;

 

For years, one of the main discussions among Canadian real estate experts had been the influence foreign buyers had on housing prices, particularly in a city like Vancouver. Critics warned that foreign buyers would scoop up condominiums and semi-detached homes and leave these properties empty or market the units on Airbnb. If any jurisdiction combated this trend, valuations could drop, helping to make housing more affordable. So, what happened?

In 2016, the British Columbia government introduced a 15 per cent foreign buyers tax, which was later raised to 20 per cent by the province. But now, the federal government has established a new one per cent speculation tax on foreign buyers if homes sit empty. The new levy from Ottawa will go into effect next year, promising that this money will go back into the housing industry. The government made it clear: “Speculative demand from foreign, non-resident investors contributes to unaffordable housing prices for many Canadians.”

Will these measures be effective in curbing unsustainable price hikes? Did previous measures improve the Vancouver real estate market for first-time homebuyers? The consensus among market observers was that it was a band-aid solution with very little effect on affordability. Even when BC raised the tax by a hefty amount a few years ago, benchmark prices of homes in Metro Vancouver still advanced. But now some time has passed, and market conditions are vastly different; are foreign homebuyers still scooping up Vancouver real estate?

Are Foreign Buyers Still Purchasing Vancouver Real Estate?

In 2020, foreign homebuyers accounted for 1.4 per cent of the British Columbia real estate market.

During the coronavirus pandemic, Ottawa imposed travel and border restrictions to curb the spread of the highly infectious respiratory illness. This substantially reduced the number of foreign students, limited outside investment, and discouraged foreign buyers from acquiring Canadian real estate.

In North and West Vancouver, there has been close to zero foreign buyers. Did the vanishing act lead to lower prices? Quite the opposite: 60 homes sold for at least $5 million in the area. It continues to be a supply-side issue for the housing industry, in addition to historically low interest rates and pent-up demand unbalancing the market. Until inventories improve, Vancouver real estate will continue to burn red-hot.

To be fair, the trend of foreign homebuyers had been on the decline before the COVID-19 public health crisis. According to BC Ministry of Housing data, foreign buyers as a representation of property purchases had fallen to around one per cent, down from three per cent in 2018. However, once again, as the post-coronavirus global economy returns to some semblance of normalcy, analysts say that there could be a return of foreign buyers since international demand never really disappeared.

It is unclear when Ottawa will lax restrictions at the border and resume travel and immigration. When it does, it could add further pressure on strained supplies. As investors became wealthier during the pandemic, they could be able to afford and absorb a one per cent federal tax and potentially shift their interest from British Columbia to Ontario, Quebec, or even Atlantic Canada.

Whatever the case may be, Brendon Ogmundson, the chief economist of the B.C. Real Estate Association (BCREA), believes these types of taxes only buy time rather than address the heart of the matter. The world is vastly different in 2021 than it was in 2016, so new trends could form in this day and age.

“We keep enacting these policies that buy us time, and then we don’t do anything with that time. The problem is that every time demand is on an upswing, it’s hitting a very undersupplied market,” he said, adding that a tiny sample drove public discourse.

Lawmakers Still Want Higher Foreign Buyers Tax

New Democratic Party leader Jagmeet Singh promised a 20 per cent foreign home buyers tax, projecting that the revenues would be used to spend $14 billion on housing construction. It is unclear if this would complement certain jurisdictions’ penalties on outside buyers.

“Let’s massively invest in housing as a way to create jobs locally in communities and as a way to ensure people have a place to call home,” Singh said during a virtual news conference in early May. “We know that people are treating Canada like a stock market when it comes to housing and just plopping their money into the housing market, hoping it will continue to grow.”

The NDP ostensibly does not believe that the Liberals’ one per cent goes far enough. A recent study from TD Economics concluded that the speculative levy would be “unlikely to significantly dent current activity.”

Moving forward, the objective is clear: add fresh supply to ease sky-high prices. But is penalizing foreign buyers the way to go? Many industry observers have asserted that this is a feel-good tool that might look like it will improve the situation but will hardly achieve much of anything. Until new supply comes to the market, property prices across Canada will continue to escalate – with or without the involvement of out-of-country buyers.

