Real Estate Blog for Buyers & Sellers
Your Lower Mainland and BC REALTOR® for home, investment & life!
Michele Talks Interest Rates and Listings!
April 26, 2022 | Posted by: Michele Cummins
Warning! This is a digitally automated transcript of the show so there will be mistakes throughout.
This week, Michele and Curtis go deep into interest rates and listings!
Curtis Pope:
Saturday morning. Now it's time to talk to show commands because it's the company's Real Estate Group show. My name is Curtis Pope, and good morning to you, Michelle.
Michele Cummins - PREC:
Good morning, Curtis, how's everything, it's cold household.
Curtis Pope:
Everything is swell at the pope household because, you know, our realtor really did help us find our dream home.
Michele Cummins - PREC:
Oh, she must be fantastic.
Curtis Pope:
I like to think so.
Michele Cummins - PREC:
Oh, I see you're loving the neighborhood.
Curtis Pope:
We are loving the neighborhood, we get to know your neighbors a bit more now. Because you know, over the course of the last year, still with all the COVID and stuff, you know, you'd kind of wave and say hi, and things like that. But now we're starting to talk a little bit more. And, you know, as you're walking down the street and you and Kelly just you know, is Kelly and she just wants to get to know everybody. So she's like, you know, right in there. So yeah, it's been great.
Michele Cummins - PREC:
She's the best. She's so fantastic. And I haven't seen her in so long. I miss her.
Curtis Pope:
Well, you know, she's been waiting to see because we haven't you haven't seen Michelle in ages ago. I talked to her every week. I don't know what your problem is. But I talked to her every week.
Michele Cummins - PREC:
I have to get a talk show with Kelly. Hey, that would be fun. Sure. I know unfortunately, we don't get one good to see you tonight after the big shindig at at the broken with.
Curtis Pope:
No, it's. Well, it's a double duty thing later today because it's my niece and nephews birthday weekend. One's turning five. One's turning six. So we're having a party for them. But then we have to go out for dinner tonight, as it's the father in law's birthday today.
Michele Cummins - PREC:
It's amazing. It's birthdays for everyone.
Curtis Pope:
Yeah, April seems to be a lot of birthdays. I wonder
Michele Cummins - PREC:
what's how many months past you know if you do the calculations.
Curtis Pope:
I don't know if we want to do that.
Michele Cummins - PREC:
Well, we'll miss you at the broken whisk and but you will have a blast where you're at and next time Richard plays there will definitely send out to invite
Curtis Pope:
Yeah, I can bring some you know rotten fruit and tomatoes and stuff to throw at him. Oh, wait a minute. No, I wouldn't do that.
Michele Cummins - PREC:
Hey, that would be so fun. Everyone I
Curtis Pope:
know because then you'll need another backup guitar.
Michele Cummins - PREC:
Oh, my goodness. Long. McQuade is so good to him. And yeah, he's got a backup. Taylor and and we were talking about how like doing a Seven Guitars now. Seven Guitars? Yes. Okay. Yeah, like it's the wall of axes like the wall of guitars. I mean, you need three backups. No, but Richard has used his backup before in the past. You know, when you get passionate and playing those strings sometimes, you know.
Curtis Pope:
Yeah, sometimes you look I get it. I I never did a gig with you know, I usually had about four or five pairs of drumsticks with me. drumsticks are a little cheaper than guitars. But
Michele Cummins - PREC:
Richard got one of Ringo Starr's drumsticks. Oh, by the way, Richard told me, Michelle, you have to take this day off. Because you know, we're doing something I said, What are we doing? I have to know what do I wear? How much time do I take off? He's all there this day. You have to take it off. And just trust me. I go I have to know what is it? We're going to see Ringo Starr.
Curtis Pope:
You know, he's coming again. Right? When I can't remember when I believe he's coming to like the Abbotsford center or something. Something local. He's coming again with the all star bed. Okay, no, that's
Michele Cummins - PREC:
the one we're gonna go. Okay. There
Curtis Pope:
you go. Very cool. Yes.
