Recent statistics from the Fraser Valley Real Estate Board show that stronger than expected Fraser Valley home sales during the Olympics.
MLS recorded 1204 sales in February, an increase of 23% over January's sales and an increase of 77% over the 682 sales during February 2009.
Buyers are aware of two key changes that could impact their purchasing ability. The new mortgage rules in effect April 19...and the HST arriving July 1.
MLS received 2879 new listings in February, an average of 144 per business day, providing buyers with 14% more selection than available in January. The combined strength of listings and sales currently is stabilizing Fraser Valley prices.
"When you have a healthy level of inventory, it puts less upward pressure on prices and creates a stable, balanced market". (Deanna Horn, President of FVREB, 2010).
In February, the benchmark price for Fraser Valley detached homes was $508,136, an increase of 11.3% from the February 2009 price of $456, 683.
Townhomes saw a 9.8% increase (324,708 (2010) - 295,731 (2009)...and condos an increase of 7.8% (228,091 (2010) - 245,879 (2009).
FVREB News Release, March 2, 2010