Steady demand for homes heading into holidays, real estate board says

Fraser Valley home sales up slightly this November over last; Greater Vancouver sales 'relatively typical'

November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline, according to the Fraser Valley Real Estate Board.

The board processed 1,120 sales in November, an increase of three per cent compared to the same month last year, but a decrease of two per cent compared to 1,139 sales in October. In the past decade, the FVREB noted, sales decreased on average by nine per cent from October to November.

“Given the time of year, (the) Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point,” said FVREB president Sukh Sidhu. “For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.”

While sales remained stable, Multiple Listing Service inventory decreased from October to November, typical for the time of year.

“Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types,” said Sidhu.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.

In Metro Vancouver, the Real Estate Board of Greater Vancouver (REBGV) reports it saw “relatively typical” home sale and listing activity last month, with sales declining by 5.9 per cent compared to the same month last year, but increasing by 1.9 per cent compared to last month.

“The pace of home listings entering the market eased slightly in November compared to recent month, while sale levels remained fairly normal for this time of year,” said REBGV president Rosario Setticasi. “November activity helped put our market firmly in balanced territory.”

Since reaching a peak in June of $630,921, the REBGV said the benchmark price for all residential properties in the region has declined 1.4 per cent.

Just Posted

Kindergarten building survives move to Tashme property

Historic Japanese internment camp building near Hope to be completed by end of 2020

Man charged with stealing Chief Dan George sculpture from Abbotsford school

Piece turned up in Mission pawn shop after Chilliwack artist noticed it missing this summer

New real-time location technology coming soon to Fraser Valley buses

Waiting riders will be able to see location of their bus using their phones

Harrison Festival releases line-up for fall season

The 31st annual Season of Performing Arts will be kicking off Oct. 18

Hope firefighter receives commendation for 50 years of service

Fred Robinson began his career on Vancouver Island, still working hard

VIDEO: Liberals make child care pledge, Greens unveil platform on Day 6 of campaign

Green party leader Elizabeth May unveils her party’s platform in Toronto

Canucks sign Brock Boeser to three-year, US$17.6-million deal

Young sniper will be in Vancouver Tuesday

B.C. forest industry looks to a high-technology future

Restructuring similar to Europe 15 years ago, executive says

RCMP conclude investigation into 2017 Elephant Hill wildfire

Files have been turned over to BC Prosecution Service

B.C. wants to be part of global resolution in opioid company bankruptcy claim

Government says settlement must include Canadian claims for devastation created by overdose crisis

Guilty plea in Lower Mainland break-and-enter spree

Gordon Vincent Gladstone, 42, was charged with 12 counts relating to a dozen incidents in late 2018

Vancouver police officer hit with bear spray mid-arrest

Officer had been trying to arrest a woman wanted province-wide

B.C. ends ‘birth alerts’ in child welfare cases

‘Social service workers will no longer share information about expectant parents without consent’

Chilliwack’s Belle Voci brings three-day a cappella festival to Fraser Valley

Singers will learn from two of Lower Mainland’s best music leaders at Belle Voci A Cappella Festival

Most Read