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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. 

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Government Expands Programs to Help Customers Lower Energy Costs

On July 10, Premier Christy Clark announced that government, in partnership with BC Hydro and FortisBC, has expanded its energy-efficiency programs to help customers reduce their electricity and gas bills.

Since REALTORS® often work with clients who plan to update or revamp aspects of a home before selling or after buying, the expansion of these programs could be extremely valuable information to share.

A new Home Energy Rebate Offer will provide homeowners with up to $6,000 in rebates for energy-efficiency upgrades focused on reducing water and space heating costs, such as heating, hot water systems and insulation (which could reduce their energy bills by up to 30 per cent). The program expands on the rebates that have been available over the past year to residential customers as part of the former LiveSmart BC program.

To assist low-income homeowners, updates to existing low-income programs will nearly double the number of eligible customers from roughly 180,000 to 325,000 and make it easier to apply. Low income households can reduce their energy costs through BC Hydro and FortisBC’s Energy Conservation Assistance Program, which offers free energy assessments and energy saving products, and the Energy Saving Kit Program, which provides customers with a number of simple, easy-to-install, energy-saving products.

To read the provincial government’s detailed news release announcing the expansion of these valuable programs, 

 

https://www.bchydro.com/powersmart/residential/rebates_savings.html

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SURREY, BC – Continued demand for single family homes and townhomes resulted in the busiest July in five years
for the Fraser Valley Real Estate Board. The Board’s Multiple Listing Service® (MLS®) processed 1,615 sales in July,
an increase of 11 per cent compared to the 1,456 sales in July last year and 1.4 per cent above the 10‐year average
for the month.


Ray Werger, President of the Board, says, “July’s steady activity is a continuation of what we’ve been seeing all
year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser
Valley, which is a steady, consistent market.”


In July, the Board received 2,724 new listings, a decrease of 2 per cent compared to July 2013 taking the number of
active listings in Fraser Valley to 9,636, a decrease of 8 per cent compared to the volume available in July 2013.
Werger says, “Although our sales were slightly above average for the month, the volume of new listings added to
the MLS® was 7 per cent lower than what’s typical for July, so for certain property types and price ranges we’re
actually seeing a shortage of listings creating a seller’s market for particular homes.

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Strongest June in four years for Fraser Valley Real Estate market.


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.


“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 ultralow interest rates combined with more affordable, stable prices in the Fraser Valley.”


For further detailed information or to find out where you stand in this market, call us today.

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