Michele Cummins - PREC:
Yeah. When he was young, I guess he was in Vancouver and Richard gave him his shirt for one of his drumsticks and Ringo gave Richard his drumstick for his shirt. So he as a teenager, he went home from Vancouver to Langley with no shirt on like in the middle of a master concert.
Curtis Pope:
Well, when we're younger, we can get away with that. Nobody wants to see that for me now.
Michele Cummins - PREC:
But tonight is a broken whisk. I don't know. If you haven't been there yet. I don't think have you
Curtis Pope:
know, but my good friend Todd Harrison. Hot Springs raves about that place.
Michele Cummins - PREC:
Oh, so amazing. Chef. Mike is amazing. His food is outstanding. And Enos, his wife and all the servers are so amazing. And they're fun. And the atmosphere is amazing. You bring home like three meals afterwards, because you're in there drinks are so yummy. And
Curtis Pope:
I've been told their milkshakes are a meal in themselves.
Michele Cummins - PREC:
Oh, yeah. Oh, yeah. They're wacky Wednesdays and they're Fridays and their hamburger and beer on Thursdays. They have that special like, their burgers are crazy. Outstanding. Oh, and they've got this challenge. It's like five pounds of food. And somebody flew out from Calgary. He's a professional eater. And he actually took the challenge and he he won. He's the only one who's won the challenge. That's far.
Curtis Pope:
Well, I could send Cody out there, I bet you he could come close to doing it. I would like to see that a kid can eat seven 808,000 calories a day and not break a sweat.
Michele Cummins - PREC:
pay five pounds of food in one sitting.
Curtis Pope:
You might be able to do it. Here's a hockey player.
Michele Cummins - PREC:
So I talking about hockey. I'm very excited. I get to go see the Kinect
Curtis Pope:
next week. Now are we looking at the Abbotsford Canucks the Vancouver Canucks?
Michele Cummins - PREC:
Okay, thank you for clarifying that, because somebody had to clarify that for me last week, and I love sports. But I don't get to play them often. Or watch them often. But it is Vancouver. It's Tuesday. I got to go. Very nice. It's gonna be so much fun. But yeah, I haven't been to a Canucks game in a while. So looking forward to that. And I just guess why did a couple of weeks ago, I went in the conflict in Vancouver and I renewed my passport. So I'm going to be, you know, one day another traveling tool.
Curtis Pope:
You can go down and see your property in Oregon again.
Michele Cummins - PREC:
Yes, my my nephew, who's also my godson. And so he got married on Sunday, Easter Sunday, actually. 17 He got married at my beach house. And I was watching the videos and the photos and all it was so beautiful. But I couldn't be there. Just so sad.
Curtis Pope:
Well, now you know the next time you can get down there and you can check out your property like it's the first time all over again.
Michele Cummins - PREC:
Yes, and it will be after three and a half years. Oh,
Curtis Pope:
I don't remember we had this year I forgot about this
Michele Cummins - PREC:
was always that I've always had
Curtis Pope:
I totally forgot about this.
Michele Cummins - PREC:
That Oh, if anybody wants an Oregon getaway vacation property, it's called belly of the well, beach front rental. And you can find it all over the place. Actually, it's rented to a castle, but it's on Airbnb and all sorts of things. But it's right on the beach, a half acre, private yard, walk step straight to the beach, your own steps. And the views are outstanding. Oh, you sleep so good. There you sleep like a baby just listening to the waves. And then the three storey tower that we have in the lookout and just looking out at the whales is pretty fantastic.
Curtis Pope:
I see that lookout tower and actually, you know, I think so I've been down to the Oregon Coast many times. It's one of my favorite places. And I'd like I'd like to be there maybe not in the prime season. I'd love to be there in like, storm season and storm watch from that tower.
Michele Cummins - PREC:
is pretty cool. I mean, all times of the year is really neat there. But you're right, because there's so that the views. That is pretty fun.
