Momentum has begun to wane in global housing markets, which are beginning to lose steam in most of Asia, Latin America, and the Middle East. Nevertheless, property markets in Europe, Canada, and parts of Asia have remained robust in Q1 2017.

This quarter, Hong Kong reigned as the top performing global housing market that saw the biggest surge in home price increase, followed by most of Europe – six out of the top 10 housing markets in Q1 2017 were in Europe, and house prices grew in 17 out of its 23 European housing markets.

The 5 strongest markets in Q1 2017 were Hong Kong (+17.27%),  Iceland (+16.01%), China (+13.16%), Canada (+11.70%), and Ireland (+8.91%).

In North America, home prices have continued its rally in Canada in spite of repeated cooling measures being imposed in the market, while US home prices – buoyed by bullish homebuilder sentiments – maintained its slow but steady rise.

Over at the Pacific Ocean, a slew of tax increases and loan restrictions in Australia failed to significantly cool property prices in Australia, which have continued to spike. In New Zealand, reconstruction work following the earthquake have led housing prices to accelerate, even in the face of a loan restriction imposed by the government at the end of last year.

Here in Asia, housing prices in four out of ten Asian markets fell y-o-y. Asides from Hong Kong, two other markets that rose significantly this quarter were the Philippines and Taiwan. Although home prices in China continued to surge, property prices in Shanghai declined.

Elsewhere, the downtrend continues, as housing markets in the Middle East, Latin America, and Africa either remained stagnant or saw falling housing prices, with the weakest performers being Egypt (-16.68%), Qatar (-10.63%), Russia (-8.33%), Macedonia (-7.92%), and Puerto Rico (-6.96%).

Regional snapshots:

North American markets rally

• US home prices rise slowly, but sentiment remains bullish – although the S&P/Case-Shiller seasonally adjusted national home pricing merely grew 3.29% y-o-y, the slowest pace since Q3 2014, residential construction activity remained robust amidst supply shortage and President Trump’s promise to ease building regulations.
• Canadian housing prices withstand cooling measures to surge onwards – policy restrictions have been introduced repeatedly to no avail, as home prices in 11 major cities rose 11.7% y-o-y in Q1 2017, the biggest y-o-y growth since Q3 2006.

Fraser Valley home sales still strong despite summer slowdown

SURREY, BC – Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing," said Gopal Sahota, Board President.

Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and a 11 per cent decrease compared to June 2017’s 3,707 new listings.

"Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations,” continued Sahota.

“If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

HPI® Benchmark Price Activity 

• Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.

• Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.

• Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201707.pdf

Imagine buying a product from a store, taking it home, and then discovering there’s a problem with it. Disappointing, yes, but not a catastrophe. You can simply take it back for repair or exchange.

But, what if it’s moving day, and you discover there’s a problem with your new home? Whoa. A house isn’t so easily returned!

What are the most common problems encountered on moving day?

• A delay in getting the keys.

• The seller not having completely moved out.

• An item expected to be included with the property is missing. (For example, the window blinds.)

• Something needs repair that was not disclosed by the seller, nor did it come up during inspection. (For example, the dishwasher not working.)

• Damage to the property caused by the seller. (For example, a heavy item dropped during the move and cracking a floor tile.)

Fortunately, these are rare events. In most cases, you can expect no serious issues when you move into your new home. But, if something is wrong, you have options.

So, call me immediately. In all likelihood, I will be able to quickly resolve the issue. If it’s a serious matter, such as missing items, I may get your real estate lawyer involved to arrange for the return of the item(s) or compensation.

So don’t worry. Let the professionals handle it. You can just enjoy your new home!

Thanks 

AA

Fraser Valley apartment sales reach all-time high in June

SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

"We knew that there was a growing appetite for our attached properties, but this month was exceptional," said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.

The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

Sahota added, "More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

HPI® Benchmark Price Activity 

• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.

• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.

• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201706.pdf

In recent days I have been fielding a lot of calls and emails from clients about the sudden increase in fixed mortgage rates by some lenders. You can see the article here: (already posted to Haus FB page)

TD Bank increases fixed mortgage rates, follows RBC hike.

Before the panic sets in here are some facts I wanted to share with you.

• Interest rates are still at historical lows.  A client renewing or applying for a new mortgage today is still likely going to get a lower rate than the mortgage they currently have

• If rates rise by .25% that equates to an increase of $13/month in a payment for every $100,000 mortgage.  E.g. so if your client has a $400,000 mortgage that is $52/month

• 75% of Canadians are in fixed mortgage rates and 60% of them are in 5 year fixed terms so their rates remain the same until maturity

• Of the 70% of Canadian households who own their homes, 40% are mortgage free

• Only 13% of Canadians are carrying debt over $200,000 and 33% are debt free

• Mortgage delinquency rate in Canada is .027%, the lowest in the world.

