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Nov 3rd

October fails to scare away home buyers in Fraser Valley

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My Opinion, Dan Millar Sutton Premier Realty, we are entering interesting times again in the Fraser Valley Real Estate market. There are changes, variables, contradictions, and a very unusual 2018 coming at us quickly. The federal government is doing its best to undermine the purchase of homes, but I doubt hey will be successful in western Canada. We still have too much demand and too little supply to satisfy the buying public. First time buyers will be hurt while the rest will continue on and on.

October demand for buyers continues in the Fraser Valley, overall sales reached the second highest point in history.

There were 1,799 sales of all property types on the Multiple Listing Service® an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.

Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.

“The divide between our attached and detached markets continues to widen,” the, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”

Last month the total active inventory for the Fraser Valley was 5,483 listings, this decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016. The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.

In the Valley region the average days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $971,900, the price for a single family detached home decreased 0.3 per cent compared to September 2017.
  • Townhomes: At $502,800 the price for a townhome increased 0.8 per cent compared to September 2017.
  • Apartments: At $369,400, the price for apartments/condos increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.

Dan Millar Sutton Premier Realty 15483 104 Ave Surrey BC 604 537 4586

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201710.pdfGraph 2