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Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when it was $513,798.

The HPI benchmark price of Fraser Valley townhouses decreased by 8 per cent in one year, going from $322,295 in December 2007 to $296,296 in December 2008, while the benchmark price of apartments decreased from $247,822 to $237,786, a - 4 per cent change in one year.

“Prices could not have continued to increase at the pace they were over the past six years,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “The change in the real estate cycle has created tremendous opportunities for consumers right now and they’re starting to recognize that fact.

“Fraser Valley REALTORS® were already seeing home sales in early December surpass those of November, signaling that buyers recognize the current advantages of price reductions combined with historically low interest rates and inventory at record levels.”

Fraser Valley’s total sales volume in 2008 was 13,194 compared to 18,862 in 2007. Over the course of the year, Fraser Valley REALTORS® listed 35,651 properties, an 8 per cent increase compared to 2007’s 32,953 listings. The number of active listings at year’s end finished at 9,960, 50 per cent higher compared to 6,646 active listings in December 2007.

Year-to-date average prices of single-family detached homes in the Fraser Valley increased 3.4 per cent going from $520,317 in December 2007 to $537,960 in December 2008. In one year, the average price of a townhouse increased 3.6 per cent going from $322,578 in 2007 to $334,259 in 2008. The average apartment price increased 5.8 per cent, reaching $229,488 in 2008 compared to $216,990 in 2007.

* The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

(Surrey, BC) - Property sales in the Fraser Valley decreased by 62 per cent in November compared to the same month last year, moving from 1,327 sales on the Multiple Listing Service® (MLS®) in November 2007 to 507 sales for the same period in 2008.

“We’re seeing the combined effects of a lack of consumer confidence with the overall global economy added to a typical, seasonal slowdown in real estate,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “This new buyers’ market is creating excellent opportunities; in particular, for those buying a larger home, in prime locations or looking for an affordable purchase.”

Neufeld explains how upgrading from an average townhome in the Fraser Valley to an average single family detached home is more affordable than it was six months ago. “Compared to May 2008, average detached home prices have decreased by 6.8 per cent and townhomes by 6.2. Since detached homes have greater value, a person upgrading now is spending thousands of dollars less than they would have six months ago.

“This is an excellent market in which to find quality properties because fewer people are buying.”

The average price of a single family detached home in the Fraser Valley in November was $511,698, increasing by 0.1 per cent from $511,176 the same month last year but a decrease of 6.8 per cent since the peak of the market in May. Townhomes went for an average $319,883 last month, a decrease of 1.7 per cent compared to November of last year when they averaged $325,409 and a decrease of 6.2 per cent since May. The average price of an apartment in November was $213,801, a decrease of 0.6 per cent compared to $215,118 last year and a decrease of 6.9 per cent compared to May 2008.

While average prices remained stable or decreased modestly over one year, the benchmark prices, or the price of a “typical” home in the Fraser Valley in all three residential categories decreased by larger margins. The benchmark price for single family detached decreased by 6.6 per cent in one year, townhomes decreased by 5 per cent and apartments by 6.1 per cent.

Neufeld explains, “The housing price index is the most consistent barometre of prices because it measures a constant product, whereas average and median prices are affected when more expensive or more economical homes sell.

“REALTORS® watch benchmark prices closely. November’s numbers are telling us that typical homes in the Fraser Valley are becoming more affordable. That’s great news for families wanting to buy rather than rent, in order to have a smart, long-term investment.”

The Board received 1,866 new listings in November, a 13 per cent decrease from the 2,154 new listings received during the same month last year, taking the number of active listings to 11,800, 47 per cent higher than November of last year, but only 1 per cent higher than October 2008.

In September, a record level of inventory combined with a ‘wait and see’ approach from prospective buyers has improved the affordability of single detached homes across Fraser Valley communities.

Kelvin Neufeld, President of the Fraser Valley Real Estate Board, says, “Although our economic fundamentals remain solid, it’s fair to conclude that the U.S. financial situation is affecting consumer confidence here.

“People are closely following what’s happening south of the border, they’re watching the financial markets, and in some cases, delaying big ticket purchases that they feel aren’t essential right now.”

A total of 980 sales were processed through Fraser Valley’s MLS® in September, a decrease of 26 per cent compared to 1,332 sales in September 2007. The Board received 3,053 new listings last month, a 17 per cent increase from the 2,614 new listings received during the same month last year. That takes the number of active listings to a new record high of 12,379, an increase of 56 per cent compared to the number of properties available during September of last year.

