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SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained robust in June however, for the first time since last September, monthly sales did not break a historical record.


In June, the Board processed 2,247 sales on its MLS®, a decrease of 24 per cent compared to May and a 31 per cent increase compared to June of last year. Sales continued to remain elevated compared to a typical June – 22 per cent above the ten-year average.


Larry Anderson, President of the Board, said, “In June, we shifted from an extreme seller’s market to a strong seller’s market. Although demand for Fraser Valley homes remains very high – over 40 per cent of active listings sold in June – we’re seeing the market settle down giving buyers and sellers more room to maneuver.

“We’re now seeing more subject offers and for the first time in months, we’re starting to see price reductions.”

In June, the Board received 3,108 new listings, a decrease of 10 per cent compared to last year, and a decrease of 21 per cent compared to May 2021. The month ended with total active inventory sitting at 5,474, a 7 per cent decrease compared to May, and 22.5 per cent fewer than June 2020.


Anderson continued, “A lack of supply continues to be the single largest factor affecting the market. Simply put, to meet current demand and get back to balance, we need about 3,500 more active listings in our region.”



Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 17 and a townhome was 12 days. Apartments took, on average, 21 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,324,400, the Benchmark price for an FVREB single-family detached home increased 0.1 per cent compared to May 2021 and increased 33.2 per cent compared to June 2020.

  • Townhomes: At $678,400, the Benchmark price for an FVREB townhome increased 1.3 per cent compared to May 2021 and increased 21.2 per cent compared to June 2020.

  • Apartments: At $493,500, the Benchmark price for an FVREB apartment/condo increased 1.0 per cent compared to May 2021 and increased 13.4 per cent compared to June 2020.

Near record-breaking new listings in the Fraser Valley not enough to match insatiable buyer demand


SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near-historic levels of new listings in May.   

In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.     

Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control. 

We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection.

We’re a long way from a balanced market, but supply is helping us to head in the right direction.”


In May, the Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.   


Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”
 


Across Fraser Valley, in May, the average number of days to sell a single-family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,323,300, the Benchmark price for an FVREB
  • single-family detached home increased 2.3 per cent compared to April 2021
  •  and increased 33.6 per cent compared to May 2020.

  • Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent
  •  compared to May 2020.

  • Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent
  •  compared to May 2020.
 


Monthly sales and new listings in the Fraser Valley continue blistering pace; surge in inventory starting to calm prices 

SURREY, BC – For the eighth consecutive month, Fraser Valley real estate saw record-breaking sales with April topping the previous monthly high set in 2016.


The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record-breaking months, last set in 2015/2016.


In April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.

Larry Anderson, President of the Board, said, “Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace


“In general, we’re seeing fewer multiple offers, fewer subject-free offers, and homes over-priced are starting to sit longer. These are positive signs that the market is responding to near-record levels of new inventory.”



The Board received the highest volume of new listings ever in March 2021 and that elevated pace continued in April. Last month, the Board received 5,018 new listings, an increase of 254 per cent compared to April 2020, and a decrease of 1 per cent compared to March 2021. The influx of new listings improved supply with total active inventory reaching 6,030 in April 2021, 20 per cent higher than in March and the highest it’s been in six months.



Baldev Gill, Chief Executive Officer of the Board, added, “Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply.


“If you have an active listing now or are thinking of selling, it’s critical to work with a professional REALTOR® to ensure your asking price is realistic and competitive based on today’s market, not yesterday’s.”



Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 13 and a townhome was 10 days. Apartments took, on average, 22 days to sell.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single-family detached  home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.

  • Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.

  • Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.


 If you are thinking about Selling........Please call me. Timing is everything in Real Estate. The market is showing signs of turning. To get the maximum out of your home, Now is the get time to get your home on the market. As the inventory increases, Sellers who become buyers will have more inventory to choose from.


RECORD SETTING MONTH FOR BOTH SALES AND LISTINGS SINCE THE INCEPTION OF THE
FRASER VALLEY REAL ESTATE BOARD IN 1921 !! 

March shatters monthly sales and new listings records in the Fraser Valley


SURREY, BC – Fraser Valley real estate hit two historical highs in March, setting records for both sales and new listings processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.


In March, the FVREB processed 3,329 residential and commercial sales on its Multiple Listing Service® (MLS®), an increase of 131 per cent compared to March 2020 and 18 per cent more than were processed in February.


The previous record of 3,006 sales was set in March of 2016.

Larry Anderson, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate.


The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.




“It is very stressful for buyers. REALTORS® are working hard to guide them through what has become a protracted, powerful seller’s market. As we continue to help our clients grapple with escalating prices and multiple offers, March did bring some good news. It set a record for volume of new listings received improving selection,” said Anderson.




