White Rock, South Surrey and Langley Real Estate Specialist!

Gary Foltyn | 778.999.1496

 

SURREY, BC – Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.

 

The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.

 

Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.

 

"It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now," said Board President Gopal Sahota. "Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland."

 

Last month the total active inventory for the Fraser Valley was 5,712 listings. Active inventory decreased by 4.3 per cent month-over-month, and decreased 6.4 per cent when compared to August 2016.

 

The Board received 2,633 new listings in August, a 20.2 per cent decrease from July 2017, and a 7.3 per cent decrease compared to August 2016’s 2,840 new listings.

 

"Anyone whose looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,” continued Sahota. “Talk to your REALTOR® for the best advice on how to prepare yourself and succeed in a competitive market like this one.”

For the Fraser Valley region the average number of days to sell an apartment in August was 17 days, notable when compared to 26 at this time last year. Townhomes sold in an average of 16 days, and single family detached took 25.

 

HPI® Benchmark Price Activity

• Single Family Detached: At $976,000, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to July 2017, and increased 10.2 per cent compared to August 2016.

• Townhomes: At $491,900 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to July 2017, and increased 16.6 per cent compared to August 2016.

• Apartments: At $349,300, the Benchmark price for apartments/condos in the Fraser Valley increased 2.4 per cent compared to July 2017, and increased 32.8 per cent compared to August 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201708.pdf



For a detailed and current Market Evaluation of your home, or a Buyer's Information Package, call Gary at 778-999-1496 or send me an email at Gary@GaryFoltyn.com




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After March 18th, 2011 the maximum ammortization period on insured mortgages will be reduced from 35 years, to 30 years as a direct result of a policy change by the Canadian Federal Government.

 

This wil only apply to those refinancing or purchasing new homes. These changes will mostly affect the amount of money one will be able to loan to purchase anew home as well as how much they can borrow to repay other non mortgage debts against their home.

 

I will be interested to see what impact these changes will have on market volatility and price direction over the coming years. Do I think these changes will have a great impact on real estate prices? No, not really. Especially in the really hot market areas such as Downtown and West Vancouver. Here's why...

 

There will be a large impact on the price of homes certain purchasers will be able to buy, based on their GDS. Though recent studies show only a small number of home buyers are even borrowing anywhere near the maximum they could have qualified for, even under the old regulations. Also, recent studies show that half of all borrowers are excellerating their payments (increasing their monthly payments) and paying down the principle early. Therefore, the affect on the market overall will be relatively minor.

The greatest impact will be on those in "the margin" (buyers who want to borrow the maximum allowable) as they may not qualify for the amount they require to either purchase a higher priced property, or to even get into the market they deisre to be in. I also think these changes will hurt the young professionals the most.

 

 

Again, even though I think these changes are NOT in the genearl public's best interest, I don't believe it will have a great impact in the long run. The "Hot Markets" will continue to thrive, since very few of these properties are selling for prices that even feasable for economically challenged purchasers. In fact, I believe there very well may be Upward pressure on RE prices in areas surrounding the GVRD, such as Burnaby, Surrey, Langley, White Rock etc, since these will become more affordable in relation to what buyers can borrow.

 

I am of the opinion that this again another ploy by our government to look good in the eyes of voters. Necessary changes... NO. Just politics mixed into our housing market!

 

 

 

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Gary Foltyn
Cell:778.999.1496
Office:778.565.1397
Email:Gary@GaryFoltyn.com
RE/MAX Little Oak Realty
#102 8501 162 St
Surrey, BC
V4N 1B2 Canada