Curtis Pope:
Watch all the waves crashing and everything. Oh, it'd be amazing. Yeah,
Michele Cummins - PREC:
low tide, high tide. And it's on seven miles of sandy beach, and 45 minutes north of the sand dunes. So you can go dune buggy in there and fantastic. Very cool. So I wanted to say thank you for mentioning to everyone about my cellar seminar that I had with five fine colleagues, business partners of mine, for our seller seminar that we had Thursday, and it was great. And if anybody missed it, or I should say those who missed it, because some did those who missed it. We have it on my Facebook business page. And I'm going to have it on my website, and it's uploaded out on the YouTube channel on my YouTube. So you can have a look at it there. And our buyer seminar that we had last month is up there. And then next month, what we're going to do is an investor seminar, so really specific to investors or if you're interested in investing, it could be for newbie investors. So it's, that's we're gonna do next month, and it's yeah, it's been a lot of fun. So you can go on there and have a look at the videos as well. So it's just a zoom, like 45 minutes seminar.
Curtis Pope:
Very cool.
Michele Cummins - PREC:
We give away $100 gift card every time for those who attend. So that was a lot of fun. We have this little spin thing that happens at the end and yes, it's it's all lies and it's almost like you're playing Wheel of Fortune.
Curtis Pope:
Well I can tell there's a good chance that my wife will be signing up for the investment one because she's becoming more and more interested in investment real estate as we go along. So he'll probably be on that one.
Michele Cummins - PREC:
Okay, that would be perfect. Because, yeah, we're gonna all a whole bunch of us we're going to be sharing from our different points of view. So we're gonna have the accountants and you know, the lawyer and then of course, the realtor and, and financial advisor and the mortgage broker. So, gonna give a lot of insight there. And while we're talking about prices and market and investments, and you know, do I buy, do I not buy do I buy investments now? Do I not? So the market we've seen a shift since mid February and will there's lots of new listings, which the second segment, I've got some amazing listings I'm going to talk about and just take some time to explain them because these are one of ones that I have here coming up. So pretty amazing, but they're you know, some fields prices will continue to go on the upward trends actually, there's a lot of different things out there a lot of different opinions out there. And and some people do think it's gonna go on the upward trend, while others are saying you're seeing some price reductions. And some properties are taken a little longer before they sell. And, and I mean, they all this is happening. And there's strange things with the government talking about like, no wonder that we nobody knows for sure what's going to happen and how it's going to play out. And there's a lot of fear out there, because there's a lot of talk around the town that the government, it may add capital gains on the sale of your primary home or maybe only if your home is valued over a million, they may charge you a surcharge of 2% They're talking about are you know, in the interest rates are going up. And the last time Curtis, look at how much it went up last time, it wasn't a quarter percent. It's like they doubled it on us. Right. So head that continues. And so we just don't know, there's all sorts of headlines like CMHC says, their headline just in this last week is no affordability relief in sight for Vancouver housing and 2022. And then you've got and headlines last week from Vancouver business, an intense price drops coming to Vancouver housing market next year, not through RBC. And then there's a headline, real estate, what can you buy for 1.2 million in Metro Vancouver and across Canada, like the average price, and it's crazy about the whole waving of the property transfer tax and how it's only 100% waived if you buy as a first time homebuyer under 500,000. Curtis, like what can you buy under 500,000? Not much. Exactly. So but you know, there's concern because if the interest rates keep on going higher, and it's prices, you know, stay or if there's a huge drop in prices, and then the interest rates go up. And then there's renewals happening in five year after terms or three year terms or whatnot, you know, we don't want to see a crash of that significance where people are having to go bankrupt, or sales are way under and then cause a huge effect. And, you know, like you were mentioned even before the show, you know, all of a sudden now we have vacant properties and we have properties being left behind and it's like back in the day when it was so bad people leaving their horses behind as well and stuff. So we just don't want to see that happen.
Curtis Pope:
We saw it happen in the States, what about a decade ago where everything dropped significantly? Like in places like you know, Vegas or in some other places where things basically lost 50% or more of their value?
Michele Cummins - PREC:
Yes, it and you know, you you'd heard 40 Maybe even 40% drop and some economists are saying about 30% dropped I've heard for overall Canada and then I've heard you know, maybe maybe 18 to 24% Like there's we just don't know and then other headlines though are saying that prices may continue to go upwards because the supply and demand and still not enough is being built for the emigration growth that's happening and starting to happen again and and the outlook for for residents meeting homes roof over their head
Curtis Pope:
it's funny because I was reading an article just not too long ago and yeah, that's it said we were gonna go up another 9% this year, but then we would go down 17% Next year, like so we're gonna go down a grand total of 8% If I do the math right, all right.
