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Market Update: Buyer activity in the Fraser Valley stayed coy throughout April despite a bump in inventory across all three major residential types.
The Fraser Valley Real Estate Board processed 1,708 sales of all property types on its MLS in April, a decrease of 23.4 per cent compared to the 2,230 sales in April of 2017, and a 2.6 per cent increase compared to the 1,664 sales in March 2018.
Of the 1,708 sales processed last month 413 were townhouses and 498 were apartments, together representing 53 per cent of all sales in April.
Active inventory for the Fraser Valley finished at 5,667 listings last month, increasing 18.2 per cent month-over-month, and 15.3 per cent when compared to April 2017.For the Fraser Valley region the average number of days to sell an apartment in April was 14, 16 for townhomes, and 26 for single family detached homes.
View the full statistics package here.
Comparing Price Activity to Previous Month and Last Year
Single Family Detached
At $1,009,200, the Benchmark price for a single family detached home in the Valley increased 0.8 per cent compared to M
arch 2018, and increased 13.5 per cent compared to April 2017.
At $549,900, the Benchmark price for a townhome in the Fraser Valley increased 1.5 per cent compared to March 2018, and increased 23 per cent compared to April 2017.
At $447,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.6 per cent compared to March 2018, and increased 45.8 per cent compared to April 2017.
Upcoming Initiatives to Mitigate the "Housing Crisis" in BC
The provincial government announced three initiatives on Tuesday, April 24 to further mitigate the “housing crisis” in BC. The measures are intended to address both the demand and supply of housing by cracking down on tax evasion on pre-sale condominium assignments, giving municipalities the authority to protect and encourage the construction of rentals, and require communities to assess their housing needs on a regular basis.
Changes to pre-sale developments and the Real Estate Development Marketing Act would require real estate developers to collect and report information on pre-sale condo assignments to ensure people are paying the appropriate taxes when these contracts are assigned.
If approved by the legislature, proposed changes will also be reflected in the rental housing market and will include a new rental zoning tool to place rental zoning on land, at the discretion of the municipality. In addition, municipalities will be able to ensure existing rentals cannot be redeveloped for another use. Finally, municipalities will conduct housing needs assessments to assist with community planning.
The BC Government says the proposed changes related to housing supply are in response to a request from municipalities for stronger zoning tools to support growth and encourage a healthier rental stock and data needed to produce the housing solutions for each community. The actions announced by the provincial government are part of the government’s 30-point housing plan, Homes for BC.
For the full article, please visit the Fraser Valley Real Estate Board.