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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 and I will email you a copy.

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Wednesday, November 25, 2009 - BC residential housing market recovery well underway

BC residential housing market recovery well underwayThe BC housing market rebounded in Q3 2009 with a 36% increase in home sales and a 45.9% increase in the total dollar value of homes sold province-wide, according to a new report from Landcor Data Corporation.The Q3 2009 Residential Sales Summary evaluates sales and price data for all of BC and for six regions - Greater Vancouver, Vancouver Island, the Kootenays, the Okanagan, the Fraser Valley and BC North/Northwest. It compares data and ...

posted in News at Wed, 25 Nov 2009 20:42:25 -0800

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Here is another opionion expressed by the Vancouver Sun on the Vancouver housing situation going into 2009   Property sales forecast to fall in 2008, bounce in 2009B.C. association's prediction more optimistic than credit union's last weekDerrick PennerVancouver SunThursday, October 30, 2008British Columbia real estate sales will fall substantially by the end of this year, but will stage a modest recovery in 2009, according to the latest forecast of the B.C. Real Estate Association.Sales ...

posted in News at Wed, 05 Nov 2008 11:12:50 -0800

Tuesday, November 4, 2008 - Real estate Stats for October now up

The October report from the MLS is now up on our site

posted in News at Tue, 04 Nov 2008 15:14:55 -0800

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posted in News at Tue, 14 Oct 2008 22:05:14 -0700

Thursday, September 25, 2008 - Airport East Business Park

Airport East Business Park is the newest Industrial development that Ken Neufeld is working on. Located on busy Clearbrook Rd. it is ideally located with outstanding access to the Abbotsford International Airport as well as providing one of the most highly exposed road frontage locations in the Clearbrook Industrial area.

posted in News at Thu, 25 Sep 2008 15:37:08 -0700

Thursday, September 25, 2008 - Willowbrook addition

Ken Neufeld is pleased to announce that construction works have now begun on a new development at Willowbrook in Langley, B.C. This Commercial Retail Park is situated on five acres right next to busy Willowbrook Shopping.

posted in News at Thu, 25 Sep 2008 15:36:17 -0700

Thursday, September 25, 2008 - Maclure Road Business Park

Maclure Business Park is now moving to Phase Three of that development. Ken Neufeld has been successful in selling out over 90% of all the units in the first four buildings and with construction starting now on the last two buildings (completion late spring 2009) these units are now on the market on a pre-sale basis.

posted in News at Thu, 25 Sep 2008 15:34:08 -0700

Thursday, September 25, 2008 - La Galleria

Ken Neufeld will be offering another new project to look out for. It is a commercial development coming to Abbotsford that will be offering Strata Commercial spaces with an exciting new option. It will be known as La Galleria located right across from City Hall

posted in News at Thu, 25 Sep 2008 15:32:23 -0700

Thursday, September 25, 2008 - New Subdivision

Coming SoonBuilders be advised Eagle Estates is almost hereA single family residential subdivision coming on the market soon that will consist of 57 superior building lots with extraordinary views and the premium location in Abbotsford for your next new home.

posted in News at Thu, 25 Sep 2008 15:31:35 -0700

Thursday, September 18, 2008 - Maclure Business Park

News from the Maclure Business Park:"A PROPOSED NEW BUSINESS PARK IS PLANNED TO BE DEVELOPED ON 7 ACRES LOCATED IMMEDIATELY EAST OF BABICH RD. ON THE NORTH SIDE OF MACLURE RD" For information on units available at the Maclure Business park Click Here.

posted in News at Thu, 18 Sep 2008 11:03:21 -0700

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