Spring Market, Heading towards a sellers market?

SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259 sales in March of last year. Sales during March of 2006 were 2,072.


Jorda Maisey, President of the Board, attributes the strength in the market to a number of factors. “Our
population is growing, interest rates continue to remain supportive of housing demand and consumers are
confident. It all adds up to a desire to invest in real estate now.”


In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales
eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent
fewer than available during the same month last year.


Maisey adds, “It’s important to emphasize that supply and demand vary depending on property type and location.
Currently, demand for single family detached homes is outpacing supply in most Fraser Valley communities
resulting in lower inventory levels, upward pressure on prices and homes selling faster than they did last year.
“For buyers looking for a detached home or in certain areas a townhome, your REALTOR® will advise that selection
is limited, you will have less time to make decisions and their ability to negotiate a lower price for you is
diminished. This is not the case if you’re looking to invest in an apartment or an acreage property where the
market continues to favour buyers.”

 

The Fraser Valley Real Estate Board is an association of 2,809 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90‐year anniversary in 2011.

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