News Release: May 4, 2009
More signs of a real estate rebound in the Fraser Valley
(Surrey, BC) – The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.
There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.
Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”
Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.
“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to firm up and that’s exactly what we’re seeing.”
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The benchmark price was $460,229 in April 2009 compared to $513,403 last year.
The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,07 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.
Monday, May 4, 2009
Monday, April 6, 2009
Some Buyer Tips....
Alllrighty then!!! It's Spring on the west coast.....can't beat it........
Great deals out there....especially on the entry (condo/townhouse) market...... here are some tips for buyers out there ....remember - knowledge is power, especially right now if you are the buyer.
• Challenge the ideas that are presented to you. Negotiating requires you to be assertive and question what you are being told. If you disagree with someone regarding the price, value or condition, speak your mind. Of course, be sure to do so diplomatically.
• Become a good listener. Listening carefully and critically thinking about what you are being told can prevent a considerable amount of confusion and ensure that the negotiations run smoothly.
• Be prepared. If you're buying, what exactly does the property have that could take away from its value? What is community like? What is the average selling price in the neighborhood? If you're selling, know your property extremely well; you cannot allow yourself to be taken aback by what a prospective buyer might say.
• Aim high. If you're selling, try marking the price of your home about 5% above what you would actually want. This will leave you some negotiating space to come down. If you're a buyer, offer a price that is lower than what you normally would; enter negotiations with the optimistic attitude that the seller will come down.
• Just a little patience. Relax. This could take a while.
• Be diplomatic. Because negotiations may be a long and tedious process, it can be very easy to get irritated. Getting frustrated with negotiations that seem to be going nowhere will only perpetuate any difficulties you may be having, and may even result in an end to all talks. Keep your cool.
Great deals out there....especially on the entry (condo/townhouse) market...... here are some tips for buyers out there ....remember - knowledge is power, especially right now if you are the buyer.
• Challenge the ideas that are presented to you. Negotiating requires you to be assertive and question what you are being told. If you disagree with someone regarding the price, value or condition, speak your mind. Of course, be sure to do so diplomatically.
• Become a good listener. Listening carefully and critically thinking about what you are being told can prevent a considerable amount of confusion and ensure that the negotiations run smoothly.
• Be prepared. If you're buying, what exactly does the property have that could take away from its value? What is community like? What is the average selling price in the neighborhood? If you're selling, know your property extremely well; you cannot allow yourself to be taken aback by what a prospective buyer might say.
• Aim high. If you're selling, try marking the price of your home about 5% above what you would actually want. This will leave you some negotiating space to come down. If you're a buyer, offer a price that is lower than what you normally would; enter negotiations with the optimistic attitude that the seller will come down.
• Just a little patience. Relax. This could take a while.
• Be diplomatic. Because negotiations may be a long and tedious process, it can be very easy to get irritated. Getting frustrated with negotiations that seem to be going nowhere will only perpetuate any difficulties you may be having, and may even result in an end to all talks. Keep your cool.
Friday, March 13, 2009
revitalizing cities through the arts....
"Cities and towns across North America are attempting to replace manufacturing with galleries, theatre festivals and concert halls - using artists to burnish the Rust Belt. It is not as if civic leaders think they can save their communities through expanding their musical theatre offerings. Rather, they view the arts as a way to spur a sea change in their economies as a whole."
National Post: Arts to the Rescue?
real estate new in BC
B.C.'s top-10 growth towns
first time buyers driving the current market.
metro Vancouver new house prices dip due to build discounts.
Anecdotally, things are 'heating up'. On the entry level ie condo and townhouse market, the action is consistent with showings and either keen interest or offers written. As long as your property is priced correctly and readied for sale you should see good action. The detached market doesn't seem to have caught up yet, however all signs are pointing that way.....
first time buyers driving the current market.
metro Vancouver new house prices dip due to build discounts.
Anecdotally, things are 'heating up'. On the entry level ie condo and townhouse market, the action is consistent with showings and either keen interest or offers written. As long as your property is priced correctly and readied for sale you should see good action. The detached market doesn't seem to have caught up yet, however all signs are pointing that way.....
Monday, February 9, 2009
Monday musings...
Good Morning.
Below is a summary of tax measures proposed in the 2009 Federal Budget which will have an effect on Homebuyers and those planning major renovations.
INCREASED HOME BUYER'S PLAN WITHDRAWAL LIMIT
To encourage home ownership and home construction, the budget proposes to increase the Home Buyer's Plan (HBP) withdrawal limit to $25,000. Currently, the HBP allows you to borrow up to $20,000 tax-free from your RSP to purchase or build your first home. This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years for withdrawals made after January 27, 2009.