Neufeld adds that in addition to a significant increase in selection, the current market brings other advantages, “REALTORS® are seeing more rental accommodation coming on the market. Properties are becoming more
competitively priced and thus becoming more affordable.

“For people who are moving for ‘life purposes’ and feel that their return on investment isn’t what it ‘could’ have been, it’s important to remember that the new home they’re buying will likely be priced lower as well. Over the long-term, real estate in the Fraser Valley has proven to be an excellent investment.”

The average price of a single family detached home in the Fraser Valley was $522,816 in September 2008, a decrease of 2.4 per cent compared to $535,572 in September of last year. Average prices of detached homes in Abbotsford, Langley and Surrey showed year over year declines, while average prices of townhomes and apartments fared better in most Fraser Valley communities compared to last year.

Townhomes went for an average $329,947 last month, reflecting a 2.6 per cent increase from September 2007 when they averaged $331,480 and the average price of an apartment in September was $232,219, an increase of 0.8 per cent compared to $230,280 last year. However in some Fraser Valley markets, townhomes and apartments have experienced year over year average price decreases.

In July, Fraser Valley buyers had the greatest selection ever of properties to choose from with a record 12,299 active listings for all property types available on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), an increase of 56 per cent compared to the number of properties available the same month last year.

A total of 1,284 sales were processed through Fraser Valley’s MLS® in July, a decrease of 35 per cent compared to 1,984 sales in July 2007. The Board received 3,742 new listings last month, a 20 per cent increase from the 3,120 new listings received during the same month last year.

Kelvin Neufeld, president of the Board puts the numbers in context, “Our sales have returned to normal levels while our inventory has increased for seven consecutive months.

“It’s a situation of supply and demand. Buyers are now in the driver’s seat in Fraser Valley and we’re starting to see that reflected in home prices. July’s average prices for single family homes and townhomes are almost on par with last year, while average prices for condos remain resilient thanks to the affordability factor.”

The average price of a single family detached home in the Fraser Valley increased by 2 per cent, going from $519,896 in July 2007 to $530,455 last month. Townhomes went for an average $324,042 last month, reflecting a 0.2 per cent increase with July of last year when they averaged $323,259 and the average price of an apartment in July was $234,597, an increase of 6.5 per cent compared to $220,275 last year.

Neufeld adds, “For sellers right now, you’ll need every bit of expertise and knowledge from your REALTOR® to establish a competitive price. They’ll show you how your home stacks up with the vast number of comparable homes on the market and they’ll make recommendations as to its presentation, price and marketing strategy to ensure it gets sold.”

The current average length of time to sell a single family home in the Fraser Valley in July was 50 days. For detailed average days to sale data by property type and area – contact your local REALTOR®.

(Surrey, BC) – Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.

The Fraser Valley Real Estate Board posted 1,599 sales in May, a decrease of 26 per cent compared to the 2,152 sales processed on the MLS® during May 2007. At the same time, the Board received 3,941 new listings, taking the number of active listings to 11,133, an increase of 33 per cent compared to the 8,381 listings available during May 2007.

“We’re experiencing a return to more normal market conditions,” explains Kelvin Neufeld, president of the Board. “In a balanced market, we can generally advise our clients to take a little longer, look at a wider variety of properties and negotiate harder when it comes to price.”

However, Neufeld cautions, “It also depends on where you’re looking and for what type of home because we’re still experiencing market conditions that favour the seller in some parts of the Fraser Valley, which is why local advice from your REALTOR® is so valuable in an adjusting market.”

For example, in Abbotsford, the average price increase for a single family detached home remained in the double digits in May, increasing 11.3 per cent compared to the same month last year. In Mission, the average townhome took only 12 days to sell in May 2008, compared to 38 days for the average townhome in Fraser Valley, and average price increases for condos in both Surrey and Abbotsford remained solid at nine per cent.

Overall, average apartment prices in the Valley increased by 5.2 per cent compared to last year. They averaged $229,727 in May 2008, compared to $218,371 last May. Similarly, the average price of a single family detached home in the Fraser Valley increased by 5.4 per cent, going from $521,444 in May 2007 to $549,612 last month.

Townhomes went for an average $341,149 in May, an increase of 2.9 per cent compared to the same month last year when they averaged $331,476.

(Surrey, BC) – In March, selection reached a 10-year high on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), with the number of active listings reaching 9,361, an increase of 27 per cent compared to the 7,351 listings available during the same month last year. The previous March that offered as much or greater inventory was in 1998, when Fraser Valley had 10,148 active listings.

