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36 SAFE HOMES: YWCA Alder Gardens in Surrey, a $12.5 million project by BC Housing, the federal government, the YWCA and Surrey (which donated the land) will provide three dozen safe homes for abused women and their children. The project is a finalist for the 2011 Fraser Valley Commercial Building Awards. Awards will be announced on May 26 in Langley.

The April price of a typical Fraser Valley house, townhome or condominium apartment has barely moved from April 2010, showing a degree of balance has returned to the housing market, according to the Fraser Valley Real Estate Board. The benchmark price for Fraser Valley detached homes was $525,510, an increase of 1 per cent from the April 2010 price of $520,423. The benchmark price of townhomes was $332,992 in April, an increase of 2 per cent compared to $326,367 in April 2010. The benchmark price of apartments was $252,689 in April, a 1.3 per cent increase compared to $249,453 in April 2010, the Board reports. The Board processed 1,516 property sales on its Multiple Listing Service in April, a decrease of 15 per cent compared to 1,793 sold during April of last year, and a decrease of 17 per cent compared to March’s 1,818 sales. Sukh Sidhu, president of the Board, explains, “April’s sales are pretty typical for that month over the last two decades with the 20-year average being 1,580, but softer than what we saw earlier this year. “The Fraser Valley market was busier than normalin February and March due in part to the tighter credit conditions that kicked in on March 18, plus you add into the mix a focus on the federal election and you get an April that trends back to normal conditions.” However, Sidhu says certain markets within have remained active. “For the third month in a row, sales of single detached homes in White Rock/South Surrey have accounted for almost a quarter of all detached sales in the region compared to the 15 per cent share that area typically garners.” “Benchmark prices of detached homes in that area have increased by 11 per cent in the last three months compared to 3.9 per cent across the Fraser Valley as a whole, emphasizing the need for local expertise no matter where you’re thinking of buying or selling.” April finished with 5 per cent more active listings on the MLS than it had in March – 9,697 compared to 9,228 – however, 9 per cent fewer than the 10,635 listings that were active during April of 2010. The Board received 2,918 new listings in April, a decrease of 14 per cent compared to March and a decrease of 22 per cent compared to April 2010. Copyright Real Estate Weekly

Demand for commercial strata growing but few developers are willing to sell retail or office space

Frank O’Brien
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