Fraser Valley Real Estate Board October Market Update

News Release
Fraser Valley Real Estate Board
Contact
Laurie Dawson, Assistant Manager, Communications laurie.dawson@fvreb.bc.ca
Fraser Valley Real Estate Board Telephone 604.930.7657
Fax 604.930.7623
www.fvreb.bc.ca
For Immediate Release: November 4, 2014
Increased demand for Fraser Valley townhouses
and single family homes
SURREY, BC – The Fraser Valley Real Estate Board processed 1,448 sales on its Multiple Listing Service (MLS®) in
October, an increase of 16 per cent compared to the 1,249 sales during the same month last year and 2 per cent
more than in September.
Ray Werger, the Board’s president, says, “Sales overall continue to outperform last year and as we’ve seen for a
number of months now are the best they’ve been in five years.
“Demand remains steady in our region for single family detached homes and townhomes. Last month, the market
share of sales of single family homes increased by almost five per cent compared to last year; while the share of
condo sales decreased by the same amount and we’re seeing that preference reflected in prices.”
The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in October was $573,500 an increase
of 4 per cent compared to October 2013, when it was $551,400.
The MLS® HPI benchmark price of townhouses increased 1 per cent from $295,500 in October 2013 to $298,500
last month. The benchmark price of apartments decreased year‐over‐year by 3.5 per cent, going from $199,500 in
October of last year to $192,600 in October 2014.
In the last five years, the HPI benchmark price of a detached home in the Fraser Valley has increased by 16.6 per
cent. For townhouses, the price is flat having increased by 0.5 per cent and for apartments; the price has
decreased by 6 per cent.
Werger adds, “With the influx of new developments and a steady supply of resale units, we’ve never had a better
selection of condos than we do right now at prices the lowest they’ve been in years. For those that say housing
isn’t affordable in Metro Vancouver, you need to check out the opportunities currently for condo buyers in the
Valley.”
In October, new listings in the Fraser Valley increased by 3 per cent, going from 2,336 last year to 2,395 last month
taking the number of active listings to 8,807, a decrease of 3 per cent compared to the 9,047 active listings in
October of 2013. “Inventory is edging down, which is typical for this time of year,” says Werger. “The result is
we’re seeing good quality homes that are priced right moving quickly.”

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