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Michele Has Stats And We’re Joined by Dana Franklin
July 19, 2022 | Posted by: Michele Cummins
Warning! This is a digitally automated transcript, so there will be mistakes throughout! Including Michele's name :)
Curtis Pope:
Here we are, it's time for the coverage Real Estate Group show with local Rockstar realtor Michelle Cummings and myself Curtis Pope. Good morning, Michelle.
Michele Cummins - PREC:
Good morning, Curtis. How are you?
Curtis Pope:
I'm doing excellent. And it's great to be talking to you here again, as you know, after a little bit of vacation time, it's always good to be back.
Michele Cummins - PREC:
And I hear that the wine was superb.
Curtis Pope:
Well, it always is.
Michele Cummins - PREC:
Did they have pineapple wine though?
Curtis Pope:
I can't say I've ever just, you know, I'm I'm still a relative newbie when it comes to wine. But I can't say I've come across pineapple wine, but you make through wine, so they must make pineapple wine.
Michele Cummins - PREC:
Wouldn't that be delicious?
Curtis Pope:
It'd be dangerous. I think.
Michele Cummins - PREC:
Well, why I'm usually is.
Curtis Pope:
Yes, and there's no shortage of that when you're in the Okanagan, that's for sure.
Michele Cummins - PREC:
So you get back and summer was waiting for you pretty much.
Curtis Pope:
Yeah, it was pretty nice. Because we went was a little tiny bit cool. For the Okanagan, we're normally it'd be like 30 degrees. It was like 2425. But when we got back, it was Yeah, boom, right back into summer and lower mainland, it finally showed up.
Michele Cummins - PREC:
I know. It's so wonderful. Okay, so we're going to do this show, we're going to do the stats show because you know, you were way on vacation. And we you know, we just didn't do it last week. So I wanted to do it. It was a real timely because there was a huge announcement just the other day. And it was interest rates, and how much the Bank of Canada went up the highest they've ever gone up ever in history, in one going a whole percent 1% They went up crazy. But you know, there's hope at the end of the tunnel. They say that probably asked her next year. So in about a year it may balance back out. So as the interest rates are going up, and as the market is now it's actually going into a buyers market, it will then go back down again, maybe in about a year or so. So so hold on, hold on. It's not forever, and they say it will come back down. We may still see a couple more hikes but just make sure you're prepared so so without further ado, this was released July 5, the Fraser Valley housing market continues to cool amid slower sales in softer prices. So overall sales in the Fraser Valley sell for the third straight months, as prices for all types continue to soften bringing greater balance to the region's real estate market. So in June, the board processed a decrease of sales in the month of 5.8% compared to May and a 43% decrease compared to June of last year. So Sandra Benz is our president of the board and she says in just two months our market overall has shifted into balance mainly due to a softening of demand for single family detached home, but the condo and townhouse market. Although they have moderated they have they continue to favor sellers as the sales to active listings ratios continue to trend higher. However, the fewer multiple offer situations compared to previous months. It's likely that we will see further softening in these property types as we return to the pre COVID work life routine. So in June, the board received an increase of 7.2% listings compared to last year and a decrease of 8.2% Compared to last month. Now keep in mind we went into summer so the decrease from June is is typical. The market usually softens in the summer, it also softens in the winter. Summertime people especially right now being the first summer after COVID You know everyone wanting to get out and about and vacation and enjoy the summer before the kids go back to school. Now benchmark price activity for single family homes for the whole Fraser Valley region detached 1,653,000 right now. So, in townhouses 894,300 and apartments are at 560,700. This stat show I'm gonna do something different as we go into natality by municipality, starting with Abbotsford, I'm going to talk about how sales has decreased from last year. So everyone has an idea of exactly where the market is that so in Abbotsford sales of detached homes have decreased by 57.4%. And the the townhouses have decreased by 35.6% and apartments by 58.4% that sales so at far as benchmark prices though for detached prices, in Abbotsford, they're at 1,372,000. That's still an increase of 19.9% from last year but a decrease of 3.4% from the month before townhouses at 763,500. That's still an increase of 36% from last year, and is actually an increase from the month before 1.7%. And apartments at 483,400 and an increase of 34.6% from last year but a decrease of 1.4% from the month before mission. Detached property sales are down from last year by 51.9% townhouses are exactly the same as they were last year and apartments are down 20% for sales. In addition for benchmark prices of detached homes were at 1,123,000. That's an increase of 17.2% from last year and a decrease of 5.9% from the month before. Townhouses are at 762,400 and increase of 31.4% from last year and an actual slight increase of point 1%. from the month before, apartments at $494,200. That's an increase of 36.2% from last year and an increase of 1.1%. From the month before. And then Langley detached prices of benchmark homes are at 1,789,600. That's an increase last year 21.5%. And it's been a decrease of 2.7% from the month before and sales for detached are down 57.8% from last year. Townhouses benchmark price at $708,200 Sorry, no $938,400 An increase of 32.5% from last year and a decrease of point 9%. For the month before and for the last year its sales are down 28% For townhouses laneway