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February Market Stats for the Fraser Valley and Changes to the BC first time home buyer loan program


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Blog by Liz Penner | March 7th, 2018


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Lack of supply continues to command Fraser Valley housing market
SURREY, BC – Despite slight increases to both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.
The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 percent increase compared to the 1,210 sales in January 2018.
Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.
"Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year," said John Barbisan, Board President. "Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level."
Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February 2017. The 10-year average for February active inventory is 7,487 units.
The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018’s 2,092 new listings, and a 5.6 per cent increase compared to February 2017.
"With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR® who can evaluate your local market and find the right price point for success.”
For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.
HPI® Benchmark Price Activity
• Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February 2017.
• Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February 2017.
• Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February 2017.
The Fraser Valley Real Estate Board is an association of 3,538 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in 2011.
 
BC First Time Home Buyer Loan has been cancelled effective March 31, 2018
BC Home Partnership Program 

One year ago the Liberal Government launched a first time home buyer loan program. The program was intended to be a 3 year 700 million program to assist qualifying first time home buyers with a down payment loan of up to $37,500. In order to qualify for the loan, you must be a first time home buyer, a resident of BC, purchase a home for under $750,000 and have 2.5% down. If you qualified for the loan the BC Government would give you a 25 year loan that was payment free and interest-free for the first 5 years.

This loan has been cancelled effective March 31, 2018. The loan program will be accepting applications unit March 31 and you will have 6 months from the date of application to complete your purchase. 

If you are considering using this program to purchase your first home then it would be wise to apply right away. 

Below is a link to the loan program web site.

For more information
 
New townhomes for sale in Langley and Cloverdale​​​​​​​
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If you are in the market for a townhome in Langley or Cloverdale then you may want to consider looking at a brand new home. When buying new construction you save the property transfer tax and the home comes with a 2/5/10 warranty. It’s a great solution for people looking to move right in and not have to do any fixing up.

I’ve been working with buyers in the Fraser Valley for 13 years. I have extensive training and plenty of experience selling new homes. I can work with you on the new home purchase to make the process simple and painless with no camping out and no competing offers.

Below is a link to a list of developments in Langley and Cloverdale that are currently marketing new homes for sale.

New townhomes in Langley

Gabriola Park 

They are now selling phase 7 with completion dates of January of 2019. Their cheapest units are priced at $629,900 plus 3.2% GST. The homes are 1,400 sqft with 3 bedrooms, 2.5 bathrooms and a tandem garage with parking for 2 cars. They are located at 20498 82 Ave, walking distance to the bus exchange and close to shopping.
http://gabriolapark.com/contact/

Township Commons 

This development opened for sale February 17th. The building is across the street from the Costco in langley They have 2 bedroom townhomes starting at $569,900 plus GST and will be ready in 2020. Below is a link to the preview package.

Township Commons Preview Package

Boulevard at Town Centre

This is townhome development being marketed by 5th Avenue Marketing. They are pre-selling homes that won’t be ready until 2020. They are opening up to previews but the show home isn’t open yet.

https://fifthave.ca/listings/boulevard/

Park Hill

Located at 201 Street and 68 Ave. They have 25 townhomes left, the prices start at $599,900 plus GST and are ready as early as summer of 2018.

http://www.liveatparkhill.ca/index.html

Langley Townhomes that aren’t selling yet 

Focus Townhomes

Built by Phoenix homes. More info to come

http://www.phoenixhomesbc.ca/home/

Willoughby by Garcha

This is a development of 185 townhomes located at the corner of 72 Ave and 208 Street. More info to come

https://garchahomes.com/project/willoughby/

Sullivan by Sunmark Developments

This is a 60 unit development at 21132 77A Street yet. They haven’t started selling or set up a website yet.

Cloverdale Townhomes

Mosiac Homes is selling Hawthorne in Cloverdale. They have units as cheap as $469,900 plus GST for a 1 bedroom plus den townhome.

https://mosaichomes.com/property/hawthorne/

Clayton Walk

Located at the corner of 64 Ave and Fraser Highway. This development will be very accessible to transit. They are releasing a phase in a couple weeks that will have units with double garages for $650,000 plus GST. These homes will be ready in Jan 2019.

http://claytonwalk.com

The town in East Clayton

This development only has 5 units left with the cheapest unit selling at $720,000 plus GST.

https://www.thetowneliving.com

Aloha Estates

This is a development of 40 townhomes in Cloverdale at 196 Street and 72 Ave area.

https://www.blackonyxmarketing.ca/properties/aloha-estates-townhouses-for-sale-geo-thermal-energy-efficient/

Brookside Walk

Located at 6479 192 Street. They have 5 homes available for immediate occupancy and are almost end units. The prices are starting at $719,900. All of the units come with air conditioning.

http://liveatbrookside.ca

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SOLD 
Walnut Grove 2 bedroom rancher townhome 
$599,900
320-18818 68 Ave. 
8-8889 212 St.
Langley, BC
Size: 1,554 SqFt
Bedrooms: 2 
Bathrooms: 2
Parking: Double Garage
Click here for more info
 
Just SOLD 
brand new 1 bedroom plus den condo in Fraser Heights
211-9983 Barnston Drive 
211-9983 Barnston Drive
Surrey, BC
Size: 612 SqFt
Bedrooms: 1 + den 
Bathrooms: 1
Parking: 1 spots
Click here for more info
 
JUST SOLD
Willoughby Heights 3 bedroom, 3 bathroom end unit townhome with double garage
$684,900
88-20350 68 Ave. 
88-20350 68 Ave. 
Langley, BC
Size: 1,786 SqFt
Bedrooms: 3
Bathrooms: 3
Strata Fee: $197.81
Click here for more info
 
JUST SOLD
CENTRAL CITY 4 BEDROOM TOWHHOME
$749,900
2922 Wiggins 
11 - 13328 96 Ave
Surrey, BC
Size: 1,776 SqFt
Bedrooms: 4
Bathrooms: 4
Parking: 4
 
Click here for more info
 
SOLD
Langley Meadows 4 bedroom, 2 bathroom house
$798,800
2922 Wiggins 
 
 
2940 Wiggins Place
Langley, BC
Size: 1,700 SqFt
Bedrooms: 4
Bathrooms: 2
Lot Size: 5,840
Click here for more info
 
SOLD
Clayton Heights Townhouse
36-19128 65 Ave. 
36-19120 65 Ave.
Clayton Heights, BC
Size: 1,113 SqFt
Bedrooms: 3
Bathrooms: 2
Parking: 2 cars
Click here for more info
 
Liz Penner
Greyfriars Realty
Liz Penner.com
604-376-3350
#250-2411 160 Street 
SURREY BC V3S08C
CANADA

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