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February sales on Fraser Valley’s Multiple Listing Service® (MLS®) experienced a typical ‘early spring’ surge, increasing by 75 per cent in one month from 389 sales in January to 682 last month. However, by historical standards, they continued to reflect sales levels last seen in the mid-1980s, according to the Fraser Valley Real Estate Board.
Sales showed a 48 per cent decrease compared to the 1,308 sales processed in February 2008. The Board also received fewer new listings last month compared to the same month last year – 2,369 compared to the 2,808 new listings received in February 2008 – however, the total number of active listings at 9,594 was still 11 per cent higher than in January and almost 30 per cent higher than the 7,415 active listings available in February 2008.
Paul Penner, President of the Fraser Valley Real Estate Board explains, “High inventory and low demand over the last few months have created the best buying opportunity since 2006, which buyers started capitalizing on in February.” Penner feels that though consumers are still cautious about the global economic situation, based on February’s real estate market, he is guardedly optimistic. “For the first time since last September, Fraser Valley REALTORS® had higher traffic at open houses, more multiple-offer situations and an increase in home sales.
“Because of lower prices and mortgage rates, consumers are gaining confidence.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to February 2008, however, increased from the previous month for the first time in nine months. The benchmark price was $456,683 in February 2009 compared to $509,958 last year.
The HPI benchmark price of Fraser Valley townhouses decreased by 10.5 per cent in one year, going from $330,444 in February 2008 to $295,731 in February 2009, while the benchmark price of apartments decreased by 10 per cent going from $253,351 in February of last year to $228,091 in February 2009.
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British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 61 per cent to $873 million in January, compared to the same month last year. Residential unit sales fell 57 per cent to 2,115 units during the same period. The average MLS® residential price in the province was $412,934 in January, down 9 per cent from January 2008.
“Home sales were sluggish in January, reflecting an overall malaise in consumer confidence and a weakening provincial economy,” said Cameron Muir, BCREA Chief Economist.
“Reports of an increasing number of consumers shopping for a home have yet to materialize in the sales statistics,” added Muir. “The large selection of homes for sale in January likely reduced any sense of urgency for potential homebuyers to commit to a purchase.” Improving home affordability resulting from lower mortgage rates and home prices is expected to elevate sales activity in the province this spring.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.
“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.
“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households.”
February sales on Fraser Valley’s Multiple Listing Service® (MLS®) experienced a typical ‘early spring’ surge, increasing by 75 per cent in one month from 389 sales in January to 682 last month. However, by historical standards, they continued to reflect sales levels last seen in the mid-1980s, according to the Fraser Valley Real Estate Board.