NEW FIRST TIME HOMEBUYERS' TAX CREDIT
The budget proposes to introduce a new non-refundable tax credit for first-time homebuyers who acquire a qualifying home after January 27, 2009 (a qualifying home is one that is currently eligible for the Home Buyer's Plan) . First time home buyers will be able to claim a 15% non-refundable tax credit on an amount of $5,000, for a maximum credit of $750 in the year the home is purchased. If a home is purchased jointly, the total credit that may be claimed by all purchasers combined is $750. The credit will also be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC).
NEW HOME RENOVATION TAX CREDIT
The 2009 Budget proposes to introduce a temporary Home Renovation Tax Credit (HRTC) to encourage Canadians to invest in home improvements. A non-refundable tax credit of 15% will apply to eligible expenditure over $1000 up to $10,000 resulting in a maximum credit of $1350 ($9000 x 15%) If you are not able to use the entire credit the unused portion may be claimed by your spouse, common law partner or minor child living at home, provided you do not exceed the $1350 maximum credit. This credit will only apply to the 2009 taxation year for eligible expenditure made after January 27, 2009 and before February 1, 2010 and must be supported by receipts. This credit will not apply to home improvement expenses that are based on an agreement entered into before January 28, 2009.
Costs for renovations or alterations of an enduring nature to a qualified principal residence will qualify for the HRTC. The means that if you have both a home and a recreational property that can qualify as a principal residence, you can claim the HRTC for renovation expenses on one, the other or both. Such costs will include the cost of labour and professional services, building materials, equipment rentals and permits. Alterations such as furniture, appliances, audio-visual electronics, routine repairs and maintenance and financing costs associated with a renovation would not qualify for the HRTC.
Below is a summary of tax measures proposed in the 2009 Federal Budget which will have an effect on Homebuyers and those planning major renovations.
INCREASED HOME BUYER'S PLAN WITHDRAWAL LIMIT
To encourage home ownership and home construction, the budget proposes to increase the Home Buyer's Plan (HBP) withdrawal limit to $25,000. Currently, the HBP allows you to borrow up to $20,000 tax-free from your RSP to purchase or build your first home. This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years for withdrawals made after January 27, 2009.
NEW FIRST TIME HOMEBUYERS' TAX CREDIT
The budget proposes to introduce a new non-refundable tax credit for first-time homebuyers who acquire a qualifying home after January 27, 2009 (a qualifying home is one that is currently eligible for the Home Buyer's Plan) . First time home buyers will be able to claim a 15% non-refundable tax credit on an amount of $5,000, for a maximum credit of $750 in the year the home is purchased. If a home is purchased jointly, the total credit that may be claimed by all purchasers combined is $750. The credit will also be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC).
NEW HOME RENOVATION TAX CREDIT
The 2009 Budget proposes to introduce a temporary Home Renovation Tax Credit (HRTC) to encourage Canadians to invest in home improvements. A non-refundable tax credit of 15% will apply to eligible expenditure over $1000 up to $10,000 resulting in a maximum credit of $1350 ($9000 x 15%) If you are not able to use the entire credit the unused portion may be claimed by your spouse, common law partner or minor child living at home, provided you do not exceed the $1350 maximum credit. This credit will only apply to the 2009 taxation year for eligible expenditure made after January 27, 2009 and before February 1, 2010 and must be supported by receipts. This credit will not apply to home improvement expenses that are based on an agreement entered into before January 28, 2009.
Costs for renovations or alterations of an enduring nature to a qualified principal residence will qualify for the HRTC. The means that if you have both a home and a recreational property that can qualify as a principal residence, you can claim the HRTC for renovation expenses on one, the other or both. Such costs will include the cost of labour and professional services, building materials, equipment rentals and permits. Alterations such as furniture, appliances, audio-visual electronics, routine repairs and maintenance and financing costs associated with a renovation would not qualify for the HRTC.
Friday, January 9, 2009
year in review 2008
News Release from Fraser Valley Real Estate Board January 5 2009
(Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) refl ect the
real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for
the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market,
similar to changes overall in the economy, took place in the second half of 2008.
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price
Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark
price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when
it was $513,798.
The HPI benchmark price of Fraser Valley townhouses decreased by 8 per cent in one year, going from $322,295 in December 2007 to
$296,296 in December 2008, while the benchmark price of apartments decreased from $247,822 to $237,786, a - 4 per cent change in
one year.