The total number of sales processed through Fraser Valley’s MLS® in March was 1,315, a decrease of 25 per cent compared to March 2007 when 1,743 sales were processed.

The number of new listings in March also decreased slightly with the Board receiving 3,277 compared to 3,369 new listings received during the same month last year, a decrease of 3 per cent.

In March, average Fraser Valley home prices continued to increase in the strong single digits for detached and townhomes and remained in the double digits for condominiums.

Kelvin Neufeld, president of the Fraser Valley Real Estate Board explains, “With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards.

“Our advice is that to sell your home this spring, work with your REALTOR® to ensure it’s priced correctly because buyers are taking a careful look at the broader range of homes available on the MLS®.”

In March, it took almost four days longer on average to sell a Fraser Valley detached home, 50.7 days compared to the 46.9 days during March of last year. Apartments took almost eight days longer to sell with the average days to sell in March at 47.3 compared to 39.4 during the same month last year and townhomes saw the smallest increase in average days to sell, increasing 1.8 days, going from 33.6 in March 2007 to 35.4 days last month.

The price of a single-family detached home in March averaged $550,259, an 8.1 per cent increase in one year. The average price in March 2007 was $509,197. The average price of a Fraser Valley townhouse in March was $346,949, an increase of 8.6 per cent compared to last year’s average price of $319,592. Average apartment prices in the Fraser Valley increased by 13.6 per cent compared to last year. In March 2007, they averaged $203,874 compared to $231,669 last month.

(Surrey, BC) – The Fraser Valley Multiple Listing Service® (MLS®) January 2008 statistics reveal an increase in selection for buyers and continued price increases for sellers in the Fraser Valley.

There were 956 MLS® sales processed in January, a decrease of 4 per cent compared to the 1,001 sales processed the same month in 2007. However, there was an 18 per cent increase in new listings in January 2008 compared to the number received in January last year – 2,850 news listings compared to 2,425. January’s total active inventory at 7,554 listings finished 24 per cent higher than the 6,099 active listings during January 2007.

“With more inventory buyers have greater freedom to comparison shop and we’re seeing evidence of that in the increase of the average number of days homes are staying on the market,” confirms Jim McCaughan, president of the Fraser Valley Real Estate Board. “Comparing October 2007 to January 2008, detached homes in the Fraser Valley are taking three days longer to sell, apartments five days and townhouses 14 days more.

“In the real estate industry a winter calm or ‘re-stocking of our shelves’ often precedes our busiest season, which is spring. We are anticipating a solid spring market with average home prices continuing to increase, but at a slower pace compared to last year.”

In January, the average price of a single-family detached house in the Fraser Valley was $524,293, an increase of 6 per cent compared to January 2007, when the average price was $494,177.

Fraser Valley townhouses sold for an average of $340,760 in January, an increase of 12.6 per cent from the average price of $302,591 in January 2007. The average price of a Fraser Valley apartment increased by 12.3 per cent in one year, going from $199,995 in January 2007 to an average of $224,547 in January 2008.

(Surrey, BC) – The Fraser Valley Real Estate Board reports more activity on the Multiple Listing Service® (MLS®) in November compared to 2006.

The total number of sales processed through the MLS® in November was 1,327, an increase of 11 per cent compared to the same month last year when 1,194 sales were processed.

“The market typically slows a little at this time of year, which is evident in the decrease in November’s sales and new listings compared to October of this year,” says Jim McCaughan, president of the Board.

McCaughan, a 30-year real estate veteran, explains why November 2007 outperformed the same month last year, “It’s thanks to a healthier supply. We’ve had strong demand in the Fraser Valley for essentially the last five years, however we haven’t always had as broad a selection of product. Our recent increase in inventory is what’s keeping sales solid.”

The Board added 2,154 new listings in November, an increase of 9 per cent compared to November 2006. The total active inventory for November 2007 was 8,593, an increase of 16 per cent compared to 7,391 active listings in November of last year.

The average price of a single-family detached home in the Fraser Valley in November was $511,176, an increase of 4.9 per cent from 2006 when the average price was $487,392.

Townhouses sold for an average of $325,409 in November, an increase of 6.2 per cent from 2006 when the average price was $306,509. The average apartment price went up 7.5 per cent in one year, from November 2006’s average of $200,032, to $215,118 for 2007.

On home prices McCaughan says, “We are starting to see month to month fluctuations in price in all property types in all Fraser Valley communities although, as your REALTOR® will tell you, the overall trend in prices remains higher year over year.”