apartments in Langley benchmark price at 636,200 and increase of 25.4% from last year, a decrease of point 7% from the month before, and sales are down from last year by 37.2% delta. So benchmark prices detached homes 1,519,600 and an increase of 21.7%. From last year, a decrease of 4.4% from the month before and sales are down from last year by 58.5% townhouses benchmark price 972,500. An increase of 24.3% from last year, a decrease of 5% from the month before, and a huge decrease of sales by 73.7% from last year, and apartments are at 690,700 and increase of 31% from last year, a decrease of 3.2% from the month before. And overall apartments in Delta are actually up sales are up in delta by 25% for those apartments. So theory and we're going to be looking at the overall combined areas three detached homes benchmark price 1,783,500, that's an increase of 22.9% from last year, a decrease of 3.6% from the month before and a decrease of sales from last year of 57% townhouses at $904,000, an increase of 22.8% from last year, and a decrease of 4.1% from the month before and sales are down by 38.5% apartments are at $559,500. And that's an increase of 22.8% from last year, a decrease of 3.8% from the month before and a lower of sales by 24.9%. And that is our Fraser Valley real estate statistics. And when you look at the graph and again on the bottom of my homepage, Michelle comes out VA you will see the full stack package has got lots of information for you a couple of graphs that I love one that goes all the way back to the 70s and you can see where sale prices have gone for detached houses and there's the graph that also shows you what type of sales to active listing ratio all types in the Fraser Valley where are we at? Are we in a seller's market a balanced market or a buyers market and we are on the tip of a buyers market gone through the balanced market now realize we are in a buyers market and it will continue this way at least through the summer and maybe the fall we'll have another pickup maybe even prices will start coming up a little bit in the fall hard to say though with those interest rate hikes that just happened especially those buyers who want to go into term rates right term mortgages it's gonna it's gonna affect if their pre approval expires before they actually complete on a property this will this will affect them
Curtis Pope:
yeah must make your life just that much more interesting.
Michele Cummins - PREC:
Yes, I don't know if my life is ever boring. Always so much change in you know in real estate markets are volatile and There's always every day something new.
Curtis Pope:
No. And we know we knew this was coming. And then all the forecasts were that things were going to cool off things, we're going to see a bit of a downward trend. But it also isn't going to be forever. And interest rates aren't going to be going up forever. It's not going to be 1981 all over again.
Michele Cummins - PREC:
Life is all about change. It's all about movement. You know, there's always seasons and they never stay forever. Well, as
Curtis Pope:
I've said, you know, many, many, many, many, many, many years ago, when I was in high school, I had a Consumer Ed teacher tell us that the price was going to follow at some point it couldn't keep going up, couldn't keep going up, pull. It's been going up for a long, long, long, long time. With no sign of us hitting the top end yet it would seem
Michele Cummins - PREC:
No, no not with with how life's been glues, inflation. You know, everything.
Unknown:
You know, real estate is is a good, a good investment for
Michele Cummins - PREC:
the long term, that's for
Curtis Pope:
sure. Absolutely. Well, we should probably take a quick break here before we come back with our special guest. But if people do want more information about all these stats, or maybe they want to have a look at your listings, where can they go? without coming to that da we'll be back with more right after this? She segment number two of the Cummins Real Estate Group show with Michelle Cummings and myself Curtis Pope and right about now is when we get one of those world famous Michelle Cummings introductions, what do you got for me, Michelle?
Michele Cummins - PREC:
Do I get a drumroll? Yes. We have on our show today, my honor to introduce the publisher of mountain neighbors magazine, Dana Franklin, whom we all know Curtis knows as well. We'll hear about more of that later. So she is so friendly, she's positive. She's full of energy and great ideas. Since meeting her she's become a really good friend of mine. And I advertised in her magazine, because I believe in it. And I love the neighbor hood that it goes out into. And she goes into your home with fun, interesting and entertaining content. And I just love that. And she is from Southern California, where I was born, in fact, the OC, Orange County, California. And she has three beautiful children. And her and her husband worked for a nonprofit down there called power to change. And they went to the University of Los Angeles, they they've gone over the globe, the world. And they're here, they're they've settled in our neck of the woods. They're here with us. And so it's just an honor to have her on the show. And I'm excited to have her on. So thank you, Dana so much. And I just want to say she also heard one of her things is that she desires to come alongside with people to help them come, like fully alive. And and I'm gonna have her explain, you know from her what that means. Dana, welcome. Oh,
Unknown:
thank you so much, Michelle. It's really such a privilege to be invited to join you. So thank you, I appreciate it. And I really appreciate your sponsorship and so does the neighbors. They love your sponsorship and reading your articles, you write wonderful articles. And I got to read about the Pope's family who you moved into my distribution area. And so Curtis, thank you to you and Kelly and your wonderful kids again for gracing our cover and our pages.