Growing sales in Fraser Valley met with bump in new inventory

SURREY, BC – The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.

The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

“The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types," said Gopal Sahota, Board President.”

In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.

The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.

"We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016.

HPI® Benchmark Price Activity 

• Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.

• Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.

• Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201705.pdf

Imagine finding the perfect home, only to discover there is serious interest from at least a dozen other buyers. It’s like scrambling for the last piece of cake at a buffet!

Fortunately, there are things you can do to help get the home you want, even in a highly competitive market. Here are just a few ideas:

• Only view a few ideal properties at a time. If you see too many, and thus spread yourself too thin, you risk homes slipping through your fingers.

• Be realistic about price. Focus on finding a great home that you can afford, rather than trying to find a bargain.

• Consider homes that need some work. They get less interest than perfectly staged properties, yet can turn out to be a dream home.

• Be prepared to make an offer with as few conditions as possible. An offer conditional on passing inspection is usually fine, but in a competitive situation, offers with other conditions will likely be turned down flat.

• Make your decisions quickly. If there are likely to be other interested buyers, you want to get your offer in early.

• Make the right offer. To win the deal, you want your offer to be as enticing as possible to the seller — especially when it comes to price.

Yes, it can be tough finding an ideal home in a hot market, but I can help. Give me a call and I’ll show you how. 

Thanks 

AA

Another solid month for Fraser Valley real estate

SURREY, BC – The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.

The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.

Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.

Gopal Sahota, President of the Board, on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over-month.

The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.

"Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk you your REALTOR® to see what’s out there, and might be right for you,” added Sahota.

For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.

HPI® Benchmark Price Activity 

• Single Family Detached: At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3 per cent compared to March 2017, and increased 14.5 per cent compared to April 2016.

• Townhomes: At $446,000 the Benchmark price for a townhome in the Fraser Valley increased 3.2 per cent compared to March 2017, and increased 26.2 per cent compared to April 2016.

• Apartments: At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to March 2017, and increased 29.8 per cent compared to April 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201704.pdf

When you list your home for sale, you want as many buyers as possible to find out about it. So consider how many friends, neighbours and work colleagues you have. Then think about how many people they know.

The number is likely in the hundreds. One of those people could be looking for a property just like yours.

That’s why getting your friends to spread the word about your listing is so effective. How do you do that?

One strategy is to have a moving party. This gives you an opportunity to ask your friends, as a group, to tell others about your listing. You can also encourage your friends to bring a guest who is currently in the market for a new home.

Another good idea is to put a profile of your listing on Facebook. This is the fastest and most convenient way for your Facebook friends to point others to your listing.

Do you have friends who work at larger organizations like banks and factories? They probably have access to an employee lunch room with a bulletin board. You can spread the word by asking them to put up an information sheet on your listing.

Try one or more of these ideas. Combined with my marketing plan for you, they can help get more qualified buyers to your doorstep.

Want more tips on promoting your listing? Call today, I am here to help.

Thannks,

AA

Attached home sales thrive as overall inventory remains scarce

SURREY, BC – Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season," said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our bourgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.

The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.

"We've never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

HPI® Benchmark Price Activity

• Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.

• Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.

• Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201703.pdf

When you’re preparing your home for sale, it’s not unusual to need to fix up a few things around the property. After all, you want your home to look its best to buyers, so that you get good offers, quickly. What do you need to fix?

Here are three categories that will help you create and prioritize your list.

1. Anything that squeaks or creaks. Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.

2. Anything that’s unsightly. You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall. Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.

3. Anything that’s broken. If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.

Getting these items fixed will go a long way toward making your home appealing to buyers. Want more tips on preparing your home for sale? Call today

Thanks,

AA

Fraser Valley enjoys healthy market in February

SURREY, BC – The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.

The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5 per cent compared to the record-breaking 2,387 sales in February of last year, and a 43 per cent increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.

Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it," said Gopal Sahota, Board President.

The Board received 2,171 new listings in February, a 0.3 per cent decrease from January 2017, and a 33.9 per cent decrease compared to February 2016’s 3,283 new listings.

For February the total active inventory in the Fraser Valley finished at 4,645 available listings, increasing by 5.5 per cent month-over-month, and decreasing 9.4 per cent when compared to February 2016.

"While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”

For the Fraser Valley region, the average number of days to sell a single family detached home in February 2017 was 38 days, compared to 21 days in February 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to January 2017, and increased 20.4 per cent compared to February 2016.

• Townhomes: At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5 per cent compared to January 2017, and increased 25.2 per cent compared to February 2016.

• Apartments: At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8 per cent compared to January 2017, and increased 26.5 per cent compared to February 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201702.pdf