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January Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
February 12, 2024

As you can see from the info below the market has picked up pace and heading into the Spring sales are looking strong.

Happy Valentines !!




 
Bill



 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Signs of stability in Fraser Valley housing market

 

SURREY, BC — The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

 

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.

 

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

 

 
 
 
 
 
 
 
 
 

 

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

 

 
 
 
 
 
 
 
 
 

 

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

 

 
 
 
 
 
 
 
 
 

 

“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

 

 
 
 
 
 
 
 
 
 

 

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.

 

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.
  • Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.
  • Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2024 Bill Morris, All rights reserved.


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November Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
December 6, 2023

<<First Name>>

Another year is almost over and a new one is just around the corner. I wanted to take this oppurtunity to wish you and your family a VERY Merry Christmas!! 

There are lots of opinions of what the new year will bring.

My prediction is that January will ring in a very happy, healthy and prosperous year ahead for YOU!

Positive things happen to positive people. So be positive and enjoy!!

All the very best


Bill



 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Home sales fall for fifth straight month in the Fraser Valley

 

SURREY, BC — The Fraser Valley real estate market continues to cool heading into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year.

 

The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in November, a drop of 8 per cent from the previous month, representing the 9th slowest November in a decade.

 

At 2,030, new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since peaking in May at 3,533.

 
 
 
 
 
 
 
 
 

 

“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the winter months until we see some downward movement in interest rates.”

 
 
 
 
 
 
 
 
 

 

Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes and apartments remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

 

 
 
 
 
 
 
 
 
 

 

“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR® who can provide expert advice and guidance.”

 

 
 
 
 
 
 
 
 
 

 

On average, properties spent approximately one month on the market, with single family detached homes spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.

 

Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to October.

 

 

MLS® HPI Benchmark Price Activity

 

  • Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared to November 2022.
  • Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent compared to October 2023 and increased 5.08 per cent compared to November 2022.
  • Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per cent compared to October 2023 and increased 5.60 per cent compared to November 2022.
 
 
 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report
The Following graph shows the projected interest rates by the Big Five Banks for 2024 & 2025

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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October Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
November 10, 2023

<<First Name>>

The Bank of Canada has held the rate it charges to the banks to 5%. The prime rate the banks charge us is 7.2%. That is the highest rate since September 2000.....

Although the talk is rates will start coming down next year, I do not think we will see any significant rate reductions, till the third quarter 2024.

Normally, this would mean a very bleak outlook for real estate. But of course we are still controlled by lack of supply and demand.  

This time of the year I would like to THANK all the veterans past and present. Your service and sacrifice can never be repaid. 
Please take a moment on November 11th to remember those that gave so much so that we can have so much...


Thoughts and prayers

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Fraser Valley real estate market weakens as sales and prices continue to edge downward








 
 

SURREY, BC — Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.

 

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.

 
 
 
 
 
 
 
 
 

 

At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.

 

“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”

 

 
 
 
 
 
 
 
 
 

 

Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

 

 
 
 
 
 
 
 
 
 

 

“As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”

 

Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to September. See below for price changes by housing category.

 

 
 
 
 
 
 
 
 
 

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared to October 2022.
  • Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent compared to September 2023 and increased 4.7 per cent compared to October 2022.
  • Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to September 2023 and increased 3.7 per cent compared to October 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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September Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
October 9, 2023

<<First Name>>

 The Fall Real Estate Market has certainly not been what we normally see as the second largest "selling season" in the year. 

In fact August had more sales than in September and October sales to date has also been flat.

We are seeing this sales lag thru all property types as the public wrestles with the rising costs of food, gas and shelter. 

The next Bank Of Canada rate annoucement is October 25 followed by December 6th. I suspect at least one of those dates will be a further increase. We saw August inflation rate hit 4% far from the Federal target of 2%. 

The market is fickle and can change rapidly. 

Below are up to date detailed reports for both the Fraser Valley and Greater Vancouver.

Any questions please call me at any time. Happy to assist!

 CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Fraser Valley market balanced, as demand softens and prices edge lower

 

SURREY, BC – Continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has seen Benchmark prices dip for a second straight month.

 

The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service® (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022.

 

New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, and 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, 3.5 per cent below the ten-year average.

 
 
 
 
 
 
 
 
 

“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.”

 
 
 
 
 
 
 
 
 

The market for detached homes softened again in September, with a sales-to-active listings ratio of 14 per cent, down from 16 per cent in August. Demand for townhomes and apartments remained stronger (31 per cent and 25 per cent, respectively). The overall sales-to-active listing ratio is at 17 per cent, representing a balanced market. The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.

 

Benchmark prices in the Fraser Valley dipped compared to last month with losses of less than one per cent across all property types.

