Market Update: The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.
Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a marketthat was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it," said Gopal Sahota, Board President.
Single Family Detached
At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to January 2017, and increased 20.4 per cent compared to February 2016.
At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5 per cent compared to January 2017, and increased 25.2 per cent compared to February 2016.
At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8 per cent compared to January 2017, and increased 26.5 per cent compared to February 2016
Foreign Buyer Tax
Earlier this week, The Vancouver Sun came out with an article that foreign buyers with work permits who pay taxes in our province will not pay the foreign buyer tax. As well, foreign buyers who were previously subject to the 15 per cent foreign buyer tax on real estate, but shortly after became Canadian citizens, may be eligible for a rebate. While the full foreign buyer tax has not yet been lifted, there has been some changes since its inception. I will keep you updated with information as it becomes available.
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