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Jun. 1st, 2017

Delta Highrise - HudsonHomeTeam

The proposed development site on 120 Street and 75A Avenue. (James Smith photo)

 

If approved, it would be the second such development along Scott Road after the 37-story Delta Rise.

A potential 35-storey residential development on Scott Road is advancing to public consultation after approval from council on Monday, May 29.

The application is for a 35-storey residential building with limited commercial space at ground level and several three-storey townhouse units at the northwest corner of 75A Avenue and Scott Road. The building would have underground parking, accessible from 119A Street.

Council’s approval means the consultation process for the proposed development can begin; it does not necessarily mean the development will be approved for construction.

The public consultation process will include placing public notice signs along the properties on 120 Street, 75A Avenue and 119A street; sending notices to surround property owners; holding a public information meeting to introduce the proposed development; and holding a public hearing if the application proceeds past second reading.

 

 

Community planning and development director Jeff Day said the developers want “to move this forward as quickly as possible.”

“I anticipate the public information meeting would happen before true summer comes in,” he continued.

At the public information meeting, information on the building’s amenities will be brought forward. Currently, the development includes limited commercial spaces on the ground floor of the building, including a coffee shop and a business office because, Day said, “we don’t want to dilute the commercial along Scott Road.”

If the development is approved, the six properties covered by the development would be rezoned from multi-unit residential properties and medium density residential properties to mixed use properties.

“It’s just at the preliminary stage right now,” Day said. “There’s a lot of things we need to go through in terms of the form and the character of [the development].”

The development’s design will be brought forward during first and second readings, giving council members and the public a chance to weigh in on what the building would look like.

“At this point, we’re satisfied that it’s developed to a mark … that council would expect where we are able to take it out to the public,” Delta CAO George Harvie said during the May 29 council meeting. “But we always come back with some good additions and modifications based on public consultation.”

If approved, this would be the second high rise along that stretch of Scott Road. Delta Rise, which was officially completed on May 6, 2017, is a 37-storey residential building on 120 Street and 80 Avenue.

The new proposed development is located within the area covered by the Scott Road revitalization bylaw, which has established reduced municipal fees and taxes to encourage commercial and high density residential development along the Delta/Surrey border.

However, the proposed development would not automatically qualify for those bylaw incentives: eligibility has to be determined first.

The application for the building was put forward by developers Arzone Real Estate Investment Ltd. and Hari Homes Incorporated.

Both parties has been involved in other North Delta development proposals in the past, including a 20-unit townhouse development proposal on 84th Avenue and 115 Street.


Delta Highrise drawings  - HudsonHomeTeam


An application for a 35-storey high rise on 120th Street was approved by council on Monday, May 29. The proposed development will no go through several stages of public consultation. (Council report photo)

Delta Highrise drawings 2 - HudsonHomeTeam

An application for a 35-storey high rise on 120th Street was approved by council on Monday, May 29. The proposed development will no go through several stages of public consultation. (Council report photo)

 

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Is Fraser Valley the next big market in the B.C. housing sector?

 

 

Latest numbers from the Fraser Valley Real Estate Board (FVREB) revealed that B.C.’s southwestern region has experienced significant home price growth in February, indicating a possible companion to the red-hot Vancouver market in the near future. Last week, the Board revealed that the benchmark price for a single-family property in the Valley increased by 20.4 per cent year-over-year and 0.4 per cent compared to January, hitting $859,300.

 

 

 

 

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers,”

according to FVREB president Gopal Sahota, as quoted by CBC News.

 

 

“Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,”
Sahota stated, adding that the numbers are so far showing a “return to normal historical sales numbers.” Apartment prices also rose sharply by 26 per cent compared to February 2016 and 1.8 per cent month-over-month, up to $267,000. Meanwhile, average townhome costs grew by 25 per cent year-over-year and 0.5 per cent since January, reaching $422,400. Recently, Finance Minister Bill Morneau assured that the federal government is still closely monitoring the Canadian housing market, amid seemingly inexorable price growth in Vancouver and Toronto. 