“Prices could not have continued to increase at the pace they were over the past six years,” says Kelvin Neufeld, President of the Fraser
Valley Real Estate Board. “The change in the real estate cycle has created tremendous opportunities for consumers right now and
they’re starting to recognize that fact.
“Fraser Valley REALTORS® were already seeing home sales in early December surpass those of November, signaling that buyers
recognize the current advantages of price reductions combined with historically low interest rates and inventory at record levels.”
Fraser Valley’s total sales volume in 2008 was 13,194 compared to 18,862 in 2007. Over the course of the year, Fraser Valley REALTORS
® listed 35,651 properties, an 8 per cent increase compared to 2007’s 32,953 listings. The number of active listings at year’s end
fi nished at 9,960, 50 per cent higher compared to 6,646 active listings in December 2007.
Year-to-date average prices of single-family detached homes in the Fraser Valley increased 3.4 per cent going from $520,317 in
December 2007 to $537,960 in December 2008. In one year, the average price of a townhouse increased 3.6 per cent going from
$322,578 in 2007 to $334,259 in 2008. The average apartment price increased 5.8 per cent, reaching $229,488 in 2008 compared to
$216,990 in 2007.
* The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the
rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods
and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (infl ation
or defl ation).
The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and
medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a
given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fi replaces, etc. and apply those new values
to the ‘typical’ house model.
Contact: Laurie Dawson, Communications Coordinator, Fraser Valley Real Estate Board
Tel: 604.930.7600 Fax: 604.930.7623 email: laurie.dawson@fvreb.bc.ca
(Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) refl ect the
real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for
the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market,
similar to changes overall in the economy, took place in the second half of 2008.
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price
Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark
price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when
it was $513,798.
The HPI benchmark price of Fraser Valley townhouses decreased by 8 per cent in one year, going from $322,295 in December 2007 to
$296,296 in December 2008, while the benchmark price of apartments decreased from $247,822 to $237,786, a - 4 per cent change in
one year.
“Prices could not have continued to increase at the pace they were over the past six years,” says Kelvin Neufeld, President of the Fraser
Valley Real Estate Board. “The change in the real estate cycle has created tremendous opportunities for consumers right now and
they’re starting to recognize that fact.
“Fraser Valley REALTORS® were already seeing home sales in early December surpass those of November, signaling that buyers
recognize the current advantages of price reductions combined with historically low interest rates and inventory at record levels.”
Fraser Valley’s total sales volume in 2008 was 13,194 compared to 18,862 in 2007. Over the course of the year, Fraser Valley REALTORS
® listed 35,651 properties, an 8 per cent increase compared to 2007’s 32,953 listings. The number of active listings at year’s end
fi nished at 9,960, 50 per cent higher compared to 6,646 active listings in December 2007.
Year-to-date average prices of single-family detached homes in the Fraser Valley increased 3.4 per cent going from $520,317 in
December 2007 to $537,960 in December 2008. In one year, the average price of a townhouse increased 3.6 per cent going from
$322,578 in 2007 to $334,259 in 2008. The average apartment price increased 5.8 per cent, reaching $229,488 in 2008 compared to
$216,990 in 2007.
* The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the
rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods
and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (infl ation
or defl ation).
The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and
medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a
given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fi replaces, etc. and apply those new values
to the ‘typical’ house model.
Contact: Laurie Dawson, Communications Coordinator, Fraser Valley Real Estate Board
Tel: 604.930.7600 Fax: 604.930.7623 email: laurie.dawson@fvreb.bc.ca
Tuesday, January 6, 2009
correction not a crash?
Report on Business Jan 6 '09 - article is stating we should be braced for a correction this year not an overall crash of our market in Canada as compared to the U.S.
To quote:
By contrast, Vancouver, which Royal LePage called Canada's “most expensive city,” will likely experience a 9-per-cent drop in average prices to $540,100 this year, the steepest decline anywhere in the country. But the correction will be a “natural cyclical reaction” to nearly a decade of above-average increases, it said.
We are in a time of change and one could argue the change was due.
For both Buyers and Sellers, knowledge is extremely important. Your realtor must be prepared to keep up to date on changes in the market both locally and in a wider context.
Housing market braces for correction, not crash
To quote:
By contrast, Vancouver, which Royal LePage called Canada's “most expensive city,” will likely experience a 9-per-cent drop in average prices to $540,100 this year, the steepest decline anywhere in the country. But the correction will be a “natural cyclical reaction” to nearly a decade of above-average increases, it said.
We are in a time of change and one could argue the change was due.
For both Buyers and Sellers, knowledge is extremely important. Your realtor must be prepared to keep up to date on changes in the market both locally and in a wider context.
Housing market braces for correction, not crash
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