Michele Cummins - PREC:
Oh, timing as Yeah, so And on that note, I think we have to go on a break now.
Curtis Pope:
We should probably take a break now.
Michele Cummins - PREC:
I will wait for the great news till we get back.
Curtis Pope:
Okay, so we have some great news. We do Yeah. All right. Well, let's take a quick break we'll come right back with that if people want more information about you and some of your properties listings and things like that where can they go
Michele Cummins - PREC:
resell comm and stop ca we're back
Curtis Pope:
with more right after this? Because real estate group show with of course, local realtor Rockstar Michelle Cummings and myself Curtis Pope. All right. You teased us as we call it the biz a tease that you had some good news, Michelle.
Michele Cummins - PREC:
I do and it's saving how many homes I don't like savings. Do you like saving?
Curtis Pope:
I like saving.
Michele Cummins - PREC:
I don't know one person who doesn't like savings and we are offering on a row home project in East Abbotsford. Save the GST. Huge. Yes, because these row homes are going to be finished and completed buildings most likely summer of 2022 is the estimated date. And they're gorgeous two storey plus walkout basement row homes and no strata. And they're off a new street called high growth place. And I do have a few we have our first phase of the nine homes are on the MLS under high growth place in East Abbotsford. And the first three inside unit save the GST, and that's huge. And the prices range from 1.250 to 1.350. And they're gorgeous. If I haven't said that enough, there is there's that nothing was front and nothing's behind as far as housing, it's, it's surrounded by trees, there's a creek behind it. There's the ledge view trails, that right adjacent to it, and it's surrounded by some government land and then a tree farm and then it's just right up the street, literally, you can walk to the ledgeview Golf and Country Club. It's just a gorgeous, gorgeous area. And it's gonna be wonderful community. And it's it's really kind of like a post and beam style like Whistler style, and but you got to go on to ledgeview homes.ca to see the renderings of what they are. And the two inside packages that the developer and builders offering these asthma from asthma construction is the builder on the project. And I'm actually I've invited him onto our show for most likely and hopefully in the next few weeks, I will have him on and from his point of view, find out find out about his build and about the build and and and amps get him to answer some questions for the listeners about it. But it's there just over 2500 square feet, and fully finished their four bedrooms and four bathrooms. So that's three and a half 1000. So and it's these are great. They're fully fenced backyards, like I said, No, none of them are going to be built in front or behind the other one, because it's only 17 of these homes are built being built in this community. And we're calling it ledgeview Park row homes because it's right adjacent to the luxury park trails. So keep an eye on our Facebook page we have on it. And the website again is ledge view homes.ca. And you can see there we've got we've sold one, there's three pending, so get in now, if you're interested. And if you're one of the first three in five minutes to sell a firm, then you will save the GFC which again is a huge amount. So that's a good savings. And I'm then I actually wanted to I have lots of new listings and open houses this weekend. And I'm glad it's glorious, because it's gonna be a lot of open houses this weekend. So I'm gonna get right into it. Now. This brand new listing, I'm first wanting to mention is so unique. It's so one of a kind. It is actually pastorally got Manor, it is a beautiful heritage home that's been completely renovated. So it's modern, it's modernized, but it's not. It's, it's rich. History is still there, but everything has been done to that home. That's all new. So everything you can think of and the yard it's over 13,000 square foot property. And it's all like low to no maintenance. It's all artificial turf. When I took the walk around, I didn't believe it. And I had to go in touch it because I was like what this is, this is artificial. It looks so real. It's so beautiful. And it's got a triple car garage. Everything's like stamped concrete, gorgeous, above the triple garage. And it's a triple oversized garage with amazing everything
Curtis Pope:
and saying this Oh wow. Like is your husband anywhere around hearing about this garage because that could be bad.
Michele Cummins - PREC:
I didn't but after I do that the first time I actually brought him the second time and walk them through it just amazing.