 

“We continue to be very focused on thinking about how we can manage what is peoples’ most significant investment. And we do watch the level of indebtedness, in particular around housing,” Morneau stated, adding that “strong underlying markets” continue to drive the two cities’ outsized performance.  “So in Toronto and Vancouver, unemployment is lower in those two places than it is in some other places. Incomes are higher. The economy is doing better. So there are underlying reasons for the housing markets to do better and we’ll continue to monitor, to work with provinces and municipalities who have an important role to play here to manage what we see [as] a challenge, but not one that isn’t manageable.”

 

 

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In all the excitement and packing, buying & selling, many people forget to take care of some essential items before they move.  Don’t look past these 5 things you need to take care of, or it could cost you $$$.

moving -boxes -HudsonHomeTeam

  1. 1. Take care of all subscriptions: Magazines, memberships, recurring orders, gym memberships.  Get a head start on updating your address or cancelling memberships before charges mount on your credit card.  We suggest you take care of this at least 30 days prior to your move, as many gyms, clubs, and mail subscriptions require this much time for cancellation or updates.
  1. 2. Change your address at the post office: For a small fee Canada Post will allow you to register your new address to ensure all your mail finds its way to your new home.  Leaving bills or an outstanding balance behind, may impact your credit score, as well as lead to accumulated interest charges -–neither of which you are likely o want.
  1. 3. Call utility providers: Cable, internet, electricity, gas, etc…These are all services that you should be making contact BEFORE you move. Many of these services can pivot on a dime so not much notice is required, but we do recommend making contact at least 1 week prior to your move date.  Make a list of required utility providers & check it twice!  Or, you could wind up paying for someone else’s electric bill!

movingbycar - HudsonHomeTeam

4. Manage your motor vehicle insurance: If you are new to British Columbia here is what you need to know; ICBC allows up to 90 days to switch over your license, and 30 days to register, license and insure your vehicle.

If you are moving within the Province, you must update your address within 30 days of moving.  Your auto-insurance policy must always show your current home address and vehicle use, so do not forget to update this information!

5. Get a ‘To-Go’ box ready: Whether you are moving across the country, province, or just down the street, make sure that you have a go-to box ready. This should contain items you will need as soon as you get to your new home; cleaning products, toilet paper, garbage bags, paper towels, clean sheets, fresh towels, paper plates and eating utensils and maybe even a bottle of bubbly to celebrate.


Celebrate - HudsonHomeTeam


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Home sales dropped, prices remained strong and one property type bucked the trend... Let our useful infographic make sense of Fraser Valley real estate stats

REW.ca
January 5, 2017
FVREB-Stats-Dec-2016-crop

Despite a slow December, 2016 was the busiest year on record for property sales in the Fraser Valley, beating out the previous record set in 2005, according to statistics released January 4 by the Fraser Valley Real Estate Board.

Home sales dropped in December but prices remained strong – and one property type saw higher resales than one year previously.

Check out our infographic below to see the breakdown of sales by property type and prices by individual area. 

To read the full story and analysis of Fraser Valley sales from December and the whole of 2016, click here.

 

FVREB-Stats-Dec-2016
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Wednesday, December 28, 2016

Registration begins Jan. 16 for children entering kindergarten in September 2017.

Children who turn five before Jan. 1, 2018 are eligible to start school in the fall.

 


Kindergarten children 2.jpg


Kindergarten registration must be done in-person at your neighbourhood school or school of preference (if space is available). For a map of school catchment boundaries, check here and for a list of all schools, check here.

The following documents are required at the school when registering:

* proof of birth date for the students (eg. birth certificate or passport)

* proof of guardianship (eg. birth certificate or other legal documentation)

* proof of citizenship (eg. birth certificate, passport, citizenship card, landed immigrant document, permanent resident card)

* proof of address (eg. rental agreement, utility bill, driver's license)

Please note that enrolment at several schools in Surrey is already at, or over, capacity and they are therefore unable to accept out-of-catchment registrations.

Specialty and choice programs are also available. Some (French Immersion, Intensive Fine Arts, Traditional and Montessori) require online/lottery application, which begins Jan. 30. For more information or to learn about information evenings being held in January 2017, check here.

Find #SouthSurrey & #WhiteRock homes by School Catchment:


 

Logo 2016 HD


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courtesy of Business Insider

It turns out homebuyers are really into barn doors.


Screen Shot 2016 04 13 at 8.26.06 AM

 

 


When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that feature topped the list. 

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium. 

 

Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016 and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.  