 
 
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cost to build a house

The average cost to build a house in Canada ranges from $120 to $195 per square foot for a detached home. For many Canadians, the dream of building a home is more appealing than just buying one. Building a home comes with many benefits, and if we’re being perfectly honest, some headaches.

What is the cost to build a house in major Canadian cities?

When it comes to the average cost to build a home in Canada, according to Altus Group’s 2021 Canadian Cost Guide, the price per square foot for a detached home in major Canadian cities is as follows:

  • Vancouver: $145 – $265
  • Calgary: $125 – $195
  • Edmonton: $125 – $195
  • Winnipeg: $120 – $185
  • Greater Toronto Area: $140 – $240
  • Ottawa: $120 – $200
  • Montreal: $105 – $175
  • Halifax: $90 – $150
  • St. John’s: $115 – $150

cost-to-build-house-canada

Can I get a Loan to Build a House?

There are Home Construction and Self-Build Mortgages available when building a house. You need a separate loan to buy the vacant land, which usually comes with higher interest rates than a traditional mortgage.

You are usually expected to have a larger down payment that can range between 25–30%. Your construction mortgage is then used to cover the building costs. These vary in interest rates and terms from lender to lender.

There are basically two types of construction mortgages:

  1. Completion mortgage: In this case, the loan isn’t transferred until construction is complete.
  1. Draw or a progress-draw mortgage: The builder draws money in increments as the home is built.

They can get complicated, so speak to a mortgage broker or your bank to discuss your options so that you make the right choice for your needs.

How Long Does It Take to Build a House?

Time is tricky to call as there are so many working parts. However, on average it takes from 10 to 16 months to build a house, assuming everything goes as planned. That doesn’t include clearing the land or tearing down an existing home on the land. It also does not consider the many issues that can arise from bad weather to lack of manpower and delays on materials to challenges with you being able to make decisions in a timely manner.

How to Reduce the Cost of Building a House?

The best thing about building a house is that you can control the budget to save on overall costs – or at least try. Here are some pro tips on how you can save money:

Take Bids

Consider several contractors to bid on the project. Keep in mind that the cheapest builder is not always the best. There’s often a reason that a contractor is coming in low, and it’s typically that they sacrifice deadlines or cut corners on quality. Do your research and make sure you approach contractors with experience and outstanding reviews and ratings.

Choose Existing Home Designs

Consider going with pre-designed choices from a library of designs offered by experienced home builders.

Design a Smaller Home

This one seems obvious, but the smaller the home, the less it will cost. Editor’s note: a reader pointed out that smaller homes can actually most more per square foot! According to him, “The larger the square footage, we still need the same items for the home, but they are now stretched out over a larger square footage.” Makes perfect sense! Consider what you need and what you can afford to set a realistic budget. Once you get estimates, you can then see if there’s any wiggle room to upgrade in square footage, the number of bathrooms, and so on. Open floor plans make the most of small spaces. They also save a ton on materials that affect the cost, with fewer walls, electrical, plumbing, doors and other features.

Consider Lifestyle

Your lifestyle will play a role in the home you plan to build. Do you entertain often? Do you have kids, or are you planning a family? Do you have overnight guests? Do you work from home? Do you work out at home? Do you love cooking? How many cars do you have? How much storage space do you need to accommodate your hobbies? All of these questions help you determine where you need to invest extra money and where you can save.

Save on Aesthetics

The style of home you choose will impact the cost in a major way. If you’re not married to a particular style, consider going industrial or rustic as these looks are more forgiving. You can get away with lower costs on the interior finishes without sacrificing the look of your home.

Lend a Hand

Great savings on labour costs can be found by doing some of the work yourself. Some of the easiest things to take on are painting and installing light fixtures. Handier people will often install their flooring or kitchen cabinets once all the plumbing and drywall is complete.

Get Quotes

There are some areas where you might get better deals than your contractor can give. Those can include things such as HVAC systems and water heaters, so don’t be afraid to tell your contractor you want to shop around.

