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2ND QUIETEST AUGUST IN DECADE PRESENTS

OPPORTUNITY FOR FRASER VALLEY BUYERS

(Surrey, BC) – Fraser Valley buyers and sellers continued to take a holiday from the real estate market in August with the region’s Multiple Listing Service (MLS®) showing a decrease in sales, new listings and overall inventory compared to July.

The Fraser Valley Real Estate Board (FVREB) processed 997 sales on its MLS® in August, a decrease of 44 per cent compared to the 1,786 sales during the same month last year and 9 per cent fewer than in July, however 10 per cent more than the 910 sales in August 2008.

Deanna Horn, FVREB President, explains, “In August, sellers in the Fraser Valley took as much of a

break as buyers.

“Even with our slowdown in sales, we’re seeing inventory edge lower. Since May, we’ve seen our

volume of active listings decrease by 10 per cent.”

The Fraser Valley Board posted 11 per cent fewer new listings in August compared to the previous

month, the fourth month in a row of declining new inventory. At the end of August, the total active

inventory was 10,287, 5 per cent less than in July, however still 14.5 per cent more than the selection

available in August 2009.

Horn adds, “Our selection of homes is healthy, interest rates remain historically low and prices are

moderating, which represent excellent conditions for buyers. We’re currently seeing residential prices

edge down month-over-month, but remain 4.7 per cent higher than they were a year ago.”

The benchmark price for Fraser Valley detached homes in August was $510,107, down 0.1 per cent

compared to July and 5.4 per cent higher compared to $483,839 in August 2009.

The benchmark price of Fraser Valley townhouses in August was $324,485, a 0.4 per cent decrease

compared to July and a 4.5 per cent increase compared to August 2009 when it was $310,389. The

benchmark price of apartments decreased by 1.9 per cent from July and increased 1.5 per cent year-overyear going from $236,146 in August 2009 to $239,659 in August...

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