The Board received 5,087 new listings in March, an increase of 91 per cent compared to March of last year, and 56 per cent more than were processed in February. The previous high for new listings was 4,458 in April 2008. Total active inventory for March was 5,012, a decrease of 18 per cent compared to last year’s 6,083 active listings, however 22 per cent higher than February 2021.




Baldev Gill, Chief Executive Officer of the Board, added, “The impact of the pandemic on the market cannot be overstated and as we know from the province’s latest announcement, we are in a precarious situation currently. Since the end of the first lockdown in 2020, the real estate profession has led the way on protecting its members and the public.


“Realtors take this extra duty to protect their clients during private, in-person showings very seriously and will continue to remain vigilant until vaccines are rolled out to the greater population,” added Gill.
 


Across Fraser Valley, in March, the average number of days to sell a single-family detached home was 15 and a townhome was 14 days. Apartments took, on average, 31 days to sell.

 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,237,900, the Benchmark price for an FVREB single-family detached home
  • increased 6.4 per cent compared to February 2021 and increased 25.3 per cent compared to March 2020.

  • Townhomes: At $624,500, the Benchmark price for an FVREB townhome increased 4.0 per cent compared to February 2021 and increased 13.7 per cent
  •  compared to March 2020.
  • Apartments: At $465,400, the Benchmark price for an FVREB apartment/condo increased 3.2 per cent compared to February 2021 and increased 6.5 per cent compared to March 2020.


Another month, another record for property sales in the Fraser Valley


SURREY, BC – For the sixth consecutive month, Fraser Valley’s real estate market experienced property sales at levels never seen before in the 100-year history of the Fraser Valley Real Estate Board (FVREB).


In February, the FVREB processed a total of 2,815 sales on its Multiple Listing Service® (MLS®), an increase of 108 per cent compared to February 2020 and 64 per cent more than were processed in January 2021. To provide a historical perspective, sales in February were 88 per cent above the 10-year average for that month; and 18 per cent higher than the previous record of 2,387 sales in February 2016.


Chris Shields, President of the Board said of this month’s record numbers, “This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley.

“What’s fueling the demand is the combination of record-low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional. For family-sized homes, prices climbed 3 to 5 per cent in February alone and sold on average in three weeks. We understand the stress and frustration with the market currently and we’re here to help guide and protect home buyers.”


The Board received 3,265 new listings in February, an increase of 28 per cent compared to February of last year, placing it second highest for February for new listings in the last decade. The total active inventory for February was 4,120, down 28 per cent from last year’s 5,741 active listings, and the lowest ever for the month.


Baldev Gill, Chief Executive Officer of the Board, added, “We know more people are choosing to move to the Fraser Valley right now because they’re seeking more usable space, a better quality of life, and they recognize that their housing dollar goes further. The challenge is selection. We anticipate as the vaccination roll-out accelerates, confidence to list will increase and we’ll see inventory return to more normal levels. In the meantime, REALTORS® will continue to ensure consumer safety is at the forefront of all home viewings and transactions.”



Across Fraser Valley, in February, the average number of days to sell a single-family detached home and a townhome was 21 days. Apartments took on average 35 days to sell.
 
MLS® HPI Benchmark Price Activity


  • Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single-family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
  • Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
  • Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.





Fraser Valley real estate market full steam ahead in January; another record-setter for property sales


SURREY, BC – In a month that is usually one of the quietest in real estate, Fraser Valley’s market continued at a breakneck pace, producing the strongest January sales on record as well as a modest uptick in new listings.


The Fraser Valley Real Estate Board processed a total of 1,718 sales of all property types on its Multiple Listing Service® (MLS®) in January 2021, an increase of 76 per cent compared to January 2020 and 18 per cent fewer then were processed in December 2020. Sales in January set a new, record high for the month; 72 per cent above the 10-year average, and 28 per cent higher than the previous record of 1,338 sales set in January 2016. 

 

“Buyers are very motivated right now,” said Chris Shields, President of the Board, “Lending rates are the lowest they’ve ever been, your housing dollar goes further in the Fraser Valley and we’ve seen a societal shift in the last year in how people value their homes. People are asking us to find them more space.



People want to take advantage of the gains they have my in their homes. The challenge is supply. It improved slightly in January, but we’ve got a long way to go to replenish our housing stock. It remains a seller’s market.”


The Board received 2,784 new listings in January 2021, an increase of 26 per cent compared to January of last year. Total active inventory for the month was 4,210, down 18 per cent from last year’s 5,143 active listings, and still 30 per cent below the 10-year average.