(Surrey, BC) – The average price of a single family home in the Fraser Valley reached $535,572 in September, the highest average price ever, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®. September’s MLS® numbers also revealed steady sales for sellers and increased inventory for Fraser Valley buyers.

“September numbers show that Fraser Valley buyers and sellers took a bit of a breather after an unusually busy summer market, but we can see that the return to a lower sales level and an increase in inventory hasn’t affected the strength in average prices,” observes Kelvin Neufeld, president-elect of the Fraser Valley Board.

September’s average price for a single detached home at $535,572 reflects an increase of 8.5 per cent compared to the average price of $493,727 from the same month last year. Average townhouse prices increased by 2.8 per cent in one year going from $312,829 in September 2006 to $321,480 last month. Apartment prices averaged $230,280 last month, an increase of 12 per cent compared to $205,520 during September of last year.

“In September, the communities of Surrey, Langley and Mission reached their highest average prices on record for a single family home and in August that happened in North Delta and Abbotsford.”

There were 1,332 sales processed through the Multiple Listing Service® (MLS®) in September, on par with last year when 1,323 sales were processed in September 2006. This marks a decrease of 25per cent compared to the previous month’s sales of 1,763 in August.

The number of total active listings increased by 22 per cent in one year, going from 6,918 active listings in September 2006 to 8,429 last month. The number of new listings in September at 2,614 was also six per cent higher than the 2,456 new listings received during the same month last year.

(Surrey, BC) – Sales on the Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®) in July were the second highest on record for that month.

A total of 1,984 sales were processed through the MLS® in July, an increase of 21 per cent compared to 1,635 sales the same month last year, and only a three per cent decrease compared to the strongest July on record, 2,051 sales in 2005. 

Jim McCaughan, President of the Fraser Valley Real Estate Board, attributes July's near record sales to a number of factors. "BC's economy continues to hum along, Fraser Valley REALTORS® are receiving a strong influx of new listings and some of our clients are feeling a little uncertainty about where interest rates are going. It all adds up to a desire to invest in real estate now."  

The number of active listings in July at 8,376 is 35 per cent higher than July 2006 inventory which sat at 6,200.  A total of 3,120 new listings were added to the MLS® in July, compared to 2,657 new listings added in July of last year.  

"Average annual price increases remain solid, however we are seeing price increases start to moderate on a month to month basis," says McCaughan. "Demand is strong for townhomes and apartments in Surrey, Langley, Abbotsford and Mission, which is why we continue to see an increase in both the number of sales and prices for those property types."

Townhouses in the Fraser Valley averaged $323,259 in July, a 7.1 per cent increase compared to the average price last year of $301,718. Apartments saw the highest July to July increase at 10.8 per cent with the average price going from $198,882 last year to $220,275 this year.

In July, single family detached homes averaged $519,896, an increase of 6.2 per cent compared to last year's average price of $489,547.

Surrey, BC - Sales and prices remained strong, while new listings climbed during the month of May, according to statistics from the Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®).

The total number of sales processed through the MLS® in May was 2,152, a decrease of 4 per cent compared to the same month last year - the highest May on record - when 2,245 sales were processed. This is an increase of 21 per cent compared to last month when 1,781 properties sold in April, 2007.

May's increase in new listings at 3,691 was the second highest influx of new inventory on record for the Fraser Valley Board's MLS®. New listings increased by 34 per cent compared to the same month last year taking the number of active listings in May to 8,381, an increase of 52 per cent compared to the 5,496 active listings in May of 2006.

"When you compare this spring's increase in new listings to other similar periods historically, what's most notable is the strength in sales right now," says Kelvin Neufeld, President-elect of the Fraser Valley Real Estate Board. "Buyers obviously wanted more selection in the Fraser Valley and they're responding, which is why sellers continue to get an excellent return."

In May, the average price of a single-family detached house in the Fraser Valley was $521,444, an increase of 12.6 per cent compared to the same month last year when the average price was $463,100.

The average prices of townhomes and apartments both rose 13.9 per cent in one year. The average townhome price in May 2007 was $331,476 compared to $291,079 in May of last year. The average apartment price in May 2007 was $218,371 compared to $191,671 the same month last year.

"With the increase in competition, accurate pricing becomes even more important," says Neufeld. "In May, Fraser Valley REALTORS® helped their clients achieve very close to list price with an average listing to sale price ratio of 98 per cent for residential homes."