 
 
 
 
 
 
 
 
 

“With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said FVREB CEO, Baldev Gill. “Market activity and prices can vary from neighbourhood to neighbourhood, so consulting your REALTOR® will be a vital step for buyers and sellers who need expert guidance and advice to navigate local market conditions.”

 
 
 
 
 
 
 
 
 

On average properties spent a minimum of three weeks on the market before selling, with townhomes and apartments moving faster (23 and 24 days, respectively) than detached homes (29 days).

 

MLS® HPI Benchmark Price Activity:

 

Single Family Detached: At $1,526,000, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent compared to September 2022.

Townhomes: At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to August 2023 and increased 3.5 per cent compared to September 2022.

Apartments: At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to August 2023 and increased 3.4 per cent compared to September 2022.

 

 
 
 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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July Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
August 6, 2023

<<First Name>>

Banks and other lending institutions are stating that 65% of the current outstanding mortgages will become due in 2024. This could mean that depending on the intital borrowing rate some home owners could be looking at substantially higher monthly payments.

A five year discounted fixed rate in Jan 2019 was 3.19%. That rate hit its lowest point in Dec 2020 at 1.39% which caused the huge spike in buying that started the even bigger spike in prices due to lack of inventory. 

The current rate as of July 2023 is 5.19%. These are the published discounted rates, of course these rates can be negotiated depending on your relationship with the bank and your credit score. 

These new rate hikes are going to cause increases in your monthly mortgage fees. That will most likely cut into an already stretched budget with food, gas, etc all going up and up.

When the government introduced the "stress test"  in June 2021, it was to ensure borrowers will still be able to quaify for mortgages should rates increase, which is exactly what has happened. The test was set at 5.25% or 2% of your mortgage rate which ever was greater.

The big debate is will rates increase even more before 2024? Start the conversation with you mortgage broker now. See what they offer and if need be, start shopping around now to avoid being rushed when the mortgage is due....If you don't ask you may never know.....
 
 CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Seasonality, interest rates temper sales in the Fraser Valley

SURREY, BC — After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.

 

The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022.

July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 per cent over June, bringing the total inventory available for sale in the region to 6,199.



“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

The market for detached homes softened in July with a sales-to-active listings ratio of 17 per cent while demand for townhomes and apartments remained firm at 45 per cent and 36 per cent respectively. The market is considered balanced when the sales-to-active-listing ratio is between 12 per cent and 20 per cent.

 

Prices across all categories saw negligible increases compared to last month (see below).

 

“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.”

 

On average, properties spent two to three weeks on the market before selling, with detached homes spending 22 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 18 days, respectively.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 per cent compared to June 2023 and decreased 3.1 per cent compared to July 2022.
  • Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 per cent compared to June 2023 and decreased 2.7 per cent compared to July 2022.
  • Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to June 2023 and increased 0.8 per cent compared to July 2022.


 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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June Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
June 6, 2023

<<First Name>>

Despite the recent increase in mortgage rates, the market continues to be very active. Inventory is extremely low making this a continuing Seller's market.

Some Sellers are opting to list their homes below market value to entice multiple offers. 

We are seeing multiple offers on many strata properties and even on competively priced detached homes. 

As I have stated in the past, the solution is to build more homes. Make it easier and quicker for permits. Cut the red tape and the cost of permits. The Government not only gets GST on all new homes but also the property transfer tax. So if they reduce the cost to build, there will be not only more supply and therefore more sales,but the Government would get all that added GST/PTT. WIN WIN !! 

You don't have to spend millions of dollars on reports and studys that end up going nowhere and doing nothing...

Hire more inspectors, because you still want procedures in place to ensure building codes are adhered to and homes are built right. But make the process easy and fast and AFFORDABLE to build. In other words, get the levels of Government out of the way and let builders build. The more they build the more the inventory, the more choices for Buyers and lower prices....

Summer is here and I expect sales to slow as Buyers take time off from the exhausting search for a new home. Expect further increase in mortgage rates by year end, Putting more strain on Buyers wallets and their purchasing power..

This market isn't easy for Buyers, in fact it is down right frustrating ! BUT don't give up. Perservere and together, we will find you the right Home...


 CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Low supply continues to impact home pricing in the Fraser Valley: Sales increasing despite rate hikes


 

SURREY, BC – The Fraser Valley real estate market saw strong sales activity in June with levels on par with the 10-year average for the month, amid on-going challenges with supply.

 

In June, the Fraser Valley Real Estate Board (FVREB) processed 1,935 sales on its Multiple Listing Service® (MLS®), an increase of 51.1 per cent compared to June 2022 and a 13.1 per cent increase compared to May.



The Board received 3,424 new listings in June, an increase of 2.8 per cent compared to last year, and a decrease of 3.1 per cent compared to May 2023. The month ended with a total active inventory of 5,944, a 6.9 per cent increase compared to May, and 8.2 per cent less than June of last year.