Baldev Gill, Chief Executive Officer of the Board, added, “Homeowners may be reluctant to sell because of concerns about buying and selling safety protocols; or the challenge of finding a new home to buy. The industry has worked hard to make it as easy as possible for you to thoroughly evaluate homes online first and then, for serious, final consideration, strict regulations are in place for in-person viewing.”


“And note, we’re already seeing an improvement in supply levels compared to December, a trend we anticipate that will continue as spring approaches bringing what is typically one of the busiest markets of the year.”


  n January 2021, the average number of days to sell a single-family detached home in the Fraser Valley was 35, compared to 60 days in January 2020; 28 days on average to sell a townhome and 37 days for apartments, compared to 47 and 49 days respectively, in January of last year.



MLS® HPI Benchmark Price Activity


  • Single Family Detached: At $1,106,500, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to December 2020 and increased 15.2 per cent compared to January 2020.

  • Townhomes: At $580,800, the Benchmark price for an FVREB townhome increased 0.8 per cent compared to December 2020 and increased 7.2 per cent compared to January 2020.

  • Apartments: At $439,800, the Benchmark price for an FVREB apartment/condo increased 0.3 per cent compared to December 2020 and increased 4.4 per cent compared to January 2020.



Record-shattering December caps unexpected year in Fraser Valley real estate


SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.


In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.


The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.


In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.


Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”


A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 was also the fourth highest year for new inventory for the Board in the last decade.


Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.

  • Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019
  • .
  • Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.





Unrelenting demand for Fraser Valley detached and townhomes continued in November


SURREY, BC – For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record.  Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high. 

The Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 54.7 per cent compared to the 1,405 sales in November of last year, and an 8.3 per cent decrease month-over-month compared to the 2,370 sales in October.

The Board received 2,217 new listings in November, a 28.0 per cent decrease compared to October’s intake and an 18.1 per cent decrease compared to the 1,877 new listings received during the same month last year. For November, it was the second highest volume of new inventory in the last decade.

Chris Shields, President of the Board, observes, “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes."




"For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling."
 



November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October and a decrease of 13.2 per cent year-over-year. November’s total inventory was the fourth lowest for the month in the last decade.
 



Baldev Gill, Chief Executive Officer of the Board, adds, "It’s impressive how consumers – in very high numbers, the highest ever – have adapted to the shifting realities and appreciate our industry’s adherence to strict safety measures. REALTORS® are working very hard currently serving their buyers and sellers using technology and innovation and the numbers clearly show that it’s working."
 



For the Fraser Valley region, the average number of days to sell an apartment in October was 34 days, and 25 days for townhomes. Single family detached homes remained on market for an average of 32 days before selling.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,061,500 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.
  • Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.
  • Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019.



The Fraser Valley Board also received a record number of new listings for September: 3,515, a 6.2 per cent increase compared to August’s intake and a 26.9 per cent increase compared to September of last year. September finished with 7,377 active listings, a decrease of 0.4 per cent compared to August and a decrease of 7.2 per cent year-over-year.

Housing market activity reaches historic levels in September


SURREY, BC – Consumer demand for real estate in the Fraser Valley remained robust for the fourth consecutive month, with overall sales and new listings reaching record-breaking numbers in September.

The Fraser Valley Real Estate Board processed 2,231 sales on its Multiple Listing Service® (MLS®) in September, an increase of 66.1 per cent compared to the same month last year and an increase of 9.4 per cent compared to August 2020. This is the highest recorded sales for September in the history of FVREB.

In the last three months, Fraser Valley has seen a defined shift in demand towards single family detached homes with sales in July through to September garnering 47 per cent of the three main residential types, compared to 43 per cent during the same period last year.

Chris Shields, President of the Board, observes, "Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes.
"For many existing homeowners and first-time buyers, their buying power is greater than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list."

In September, the average number of days to sell an apartment was 35; 25 for townhomes, and 28 for single family detached. 


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,032,700 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.3 per cent compared to August and, increased 8.7 per cent compared to September 2019.
  • Townhomes: At $567,300, the Benchmark price for a townhome in the Fraser Valley increased 0.6 per cent compared to August and increased 4.0 per cent compared to September 2019.
  • Apartments: At $436,900, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.1 per cent compared to August and increased 4.7 per cent compared to September 2019.

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.

https://marleane.com/blog.html 

click on link above to see Encouraging BC Stats from Dr. Bonnie Henry and stats comparing us to others as of March 30,2020



For Immediate Release: April 2, 2020


March sales and new listing data show preliminary impact of
COVID‐19 on Fraser Valley housing market


(FVREB) indicates COVID‐19 has put the market on pause, as REALTORS® and the public adhere to health authority rules and government guidelines on the pandemic.


By the end of March, the FVREB processed a total of 1,441 sales on its MLS®, a 7 per cent increase compared to sales in February 2020, and an 18 per cent increase compared to the 1,221 sales in March 2019.


