Sales activity continues to slow down for the Fraser Valley in August

SURREY, BC – While sales in August remained above the ten-year average for the month historically, the number of transactions processed in the Fraser Valley continued to decrease following this year’s bustling spring.

The Fraser Valley Real Estate Board processed 1,694 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.

“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down,” said Board President Charles Wiebe.

The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.

“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of ourcommunities. Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”

Across Fraser Valley, the average number of days to sell a single family detached home in August 2016 was 20 days, compared to 32 days in August 2015.The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.

In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201608.pdf

Finding an Honest Home Improvement Contractor

You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable one is so difficult. Here are some tips:

• Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.

• Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.

• Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.

• Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.

• Ask for references. Then, call at least one.

Finally, the best contractors are those that get recommended by people you trust. Looking for a contractor recommendation? Call me today.

Thanks 

AA

How Much Time Should You Spend Viewing Homes?

Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?” The answer seems obvious: As long as it takes to make a decision!

Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision. There are basically three stages to viewing a property:

                               1. Macro

                               2. Micro

                               3. Professional

When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard. Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.

If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit. The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.

Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer.

As your REALTOR®,I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call today to view your new home 604-992-1010.

Thanks,

AA

I have had a lot of people ask me about the newly imposed 15 per cent property transfer tax on sales of residential property by foreign buyers that closed and were registered after Aug. 2^nd and what effect it will have on the current market.

Here are the terms explained:

1.  A foreign national is one who is not a Canadian citizen or permanent resident.  If it is company that is purchasing, a foreign company is one that is not incorporated in Canada, or incorporated in Canada but controlled in whole or in part by a foreign national or other foreign corporation;

2. The increased tax only applies to properties in the Greater Vancouver Regional District, and does not apply elsewhere in the Province, or the Tsawwassen First Nations Lands (For FVREB, this includes North Delta, Surrey, White Rock and Langley, and NOT Abbotsford or Mission);

3.  The tax only applies to residential properties, not commercial;

4.  This is in addition to the regular PTT to be paid, and is paid on closing;

5.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

6.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

7.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

8.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

Although I feel this will help the affordability of houses in the long run, the fact that this was not made on contracts signed after Aug. 2^nd has created a domino effect. Deals have collapsed since the new tax was announced, after buyers failed to finalize deals before Aug 2nd.  This domino effect is hurting Canadian citizens who had sold their property and purchased another only to find that their buyer is walking away due to the new tax.

All this doesn’t change the fact that data from the FVREB shows that home sales in the Fraser Valley have been declining before the tax was announced. Sales fell 10.2 per cent in July from a month earlier, and were 31.5 per cent lower than they were a year ago. It was the third month of falling sales in the region.

How this will affect the market in the months to come is still yet to be seen. If you would like more information or have any questions please feel free to contact me directly at 604-992-1010 to discuss.

Thanks,

AA

Fraser Valley housing market simmers in July

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201607.pdf

Not-So-Obvious Reasons to Meet with a REALTOR®

When is the best time to meet with a REALTOR® like me? Chances are, you would say, “When I’m thinking of buying or selling a home.” You’d be right, of course! However, there are many other good reasons to meet with me. Here are just a few:

• You want a professional opinion as to the current value of your property, so you know what it would likely sell for in today’s market.

• You notice a home listed for sale in a desirable neighbourhood, and you’re interested in learning more — even if you’re unsure you want to make a move.

• You’re thinking of moving within the next couple of years, and you want to find a REALTOR® like me, that you can get to know and trust.

• You want some recommendations for preparing your home for sale and especially determining what repairs and other work needs to be done.

• You want an honest assessment as to the state of the local market, and the best time for you to buy or sell.

• You have real estate-related questions and you want to talk to an expert who knows the local market well and can provide you with answers.

As you can see, there’s a lot of value you can get from talking to me as your REALTOR®. Call me today.