“A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill. “For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.”

Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 and a townhome was 16 days. Apartments took, on average, 22 days to sell.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to May 2023 and decreased 7.4 per cent compared to June 2022.
  • Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to May 2023 and decreased 5.2 per cent compared to June 2022.
  • Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8 per cent compared to May 2023 and decreased 2.5 per cent compared to June 2022.







 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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May Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
May 15, 2023
<<First Name>>

How fast the market can change. Since early April we have been experiencing a big uptick in sales, mainly driven by strata properties.

We are seeing mulitple offers in both condos and townhomes due to Buyer demand and  lack of inventory. Prices are also climbing once again but not at the pace we saw in 2021.

Even though we have had another rate increase, this has had little effect on current demand  as you can see from this June month to date snap shot.
 
FVREB STATS - as of June 15, 2023
10 of 22 Working Days
June 2023 Listings 1646 Sales 1060
May 2023 Listings 1591 Sales 764
June 2022 Listings 1525 Sales 607

I expect the market to slow starting in late July and carry thru in August. Question is, will the fall market bring Buyers back at these rates????


CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!

Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Delayed spring activity boosts supply of property listings in the Fraser Valley

 


 
 

SURREY, BC — The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.

 

At 3,533, new listings were just below May 2022 levels (3,631) but slightly higher (2.7 per cent) than the ten-year average for the region. A welcome trend towards alleviating housing supply issues.

 
 
 
 
 
 
 

 

“Typically we would see an influx of inventory earlier in the spring sales cycle,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we’re seeing now is a recovery and adjustment to the new financing landscape.”

 

 
 
 
 
 
 
 
 
 

 

Active listings grew to 5,558, a 20 per cent increase over April, the highest month-over-month jump in more than a year.

 

The strong supply trend was met with healthy demand. In May, the Board processed 1,711 sales on its Multiple Listing Service®, a 10.1 per cent increase over last month and a 25.8 per cent jump over May of last year.

 

 
 
 
 
 
 
 

 

Prices continued to edge upward across all categories as buyer confidence grew, with the composite Benchmark price topping the one-million mark at $1.01 million, a level not seen since September 2022.

 

 
 
 
 
 
 
 

“It’s encouraging to see more typically cyclical activity this spring,” said FVREB CEO, Baldev Gill. “Inventory has been trending upwards since December 2022, providing more choice, which in turn will hopefully spur on even more listings. That said, with inflation tracking at elevated levels the potential for further rate hikes is very real. Buyers and sellers would be well-advised to work with real estate professionals to factor this into their decisions.”

 

Across the Fraser Valley in May, properties continued to move more quickly with each passing month: detached homes took, on average, 23 days to sell and apartments, 23. Townhomes moved more quickly, selling, on average, 18 days after listing.

 

MLS® HPI Benchmark Price Activity*

  • Single Family Detached: At $1,491,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to April 2023 and decreased 12.7 per cent compared to May 2022.
  • Townhomes: At $826,200, the Benchmark price for an FVREB townhome increased 1.4 per cent compared to April 2023 and decreased 9.8 per cent compared to May 2022.
  • Apartments: At $542,300, the Benchmark price for an FVREB apartment/condo increased 2 per cent compared to April 2023 and decreased 6.3 per cent compared to May 2022.

*The MLS® HPI measures the change in home prices in Canada and in May 2023, current and historical data underwent an annual update to ensure a more precise picture of home price trends.

 
 
 
 
 
 
 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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March Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
April 10, 2023
 

<<First Name>>

March sales in the Fraser Valley made a big uptick from February. March, which kicks off the spring market, was still down from the ten year average but the market is showing early signs of a bit of a turn around after months of decreasing demand.

Prices also saw a slight growth in March after months of pricing decreases in the home price index.

The media always talks in terms of the "Real Estate Market" but there is no one market. It is a bunch of little markets that can and will work independantly of each other most of the time.

Not just differences in Cities but neighbourhoods and even some streets. Condos  could be on fire with multiple offers in one area where townhomes may be the rage in another.

So if you want to know what is happening in your market, don't rely on the news anchor telling you prices are falling and buyers have disppeared. This may not be the case in your area or neighbourhood. So whether buying or selling ask a good looking professional like me "what's MY market like"

CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!
 

 
Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Momentum continues to build in the Fraser Valley real estate market

SURREY, BC — March 2023 saw the second consecutive month of growth in sales in the Fraser Valley, and although still below seasonal norms, the trend is an encouraging sign that the region continues to head towards increased market stability.

 

At 1,550, property sales posted on the FVREB’s Multiple Listings Service (MLS®) were 72.6 per cent higher than sales recorded last month. Although 39.9 per cent lower than a year ago and nearly 25 per cent below the ten-year average, it marks the first time since August that monthly sales exceeded the 1,000 level.