Here are the top 15 design features:

Outdoor kitchen


Outdoor kitchen

Percent of homes that sell for above expected values: 3.7%

How many days faster than expected the home sells: 19

 

Tankless water heater


Tankless water heater

Percent of homes that sell for above expected values: 4%

How many days faster than expected the home sells: 43

 


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Backsplash

 


Backsplash


Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 46

Granite


granite
Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 38

 

Stainless Steel

stainless-steel HudsonHomeTeam

Percent of homes that sell for above expected values: 4.2%

How many days faster than expected the home sells: 42

 

Heated floors


heated-floors HudsonHomeTeam
Percent of homes that sell for above expected values: 4.3%

How many days faster than expected the home sells: 28

 

Frameless shower


frameless-shower HudsonHomeTeam
Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 38

 

Pendant light

 


pendant-light HudsonHomeTeam


Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 48

 

Exposed brick

exposed-brick HudsonHomeTeam

Percent of homes that sell for above expected values: 4.9%

How many days faster than expected the home sells: 36

 

Craftsman

craftsman HudsonHomeTeam

Percent of homes that sell for above expected values: 5.4%

How many days faster than expected the home sells: 14

 

Quartz

quartz HudsonHomeTeam

 

Percent of homes that sell for above expected values: 6.0%

How many days faster than expected the home sells: 50

 

Subway tile

subway-tile hudsonHomeTeam

 

Percent of homes that sell for above expected values: 6.9%

How many days faster than expected the home sells: 63

 

Farmhouse sink

farmhouse-sink HudsonHomeTeam


Percent of homes that sell for above expected values: 7.9%

How many days faster than expected the home sells: 58

 

Shaker cabinet

shaker-cabinet HudsonHomeTeam

 

Percent of homes that sell for above expected values: 9.6%

How many days faster than expected the home sells: 45

 

Barn door

 


barn-door HudsonHomeTeam


Percent of homes that sell for above expected values: 13.4%

How many days faster than expected the home sells: 57

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Broker fears were confirmed Tuesday, with one big bank raising its prime rate less than a month following new mortgage rules.
TD Canada Trust announced in a note to brokers Tuesday that it is changing its mortgage rates, including increasing its prime rate to 2.85%.
The prime rate has been held at 2.70% for more than a year, according to the broker who shared the announcement with MortgageBrokerNews.ca on condition of anonymity.

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“When a bank changes their ‘version’ of bank prime it also serves as an invitation for the other banks to join in and do the same,” the broker said. “Naturally if they all change the public is screwed and all the banks make more profit.
“You see by effectively changing the goal posts on the rate the bank can continue to say: ‘we are prime less 0.50% which is a good deal.’  So as you can see this a clever move if it works.”
See the new rate sheet below.



The announcement also confirms what one economist speculated – that big banks could influence the market by altering its posted rates.
The new mortgage rate stress test, which forces all holders of insured mortgages to qualify at the Bank of Canada’s benchmark five-year rate.
The Bank of Canada’s benchmark rate is closely tied to big bank posted rates. And that relationship could allow lenders to tinker with their posted rates in a bid to influence the BoC’s, thereby allowing them to also influence the ease with which homebuyers can qualify for an insured mortgage.

Contact us for advice and information

 


Logo 2016 HD


“Another possible solution is that posted rates could fall, reducing the impacts of the stress tests. Since they are not set by the market, lenders could decide to lower them if, for example, they find that they are saying “no” to too much good business,” Will Dunning, chief economist of Mortgage Professionals Canada, wrote in a research paper entitled Slamming on the Brakes: Assessing the Impact of Changed Criteria for Mortgage Qualification. “The posted rates are set administratively by the lenders, based on their assessments of what is in their best interests, and their assessments could change.”

 

 

Courtesy of REPMAG.ca

 

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To all "Property Brothers" or "Love it or List it" fans:

Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV ‘show hole’*? We’ve all been there… watching entire seasons of“Love it or List it,” “Fixer Upper,” “House Hunters,” “Flip or Flop,” “Property Brothers,”and so many more, just in one sitting. Sad to admit it, but I have done that too...

When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.

Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.

Truth: There may be buyers who fall in love and buy the first home they see, but more often than not the process of buying a home means touring more than three homes.

Myth #2: The houses the buyers are touring are still for sale.

