Market strength solidifies in the Fraser Valley

News Release Fraser Valley Real Estate Board

For Immediate Release: June 3, 2014
Market strength solidifies in the Fraser Valley
SURREY, BC – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the
Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent
compared to May 2013 and 11 per cent more than in April.
Previous record‐setting Mays were in the mid‐2000s during the market peak, with last month’s sales coming in just
below the 10‐year average.
Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales
volumes with the most popular choice being single family detached homes followed by townhouses. For single
family homes, that market is at the upper‐end of a balanced market with certain areas in a sellers’ market where
over 30 per cent of available inventory is selling.”
Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement
in condo sales in specific areas, however in many communities the market continues to favour buyers due to
inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.
“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re
starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in
the most sought‐after communities and most of that increase has taken place in the last six months.”
The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in
Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.
In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to
$298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year‐over‐year; going from
$203,400 in May of last year to $198,100 in May 2014.
In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more
than were received during the same month last year. The new inventory took the number of active listings in
Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.
Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced‐right, quality

properties. If your home fits that description, anticipate a lot of interest.” 

Laurie Dawson, Assistant Manager, Communications
Fraser Valley Real Estate Board Telephone 604.930.7657
Fax 604.930.7623

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