There were few signs that Canada’s home resale market was letting up in this morning’s statistics from the Canadian Real Estate Association (CREA). The numbers showed that home resales rose (albeit modestly) for the sixth consecutive month nation-wide in July to the highest level since March 2010, and that prices were still up comfortably from year-ago levels. While the fact that July sales levels moved further above the longterm average indicates that the market is getting hotter overall, this latest increase stemmed more from the temperature rising in previously cooler local markets than an overheating in markets that saw strong gains earlier this year such as Toronto, Calgary and Vancouver. In fact, activity fell in these three markets in July. Where the upward pressure emerged in July relative to June was in areas such as Montreal, Ottawa, Victoria and Halifax in July, which were soft markets until very recently. 

 

 

The supply side of the market continued to adjust upwardly, thereby maintaining some balance with demand overall. The Calgary and Toronto markets continue to be among the few where supply is tight relative to demand; however, Toronto saw some reprieve in July with new listings rising faster than resales. The demand-supply balance also eased in Vancouver.

 

Home prices (MLS HPI) climbed at a year-over-year rate of 5.3% overall in Canada in July, still faster than growth in household disposable income (3.2%); however, the increase was still narrowly based in Calgary, Toronto and, to a lesser extent, Vancouver, where gains were substantial.

 

For the full report please click here.

 

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Neither predictions of a huge crash or notable recovery came to pass in 2013 as Fraser Valley’s real estate market stayed slow and steady, similar to 2012’s market.

 

Fraser Valley’s total sales volume last year was 13,663 a decrease of 1.5 per cent compared to 13,878 in 2012. Over the course of the year, Fraser Valley REALTORS® listed 29,338 properties on the Multiple Listing Service® (MLS®), a 5.4 per cent decrease compared to 2012’s 31,009 listings. The number of active listings at year’s end finished at 7,541, 5 per cent higher compared to 7,187 active listings in December 2012.

 

Ron Todson, President of the Fraser Valley Board, says, “It wasn’t the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall.

 

“The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they’ve been in last decade, we didn’t see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand.”

 

Read the full report here.

 

Welcome to 2014!

 

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From the Fraser Valley Real Estate Board: Continued improvement in Fraser Valley’s housing market!

 

Great news!

 

"Buyers and sellers continued to show greater confidence in the market last month as home sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) edged closer to typical levels.

 

The Board processed 1,258 sales in August, an increase of 17 per cent compared to the 1,073 sales in August of last year however, the volume remains 13 per cent below the 10-year average for the month.

 

Ron Todson, President of the Board, explains, “The best way to describe our market currently is one of continued, modest improvement as buyers and sellers become more confident."

 

“In the last month in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offer subject to another sale, we’re seeing fewer deals collapse and we’re seeing more move-up buyers, either improving on the size or quality of their existing home. These are all indicators of a return to a more typical, stable market.”

 

In terms of inventory, the Board received 2,353 new listings in August, a decrease of 2 per cent compared to the 2,406 new listings received during the same month last year – leaving the volume of active properties at 10,127 a decrease of 2 per cent compared to August 2012.

 

Todson says, “An important measure of the balance between housing supply and demand is the number of months it would take to sell our existing inventory. We’re currently sitting at eight months’ supply in the Fraser Valley, indicating a balanced market, which is also being reflected in the stability of home prices."

 

You can read the entire original post here.

 

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I'd love to share with you today an update on how the Real Estate market is doing in BC.  Watch BCREA Chief Economist Cameron Muir discuss the March 2013 statistics:

 

 

Do you have questions about today's market?  Please don't hesitate to get in touch with me here, or over on Facebook (click the link to bring you straight to my page).

 

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There are positive signs Fraser Valley housing market is starting to move

 

Good news today from the Fraser Valley Real Estate Board:

"Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month. However year-over-year, they reflect a decrease of 28 per cent compared to the 1,269 sales processed in February 2012. Since last September, home sales have idled at levels last seen in the early 2000s.

 

Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand-off between buyers and sellers over the last six months is coming to an end.

 

“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”

Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6 per cent compared to 2012.

 

“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale."

You can read the entire post here.

 

If you have questions regarding the latest update on the status of real estate in the Fraser Valley area please don't hesitate to get in touch with me at 604-832-8229 or email me at michele@michelecartwright.com.

 

Till next time ...

 

 

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