Curtis Pope:
No you know, that was a lot of fun. And it was it was it was something that I'd never had done before. I've I've never been in a magazine before neither and my family and they they enjoyed the photoshoot especially my daughter, and she loved posing and getting all into it. And it was a really cool experience for sure. And and it really did kind of show me what a great little area we've moved into thanks to this really cool realtor we have that was able to find us a dream house on the side of town that we're in now.
Unknown:
Oh, that's so good to hear.
Michele Cummins - PREC:
That was a great article great magazine. I have that one like, pins on my wall, I curse you should I take the pages and frame them.
Curtis Pope:
I like her. She says pin to her wall, what she means is her dartboard.
Unknown:
darts out and then frame it. It was wonderful getting to know your family. And I hope I help you to get to know your neighbors a little bit more. And then to get to know you. I actually talked to a neighbor the other day, I was picking up something for my daughter from marketplace, you know, Facebook, and like, Oh, I bet they get a magazine. And I asked, and this lady said, Yes, I get not neighbors. And she said, I'd love to read it every month, you could you know, I liked with their neighbors on the cover. Because she said I love reading about them because I'm really nosy.
Curtis Pope:
Well, that's kind of my way. She likes reading about everybody in the neighborhood too. And that's the same thing. She wants to hear their story and what they have going on. And it is it's really interesting to learn about people that you live in the same area neighborhood and enter to hear their story.
Unknown:
Yeah, yeah. So it was fun to have you and, and you did pick up on something, Michelle about how I really love to come alongside people and help them become more fully alive, I really believe that each one of us has a unique gifting were created amazingly. And sometimes we just need someone to come alongside and say, hey, you know, look at look at who you are, look at your potential. Look at you know how God created you. And, and just to step into all that there is there and you're set you both really good examples of that. And so I just think, you know, there's, there's just so much more for most of us, you know, and then sometimes it just takes someone coming along. And I love to help businesses, you know, develop to and business owners and I love to work with the residents. So but yeah, so that's why I really do enjoy doing what I do. Working with the magazine, I actually partner with best version media, so I'm not reinventing the wheel myself. And we just really helped bring people together.
Michele Cummins - PREC:
I love that, you know, sometimes people don't know what their talents are, don't know what they're good at, you know, and then take the third party as somebody to come alongside them and help them tap into that. And I see that you do that a lot. Isn't do your interviews for the articles of the peace of the neighbors that live in the neighborhoods that you that you serve this magazine to and the business owners as well. Because you you allow everyone in a certain category one person to be an expert contributor, and you help tap into what they have to share. So can you explain for our listeners, what areas which mountains? Why is it called Mountain neighbors and and how its
Unknown:
distributed? Oh, okay, great. Yes. So my particular magazine, which is like one of over 1200 magazines in North America, by the way, we have magazines in every province, and every state in the US that mine that we micro target mind goes out an established herd, particularly to Eagle Mountain Glen mountain and lower CMS mountain to this folks there, and they get it every single month through Canada Post. Because what we do, is helped raise top of mind awareness coupled with positive feelings, you know, for all of our businesses. So anyhow, we just really help businesses to connect in a really positive way that supports the community. And so that any local business that desires to have access to high value clients that might want to, you know, work with us, because they they get into the hands and homes and hearts of those really great neighbors every single month. So frequency and consistency over time. In a sponsorship form is what we provide, you know, for businesses and for and then it's a win win for the neighbors. They get a publication that's exclusive to their neighborhood that they like to read. People read it, they open it. Yesterday, I was handing off a magazine until one of my sponsors who works in the area. He's an excavator has been trained him he's amazing. He does beautiful things with rocks and gardens and things. And I found where he was off the layer and handed in his magazine. And out came the owner who said I read mountain neighbors and my parents live in Eagle Mountain and they read them out neighbors and so of course I'd like would you like to be featured? We'll see if they are but you know that happens all the time. People appreciate it so much.
Michele Cummins - PREC:
So anybody living in those areas can reach out to you and actually have an article written about them and be featured and be on the cover.
Unknown:
Absolutely. The cover is only For residents, it's not heard that businesses, and I mean, but we do highlight the businesses and other ways, by the benefits of businesses, because that's why people open it. Yeah, you just have to live in the area. And we check, it's so easy. And for businesses
Michele Cummins - PREC:
it takes now it used to be seven times people see you, and then they'll think of you. But for branding, now, it's at least 20 times because we're so inundated with so much coming out. So you got to be seen at least 20 times before, you know, a lot of times that automatically.