During the first seven business days of the month, property sales were tracking 60 per cent higher compared to the same period in March of last year,
however finished significantly lower.


Chris Shields, President of the Board, observes, “Sales were steadily increasing as is typical moving into spring, and then understandably and necessarily, they started to decline.

We serve the public and we understand it is very challenging to
buy or list a home while maintaining physical distancing, however if you need us, know that we are here for you.”


“We are grateful that the BC government has designated real estate an essential service, and accordingly, our industry has implemented numerous measures to mitigate and manage risk.

We have suspended open houses, restricted showings, pivoted to using technology as much as possible, and are urging Realtors in the middle of completing
transactions with their clients to do so electronically.”


The Board received 2,666 new listings in March, a 4 per cent increase compared to February’s intake of 2,557 new listings. In the lead up to March 10, new listings were tracking 3 per cent higher compared to the same period last year.


By month end, new listings finished 7 per cent lower compared to March of last year taking the number of active listings to 6,083, an increase of 6 per cent compared to February’s inventory and a decrease of 13 per cent year‐over‐year.


  • In March, the average number of days to sell an apartment was 27 
  • 28 for townhomes and 
  • 38 or single family detached. 


MLS® HPI Benchmark Price Activity


*Single Family Detached: At $988,500, the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.8 per cent compared to February 2020 and, also increased 2.6 per cent compared to March 2019.


* Townhomes: At $549,600*, the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to February 2020 and increased 1.3 per cent compared to March 2019. *Effective Mar 2020, MLS® HPI for townhomes updated and revised back to Jan 2005 


* Apartments: At $423,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.1 per cent compared to February 2020 and increased 1.2 per cent compared to March  30, 2019.


The Fraser Valley Real Estate Board is an association of 3,673 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.


The FVREB will mark its 100‐year anniversary in 2021.

Mortgage Update- Chad Dreyer March 30, 2020


Bank Of Canada Emergency Rate Cut


We have seen some major developments in the Canadian mortgage market in the last week in a response to the Covid-19 epidemic, most notably Friday the Bank of Canada made another emergency rate cut bringing the key lending rate down to 0.25%, the major Canadian banks have followed suit and dropped their prime rate to 2.45%. This change will again affect all existing Variable rate mortgages, as well as Line of Credit products.


The key lending has now fallen from 1.75% at the start of the month to its current rate of 0.25%, the last time the overnight rate fell so much in the span of of a month was in 1992.


Questions on whether we we would see negative interest rates were answered Friday when Friday Stephen Poloz from the BOC  confirmed the bank would not drop interest rates into negative territory saying “this unscheduled rate decision brings the policy rate to its effective lower bound”


The current forecast is for the key rate to stay at 0.25 with no further changes through 2020/2021  

BIG NEWS FOR MARCH 4, 2020. 


Bank of Canada lowers overnight rate target to 1 ¼ percent

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.

Before the outbreak, the global economy was showing signs of stabilizing, as the Bank had projected in its January Monetary Policy Report (MPR). However, COVID-19 represents a significant health threat to people in a growing number of countries. In consequence, business activity in some regions has fallen sharply and supply chains have been disrupted. This has pulled down commodity prices and the Canadian dollar has depreciated. Global markets are reacting to the spread of the virus by repricing risk across a broad set of assets, making financial conditions less accommodative. It is likely that as the virus spreads, business and consumer confidence will deteriorate, further depressing activity.

In Canada, GDP growth slowed to 0.3 percent during the fourth quarter of 2019, in line with the Bank’s forecast, although its composition was different. Consumption was stronger than expected, supported by healthy labour income growth. Residential investment continued to grow, albeit at a more moderate pace than earlier in the year. Meanwhile, both business investment and exports weakened.

It is becoming clear that the first quarter of 2020 will be weaker than the Bank had expected. The drop in Canada’s terms of trade, if sustained, will weigh on income growth. Meanwhile, business investment does not appear to be recovering as was expected following positive trade policy developments. In addition, rail line blockades, strikes by Ontario teachers, and winter storms in some regions are dampening economic activity in the first quarter.

CPI inflation in January was stronger than expected, due to temporary factors. Core measures of inflation all remain around 2 percent, consistent with an economy that has been operating close to potential.

In light of all these developments, the outlook is clearly weaker now than it was in January. As the situation evolves, Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target. While markets continue to function well, the Bank will continue to ensure that the Canadian financial system has sufficient liquidity.

The Bank continues to closely monitor economic and financial conditions, in coordination with other G7 central banks and fiscal authorities.

Information note

The next scheduled date for announcing the overnight rate target is April 15, 2020. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.

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Click on the above link to view the current COVID-19 STATS For BC

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.