AA

Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? After all, no two homes are exactly alike. Yet, setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems. The first tipping point is a price that’s low enough for buyers to begin thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?” But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.

The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property. Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.

So what’s the right price to list your property? The answer is somewhere inbetween those two tipping points. Call me today for help determining the right price for your property.

Thanks,

AA

For Immediate Release: July 5, 2016

Fraser Valley housing market remains hectic

SURREY, BC – Consistent with the preceding two months, June saw a record-setting number of sales for the month historically, but continued easing off since this year’s sales peak in March.

The Fraser Valley Real Estate Board processed 2,864 sales of all property types on its Multiple Listing Service® (MLS®) in June, an increase of 18.7 per cent compared to June 2015. The previous record for sales processed in a June was set in 2005 at 2,517. However, when compared to May 2016, sales dipped 1.5 per cent.

With 1,281 sales of single family detached homes, demand for greater space and land remained consistent. However, nearly matching that was the combined total of June’s 656 townhome sales and 604 apartment sales, a rare feat for the Fraser Valley region.

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight leveling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

The Board received 3,705 new listings in June, an increase of 11.7 per cent compared to June of last year, and a 0.8 per cent increase from May 2016. The total active inventory for June was 5,612, down 30.8 per cent from last year’s 8,105 active listings at this time.

Across Fraser Valley, the average number of days to sell a single family detached home in June 2016 was 17 days, compared to 35 days in June 2015.

"Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS® in June; our market is truly in the hands of hopeful sellers,” added Wiebe.

“If you're a struggling buyer, or someone thinking of selling but on-the-fence, talk to a REALTOR® and find your best path through this complex environment.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in June was $861,600, an increase of 41.3 per cent compared to June 2015 when it was $609,900.

In June, the benchmark price of townhouses was $387,100, an increase of 27.9 per cent compared to $302,600 in June 2015. The benchmark price of apartments also increased year-over-year by 20.8 per cent, going from $191,900 in June 2015 to $231,900 in June 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package%20201606.pdf

For Immediate Release: June 2, 2016

DEMAND IN THE FRASER VALLEY EXTENDS TO TOWNHOMES AND APARTMENTS

SURREY, BC – Consumer demand for real estate in the Fraser Valley continued through May, with overall sales once again reaching record-breaking numbers for the month historically.

The Fraser Valley Real Estate Board processed 2,911 sales on its Multiple Listing Service® (MLS®) in May, an increase of 47.8 per cent compared to May 2015. The previous record for sales processed in a May was set in 2006 at 2,245. However, sales dropped two per cent when compared to April 2016, continuing a slight trend of easing off since sales peaked this spring at 3,006 sales in March.

Of the 2,911 sales processed in May, 615 were townhouses and 557 were apartments, representing a significant portion of May’s market activity and a large increase when compared to May 2015. Townhome transactions increased 56.1 per cent when compared to last year, and apartments reached even higher levels seeing a 112.6 per cent gain.

Charles Wiebe, President of the Board, said of this month’s market data, “Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is leveling off.

"However, we’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

The Board received 3,674 new listings in May, an increase of 22.9 per cent compared to May of last year, and a 6.8 per cent decrease from April 2016. The total active inventory for May was 5,752, down 32.4 per cent from last year’s 8,512 active listings.

Across Fraser Valley, the average number of days to sell a single family detached home in May 2016 was 16 days, compared to 31 days in May 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in May was $834,200, an increase of 38.3 per cent compared to May 2015 when it was $603,100.

In May, the benchmark price of townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in May 2015. The benchmark price of apartments also increased year-over-year by 17 per cent, going from $192,500 in May 2015 to $225,200 in May 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201605.pdf

For Immediate Release: May 3, 2016

FOUR-FOR-FOUR IN RECORD-SETTING MONTHS FOR FRASER VALLEY REAL ESTATE

SURREY, BC – Once again Fraser Valley real estate saw record-breaking numbers with April sales reaching higher than any previous April historically.