Unknown:
That's exactly the research I've been reading is up to 20 times, now it's not. And so that's why the frequency and consistency, the same exact group of people, you know exactly where your ads are going every single month, it's not just sort of hit or miss whoever happens to pick up a magazine or something, you know, who's reading it. And because it does take so many more impressions for people to remember who you are greater exposure is needed, we actually pair the print presence with a digital presence, we run Facebook ads, and Google Display ads on devices in the distribution area really a little bit bigger, all throughout the month. So those ads for each business really support the print presence. So people are like, whoa, I'm seeing, I'm seeing Michelle comments everywhere. She's she's in my magazine, she's, you know, on Facebook on Google, display ads and stuff. And
Michele Cummins - PREC:
I say I have to say like, it's so important to do both print and online. So important. And I've seen in the 20 years doing this business, as soon as I really concentrated on on that it's just the combination is just powerful.
Unknown:
And it's exactly what the research is showing, really my heart. And that's where it hit me as hard is to do what is best for our businesses, you know, and support communities. And so if it wasn't effective, we wouldn't offer it to be honest.
Michele Cummins - PREC:
So you know, Debbie, my listing transaction coordinator in my group, she also was highlighted in your magazine and an article done on her. I remember what year was that? Or it was quite it was a few years ago. But that was really neat to find out only a couple of months ago that she was also featured that was that was that was it might have been five or five and a half years ago, because the magazine is six and a half years old now.
Unknown:
But what was so interesting about Debbie, if I remember correctly speaking with her, it was how much the process of being featured affected her life positively. Yes, sharing those power and sharing your story. I hear that over and over again. It seems like it was profound for her and other neighbors have told me nothing special about us. And then I read that I read a story. And one neighbor said to be Oh, I guess we are sort of interesting, and or something special. And I love tease that out. And I like that.
Michele Cummins - PREC:
That's true. I wish we could talk more data. But thank you so much. And our time is running short here. But if people want to reach out to Dana, please just go to my website, Michelle cummings.ca. And click on the About it's the second tab in and she's right there in my group, so you can find her contact and reach out that way. Dana, is there anything else you want to say before we head into our new listings?
Unknown:
Just thank you so much for having me, both of you. And thanks for doing your part to just to help bring the community together through your sponsorship. Really appreciate it and all the neighbors appreciate it too. Michelle? Absolutely. Danny too much. Good opportunity.
Curtis Pope:
Well, thank you know, we love to have you on here. We'll have to get you on again soon, I think. Oh, that'd be fun.
Michele Cummins - PREC:
So thank you Dana. The new listings this week is one at Harrison hot springs beautiful Harrison hot springs on Hot Springs Road is at 1.15 acres. So a good sized property with a three bedroom two bathroom rancher with an attached double garage and a large, fully powered Quonset and it's priced at 1,377,000. And then admission, a five acre private dream is a four bedroom, two bathroom two story plus basement log home with a quadruple size attached garage and extra huge workshops with 600 amps. And it would be perfect for a mechanic a builder or car collector and that's priced at 1,998,000. Another new listing is an Abbotsford is over three acres and it's got two homes on it and two driveways and it's the same price 1,990,000 And then an almost 17 acre property in Maple Ridge on a Greenbelt, a horse lovers dream. It's a large stylish two story plus basement home. five bedrooms, five bathrooms with a triple garage In a carriage house, and a 10 stall horse barn, so that's a really nice one at 3.2 million. And then we only have one open house this weekend at the Cummins Real Estate Group. And that is at the falls in Chilliwack. It's a two year new home, and the buyer of it will get a free year of golf, whoever buys it, and it exquisite four bedroom, three bathroom. And that's today, between 12 and three o'clock come out and have a look at it have a walkthrough, it's priced at $1,399,900. And we're going to end our show with our guests, Dana Franklin to give the quote of the week.
Unknown:
Already, I found one from selling really smart, Albert Einstein. The definition of insanity is doing the same thing over and over again and expecting different results. And I really liked that because it sounds so proactive to encourage us to take risks and make changes to do something different to reach a goal.
Curtis Pope:
And it's very true and Michelle keeps thinking she's gonna get a different result dealing with me every week. But still here we are three and a half years later and I haven't changed. So Michelle, you might want to look in the mirror.
Michele Cummins - PREC:
I haven't learned my lesson yet.
Curtis Pope:
All right, Michelle, if people want more information about what you do as a realtor, or maybe they want to look at your listings, things like that, where can they go and join us again next week when we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening
If you missed last week's episode where we replay our episode on BC real estate regulations and buyer protection, please go take a listen! It's well worth it.