“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”
 

As in all regions across the province and the country, low supply is still an issue and a primary factor driving price growth.

 

New listings, at 2,559, were 32 per cent higher than in February, but still 44.1 per cent below last year, while active listings were up by 2.8 per cent over last month and 3.5 per cent below last year. However, both are well off the ten-year average and among the lowest March listings recorded in a decade.




 

As a result, the aggregate sales-to-active listings ratio grew to 34 per cent, shifting the market into sellers territory, with demand for townhomes even more pronounced, at a 62 per cent ratio. (The market is considered balanced when the sales-to active listings ratio is between 12 per cent and 20 per cent.)

 

Benchmark prices continued to edge upward with roughly two per cent month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.


 

“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”

 

Properties spent slightly fewer days on the market compared to last month with detached homes posting 30 days on the market and apartments 29. Townhomes moved faster, at 26 days.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,390,600 the Benchmark price for an FVREB single-family detached home increased 1.9 per cent compared to February 2023 and decreased 21.7 per cent compared to March 2022.
  • Townhomes: At $794,400, the Benchmark price for an FVREB townhome increased 2.3 per cent compared to February 2023 and decreased 14.5 per cent compared to March 2022.
  • Apartments: At $521,800 the Benchmark price for an FVREB apartment/condo increased 2.3 per cent compared to February 2023 and decreased 11 per cent compared to March 2022.

 

 
 

 

 

 
 
Click here for the full FRASER VALLEY MONTHLY 2023 Sales Report
Click here for the full VANCOUVER MONTHLY 2023 Sales Report

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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January Real Estate Report

Bill Morris   

 
 

Your Trusted Source For Professional Real Estate Services
February 10, 2023
 

<<First Name>>

Inventory was at an all time low and sales reflected that lack of supply in January. Look for February to pick up both sales and listings. This early momentum swing will carry on into March and April. We won't break any records but there is a pent up demand from Buyers waiting for homes to be listed by the Sellers....

Banks are willing to negotiate rates as they look for more business.

REMAX has grounded all their ballons flights for the foreseeable future.....Not sure why??


CHEERS!!

Bill

 

CLICK HERE FOR MY NEW WEBSITE !!!
 

 
Bill Morris
Your South Surrey & White Rock Realtor®
RE/MAX Colonial Pacific Realty
604-314-7927
billmorris.ca
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Fraser Valley real estate sales record slowest annual start in ten years; January new listings lowest in over thirty years


SURREY, BC — The downward trend in Fraser Valley real estate sales continued in January as further interest rate hikes kept buyers sidelined.

 

With 626 transactions processed on the MLS®, sales were off by 12.6 per cent compared to last month and down by 52.2 per cent compared to this time last year. The last time January sales were this low was in 2013 at 617 sales.

 

 
 
 

 

“Buyers are understandably cautious, which explains the slow start to the year,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”

 

Although new listings saw an increase of 128.3 per cent over last month to 1,833, they are at the lowest level of new supply for January since 1984. Active listings rose slightly up 5 per cent to 4,118 over December 2022 and up by 76.6 per cent compared to this time last year.

 

“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we should see demand pick up.”

 

 

At $942,200, the composite Benchmark home price continued to edge downward, slipping by 1.4 per cent from December and off by 15.1 per cent compared to January 2022.

 

“After a market slowdown for the past several months, the Board is expecting a return to seasonal activity leading into spring,” said FVREB CEO Baldev Gill. “With rates still elevated, however, buyers and sellers would be well-advised to seek out the guidance of a professional REALTOR® to determine the best strategy and timing to take advantage of the anticipated market upswing.”

 

Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48, and a townhome was 40 days. Apartments took, on average, 41 days to sell.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,357,800, the Benchmark price for an FVREB single-family detached home decreased 1.4 per cent compared to December 2022 and decreased 17.6 per cent compared to January 2022.
  • Townhomes: At $773,100, the Benchmark price for an FVREB townhome decreased 1.8 per cent compared to December 2022 and decreased 8.8 per cent compared to January 2022.
  • Apartments: At $503,700, the Benchmark price for an FVREB apartment/condo decreased 0.2 per cent compared to December 2022 and decreased 5.9 per cent compared to January 2022.
Click here for the full FRASER VALLEY MONTHLY 2022 Sales Report
Click here for the full VANCOUVER MONTHLY 2022 Sales Report
Click here for the REMAX 2023 HOUSING MARKET RISK REPORT
Click here for the FIFTH AVE CONDO/TOWNHOME DEVELOPMENT REPORT

Bill Morris


Bill Morris
REMAX Colonial Pacific Realty
Copyright © 2023 Bill Morris, All rights reserved.


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