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November Fraser Valley Real Estate Market Conditions Update


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Blog by Liz Penner | November 4th, 2016


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Liz Penner 604-376-3350
Sales increase slightly as inventory hits 10-year low for the month of October 
SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month. The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016. 
Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain. 
“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President. 
Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015. 
The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings. 
“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.” 
For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015. 
The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200. 
The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year. —30 — 

The Fraser Valley Real Estate Board is an association of 3,231 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

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PROPERTY TRANSFER TAX CHANGES
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On February 16, 2016, the B.C. government made some significant changes to the Property Transfer Tax.
Tax Rate Changes:​​​​​​​ After February 16, 2016, the property transfer tax is charged at a rate of:
1% on the first $200,000,
2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
3% on the portion of the fair market value greater than $2,000,000.
On or before February 16, 2016, the property transfer tax was charged at a rate of 1% on the first $200,000, and 2% on the portion of the fair market value greater than $200,000.
This rate change will affect homebuyers who purchase homes above $2,000,000.00. This will not affect any homebuyers who purchase a home below $2,000,000.00

On February 16, 2016, the B.C. government made some significant changes to the Property Transfer Tax.

Tax Rate Changes

After February 16, 2016, the property transfer tax is charged at a rate of:

  1. 1% on the first $200,000,
  2. 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
  3. 3% on the portion of the fair market value greater than $2,000,000.

On or before February 16, 2016, the property transfer tax was charged at a rate of 1% on the first $200,000, and 2% on the portion of the fair market value greater than $200,000.

This rate change will affect homebuyers who purchase homes above $2,000,000.00. This will not affect any homebuyers who purchase a home below $2,000,000.00

 
OPEN HOUSE NOV 5/6 FROM 2-4PM
WALNUT GROVE CONDO
$339,900
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
Large Walnut Grove House backing onto School
$859,900​​​​​​​
9489 212 St.
9489 212 ST
Langley, BC
Size: 3,000 SqFt
Bedrooms: 3
Bathrooms: 2.5
Lot Size: 5,810 SqFt
Click here for more info
Just sold! Coach Home in Clayton
$879,900
Open House 
Sat/Sun Oct 15/16 
From 2-4PM
6760 193B St.
6760 193B St.
Cloverdale, BC
Size: 3,041 SqFt
Bedrooms: 6 + DEN
Bathrooms: 4.5
Click here 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
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
 
#250-2411 160 Street 
SURREY BC V3S08C
CANADA 

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