Blog

Fraser Valley Market Update — March 2022

Continued growth in new listings a hopeful sign for home buyers in the Fraser Valley

SURREY, BC – For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July.

Property sales remain robust, as Benchmark prices, the price of a ‘typical’ home, continued to increase month-over-month.

In March, the FVREB processed 2,580 residential and commercial sales on its Multiple Listing Service® (MLS®), a decrease of 22.5 per cent compared to March 2021 and 41.4 per cent more than were processed in February.

Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days. Apartments took, on average, 11 days to sell.

Continue reading

Metro Vancouver Highlights – February 2022

Listings inch up, demand remains steady and price gains continue

The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022.

Last month’s sales were 26.9 per cent above the 10-year February sales average.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year.”

Taylor Biggar, Chair, Real Estate Board of Greater Vancouver
Continue reading

Market Update — February 2022

FVREB posts record volume of new listings in February 

SURREY, BC – Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February. 

The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016. 

Continue reading

FRASER VALLEY HOUSING MARKET STATISTICS JANUARY 2022

Glimmer of hope for Fraser Valley home buyers as new listings surge in January

SURREY, BC – On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales – still the third highest ever for January – cooled compared to December while the volume of new listings improved significantly.

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service® (MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.

Continue reading

FRASER VALLEY HOUSING MARKING STATISTICS DECEMBER 2021

Fraser Valley real estate market sees busiest year in 100‐year history

SURREY, BC – Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.

The FVREB processed 27,692 sales its Multiple Listing Service® (MLS®) in 2021, an increase of 39.0 per cent compared 19,926 sales in 2020; and 15.5 per cent higher than 2016’s 23,974 sales.

Larry Anderson, President of the Board, said, “No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen.

Continue reading

What Size of Mortgage Can I Afford?

When purchasing a house, most people need a loan be able to afford the home. These loans are called mortgages. A mortgage is a legal agreement where a bank or other lender loans money and charges interest in exchange for taking the title of the borrower’s property. Upon repayment of the debt, the borrower owns the property.

In Canada, to purchase a home, the buyer must first save up a down payment for the home. The minimum amount required is five per cent of the purchase price up to $500,000; 10 per cent of the portion between $500,000 and $999,999; and 20 per cent for the amount above $1,000,000. As well, if the down payment is less than 20 per cent of the purchase price, the buyer must also purchase mortgage loan insurance.

The general rule of thumb when it comes to mortgages is that an affordable mortgage payment is two to two and half times your gross income. However, it is rarely this simple, especially in today’s hot housing market. Here is a quick guide to understanding just how large a mortgage you can realistically afford.

Continue reading

Should I Hire a Real Estate Agent?

Real estate has been a hot topic across the U.S. and Canada in recent years, from sky-high valuations and bursting bubbles to bidding wars and supply shortages. Compounding that are federal election factors on both sides of the border and COVID-19 clouding conditions in housing markets worldwide. Add to this the “typical” intricacies attached to a real estate transaction. If you’re in the market to buy or sell a home, you may have asked yourself, should I hire a real estate agent? Now more than ever, the answer is a resounding YES! If nothing else, these current market conditions are reason enough to consider working with an experienced, professional real estate agent, but there are many other benefits to consider.

Now, you may be thinking, “Of course you’d say that, RE/MAX.” Fair enough. Let’s put some hard numbers behind these claims.

Continue reading