Reclaim and Recycle

There’s a lot to be said for reclaimed and recycled items. They are eco-friendly, add character and can also save a lot of money. There are many salvage yards and shops as well as charitable organizations like Habitat for Humanity Restore where you can hunt for everything from doors and windows to kitchen cabinets and bathroom vanities.

Don’t Skimp on Important Details

Make sure you don’t sacrifice on the important details that will save you money down the road, such as proper insulation, windows, doors, and roofing.

Are There Other Options to Custom-Built Homes?

A home renovation is always an option when it comes to getting your dream home. In most cases, you can reduce construction costs as this is not a complete re-build. When you build a new house, you can also look for smaller homes on large plots of land and use them as your base to build your dream home. The large land allows you to increase the square footage. Of course, you can also tear the existing home down and opt to build a new house.

There’s always the new-build route in a subdivision. You are looking at a cookie-cutter design and high prices when you want to make any upgrades for a more customized look.

Although building a home can prove to be affordable, it does also come with its fair share of challenges.

 
 
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Whether you want a small project or a new challenge, these improvements can enhance your home and may boost its value.

Like many homeowners, you may have eyed a home improvement project in the past only to come up short on time or inspiration.

Don’t feel bad. Nearly half (43%) of all homeowners say their biggest challenge around home improvement decisions is finding DIY time, which also may explain why the same percentage of people say they have unfinished home improvement projects — typically two.

Since many of us are spending much or all of our time at home, now might be a good time to channel some of that cabin fever into a project that could add value to your home or infuse it with new energy.

Here’s a sampling of projects you can tackle alone — or with a pint-sized assistant in need of a play date.

Beginner projects

New faucets

Attention to detail is key for this project — you don’t want to flood your kitchen because you forgot to turn off the water valve — but no previous plumbing skills are required, and a shiny new faucet can generate a lot of day-to-day pleasure for a little effort. These instructions walk you through the steps to install a kitchen faucet (and the process is just the same for a bathroom sink).

Light fixtures and switches

Few things can change the atmosphere of a room as quickly as lighting. Swapping out an old fixture for a new one — or an on-off switch for a dimmer — can provide a mood for any occasion.  Here’s an easy guide to change a light fixture. Switches use the same types of wires, so if you can swap a fixture, you can handle a switch.

Fire pit

This is a great one to tackle with kids. Celebrate the finished product with a s’mores party. Plus, the sales price premium on homes with fire pits is 2.8%, according to a Zillow analysis of thousands of home listings and sales prices.* Build you own backyard fire pit in 7 easy steps.

Smart tech upgrade

There are countless smart home products you can choose from, and some require little more than changing a light bulb or plugging in a device. A few to consider:

Smart doorbell/camera: Installing one is similar to changing out a light switch. The process involves removing your old doorbell and connecting the device to your Wi-Fi.

Smart locks: Do you have a family member who is always losing their house key? Replacing a traditional door lock with a keyless entry you access using a touch pad or smartphone app is an easy solution.

Smart home hub: Amazon, Google, Apple, Nest, Samsung and others offer smart home hubs, which allow you to interact with compatible devices through a central system. The hub itself is typically “plug and play” and easy to set up. But you may need to do some initial troubleshooting to get all of your devices connected.

Smart lights: This project is as simple as buying and installing light bulbs. However, the upgrade requires coordination with a smart home system because each one has its own requirements and controls. If you already have a home system, be sure the lights you choose are compatible. If you’re thinking of buying a new system, keep in mind that it needs to work harmoniously with the products you already have.

Intermediate projects

Cabinet refresh

Updating your kitchen doesn’t have to involve major renovations. You can create a whole new look by changing out the door and drawer pulls, painting your cabinets or removing cabinet doors to create an open-shelving effect. Or, if you have too much wall space and too few cabinets, you can easily install open shelving from scratch. An added bonus: Homes with open shelving sell for 4.2% more than expected. For cabinet tips and other ideas, here are seven ways to upgrade your kitchen without remodeling.

Barn door

Switching out a traditional swinging door or a closet slider for a barn door that glides on a rail can give your room a striking look, as well as open up space and change the furniture arranging possibilities. And your effort might pay off in other ways: Barn doors are associated with a 5% price premium. You’ll need a few tools, another pair of hands, and these step-by-step instructions which cover all the details of how to build and install your own sliding barn door.

