The latest Fraser Valley Real Estate Statistics for Home Sales in the Fraser Valley market area are available. This information is produced by the Fraser Valley Real Estate Board.

 

Lower inventory keeps home prices in check as ‘slow but steady’ market continues

 

SURREY, BC – In March, the Fraser Valley Real Estate Board processed 1,128 sales on its Multiple Listing Service® (MLS®), a 20 per cent decrease compared to the 1,412 sales during the same month last year, and a 24 per cent increase compared to February’s 913 sales.

 

The Board also received 11 per cent fewer new listings in March compared to last year – 2,736 compared to 3,066 – keeping inventory in check. March finished with 9,503 active listings, 1.5 per cent fewer than March of last year and 3.5 per cent fewer than the 9,832 available during March of 2009; the highest volume of active listings for that month in the last decade.

 

Ron Todson, President of the Board, explains, “Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive.

 

“Because inventory levels are in check, prices are staying in check.”

 

In March, the benchmark price of single family detached homes in the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.7 per cent compared to $303,400 in March 2012 and the benchmark price of apartments was $204,200, an increase of 0.8 per cent compared to $202,500 in March 2012.

 

Todson adds, “Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community.

 

“In fact, we’re seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent.”

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

See the full Real Estate Statistics Package for the month of March 2013









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The latest Greater Vancouver Real Estate Statistics for Home Sales in the Vancouver market area are available. This information is produced by the Greater Vancouver Real Estate Board.

 

VANCOUVER, B.C. – April 3, 2013 – Lower levels of both supply and demand in recent months are holding home prices in check in the Greater Vancouver housing market.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,347 on the Multiple Listing Service® (MLS®) in March 2013.

 

This represents an 18.3 per cent decrease compared to the 2,874 sales recorded in March 2012, and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

 

“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.

 

The sales-to-active-listings ratio currently sits at 15.2 per cent in Greater Vancouver, a three per cent increase from last month. This is the first time this ratio has been above 15 per cent since May 2012.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,839 in March. This represents a 17.2 per cent decline compared to the 5,843 new listings reported in March 2012 and a 0.1 per cent increase from the 4,833 new listings in February of this year. Last month’s new listing count was 14.4 per cent below the region’s 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 15,460, a 1.5 per cent increase compared to March 2012 and a 4.5 per cent increase compared to February 2013.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $593,100. This represents a decline of 3.9 per cent compared to this time last year and an increase of 0.9 per cent compared to January 2013.

 

April 1 marked the return of the GST and PST tax structure in the province. From a real estate perspective, it’s important to remember that:

 

• sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST; and

• tax on real estate commissions has been reduced to 5 per cent from 12 per cent under the HST.

 

These reduced tax rates apply to transactions payable on or after April 1.

 

Take a look at the latest Greater Vancouver Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

See the full Real Estate Statistics Package for the month of March 2013








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