Truth: The reality is being staged for TV. Many of the homes being shown are already sold and are off the market.

Myth #3: The buyers haven’t made a purchase decision yet.

Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.

Myth #4: If you list your home for sale, it will ALWAYS sell at the Open House.

Truth: Of course this would be great! Open Houses are important to guarantee the most exposure to buyers in your area, but are only a PIECE of the overall marketing of your home. Just realize that many homes are sold during regular listing appointments as well.

Myth #5: Homeowners make a decision about selling their home after a 5-minute conversation.

Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their home and move on with their life/goals.

Bottom Line

Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality. And speaking with a local lender about your financial situation will ensure that you are protected throughout the transaction. Ask your lender how strong your pre-approval should be to beat other offers.

*Show Hole - A side effect of binge-watching. Symptoms include a sense of emptiness and depression brought on by realizing you just wasted a good portion of your life watching several seasons of a TV show or an entire movie franchise all at once when you could have managed your time better.

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Renee Bernard
Posted Apr 22, 2016 9:44 pm PDT

 

SURREY (NEWS 1130) – The Surrey Board of Education is making an unusual move in dealing with overcrowded schools.

Trustees are asking the city to temporarily halt new development in three neighbourhoods.

“At the moment we are in a crisis. This is the worst I have ever seen it on the board,” says Laurae McNally, a 30-year veteran of the board, who spearheaded the motion directed at the city.

The board wants the city to “temporarily suspend all new development approvals in the Clayton, Grandview/South Surrey and South Newton regions until the Surrey School District receives adequate provincial capital funding to support the many new students in these regions.”



“We have 275 classroom portables, which we have to pay for out our operating budget. We have four high schools on extended days,” McNally explains.

Plus, a couple of schools need to run five kindergarten classes to meet demand.

“The $4 million a year that the portables cost us is the equivalent of 50 teachers that we could put in our system.”

She says teachers, students and parents have been very patient but they are getting very tired of the situation.

“Everybody wants to see a light at the end of the tunnel.

 


 

Earlier in the school year we had the opportunity to experience one of the Semiahmoo Music Society's various concerts. While we had heard great things about the school music program, we were blown away...

 

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Good Morning!

 

Looks a bit cloudy this AM but it should be nicer later on.

 

Watch for a schwack (not a real word) of Neighbourhood Garage Sales coming up over the next coupe of months.
So far we have confirmed South Meridian, Bayridge and Rosemary Heights school catchments for Spring.

 

 

Look for our new logo’s signs  in coming weeks as well!

 

Click below, on our (complimentary for your use) directional sign to go to this weekend’s map.

 

 

 


 



Click our new logo below to take you to the latest Open Houses and listings in South Surrey & White Rock.



 

 


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Yesterday our Monthly Real Estate Stats post noted the hot hot suburban markets in #WhiteRock & #SouthSurrey.

 

Well it seems the media agree with us!

Check out this GlobalBC report (then check out the January stats post below).


 

http://Home%20prices%20also%20rising%20dramatically%20in%20suburbs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Fraser Valley Real Estate Statistics – January 2016 (click on image)

 

 

Logo 2016 HD

 

 

 

 

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Here is some information on the January Real Estate market in #SouthSurrey #Whiterock (and the rest of the #FraserValley).

Look for the link at the top to visit our website. And below the video for links to this months stat documents.

 

 

 

 

 

 

 

 

 

 


 

 

fvr-2016-january


 

 

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  The Bank of Canada will maintain its target for the overnight rate at 1/2%.


The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017.

 


In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 

 

For more information, please contact:

Andrew Hudson
Realtor
Direct: 604.773.3940
Office: 604.531.1111

Email: andrew@hudsonhometeam.com


 
 
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This article is designed for home owners with 3 years or less on their mortgage term. If this does not apply to you today, feel free to pass it on to friends and family.

It's the holiday season and thinking about your mortgage is likely that last thing on your mind. However, if you're sitting with a lot of equity in your home yet can't seem to manage your debt payments, perhaps thinking about your mortgage is the best thing you can do. With credit card interest rates often pushing the 20% range, five-year fixed-rate mortgages at 2.69% to 2.89% range and variable rates even lower, you may want to consider paying off high-interest debts. Like many financial decisions, you need to look at the big picture. Here's what you need to know.