Advanced projects

Board & batten

You may not be familiar with the term, but you’ve probably seen this classic design feature in a number of homes. Precision is required for this one, and that means you need the right tools, namely a measuring tape, a level and a miter saw. Also patience. But if you can imagine a 3D element atop your drywall, you’re ready to go, and this guide will walk you through each step of the process.

Garden shed

If you have the know-how to build a garden shed, you can find any number of plans and tutorials online to suit your taste. And if you’re not quite up for that challenge, you can still improve the one you’ve got or buy a garden-variety one and make it your own. Start by imagining whether you need it for storage or extra work or living space, and go from there. Homes with a “she shed” are associated with a 3.6% price premium. Here’s some inspiration to create your own custom garden workspace.

Heated floors

This is the kind of project you can tackle if you missed out on your real vocation and ended up in a desk job. Labor-intensive and requiring the confidence of an accomplished tradesperson (and some math skills), your success in warming your dwelling from the bottom up will make you a hero or heroine in your own home. This project is ideal if you already planned to replace the flooring in a room and have the opportunity to add a heating element in the process. Learn about the different types of radiant flooring and tips for DIY success. Homes with this feature sell for 4.9% more than expected.

Whatever you decide to do, measure twice and have fun!

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Good study habits are easier to build when you have a dedicated and attractive spot to hit the books.

When was the last time your home workspace or study station inspired you? For most people, the answer is, “Not recently.”

Whether you’re prepping an area for your work-from-home days or setting up a spot for young scholars to study , you can kick inspiration into high gear with home office solutions that will get your creative juices flowing again.

Window wonder

It’s no secret that sunshine does the body good. Fix up a space near the window so you can soak up plenty of vitamin D while pumping out price lists or writing that term paper.

Greenery looks great near a bright area, so a potted plant or two might help naturally bring your space to life.

Arts and crafts

The age of DIY is upon us. Embrace the casual-cool vibes and create your very own home desk area.

Need a semipermanent to-do list? Try using chalkboard paint to make yourself a giant notepad on a nearby cabinet or a framed chalkboard. Tired of the overdone corkboard for your sticky notes? Framed chicken wire with clothespins makes a more shabby-chic memo board.

The possibilities really are endless for this type of style. Just don’t let your DIYing get in the way of the tasks you originally sat down to do!

Collaboration is key

For those less focus-intensive projects, investigate a collaborative workstation with several small spaces or a giant community table. This type of work environment has been popular among small companies and creative agencies for the purpose of bouncing around ideas.

If you still want your own personal space, put a divider between you and the other desks for some extra privacy, and take it down when it’s time to meet and discuss. You know what they say: Teamwork makes the dream work.

A clear mind

While many of us would like to think we have complete control of our habit of logging onto Facebook or checking what else our calendar has in store for us, most of us really don’t. And the greatest enabler of this sidetracked behavior is a cluttered workspace.

Set the stage for a clean slate with a bright white desk and matching chair, a simple light fixture and an inspiring element. Keeping your workstation simple and clutter-free ensures you have a productive day — even if your homework is less than exhilarating.

Whether you’re up all night cramming for exams or prepping for a work presentation due first thing in the morning, you’ll feel more focused and productive by incorporating any of these tips into your workstation.

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This is no time for major updates, so stick with simple tasks to make for a festive celebration.

Hosting a holiday gathering can be a lot of fun, but perhaps a bit intimidating, too. You want your house to look its best, but now isn’t the time to undertake any major updates.

Chances are, you’re busy enough get ready for the event. So, focus on just the areas of your house where your guests will spend time.

Whether you’re a first-time party host with a few jitters or an old pro looking for some new ideas, these tips will help you ensure that your home is ready for any gathering.

Light the way

The sun sets early this time of year, so it’s important to make sure the entrance to your home is clean and well-lit.

If you have a large front yard, focus on the entryway and the path leading up to it. Install porch lights or replace the bulbs if needed. Cut back any shrubbery that is obstructing the walkway.

On the day of your party, open the blinds on the front windows so your guests can see into your warm, festive-looking home as they approach. It’s a great way to create a sense of welcoming anticipation.