Curtis Pope:
He loved the garage.
Michele Cummins - PREC:
Oh yeah. Oh, yeah. Well, we showed him to the garage first. hardly get him out of the garage.
Curtis Pope:
And now he's thinking if I only had another six or seven bays I could put all my cars in them.
Michele Cummins - PREC:
Oh, exactly. All for such a car enthusiast dream come true. And then the carriage house above the garage is all brand new. So the triple garage and the carriage house is is brand new over the last couple of years when they did the total renovation on the heritage home. And by the way, it's a two story plot. Let's walk out basement heritage home. So Need I say more and in the Mountain View mount GM. So this is an Agassi actually and you could run a museum out of this home and it's full of the most amazing and what we're going to do is we have just gone live with this listing, we're going to have a VIP realtor and and pre approved buyer events on May 9, and we're going to have afternoon tea. So that's our theme. And we're going to have afternoon tea. And so we'll have those sandwiches and little desserts and of course tea and I am going to look forward to showing this property and we will most likely be going live the auction as well in in two to three weeks, three weeks or so from now. If If of course you were planning on doing that, but you know the sellers will sell it's up to them Sell earlier somebody really wants it. But keep that dates in your calendars. Have the look on my website for the drone video and the cinematography walkthrough and the complete feature brochure on this property please inquire because it's absolutely stunning. It is literally eight minutes less than that actually sorry, it's like five, five minutes or so for to Harrison hotsprings. It is about 10 minutes to Sandpiper Golf and Country clubs. And the Foothill just 10 minutes. A couple of minutes after that is of course, going up hemlocks to Sasquatch mountain ski resort. And, and so it's right in the heart of Agassi district, the cans. So it's it's easy access to highway one as well. It's only about 10 minutes, the highway one and this is priced at 1,998,000. And it's a gym. I need I say more. But please inquire within and you just got to see the photos and the video of the property. So again, May 9 is our special VIP event for realtors and those who are pre approved. And you can RSVP at my website or email me go on my website. Yes. And so then we've got some more new listings. So Robin Creston in Michigan is a new listing. And this is a 7000 square foot lot. It's got old growth trees on it. It's built in 1974. Same year, I was built, four bedrooms, three bathrooms, it's a basement entry home 2100 square feet, and it does have a suite and its price of $1,150,000. And we would love to show you that property. So have a look at that Inquire within because that's only been on the market a few days. And then we've got brand new just hit two days ago. Silver Glen drive out in the kind of the west side of Michigan, it's on the lake Hayward. So this is a jam. This property is 24,000 square feet. It's got some of the widest waterfront on the lake and it's a total private lake this property this private showings only we won't have an open house here. So definitely I will be there for all showings and inquire with your realtor or call me today to have a look at this property. So the house itself is built in 1981. It is original, pretty much all original but very well maintained and very well built. The basement is vacant with two huge sliding glass doors. It's a huge basement so you can do whatever you want with the basement because it's still unfinished. But this this two story plus basement home is almost 4000 A little over 4000 square feet. And that is just a gorgeous private lake you can have a seaplane because you're allowed to do that there are water ski on it fish, there's a few different types of fish, they're gorgeous. And then a new listing off. Ooh, we're Avenue and hassock area of mission which if you know the schools in that area and the neighborhood is very sought after, and you can actually walk the trail to Heritage Park to check out you know father's day in the park or the fireworks you know on July 1 Canada Day and a lot of fun things at that park. But this is a great community and this property has an in ground pool in the backyard and you you don't find those very often in BC are in our area. And these fellas, they they grew up there as a family and they just love it. It's hard for them to sell it but it's 10,000 square foot lot. So good size lot, three bedroom, two bathroom. It's a rancher as well. So that's also sought after the rancher with a basement and it's a 2000 square foot house. And that price is $997,000 And then we've got one in Rosedale. So this is a module home and it was built in 2016. So it's pretty newer one, three bedrooms, two so and two bathrooms and three or four workshops. What is it like a man cave, it's actually really good size and it's got welding power there. So Oh, I