<<< back to article list

Fraser Valley Market Update for December 2016


  • +1

Blog by Liz Penner | December 5th, 2016


Image
Liz Penner 604-376-3350
Fraser Valley market moves to familiar territory in November

SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.

The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.

“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition," says Board President.

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016.Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.

“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market - and REALTORS® can certainly help with this,” explains Wiebe. “I'm pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region."

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

HPI® Benchmark Price Activity

• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.

• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.

• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.

Image
 
 
BUYING YOUR FIRST HOME? DON'T FORGET TO CLAIM THE FIRST TIME HOME BUYER CREDIT ON YOUR TAXES
Image
1. What is the home buyers' tax credit (HBTC)?
For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).
2. How is the new HBTC calculated?
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.
3. Am I eligible for the HBTC?
You will qualify for the HBTC if: 
you or your spouse or common-law partner acquired a qualifying home; and 
you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. 

1. What is the home buyers' tax credit (HBTC)?

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

2. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Am I eligible for the HBTC?

You will qualify for the HBTC if: 

  • you or your spouse or common-law partner acquired a qualifying home; and 
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. 
For more information watch the video or click on the link below:
New listing
Calera 2 bedroom, 2 bathroom condo
$309,900​​​​​​​
322-18818 68 Ave.
322-18818 68 Ave
Cloverdale, BC
Size: 762 SqFt
Bedrooms: 2
Bathrooms: 2
Parking Stalls: 2
Click here for more info
 
New listing
Waterstone 1 bedroom luxury condo
$219,900
202-6440 194 Street
202 6440 194 St.
Cloverdale, BC
Bedrooms: 1
Bathrooms: 1
Condo Size: 593
Parking Stalls: 1
Click here for more info
 
Just sold in the Grove
$319,900
Top floor corner unit
B409-8929 202 St.
B409-8929 202 St.
Langley BC
Bedrooms: 2
Bathrooms: 2
Condo Size: 898 SqFt
Parking Stalls: 2
Click her for more info
 
Just sold in the Grove
$319,900
B212 8929 202 St.
B212 8929 202 St.
Langley, BC
Bedrooms: 2
Bathrooms: 2
Condo Size: 905
Parking Stalls: 1
Click here for more info
 
Just sold! Coach Home in Clayton
$879,900
6760 193B St.
6760 193B St.
Cloverdale, BC
Size: 3,041 SqFt
Bedrooms: 6 + DEN
Bathrooms: 4.5
Click here for more info
 
 
Elizabeth Penner
Call today and find out what your home is worth
Liz Penner​​​​​​​
liz@lizpenner.com
 
Greyfriars Realty
604-534-5070
250-2411 160 St.
Surrey BC V3S 0C8