Pro tip: The easiest way to create instant lighting for walkways and paths is with the solar lights that you just stick into the ground. The sun does the rest of the work!

Take care of the bottom line

Our mothers used to say this, and it’s true: If your floors are spotless, they make your whole house look cleaner.

Even if you’re unable to do an in-depth house cleaning before your gathering, make sure your floors have been cleaned before that first guest steps over the threshold.

Pro tip: If you have carpeting, clean the carpets a minimum of three days ahead of your affair so they have time to dry fully.

Brighten up your bathroom

If you’re bothered by grimy-looking grout in your bathroom, try this easy, inexpensive, and non-toxic method to get rid of it nearly instantly: Just spray on some full-strength hydrogen peroxide, let it sit for 10 minutes, and then wipe clean. That’s it!

Next, add some flowers, holiday decorations or pictures on the wall to further spiff up your powder room, and it will be ready for your guests.

Pro tip: Get the buildup out of a slow-moving sink drain with a Zip-It. This inexpensive tool looks like a giant zip-tie. You just work it down into the drain to pull up hair clogs — all the other gunky stuff will come up with it.

Tune up kitchen appliances

Your kitchen appliances will be the workhorses of your holiday party, whether you’re hosting a big family dinner or a cocktail party. You want them to be fully functioning and ready for action.

Make sure all stove burners are working. Now’s the time to clean the oven if you haven’t done that for a while.

Clean out the refrigerator, and check to see that the fridge and freezer are running at their optimal temperatures.

Make sure your dishwasher is in good working order. You can clean it easily with a dishwasher cleaner that you run through a cycle.

Pro tip: Sharp knives will make easy work of preparing the big meal. Make sure all your kitchen knives are newly sharpened, and also check the batteries in your electric carving knife, if you have one.

Make your space kid-friendly

If you make your home welcoming for children, you’ll ensure their parents have a great time as well.

If you happen to have kids that are the same ages as your young guests, you’re in luck. But if not, think about adding some considerate touches that will make parents more comfortable and alleviate kid boredom.

Here are some ideas to get you started:

  • Turn a spare room or an upstairs bedroom into a private nursing/changing area for a new mom.
  • Toddlers and younger children will want to be near their parents, so a good idea for them is to set up a corner of your living or dining room with toys, books, a tablet for watching cartoons and some comfy pillows or throws.
  • One of our favorite strategies for older kids is to turn the dessert course into an activity. For instance, you could bake a huge batch of sugar cookies in holiday shapes, and then put out different colors of icing to let kids (and adults) go to town with decorating their own cookies.

Pro tip: If you don’t have children, or if yours are older, don’t forget to kid-proof your space. Put away anything expensive, breakable or unstable. Do some baby-proofing, if necessary. This way you and the parents can relax and not have to worry about safety hazards.

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Near record-breaking new listings in the Fraser Valley not enough to match insatiable buyer demand 

Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near-historic levels of new listings in May.   

In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.     

Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control. 

“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”

In May, the Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.   

Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”

Across Fraser Valley, in May, the average number of days to sell a single-family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
  • Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
  • Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.
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  • Clarification on the Provincial Restart Plan to Safely Bring People Back Together Announced on Tuesday, May 25, 2021

As many of you may be aware, Tuesday, May 25 was a big day for the citizens of BC. Premier John Horgan, together with Provincial Health Officer Dr. Bonnie Henry and BC’s Minister of Health, Adrian Dix announced BC’s Restart Plan, involving four steps with projected timelines. Each step is expected to bring a gradual easing of restrictions over the coming months. 

Regarding the lifting of any sector-specific restrictions, consultation is expected to begin after June 15, with the Board anticipating new real estate guidelines after July 1. For the time being, orders by the Public Health Office regarding the number of people who may attend showings remain unchanged and Realtors must continue to follow BCREA guidelines for Safer Showings During the COVID-19 Pandemic, as well as BCREA protocols set out in the COVID-19 Safe Practices Checklist for Managing Brokers.