Using the services of a REALTOR®, who has detailed access to the private MLS® database, is the most effective way to market or purchase a home. The Fraser Valley Real Estate Board is an association of 2,898 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

(Surrey, BC) – March sales figures from the Fraser Valley Real Estate Board’s Multiple Listing Service® show a swell of new listings balanced by strong average prices and demand.

The total number of sales processed through the MLS® in March was 1,743, a decrease of 16 per cent compared to the same month last year when 2,072 sales were processed. New listings increased by 33 per cent compared to the same month last year with 3,369 new listings in March taking the number of active listings to 7,351, an increase of 46 per cent compared to the 5,037 active listings in March of 2006.

“The wider selection gives people more time to make their buying decision,” says Jim McCaughan, President of the Fraser Valley Real Estate Board. “This is reflected in the gradual increase we’ve seen in the number of days a Fraser Valley home is on the market.”

Compared to the same month last year, it took eight days longer to sell a single-family detached home in the Fraser Valley in March 2007 and just over five days longer for townhomes and apartments.

“It’s important to note that although REALTORS® and their clients have a few more days to do their research, the timeframe is still a competitive month to two months to sell a home in the Fraser Valley.” McCaughan adds that this is one reason average prices remain so strong.

In March, the average price of a single-family detached house in the Fraser Valley was $509,197, an increase of 15 per cent compared to the same month last year when the average price was $442,726.

The average price of townhomes also saw an increase of 15 per cent, going from $277,999 in March 2006 to $319,592 in March 2007. The average apartment price in March 2007 was $203,874 compared to $180,545 the same month last year, an increase of 12.9 per cent.

(Surrey, BC) – Buyers in the Fraser Valley are seeing an increase in home selection and sellers continue to see strong return on their investment as Fraser Valley housing statistics show a return to a balanced market.

There were 1,323 sales processed through the Multiple Listing Service® (MLS®) in September, a decrease of 23 per cent compared to the same month last year when 1,726 sales were processed, yet comparable to the 1,346 sales processed in September 2004.

By contrast, the number of total active listings increased by 19 per cent in one year, going from 5,824 active listings September 2005 to 6,918 last month. The ratio comparing sales to active listings indicates the type of market. A balanced market is any ratio between 18 and 22 per cent. At 19 per cent, September’s activity falls in this range.

“A balanced market is good news for buyers because it gives them a wider selection and more time to think about a home before they make a decision,” says David Rishel, president of the Fraser Valley Real Estate Board.
“The other side of that balance is that demand is keeping prices strong and stable in all categories which is welcome news to sellers.”

The average price of a single-family home in the Fraser Valley in September was $493,727 up 20.3 per cent compared to the average price of $410,335 from the same month last year. Average townhouse prices increased by 23.7 per cent in one year going from $252,974 in September 2005 to $312,829 last month. Apartment prices averaged $205,520 last month, an increase of 26.4 per cent compared to September last year.

“In addition to strong home values, another indicator of the strength in our current market is the consistency in the average number of days to sell compared to last year, even though inventory has increased by almost 20 percent,” explains Rishel. “Single-family homes on average sold two days faster last month than they did September 2005.”

(Surrey, BC) – More properties were sold on the Multiple Listing Service® last month in the Fraser Valley than any May on record.

The Fraser Valley Real Estate Board reports there were 2,245 sales processed on the MLS® in May, compared to 2,067 sales in May 2005, an increase of 9 per cent.

“We knew it was going to be a strong month but we couldn’t have predicted that strong,” says Board President David Rishel. “That is a significant increase over the same month last year which at that time was beating records last set in 1991.”

The strong demand and lack of new inventory resulted in a decline of active listings. There were 2,750 new listings received in May, down 7 per cent compared to the number of new listings added in May 2005. This brought the total number of active listings in May 2006 to 5,496, a decrease of 16 per cent compared to last year.

“The combination of heavy demand and an increase in prices in the Fraser Valley is possibly leaving some buyers and sellers feeling pressured,” Rishel explained. “Enlist the help of a professional to make an informed decision, that’s what we’re here for.”

The average price of a single-family detached home in the Fraser Valley was $463,100, an increase of 19 per cent from May 2005 when the average price was $389,288. Townhouses increased by 16.2 per cent going from an average of $250,447 in May 2005 to $291,079 in 2006. Apartments averaged $191,671 last month, an increase of 23.8 per cent compared to last year's $154,848.

(Surrey, BC) – For the tenth month in a row, real estate sales increased in the Fraser Valley, with March showing 2,072 properties sold on the Multiple Listing Service® (MLS®), compared to 1,922 in 2005.