just got a hookup for an RV. It's got wide parking. It's got a cute little white fence in the front a huge covered porch and deck area. It's it's quite nice for me. Oh, I should say the park is actually one of the really nicer parks, Gordana Gore Danya, a state mobile home park in Rosedale. And I'm going to be there today between 11 and one and for an open house. So if you know somebody who would love to live out there, again, gorgeous, beautiful views. I rode my motorcycle there on Sunday to put up the sign or last Sunday, I should say. It's over 1000 square feet house. So that's today, and then later today, I'm going to be at the highlands Boulevard listing I have on Mount Woodside in the Harrison Highlands community. And this home is a rancher with a full walkout basement with views of the Fraser River and mountains and then some trees or trees for us. But mostly Fraser River views. It's gorgeous, right on Highlands Boulevard. Matt Woodside eagles are soaring, this home is only five years old. So it's still got five years left on its new home warranty. And the builders great I know the builder of this home. And you know, come see it today between two and four. I'd love to show that one too. Gorgeous. And then Miller crescent. So in Michigan, we've got almost at 500 square feet, a house with a suite. It's almost 2300 square foot house. It's built in 1994. And there's an open house there today between 1130 and 130. And Christine Allen is hosting that one. So that's 1130 to 130. Today, off Miller crescent, all these you could find on realtor.ca app, or just go on my website, Michelle gomez.ca. And the next open house that we have today is at Simon Avenue. So new kind of near the hospital and is there's a park is behind it. And it's a 10,500 square foot lot a five bedroom, two bathroom home with a suite. And it's a split entry. It's built in 1971. And the house is almost 2300 square feet. So that is two to four today. And then tomorrow, we're going to have another open house there 11 to one. So if you can't make it today, between two and four, come look at it tomorrow between 11 and one o'clock. And that's 32263 Diamond Avenue. Again, you probably want to go on my website because there's been a lot to try to write down quickly. And then we've got another open house tomorrow, Sunday between two and four at this brand new listing off Kenny avenues. This one is almost 40,000 square foot lot and it overlooks the playing fields. And it's near the mission golf course will actually that's that's two minute drive to mission golf, and is a rancher with a basement and it's got a suite. And its price. Oh, I haven't been telling you the prices of some of these, but it's priced at 2.3 this one and we're gonna have it again tomorrow between two and four. I had a special realtor event there last week that went really well. We had a we had a sports theme and I got baseball T shirts for us with our names on it. And we were wearing a REMAX hats and we brought our gloves and baseball we had hot dogs actually Chef Mike from the broken whisk. Cooked are Hotdogs for us and provided the warmers and everything. So we wanted to have it very sports themed so we had popcorn and hot dogs and pop and peanuts in the shell. It was fun.
Curtis Pope:
Perfect. And I mean, that is a great spot actually, because I haven't played on those fields. But back when Cody was playing baseball, I played there he played there a number of times. And that is a beautiful little spot very quiet when when the games aren't on.
Michele Cummins - PREC:
Yeah, well, it's so huge and these homes actually far back. And just the way that huge property is in the very back is so private, and there's a huge front front grass. So in a huge their deck is from both sides of the house. So the whole side of the house is the front covered back. So really great for that. And so the last open house I should mentioned before we go is off Robin crescent, and it's tomorrow between two and four. And it's a 7000 square foot lot. Four bedrooms, three bathrooms built in 1974. And it's 2000 square feet with a suite. So yes, again, I always suggest realtor.ca app has it shows you all the open houses really clearly as you're driving around neighborhoods. But all mine are right there on my website. And I think we're out of time here.
Curtis Pope:
Pretty close to it. But I'm sure you have a quote.
Michele Cummins - PREC:
I do. And it's actually very fitting for anyone's birthdays coming up like Richard as a friendly reminder. You don't stop having fun when you get old. You get old when you stop having fun.
Curtis Pope:
That is awesome. I like that one. Yeah, very cool. All right. Well you just list off a ton of Open Houses and people like you said probably didn't have their penny I need to get them all written down. So I need to go to your website website address again. Michelle cummins.ca 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 recap Michele and Curtis' Easter Episode, please go back and take a listen - it's well worth it!