Bryan Leonhardt

Macdonald Realty (Surrey/152)

Cell 604-328-0753

Office 604-542-2444

Email: bryanleo@telus.net

SURREY, BC – The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.

 

The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.

 

Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.

 

Gopal Sahota, President of the Board, on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

 

Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over- month.

 

The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.

 

"Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk you your REALTOR® to see what’s out there, and might be right for you,” added Sahota.

 

For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.

 

HPI® Benchmark Price Activity

 

Single Family Detached: At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3 per cent compared to March 2017, and increased 14.5 per cent compared to April 2016.

 

Townhomes: At $446,000 the Benchmark price for a townhome in the Fraser Valley increased 3.2 per cent compared to March 2017, and increased 26.2 per cent compared to April 2016.

 

Apartments: At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to March 2017, and increased 29.8 per cent compared to April 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201704.pdf

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By now we all know that a foreign national who purchases a home in the GVRD pays an additional tax of 15%.


The government recently announced that this tax will no longer apply to foreign nationals who receive confirmation under the B.C. Provincial Nominee Program.  To qualify, the buyer must be a confirmed B.C. Provincial Nominee before the title changes hands and the property must be used as a principal residence.  


Further, this exemption may only be claimed once.  If the foreign national purchases another property, they will pay the additional property transfer tax.

From what I can tell the B.C. Provincial Nominee Program is a program to allow skilled and qualified people to enter the labour market.  Feel free to review www.welcomebc.ca/immigrate-to-b-c/b-c-provincial-nominee-program.

If you are helping a foreign national you should ask if they are registered under the B.C. Provincial Nominee Program to determine if they are eligible for this exemption.

Also, a refund may be available to a foreign national who has paid the additional property transfer tax between August 1, 2016 and March 17, 2017 and

1.        is subsequently confirmed as a B.C. Provincial Nominee, or
2.        becomes a permanent resident or Canadian citizen within 1 year of the transfer date.

Application forms are available on the government’s website.

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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.