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Increased demand for Fraser Valley townhouses and single family homes

November, 03 2014 04:11:20 pm, by FVREB
Categories: Statistics

SURREY, BC – The Fraser Valley Real Estate Board processed 1,448 sales on its Multiple Listing Service (MLS®) in October, an increase of 16 per cent compared to the 1,249 sales during the same month last year and 2 per cent more than in September.

Ray Werger, the Board’s president, says, “Sales overall continue to outperform last year and as we’ve seen for a number of months now are the best they’ve been in five years.

“Demand remains steady in our region for single family detached homes and townhomes. Last month, the market share of sales of single family homes increased by almost five per cent compared to last year; while the share of condo sales decreased by the same amount and we’re seeing that preference reflected in prices.”

The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in October was $573,500 an increase of 4 per cent compared to October 2013, when it was $551,400.

The MLS® HPI benchmark price of townhouses increased 1 per cent from $295,500 in October 2013 to $298,500 last month. The benchmark price of apartments decreased year-over-year by 3.5 per cent, going from $199,500 in October of last year to $192,600 in October 2014.

In the last five years, the MLS® HPI benchmark price of a detached home in the Fraser Valley has increased by 16.6 per cent. For townhouses, the price is flat having increased by 0.5 per cent and for apartments; the price has decreased by 6 per cent.

Werger adds, “With the influx of new developments and a steady supply of resale units, we’ve never had a better selection of condos than we do right now at prices the lowest they’ve been in years. For those that say housing isn’t affordable in Metro Vancouver, you need to check out the opportunities currently for condo buyers in the Valley.”

In October, new listings in the Fraser Valley increased by 3 per cent, going from 2,336 last year to 2,395 last month taking the number of active listings to 8,807, a decrease of 3 per cent compared to the 9,047 active listings in October of 2013. “Inventory is edging down, which is typical for this time of year,” says Werger. “The result is we’re seeing good quality homes that are priced right moving quickly.”

I have Just Listed a great new Industrial opportunity in the Clearbrook Industrial area. It is a former school complex, the Simpson Elementary School, and it sits on 4.6 acres buildable land which is a portion of a 13.5 acre site bounded by a creek on the west and north boundaries. It includes 24,000 square feet of classrooms, offices, and lunchroom, gym and meeting room facilities. The land is flat, cleared and has covered and surface parking with outstanding exposure on Simpson Rd. The 2010 traffic count was about 7,500 cars per 24 hour period. Uses include a Trade School, all general Industrial applications and possibly assembly use, catering or banquet hall use. A full info package is available just contact me at kenneufeld@telus.net and I will email you a copy.

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Friday, February 27, 2009 - Canada may be boring but we're #1

An American PerspectiveNewsweek: Oh those Boring Canadiansby : Fareed Zakariain : NEWSWEEKFeb 16, 2009The legendary editor of The New Republic, Michael Kinsley, once held a"Boring Headline Contest" and decided that the winner was "WorthwhileCanadian Initiative." Twenty-two years later, the magazine was rescued fromits economic troubles by a Canadian media company, which should have taughtus Americans to be a bit more humble. Now there is even more strikingevidence of Canada's virtues. Guess ... Full Article...

posted in General at Fri, 27 Feb 2009 14:14:37 -0800



Friday, February 27, 2009 - U.S. Fed Chairman Bernanke gets it right

http://mast-economy.blogspot.com/2009/02/bernake-gets-it-just-right.html

posted in General at Fri, 27 Feb 2009 14:11:32 -0800



Monday, February 16, 2009 - 33391 Maclure Road

7 new strat warehouse units now available for pre sale or lease, all units under 2,900sq ft, or they can be combined to make a larger unit.  Follow the link for more information.http://www.abbotsfordicirealestate.com/listings?pathway=127&pageId=161

posted in Listings at Mon, 16 Feb 2009 11:24:06 -0800



Monday, February 16, 2009 - 33403 Maclure Road

10 new strata warehouse spaces now available for pre sale or lease, all under 2,225sq ft or they can be combined to make larger units.  Follow the link for more information.http://www.abbotsfordicirealestate.com/listings?pathway=127&pageId=160

posted in Listings at Mon, 16 Feb 2009 11:22:00 -0800



Monday, February 16, 2009 - 31877 South Fraser Way

New Listing located on busy South Fraser Way in Abbotsford follow the link for more informationhttp://www.abbotsfordicirealestate.com/listings?pathway=127&pageId=159#

posted in Listings at Mon, 16 Feb 2009 11:18:52 -0800



Sunday, February 15, 2009 - The Good News Economist

If you look at my website you will see that I post a number of this economists views. This one in particular is of note since it could well signal the start of a major shift in the U.S. Real Estate investment community.The Good News EconomistFannie Loosens Credit Restrictions to InvestorsPosted: 13 Feb 2009 07:10 PM PSTYesterday you read about consumer spending rising in January and foreclosures plummeting. That?s good news for home owners looking to stay in their houses or needing to sell in ... Full Article...

posted in General at Sun, 15 Feb 2009 13:15:16 -0800



Sunday, February 15, 2009 - More from the Good News Economist

Friday Sunshine: Foreclosures Plummet, Retail Sales UpPosted: 12 Feb 2009 08:55 PM PSTOn Friday two weeks ago, you read that the propensity to report good news was on the rise. This week, and this Friday in particular, are no exception.To review:1. A closer look at jobs data revealed that companies are indeed hiring again and that the dismal unemployment reports are largely a result of November/December actions.2. Three major retailers demonstrated by their January sales announcements that its ... Full Article...

posted in General at Sun, 15 Feb 2009 13:13:51 -0800



Monday, February 9, 2009 - Visa first quarter profits beat estimates

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posted in General at Mon, 09 Feb 2009 15:31:30 -0800



Monday, February 9, 2009 - January housing sales volume slows to historic levels in Fraser Valley

News Release: February 3, 2009January housing sales volume slows to historic levels in Fraser Valley(Surrey, BC) ? A total of 389 sales were processed through Fraser Valley?s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board?s Multiple Listing Service®.However, for the fourth month in a row, the Board received fewer new listings. ...

posted in General at Mon, 09 Feb 2009 15:30:36 -0800



Tuesday, February 3, 2009 - More good News from the Good News Economist

?look at these figures for some surprising good news on the U.S. economy which is so important to ours?http://mast-economy.blogspot.com/2009/01/propensity-to-report-good-news.html

posted in General at Tue, 03 Feb 2009 12:19:20 -0800



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