A refinance alters the terms and conditions of your mortgage; specifically you are increasing the amount of your mortgage to pay off debt. Your mortgage payment may or may not increase, depending on a number of factors, and you may incur a penalty to break your existing mortgage if you are refinancing mid term, but you will be paying off the refinanced debt at a much lower interest rate, which could save you thousands of dollars in interest in the long run.  Here are some reasons to refinance:

- Decrease your overall monthly debt payments by using your equity to pay off those high-interest credit cards or unsecured loans, which can help you better manage your budget.
- You can refinance to purchase another property. Using the existing equity in your home can be a great way to buy a rental property which, if done right, can also make the interest you pay tax deductible.
- You could also take out some of the equity for investment purposes -- an option that many homeowners consider this time of year as they look ahead to the new year
- And there are more uses for your equity such as helping putting your kids through school.

Repayment
Remember that borrowing against your property is not free money. You still own the home so the mortgage loan has to be repaid.
Spending Habits
While using the equity in your home to pay off debt certainly eases financial stress, there may still be challenges. However, some people have experienced a job lay-off or an illness that contributed to their unmanageable debt loads. Make sure you understand what got you into your current situation.

 




 

Real Estate Market
Equity measures the fair market value of your property against the balance owing on your mortgage. If you borrow against your property, you may worry that the market will drop and your home value with it. However, the government added a few safeguards over the last few years with respect to refinancing: where once you could refinance up to 95% of the value of your home,  that percentage has dropped to 80% of the value of your home.  By making that change, the government is basically saying it is somewhat confident that house prices will not likely fall far enough for you to lose equity.
Speak to a Professional to Understand Your Options
As you can see there are many factors to consider before deciding to refinance. Each individual's financial situation is different. Let's talk about your unique situation and the options available to you.

Contact us today to put you in touch with John Charbonneau, one of our best Mortgage Specialists

Info@HudsonHomeTeam.com

604-773-3940

 

 

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August showers bring… happy grass!
… hmm, that didn’t come out right. Hot smile

We had a rough week last week. Tech issues left us in the dark for several days.We’re back!  We had a rough week last week. Tech issues left us in the dark for several days.


BUT WE’RE BACK!

 

The summer is winding… woops! Way too early for that kinda talk.

Click on the image below for this weeks garage sale map.

 

Say,  after bargain hinting,  go set your crab traps at low tide!


Tide Times for White Rock

 

Tides Aug 15

 


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STEADY HOME SALES IN DECEMBER CAP SOLID YEAR FOR FRASER VALLEY REAL ESTATE

 

(Surrey, BC) – Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single family detached homes leading the way.


 

 


 

Ray Werger, President of the Board, says, “It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10-year average.”

 

The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014.

 

According to Werger, sales during the month of December followed the same trend as every month in 2014 with sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.

 

 

“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas.”



In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

 

Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500.

 

PDF: Stats Package Dec 2014

 

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year-over-year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.

 

—30 —

The Fraser Valley Real Estate Board is an association of 2,757 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in 2011.

 

 

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(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June, an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May. In terms of historical comparison, last month’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010. 

Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level.


 

Canada Day in White Rock


“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.”

In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005. 

The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.

 

con’t


DO NOT CLICK THIS BUTTON!


 

Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell. Talk to your REALTOR® to find out where you fit.”

The Board’s MLS® received 13 per cent more new listings in June, 2,974

compared to the 2,625 new listings received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared to the 10,515 active listings available during June of last year.

 

 

The Fraser Valley Real Estate Board is an association of 2,780 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.  The FVREB marked its 90-year anniversary in 2011.

 

Full package HERE

 


 

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Market strength solidifies in the Fraser Valley


SURREY, BC – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April.

Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.

Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”

 

Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.



“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”

The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.

In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014.

In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.


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Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.”

Find the May Statistics Package here

 

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BALANCED MARKET CONDITIONS IN THE FRASER VALLEY 

 

(Surrey, BC) – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new inventory in April, propelling the market into solid balanced conditions. 



In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent increase compared to the previous month.

Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.

“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”

Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the community and the age and quality of the condo.

 



 

In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.



In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and 1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6 per cent fewer than were available during April of last year.   

In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.

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The Fraser Valley Real Estate Board is an association of 2,800 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.  The FVREB marked its 90-year anniversary in 2011.

Full package: Here

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