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June 3, 2022

Top 5 Searched Neighbourhoods In Vancouver In 2022

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Posted in Community News
Feb. 7, 2022

January 2022 Fraser Valley Market Report

Jan 2022 Market Report

Glimmer of hope for Fraser Valley home buyers as new listings surge in January   

 

SURREY, BC – On the heels of the busiest year in history for Fraser Valley real estate, January activity saw the beginnings of a market rebalancing. Overall property sales – still the third highest ever for January – cooled compared to December while the volume of new listings improved significantly.      

 

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service® (MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.  

 

 The Board received 2,135 new listings in January, an increase of 67.1 per cent compared to December 2021, and a decrease of 23.3 per cent compared to January of last year. Total active listings for the month were 2,332, down 44.6 per cent compared to January 2021, however an increase of 19.2 per cent compared to December 2021.  

 

Larry Anderson, President of the Board, said, “In January, REALTORS® saw the return of home sellers. Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.

 

“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.”

 

Baldev Gill, Chief Executive Officer of the Board, said, “For almost two years, Fraser Valley REALTORS® have worked hard to help their clients navigate safely during the longest, most intense seller’s market in our Board’s history. This protracted pandemic market has resulted in considerable upward pressure on home prices.

 

“We anticipate the seasonal influx of new inventory, such as we’re already seeing, could provide a welcome, albeit far from fully adequate, easing of price growth moving into 2022.”

 

In January 2022, the average number of days to sell a singlefamily detached home in the Fraser Valley was 25, compared to 35 days in January 2021; 12 days on average to sell a townhome and 17 days for apartments, compared to 28 and 37 days respectively, in January of last year.  

 

MLS® HPI Benchmark Price Activity

 

· Single Family Detached: At $1,569,300, the Benchmark price for an FVREB singlefamily detached home increased 4.6 per cent compared to December 2021 and increased 41.8 per cent compared to January 2021.

 

· Townhomes: At $796,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to December 2021 and increased 37.2 per cent compared to January 2021.

 

· Apartments: At $574,300, the Benchmark price for an FVREB apartment/condo increased 4.6 per cent compared to December 2021 and increased 30.6 per cent compared to January 2021.

 

The Fraser Valley Real Estate Board is an association of 4,429 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission

 

Posted in Market Updates
Feb. 3, 2022

January 2022 Vancouver Real Estate Market Report Update

 

 

 

Residential property sales in Metro Vancouver

The first month of 2022 saw home sales come down from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver*. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021. 

Last month’s sales were 25.3 per cent above the 10-year January sales average. 

There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.  

"Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices."

Keith Stewart, REBGV economist

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236). 

“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” 

For all property types, the sales-to-active listings ratio for January 2022 is 40.3 per cent. By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5 per cent increase over January 2021 and a two per cent increase compared to December 2021. 

Sales of detached homes in January 2022 reached 622, a 15.9 per cent decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7 per cent increase from January 2021 and a 2.2 per cent increase compared to December 2021. 

Sales of apartment homes reached 1,315 in January 2022, a 10 per cent increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14 per cent increase from January 2021 and a 1.8 per cent increase compared to December 2021. 

Attached home sales in January 2022 totalled 348, a 23.3 per cent decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3 per cent increase from January 2021 and a 2.5 per cent increase compared to December 2021. 

 

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Posted in Market Updates
Jan. 6, 2022

December 2021 Fraser Valley Market Report

Fraser Valley real estate market sees the busiest year in 100 year history     

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Posted in Market Updates
Jan. 6, 2022

December 2021 Vancouver Real Estate Market Report Update

Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.

 

 

Metro Vancouver* home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.

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Posted in Market Updates
Dec. 7, 2021

PreSales at Ellery Langley

Find comfort and calm at Ellery, a boutique collection of one and two-bedroom apartment homes from 518 to 898 sqft. nestled in Langley’s desirable Willoughby neighborhood. Superior concrete construction is paired with a sophisticated, minimalist design and a serene rooftop patio lounge. Live above a suite of wellness-inspired businesses, and steps from the shops and services at Willoughby Town Centre. At Ellery, living well is simply effortless.

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Posted in PreSales
Nov. 12, 2021

PreSales at Latimer Village BC

We are excited to announce the highly anticipated release of our next 6-storey building in Latimer Village, an anchor of the 74-acre master-planned, Latimer Heights community.

Newly designed floorplans offer exceptional space in these 1, 2 and 3 bedroom homes ranging in size from 618-1,325 square feet. Located in a desirable prime location near the most sought-after amenities these homes are anticipated to complete in Summer 2024.

 

1 Bedroom starting from low $400's
2 Bedroom starting from low $500's 

3 Bedroom starting from mid $700's 


With the overwhelming demand we have experienced in this one of a kind community we will be selling via 
priority appointments for this collection of 70 homes on Saturday November 13th and Sunday November 14th, 2021.

 

Posted in PreSales
Nov. 3, 2021

PreSales at Chronicle Surrey

CHRONICLE IS WHERE YOU CAN ENJOY A BRIGHT FUTURE WHILE CELEBRATING THE PAST.

You are one of a kind and so is your story. Chronicle is where you can celebrate your individuality in the charming neighborhood of Cloverdale. Modern 1 and 2 bedroom homes connect past to future in an incredibly unique setting. A designated heritage building, your exclusive Chronicle amenities space, is a dairy farmhouse from 1924. Enjoy modern urban conveniences while being seamlessly connected to the rich history of Cloverdale.

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Posted in PreSales
Nov. 3, 2021

October 2021 Fraser Valley Market Report

 

MLS® sales in the Fraser Valley remained strong in October while supply continued to diminish

SURREY, BC – Demand for Fraser Valley real estate remained solid in October with overall sales the third-highest on record.

 

 

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Posted in Market Updates
Nov. 2, 2021

October 2021 Vancouver Real Estate Market Update

 

 

Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.

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Posted in Market Updates