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Housing market activity picks up in the Fraser Valley as buyers and sellers adapt to the new environment

SURREY, BC – In May, Fraser Valley listings and property sales started to bounce back as REALTORS® helped their clients adjust to the new, necessary safety measures required to buy and sell a home during the provincial state of emergency due to COVID-19.

The Fraser Valley Real Estate Board (FVREB) processed a total of 805 sales on its Multiple Listing Service® (MLS®) in May, an increase of 17 per cent compared to sales in April and a decrease of 47 per cent compared to the 1,517 sales during May of last year.

Chris Shields, President of the Board, observes, "This is an encouraging sign. Real estate is an essential service and it’s one of the most important economic drivers in BC’s economy. "Realtors and consumers deserve to be congratulated. It’s not easy to adapt quickly to physical distancing, virtual tools and strict personal safety protocols and yet we’re seeing more and more transactions happening daily as we all get more comfortable and confident with the new normal." The Fraser Valley Board received 2,207 new listings in May, a 56 per cent increase compared to April’s intake of 1,416 new listings and a 38 per cent decrease compared to May of last year. May finished with 6,454 active listings, an increase of 8 per cent compared to April’s inventory and a decrease of 24 per cent year-over-year. Shields adds, "Although our overall numbers remain significantly lower than seasonal norms, it’s to be expected. The market is resilient and as all of us continue to work together responsibly for the betterment of public safety, it will continue to improve."It’s important for buyers to note that prices overall remain stable. We’re not seeing a lot of downward pressure on prices because for many areas there is a shortage of inventory. We’re even seeing multiple offer situations currently where buyers are paying asking price. When supply and demand stay in balance, prices remain relatively firm."In May, the average number of days to sell an apartment was 38; 36 for townhomes and 31 for single family detached. MLS® HPI Benchmark Price Activity Single Family Detached: At $990,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.2 per cent compared to April and, increased 2.7 per cent compared to May 2019. Townhomes: At $555,000, the Benchmark price for a townhome in the Fraser Valley increased 0.4 per cent compared to April and increased 1.8 per cent compared to May 2019.Apartments: At $433,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.0 per cent compared to April and increased 1.0 per cent compared to May 2019.

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Fraser Valley real estate market contracts and adapts in response to public health measures to mitigate COVID‐19

SURREY, BC – As anticipated, real estate activity saw a steep decline last month in response to the pandemic lockdown, resulting in one of the slowest Aprils in Fraser Valley history.  

The Fraser Valley Real Estate Board (FVREB) processed a total of 688 sales on its Multiple Listing Service® (MLS®) in April, a decrease of 52 per cent compared to sales in March and a decrease of 50 per cent compared to April of last year.   According to FVREB historical data, last month’s sales were on par with April sales in 1983 through to 1985; and new listings are in line with numbers last seen in April 1981.   Chris Shields, President of the Board, observes, “Even though March’s initial numbers promised a banner spring, we expected the market to respond this way in April. Both sales and listings contracted in tandem as we all moved swiftly to embrace the measures necessary to respond to this global pandemic.  Given that the volume of new listings coming on stream fell even faster than sales in April, the market remains stable.”   “What has been most impressive is how the industry – both REALTORS® and our clients – have pivoted and adapted to innovations such as live streaming open houses and e‐transactions that we anticipate will become mainstream even when physical distancing is no longer a requirement. These tools not only ensure public safety; clients appreciate their speed and efficiency.” The Fraser Valley Board received 1,416 new listings in April, a 47 per cent decrease compared to March’s intake of 2,666 new listings and a 58 per cent decrease compared to April of last year. April finished with 5,997 active listings, a decrease of 1 per cent compared to March’s inventory and a decrease of 24 per cent year‐over‐year. Shields adds, “Although we’re seeing fewer transactions, it’s important to emphasize that Realtors are still advising and protecting their clients every day. We were deemed a non‐health essential service because there are always people who need to buy or sell a home, potentially due to the economic downturn.  So, for those who need real estate guidance now, or who want to start preparing for the pending market rebound, feel free to call your Realtor to get the advice you need.”   In April, the average number of days to sell an apartment was 31; 30 for townhomes and 33 for single family detached. MLS® HPI Benchmark Price Activity  Single Family Detached: At $993,400, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.5 per cent compared to March and, also increased 3.0 per cent compared to April 2019.  Townhomes: At $553,200, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to March and increased 1.4 per cent compared to April 2019.  Apartments: At $424,100, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to March and increased 0.8 per cent compared to April 2019.

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Fleetwood town centre of Surrey

Fleetwood is a town centre of Surrey, British Columbia, Canada with a population of 62,735 as of 2016. Fleetwood is bounded by 76 Avenue in the south to 96 Avenue in the north and from 144 Street in the west beside Newton Town Centre to 172 Street in the east. After the Yale Wagon Road (officially the Grand Trunk Road, now Old Yale Road) opened in the late 19th century, farming, logging and fishing became the primary industries of new settlers from New Westminster and Vancouver. In 1907, Edith and James Francis settled near present-day 160 Street and Fraser Highway. Over the next decade, several of Edith's family — whose family name was Fleetwood — joined them. In August 1915, Edith’s brother, Arthur Thomas Fleetwood (also known as Tom Fleetwood) joined the 46th Battalion of the Canadian Expeditionary Forces, and he was sent to France to fight in World War I. He died as a result of battle wounds on 8 September 1917. Edith applied to the provincial government for a charter to name her community after her brother. In 1923, local residents formed the Fleetwood Community Association, with Edith as one of the founding members. The Fleetwood Community Hall was built in the 1930s, and is located across from the Fleetwood Community Centre, which opened in 1995. During the Great Depression period, population increased due to people seeking less-costly properties The Fleetwood Community Association commissioned a life-sized bronze of Thomas Fleetwood which was unveiled on 6 September 2008 at the Fleetwood Community Centre. Rapid population growth beginning in the 1970s brought with it retail, commercial and multi-family residential developments. Residents turned down attempts to develop light industrial properties. In December 2018, an extension of the regional rapid transit network Skytrain Expo Line was approved. The extension would pass through Fleetwood and would continue onto Langley City by 2025.

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East Panorama Ridge NCP

East Panorama Ridge NCP is the name of a business park in South Newton, along the Highway 10 truck route. The plan, which also includes some residential transition areas along its eastern border, is also home to Bob Rutledge Park. The plan provides direction on the type and density of development, location and extent of the transportation network, engineering infrastructure and the interface between business park use and the existing adjacent residential neighbourhoods. The East Panorama Ridge Plan Area comprises approximately 52.7 ha (130 acres) of land and is generally bounded by Highway 10 to the north, Colebrook Road to the south, 148 Street to the west, and 152 Street to the east. In early 2000, the City initiated a planning process for the area, which included two public open houses and resident surveys. In July, 2000, Council endorsed Corporate Report C009 which approved the preferred option for the land use plan.

In 2002, the City undertook a further detailed review of the plan area to address some technical issues related to road location and topography, landscape buffer requirements for non-residential uses, expansion of Bill Rutledge Park and other opportunities related to the business park uses. In March 2002, Council endorsed Corporate Report L003 which approved an amendment to the existing land use plan.