It is our shared duty and obligation to continue to practice all COVID-19 safety protocols. In summary, and as a reminder, private showings must only take place following these strict safety measures:

  • Showings are restricted to a maximum of six people, subject to each person present being able to keep two metres away from every other person present at all times;
  • Masks and gloves must be worn by the visitors including the buyers, sellers and agents attending;
  • No visitor is permitted to touch any object or surface of the home;
  • Any opening of doors, windows or cupboards must be done by the seller or the seller’s agent; and
  • Sellers are advised to carry out thorough cleaning and sanitizing prior to and following a showing of the home.

Furthermore, on the overall issue of in-person open houses, our guidance to you remains consistent with our eMemo of November 6, 2020 as well as our eMemo of November 7, our eMemo of November 9 and our eMemo of January 22. In these memos, we stated that members should refrain from holding in-person open houses and instead, implement virtual tours/showings as much as possible.

We each have an important role to play, and what we do now as a collective at this critical stage, will give us the best chance at reaching the milestones as set out in the Provincial Restart Plan. Now is the time to stay the course as we look ahead with hope towards a new normal, bringing greater freedoms to serve our members and clients, and to expand our social circles. 

On behalf of the FVREB Board of Directors, the staff and management team, I would like to express my gratitude to our members for your enduring and unwavering commitment to guiding, advising and protecting your clients and their interests – including their health and safety – during these immensely challenging times.

Should you need further guidance, please contact your managing broker or the Board office.

Have a good weekend and stay safe.

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You know, but how do you convince your sellers?

We’re hearing anecdotally from REALTORS® that the market is shifting. Demand remains very high for certain property types in a number of locations, but as more supply comes on stream, it is helping to soften the frenzy.

Members are telling us that they’re seeing fewer inquires and multiple offers, and subjects are back on the table. One recent Fraser Valley transaction at the beginning of May is an example. A Surrey buyer who had previously tried for multiple homes finally won out because their offer was the only one.

For buyers collectively, this is a welcome development, but as you well know, sellers want yesterday’s prices.

So, how can you use your MLS® data to help prove to your sellers that the market is changing, and they may need to adjust their expectations?

By using one of the best little measurements around, the Sales-to-Active-Listings ratio.
Head to the FVREB Stats Centre, select your sub-area and property type. At the bottom, click on the Sales-to-Active-Listings ratio (SALR) button.

A reminder (because we’ve talked a lot about this multipurpose stat in the past) that the SALR is a single number that tells you if the market is favouring buyers, sellers, or is balanced.

For the Lower Mainland, an SALR higher than 20 per cent indicates a sellers’ market, under 12 per cent a buyers’ market, and in between –- 12 to 20 per cent – is considered a balanced market.

Next week, we’ll have May’s numbers, but even looking at April’s numbers, the trend is clear. Yes, still a strong seller’s market for all three of our main, residential property types in the Fraser Valley, but you can see the trajectory. All three SALRs have dropped three months in a row.  

The sales-to-active-listings ratio for detached in West Newton is teetering on a balanced market
Because real estate is local, you’ll of course select your client’s sub-area and property type, which may or may not reflect board-wide trends.  Here’s a SALR graph, as of April, for single family detached for four sub-areas in Surrey – West Newton, East Newton, Panorama Ridge and Sullivan Station. 

In Sullivan (orange line), the SALR went from 147% to 60% in one month. Will be interesting to see what May’s numbers indicate. West Newton is down to 28%, from a high of 79% in February, teetering on a balanced market. 

You have many data tools in your client education toolbox – you have your CMAs, evidence of a huge influx of new listings to show your clients and as mentioned above, fewer inquiries and offers – but don’t forget about the power of visuals of actual MLS® data, the most trusted resale housing data in Canada.

Emailing your sellers a graph of a three-month trendline heading south fast, may help support your recommendation that they lower their expectations and accept a reasonable and fair offer.

Haven’t used the Stats Centre before? In March, almost 700 Fraser Valley members logged 3,000 hours using the tool and shared over 1,000 charts with clients. Check it out! http://stats.fvreb.bc.ca and to reward you for reading this article, a final tip: in the tool itself, under the User Manual & FAQ tab at the top, there’s a handy seven minute how-to video, to help you get the most out of the tool.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.