Last month, the Fraser Valley Real Estate Board processed 2,969 sales on its Multiple Listing Service® (MLS®), an increase of 47.8 per cent compared to April 2015. The previous record for sales processed in an April was set in 1991 at 2,513. However, sales did drop 1.2 per cent compared to the all-time Board record set in March 2016 at 3,006 sales processed.

Charles Wiebe, President of the Board, said of this month’s market data, “Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley.

“There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”

The Board received 3,942 new listings in April, an increase of 22.5 per cent compared to April of last year, and a 2.8 per cent decrease from March 2016. The total active inventory for April was 5,697, down 32 per cent from last year’s 8,384 active listings.

Wiebe added, “While it may seem daunting, I must emphasize that it is still very possible to enter this market. However, working with a REALTOR® is essential for both home buyers and sellers; a professional will help you navigate what you need and what’s out there. Whether it’s a buyer or a home that you’re looking for, we’ll help you find it.”

Across Fraser Valley, the average number of days to sell a single family detached home in April 2016 was 17 days, compared to 38 days in April 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in April was $776,500, an increase of 30 per cent compared to April 2015 when it was $595,500.

In April, the benchmark price of townhouses was $353,300, an increase of 17.6 per cent compared to $300,400 in April 2015. The benchmark price of apartments also increased year-over-year by 15 per cent, going from $191,200 in April 2015 to $219,900 in April 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201604.pdf

News Release: April 4, 2016

MARCH SEES HIGHEST MONTHLY SALES ON RECORD FOR FRASER VALLEY

SURREY, BC – Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921. .

In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February. The previous record of 2,720 processed sales was set in March of 1991.

Charles Wiebe, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”

“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition. Talk to a local REALTOR®, and discuss what you want and what’s possible for you. We can help you get there.”

The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.

Wiebe commented, “This is typically a busy time of year to buy and sell real estate, and those seeking homes are hungry to purchase. Unfortunately, inventory is struggling to keep up. With that said, if you’re thinking of selling your home, I encourage you to talk to a REALTOR® and consider your current opportunities. The market is in your favor.”

Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.

In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201603.pdf

ANOTHER RECORD-SETTING MONTH FOR FRASER VALLEY REAL ESTATE 

SURREY, BC – For the second time in as many months, Fraser Valley real estate saw record-setting monthly sales.

In February, the Fraser Valley Real Estate Board processed 2,387 sales on its Multiple Listing Service® (MLS®), an increase of 79 per cent compared to February 2015 and 78 per cent more then was processed in January. To give a historical perspective, sales in February were 46 per cent over the 10-year average for that month; and, 4 per cent higher than the previous record of 1,948 sales in February 1992.

Charles Wiebe, President of the Board said of this month’s record numbers, “In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley.”

“While it’s certainly encouraging to see such confidence in our region, the intense demand has created a more complex market for buyers. For certain property types, prices have increased and selection is scarce. If you find yourself struggling in your search, consult a professional. We know the market and we’re here to help you.”

The Board received 3,283 new listings in February, an increase of 26 per cent compared to February of last year, and another record high for February. The total active inventory for February was 5,127, down 35 per cent from last year’s 7,864 active listings.

Wiebe explained, “Inventory is moving fast, so it’s critical that buyers know what they most want in a home and neighborhood, and be open to considering new areas. The Valley features a wide range of diverse housing options, with many areas still very affordable, so talk to your REALTOR® who will help carve a path to suit your needs.”

Across Fraser Valley, the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $714,000, an increase of 23 per cent compared to February 2015 when it was $581,400.

In February, the benchmark price of townhouses was $337,300, an increase of 13.5 per cent compared to $297,200 in February 2015. The benchmark price of apartments also increased year-over-year by 11.2 per cent, going from $189,700 in February 2015 to $211,000 in February 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201602.pdf