s the right time for you,” observed Germyn.

“Another indicator we look at is how long it takes to sell a home and in February, the three main residential property types sold on average six days faster than last year.”

For the Fraser Valley region, the average number of days to sell an apartment in February was 35, and 33 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.

MLS® HPI Benchmark Price Activity

 Single Family Detached: At $971,300, the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.

 Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019. *Preliminary number pending further review

 Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.