Wednesday, January 5, 2011

Fraser Valley Real Estate Statistics - Dec 2010

DSC_1036
STABILITY REIGNS in Fraser Valley
 
January, 05 2011 12:54:41 pm, by FVREB

 

Stable property sales and a steady erosion of inventory for the last seven months of 2010 have brought equilibrium to Fraser Valley’s real estate market.

“Our market was a bit of a rollercoaster in 2010 with buyers appearing earlier than expected in the year, tapering in the summer and returning in the fall,” says Deanna Horn, Board president.

“As consumers regained their confidence in the overall economy, we saw a normalization of the market with sales at or slightly below average, inventory dropping and modest changes in home prices.”

A total of 895 sales were processed on the Board’s Multiple Listing Service® (MLS®) in December, a decrease of 17 per cent compared to November and a decrease of 29 per cent compared to 1,260 sales in December of last year. The Board’s 10-year average for December sales in the last decade is 1,020.

In terms of listings, the Board finished 2010 with 8,139 active listings, 10 per cent fewer than in November and an increase of 25 per cent compared to the 6,534 properties available in December 2009. December’s inventory represents a 28 per cent drop from 2010’s peak of 11,411 active listings reached in May.

Horn adds, “If there’s one lesson buyers and sellers can take from our market in 2010, it’s to recognize there are real differences in home values based on their type and location making it prudent to have your REALTOR® show you comparisons specific to your property type and neighbourhood.

“For example, benchmark prices of condominiums in North Surrey have decreased by 3.8 per cent in the last year while benchmark prices of detached homes in west Abbotsford have increased by 4 per cent.”

Overall, the benchmark price for Fraser Valley detached homes in December was $506,145, an increase of 0.3 per cent compared to November and 1.7 per cent higher compared to $497,732 in December 2009.  

The benchmark price of Fraser Valley townhouses in December was $322,054, an increase of 0.8 per cent compared to November and a 1.2 per cent increase compared to December 2009 when it was $318,174. Year-over-year, the benchmark price of apartments increased 1.2 per cent going from $237,157 in December 2009 to $240,101 in December 2010 and 0.9 per cent lower compared to November 2010.

 

Download the complete stats package by clicking here.

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Thursday, September 2, 2010

2ND QUIETEST AUGUST IN DECADE PRESENTS OPPORTUNITY FOR FRASER VALLEY BUYERS

Fraser Valley buyers and sellers continued to take a holiday from the real estate market in August with the region’s Multiple Listing Service (MLS®) showing a decrease in sales, new listings and overall inventory compared to July.

The Fraser Valley Real Estate Board (FVREB) processed 997 sales on its MLS® in August, a decrease of 44 per cent compared to the 1,786 sales during the same month last year and 9 per cent fewer than in July, however 10 per cent more than the 910 sales in August 2008.

Deanna Horn, FVREB President, explains, “In August, sellers in the Fraser Valley took as much of a break as buyers."

“Even with our slowdown in sales, we’re seeing inventory edge lower. Since May, we’ve seen our volume of active listings decrease by 10 per cent.”

The Fraser Valley Board posted 11 per cent fewer new listings in August compared to the previous month, the fourth month in a row of declining new inventory. At the end of August, the total active inventory was 10,287, 5 per cent less than in July, however still 14.5 per cent more than the selection available in August 2009.

Horn adds, “Our selection of homes is healthy, interest rates remain historically low and prices are moderating, which represent excellent conditions for buyers. We’re currently seeing residential prices edge down month-over-month, but remain 4.7 per cent higher than they were a year ago.”

The benchmark price for Fraser Valley detached homes in August was $510,107, down 0.1 per cent compared to July and 5.4 per cent higher compared to $483,839 in August 2009.

The benchmark price of Fraser Valley townhouses in August was $324,485, a 0.4 per cent decrease compared to July and a 4.5 per cent increase compared to August 2009 when it was $310,389. The benchmark price of apartments decreased by 1.9 per cent from July and increased 1.5 per cent year-over-year going from $236,146 in August 2009 to $239,659 in August 2010.

 

Download complete stats package here.

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Thursday, December 3, 2009

Fraser Valley Real Estate Statistics Nov '09

BUSIER THAN NORMAL NOVEMBER FOR FRASER VALLEY REAL ESTATE MARKET
 
December 2, 2009
 
(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the same month last year and only 10.7 per cent less than in October.
 

“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” said Paul Penner, President of the Board.

“We typically see both sales and listing activity slow in November as people start to get ready for the holidays and we did experience that on the listing side, but not in sales. This was the second busiest November Fraser Valley REALTORS® have seen in ten years.”
 
The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per cent more than were received in November last year.
 
The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared to November 2008, when it was $467,497.
 
The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890 last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from $231,498 in November of last year to $235,842 in November 2009.
 
“Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes sold for under $500,000, indicative of a diverse housing stock across our six communities.”
 
Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.
 
Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.
 
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Sunday, October 4, 2009

Fraser Valley Real Estate Statistics Sept '09

DEMAND FOR HOUSING REMAINS STEADY IN THE FRASER VALLEY
October 2, 2009
 

(Surrey, BC) - Low interest rates continue to fuel a strong housing market in the Fraser Valley according to Paul Penner, President of the Fraser Valley Real Estate Board.

The Board processed 1,590 sales on its Multiple Listing Service (MLS®) in September, an increase of 62 per cent compared to the 980 sales during the same month last year, however, 11 per cent fewer sales compared to August’s 1,786 sales.

“Summer months are historically stronger for home sales in the Valley compared to the beginning of fall,” Penner explained. “However, as far as Septembers go, this one was solid, in fact the third strongest in the last decade.

“That pent-up demand we saw in the spring has carried forward, buoyed by low interest rates and housing prices that, despite inching up in some areas, remain more economical than they were a year ago.”

The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in September was $491,404 a decrease of 1.5 per cent compared to September 2008, when it was $498,822. In the last three months, the HPI benchmark price of a detached home has increased by 4.2 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 4.2 per cent from $325,898 in September 2008 to $312,143 in September 2009, and in the last three months has increased by 3.7 per cent. The benchmark price of apartments also decreased year-over-year by 5.2 per cent, going from $253,489 in September of last year to $240,378 in September 2009, and has increased by 4.1 per cent in the last three months.

In September, the average number of days on market for a detached home in the Fraser Valley was 55 days, a decrease from the average of 60 days where it’s hovered for five months. Townhomes sold on average in 46 days in September and apartments, 54 days.

The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.

The number of active Fraser Valley listings in September decreased 2 per cent from August, dropping to 8,799 listings. This represents a 29 per cent decrease from last year’s all-time high for actives, 12,379. The MLS® received 2,640 new listings in September, an increase of 7 per cent compared to August, yet 14 per cent fewer than September of last year.
 
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Tuesday, September 15, 2009

Metro Vancouver's Second Downtown?

Building a new city centre

Surrey Mayor Dianne Watts stands with a view of the part of the city she would like to see redeveloped

Mayor Dianne Watts wants to reshape Surrey, and her vision includes building a downtown from scratch. Does her vision include a run at the premier's office? ‘You never say never'

Ian Bailey

Surrey — From Saturday's Globe and Mail

Like a gamer on a groove with an Xbox, Mayor Dianne Watts is picking off pieces of the Whalley area of Surrey that will have to go to allow her ambitious plans to create a downtown core for British Columbia's second-largest city. No actual buildings are damaged in the exercise, but Her Worship's intent is clear.

Many cities tweak their downtowns. Ms. Watts wants to create one from scratch, starting with a plan to move the functions of the 47-year-old City Hall 13 kilometres north, into a $100-million new building in the 12,000-square-metre area below her.

As she talks about all this, Ms. Watts is sitting in an office 18 storeys up in Surrey's Central City tower, part of a complex that includes a campus of Simon Fraser University and a shopping mall.

“There are areas I want to blow up,” the 50-year-old Ms. Watts, who has a poised, stylish political persona, said in reference to pieces of a parking lot, strip malls and a bus exchange far in the shadow of the 25-storey tower.

The City Hall and a public square are to be done in about four years, eventually followed by a 1,600-seat performing arts centre and new central regional library. Streets will also be reshaped, and life brought to this sprawling city of five component communities, including Fleetwood, Guildford and Cloverdale.

Civic leaders in Surrey have talked about this for years. Ms. Watts, now in her second term, plans to get it done.

Why is it happening on her watch?

“Probably because I am bullheaded,” she said, chuckling. “You've got to set the direction. You've got to set the vision, and when you have got the vision, then you have to work towards that vision. There's no point having a vision if you're not going to realize it.”

Others have visions of Ms. Watts in Victoria as Liberal premier in the inevitable post-Gordon Campbell era. The Liberal Leader, recently elected to a third term, has said he will run for a fourth in 2013. Few pundits believe him.

Two Vancouver mayors – Mike Harcourt and Mr. Campbell himself – became premier. But so did former Surrey mayor William Vander Zalm. Rita Johnston, Mr. Vander Zalm's immediate successor, was a Surrey alderman.

“She's obviously done a very good job as mayor,” Mr. Vander Zalm said of Ms. Watts. “People speak highly of her.”

Mr. Vander Zalm noted that governing B.C.'s second most populous city, growing by 1,000 new residents a month, is a great “training ground” for running the province. sky train

“You get every sort of problem you might ever want to imagine,” he said, noting Ms. Watts might be especially appealing if Liberals are looking for an outsider to give the party a fresh face as it seeks a fourth term in power.

Ms. Watts's premier potential came into play last week when she topped an Angus Reid Strategies online poll of 15 possible successors to Mr. Campbell, running way ahead of Liberal cabinet ministers and even her Vancouver counterpart, Gregor Robertson, seen by some as an inevitable leader of the NDP.

