The Taylor Team's Real Estate Blog

What did this year look like for you? Did you buy or sell your Fraser Valley home? Were you watching and waiting to see what the market would do? Are you preparing for 2018 by making plans to buy or sell in your own city, or even relocate to a new city in search for more affordable housing or a change of scenery?

As the year comes to a close The Taylor Team of Sutton West Coast real estate is taking some time to reflect back on all the headlines and statistics that had us talking.

2017 in a Nutshell According to FVREB

Here’s a snapshot of the 2017 market based on the titles of the Fraser Valley Real Estate Board’s monthly statistics packages. The words that stand out to us are demand, healthy, thrive, solid, growing, and strong!

January

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Here is a quick recap of the top four takeaways from the Fraser Valley Real Estate Board’s latest statistics for September 2017.

1. Fifth highest sales for September in the Board’s history.

September is typically the transition month from summer demand to the market cool down that occurs in fall. This year demand continued into September and it is not unusual to see this continue into fall.

This September, attached homes (townhouses and apartments) account for more than half of sales processed. 

Property Type

# Sales Processed

% of Sales Processed

Detached Homes

757

47%

Townhouses

392

24%

Apartments

470

29%

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The numbers are now in and we can confirm that August 2017 was the second strongest August on record in terms of sales. Sales were up 10.9% compared to last August and only dipped 3% from last month.

"It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now. Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland."

- Gopal Sahota, Fraser Valley Real Estate Board President

The biggest takeaway from this month’s news release is the major activity in the apartment and townhouse market. Sales for these two property

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“Fraser Valley home sales still strong despite summer slowdown.”

In looking at last month’s real estate statistics package compiled by the Fraser Valley Real Estate Board there are several key points that stand out to me:

1. Greater Inventory of Homes

In July 2017, the total active inventory of listings totalled 5,970 which is an 8.8% increase compared to previous month.

2. Strong Demand for Attached Homes

For the 12th consecutive month, sales for attached homes (townhouses and condos) have outpaced sales for detached homes in the Fraser Valley region. Of 1,937 sales processed by the Fraser Valley Real Estate Board, 447 were townhouses and 544 were apartments/condos.

3. Consistent Trends in Demand and Increasing Prices

Gopal Sahota,

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“Fraser Valley apartment sales reach all-time high in June.”

This June apartment/condos represented over one quarter (27%) of all real estate transactions in the Fraser Valley.

Board President Gopal Sahota says there is a growing appetite for attached properties and this June showed exceptional growth (12.2% increase compared to May 2017 and 13.1% increase compared to June 2016).

“I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”
- Gopal Sahota, President of Fraser Valley Real Estate Board

In June, it took on average 15 days to sell an apartment compared to 32 days it took at the same time

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Do you ever dream of moving to a completely different province in Canada?

While I would certainly miss the great “PNW” as we affectionally call it (the beautiful mountains, ocean, rivers, temperate weather year-round, endless outdoor activities, and collection of a diverse group of cultures) the real estate markets in other parts of Canada have a lot to offer for $500,000!

Recently CTV News compiled a showcase of homes across a number of suburban cities in Canada to compare. Check out the link for pictures or the below table for a quick comparison.

Suburb

Closest City

Price

Style

Beds

Baths

Square Feet

Paradise, NL

St. John’s (2km)

$514,900

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Growing sales in Fraser Valley met with bump in new inventory.

If you are actively looking a buy a home in the near future the above headline of May’s Fraser Valley Real Estate Board’s News Release should be promising!

The release states that the Fraser Valley finally had an increase in new housing inventory coming to the market this last month. Board President Gopal Sahota encourages home buyers:

"We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

Here are some other key highlights from the May 2017 Fraser Valley real estate market recap:

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“Attached home sales thrive as overall inventory remains scarce.”

Each month the Fraser Valley Real Estate Board releases real estate statistics for communities throughout the Fraser Valley including North Delta, North Surrey, Surrey, Cloverdale, South Surrey & White Rock, Langley, Abbotsford, and Mission.

There is a lot of data to look at including benchmark prices, number of sales, number of new listings, average price, and more. You can look at these numbers overall for the Fraser Valley or on a detailed level by city or property type (detached, townhouse, apartment).

If you aren’t familiar with how to interpret numbers or tend to shy away from data, you can still find great value in the summary page of these reports. 

Here are the main

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Are you getting ready to list your home for sale but worried about the current state of your kitchen? Concerned that it could turn away potential buyers?

Most buyers are looking for a clean, spacious, and functional kitchen and know that a kitchen renovation (if needed) can come at a hefty price tag. However, there are many ways to go about staging your kitchen to sell whether you kitchen is dated, cluttered, empty, or just needs a little extra TLC.

We have compiled this list of kitchen home staging ideas that will help make your kitchen attractive and an enjoyable room to occupy – and give your potential buyers a reason to say YES when it comes to writing an offer.

Dig right in and find out how to make your kitchen cabinets, counter, and overall

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“Fraser Valley enjoys healthy market in February”

surrey real estate statistics february 2017 infographicThe most recent news release by the Fraser Valley Real Estate Board states that the Fraser Valley housing market returned to more normal levels in February.

Sales and new listings are on-par with the 10-year average for the month of February.

Board President Gopal Sahota shares about the healthy state of the market:

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it.”

Furthermore, Sahota admits that housing prices are still heavily impacted by the activity and demand seen in

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