Call top rated Real Estate Agent604-866-5585 #RealtorRod
Real Estate News

Quick Property Search

Lack of supply continues to command Fraser Valley housing market

Despite slight increases to both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.

The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 per cent increase compared to the 1,210 sales in January 2018.

Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

“Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year,” said John Barbisan, Board President. “Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level.”

Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February 2017. The 10-year average for February active inventory is 7,487 units.

The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018’s 2,092 new listings, and a 5.6 per cent increase compared to February 2017.

“With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR® who can evaluate your local market and find the right price point for success.”

For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February 2017.

• Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February 2017.

• Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February 2017.

The practice commonly known as double ending or dual agency has come to an end. No more will realtors be allowed to represent a buyer and seller on the same transaction. This is a practice that has been going on for many years and raises some serious concerns, but the rules are the rules and all realtors must abide by them.

double ending dual agency

 

I do not agree with the change but as mentioned above we will adhere to the rules and work within the guidelines. I looked back through my 2017 deals to see how many conflicts I would have had and there were several. One in which was very troubling. I listed a property and emailed my database. The sellers did not want the chaos of open houses and were hoping if they priced it well they would have minimal disruption in their lives and would secure a good offer. That is exactly what happened. A good client of mine who I have known for 15 years wanted to view the property and in turn they purchased the property.

Given todays new rules, I would have had to explain why I could not represent this buyer I had worked with almost a dozen times and how I would have to refer them to another agent who they would likely not feel as comfortable with. I am not sure how this works out fair for both buyers and sellers (both should be allowed to pick their agent of choice) but it is the rules.

A look at the past from 2011 (http://www.rodfriesen.com/abbotsford-real-estate-market-heating-up-jan-2011/)

If you are in the market for either purchasing commercial real estate in Abbotsford or are in need of some lease space in Abbotsford we have compiled a simple way to go about finding out what is available. Now, many of the larger Vancouver brokerages who still do a lot of business in Abbotsford (Colliers, CBRE, Cushman-Wakefield etc) many of those realtors tend not to publish their listings publicly on our realtor owned MLS system (for some unknown reason) but you will find all the listings on here that are publicly for sale or lease.

Having been a licensed realtor for the past 20 years I get asked a lot of tough questions. Sometimes I know the answers and sometimes I need to defer to the local lawyers for their expertise. One such question was asked today. In a strata building where there are no rentals allowed can a buyer purchase a unit in the company name and rent the unit to a family member? In this situation the buyer was the only person on the board of the numbered company and they want to rent to their son.

My first thought was that of course they should be able to rent the Abbotsford condo to their son as they are the only party to the numbered company. However, once I discussed with a few lawyers in town, it was determined that because the bylaws clearly state the it has to be the son, daughter, husband, wife etc. of the owner on title and the numbered company does not have any relations so the unit could not be rented to the family of the owner of the numbered company.

There are a few ways to work around this. The buyer could put the family member on title for 1/1000 of a share or they could put themselves on title for the same amount. The benefit to this is it allows the owner to reduce their property tax because of the home owners grant. Thanks to Mike Burke of Rosborough and Company and Wayne Neufeld of Valley Law Group for their assistance in this matter.