“[Ms. Watts] is obviously not somebody involved in the provincial political scene or too closely associated with one political party or another,” said Hamish Marshall, the Angus Reid research director who designed the survey and came up with the list of candidates presented to respondents.

“But I think she has a lot of attractive qualities that could make her a popular successor to Mr. Campbell.”

Ms. Watts took a challenging route to office. She was elected to council in 1996 and decided to run for mayor in 2005, taking on long-time incumbent Doug McCallum after accusing him of presiding over a controlling city hall culture. She became Surrey's first female mayor. For the 2008 election, she created a party called Surrey First, which ran a slate of candidates and gave her a majority on council.

Ms. Watts describes Surrey First as a group of councillors from the centre left and centre right, more issue-based than “politically driven.”

Marvin Hunt, an independent Surrey councillor, acknowledges that Ms. Watts is popular with the media, and responds well to community concerns – “key pieces of leadership in today's world.”

But the former president of the Union of B.C. Municipalities wonders how Ms. Watts would play across B.C.

“It's a tremendous challenge to be able to represent the small, the big, the urban, the rural and try to run with a cohesive vision in it all. I think Dianne has shown a good ability working here in the city of Surrey. I give her good marks for that. Can she make the transition to doing that same thing for the whole province? I don't know.”

Throughout this week's interview, Ms. Watts seemed to be waiting for the premier question. When it came, she reacted as if she had heard an especially effective punchline.

After she finished laughing, she acknowledged that she has long been asked whether she is interested in federal or provincial office, but said she would be worried about missing time with her two teenaged daughters.

“You have got one chance with your kids, and you can't take it back,” she said. “We have so much fun together. We like shopping and getting our hair done, our nails done.”

But teenagers turn into adults, freeing their parents for other pursuits. The mayor, who said she will probably seek a third term and is not organizing for a provincial run, considers that, then opens a door just a bit.

“Well, you know what? You never say never,” she said.

Until then, Ms. Watts describes the downtown project as her current “number one priority.”

It's not just about development, but about asserting Surrey's place as B.C.'s second-largest city, which, Ms. Watts suggested, doesn't get the respect it deserves.

“We're like the poorer sister across [the Fraser] river. We do more with less, but it's not good enough. I think the people south of the Fraser and in the city of Surrey deserve to have these facilities,” she said.

Details on funding are vague, but the mayor doesn't see a problem. “If you wait until everything is in place and all the i's are dotted and t's crossed, it will never happen. You'll be sitting here having this conversation with me in 10 years,” she said.

“Trust me. It will get done.”

Jim Cox, president of the Surrey City Development Corp., formed to advance city goals through real estate development, said the idea is to concentrate jobs, high-density housing and shopping in one place, then reap the positive consequences in terms of synergies.

It will start with the end of the current city hall, opened in 1962. By Mr. Cox's count, about 600 people work there now. In the new city centre, they would shop, draw business and otherwise create activity. “Where it is – and it's no offence; I'm not critical of it – it functions very well, but it doesn't have any spinoff values. Here it's going to have all kinds of spinoff values.”

Bruce Ralston, a former city councillor now NDP member of the legislature for Surrey-Whalley, generally supports Ms. Watts's plan.

“Having what's generally considered to be a vibrant, genuinely vibrant downtown core is a powerful way of building a city and attracting businesses and people to it that would otherwise not be attracted to a more standard, sprawling suburb,” he said.

Although it would mean big change for the Whalley area, troubled by homelessness, poverty, addiction issues and crime, one long-term resident relishes that possibility.

“We think it's a good thing as long as there is consultation with the residents. It could turn out to be very positive,” said Lucie Matich, a community volunteer who has lived in Whalley for 50 years. “It has been talked about for umpteen years, so people are used to hearing about what the future will look like.”

Surrey has picked an architectural firm to design the city hall and outside public plaza central to that future, but a spokesman said it's too early to talk about what it will look like.

Don Kasian, president of Kasian Architecture Interior Design and Planning, talks about an animated, somewhat transparent building where people will be able to see into spaces as part of a principle of accessibility, but adds, “We haven't designed it yet, so we don't know what it will look like.”

He promised it will be distinctive. “We're going to make this a little bit more of a people place than a monumental place,” said Mr. Kasian, whose company's credentials include the airport station of the Canada Line.

If the series of projects works, it could be good for Ms. Watts's political credentials, said political scientist Norman Ruff.

“By presiding over [the new downtown], that would demonstrate proven leadership qualities,” said Mr. Ruff, a professor emeritus at the University of Victoria. “You can see the [political] message that would be used if that goes well.”

Mr. Ruff said Ms. Watts could be politically attractive as “the mayor of this newly emerging metropolis.

“It wouldn't be the first time a Surrey mayor has become premier.”

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