That 8 per cent increase in sales contrasts with a decrease in the number of listings received and a decrease in the overall number of active listings. Active listings closed at 5,037, which is 20 per cent fewer than one year ago. The number of new listings received in March was 2,540, a decline of 10 per cent compared to last year’s 2,815 new listings.

Fraser Valley’s president David Rishel says in March demand outpaced supply, “In this type of market, it is more critical than ever for buyers to rely on their agent to keep them informed, prepared and guide them through what could be a time-sensitive decision.”

Prices also reflect demand with the average price of a single-family detached house in the Fraser Valley increasing by 19.4 per cent in one year to $442,726 in March, compared to last year’s $370,661.

Townhouses sold for an average of $277,999 in March, an increase of 17.3 per cent from 2005 when the average price was $236,998. The average apartment price went up 23.4 per cent in one year, from March 2005’s average of $146,362, to $180,545 in 2006.

Rishel points out that prices are starting to level off when you look at a shorter time frame, “Month to month we’re seeing more moderate increases in prices such as lower single digit increases indicating slower, long-term growth which is good for the market.”

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public MLS® advertising web site www.mls.ca. Using the services of a Realtor®, who has detailed access to the full, private MLS® database, is the most effective way to purchase your new home. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,572 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Vancouver, BC – February 23, 2006. There was good news for homeowners in Tuesday’s provincial budget, as $309 million was injected into the Home Owner Grant Program. A 22 per cent boost in the amount of the basic grant available, now $570 per qualifying homeowner, was the centerpiece of the announcement.

“This marks the first time in 13 years that the amount of the basic grant has been increased,” notes British Columbia Real Estate Association (BCREA) President Dave Barclay. “The impact of this is significant when you consider the government’s announcement that it plans to raise the grant qualifying threshold to $780,000.” The change will need to be included later this spring in the Budget Implementation Act.

At least 27,000 additional homeowners are expected to qualify for the basic grant under the changes. The grant for seniors, disabled people and veterans was also increased to $845 from $745.

“The strain on housing affordability requires considerably more attention,” explains Barclay, who suggests changes to the notorious Property Transfer Tax (PTT) would have meaningful results for first-time, middle and low-income homebuyers.

The PTT is a registration tax an individual must pay when purchasing or acquiring an interest in property. The amount payable depends on a property’s fair market value, and is charged as one per cent on the first $200,000, plus two per cent on the remainder.

The government’s revised projections suggest PTT revenues could hit $800 million this fiscal year. “We all realize this revenue is very important to the government, but it’s time that purchasers were given some relief from the tax,” suggests Barclay. “A portion of the revenues could also be allocated to assist social housing needs across BC.”

According to the budget forecast and figures on the Ministry of Community Services website (Total Taxes and Charges for All Property Types, schedule 703) the overall tax burden on property owners could exceed $6.1 billion, when the School Tax and Rural Tax are counted. This is comparable to royalties received from natural resource operations in the province, including the forest and oil and gas sectors.

BCREA represents 12 member real estate boards and their more than 15,000 realtors on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education. To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods.

(Surrey, BC) – Home sales in the Fraser Valley reached 1,620 last month, the second highest number of sales in 16 years. The only November higher was in 1989 with 2,154 sales processed on the Multiple Listing Service® (MLS®).

November sales increased by 34 per cent compared to the same month in 2004 and decreased by 9 per cent compared to previous months sales of 1,778 in October.

Jake Siemens, president of the Fraser Valley Real Estate Board, says November 2005 deserves to go down in the record books, “It’s normal at this time of year to see a bit of a slowdown due to the weather and preparation for the holiday season but it just isn’t happening. These are sales volumes we’re used to seeing in the spring.”

The Board added 1,857 new listings in November, 16 per cent fewer than in October and 3 per cent more than November of last year. The total active inventory for November 2005 was 5,386, a decrease of 24 per cent from last year’s 7,050 active listings.

The average price of a single-family home in the Fraser Valley, at $410,709, increased by 16.7 per cent in November compared to last year’s $351,996. Townhouses went for an average $254,946, an increase of 14.3 per cent compared to $223,076 November 2004. Average apartment prices increased by 13.7 per cent from $142,809 in November of last year to $162,323 last month.

“We’re still seeing the double-digit price increases year to year, however, when you look at month to month, the increases are getting smaller which is good news for both buyers and sellers,” explains Siemens. “Over the long haul what’s better for consumers is a strong and stable market.”