Wednesday, January 4, 2012


From the FVREB news release:

Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 per cent less than the 10‐year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent more than the 10‐year average of 29,867 new listings, placing last year third in ranking since 2002.

Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November.

Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to $559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in 2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from $223,910 in 2010 to $225,976 in 2011.

Interesting that they pulled the 'average price' into the end of the news release, as it seems to show more strength. Meanwhile in the REBGV news release they talk only about Benchmark and not Average. Maybe because the benchmark is down 1.5% from the highs - and all the averages are much lower - the SFH average is down 13% from the highs!!


MSM picks up on Victoria's secret


"British Columbia is forecast to have it worse, said senior economist Jacques Marcil, and will likely see "a signifcant correction" this year. Indeed, he said in a report today, the Vancouver market likely peaked last year."


  1. Fishminster,

    with the entry level places flatlining this will kill the move up buyer.

    I'm predicting 15-20% declines for 2012 for the valley. And that will just be a prelude to the real drops thereafter.

    It's gonna get ugly.

  2. The real estate board has released the new list of their Medallion Club. Most of the realtors that made it are catering to the PRC crowds.

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