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Michele Chats With Ishpreet From RDM lawyers and Stats!
January 11, 2022 | Posted by: Michele Cummins
Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!
Curtis Pope:
Well, here we are. It's time for the first Cummins Real Estate Group episode of the year. And of course, that means we have to be joined by the One Only Michelle Cummins. How you doing, Michele?
Michele Cummins - PREC:
I'm doing excellent. Curtis, how are you today? And it's fine new year that we're in.
Curtis Pope:
I am doing excellent. And did you have a good New Year's?
Michele Cummins - PREC:
Oh, it was so nice. My sister youngest sister came up from Southern California and she made it and she. We had such a good time. It was wonderful. It was relaxing. It was quiet and enjoyable. How about yours?
Curtis Pope:
Oh, it was just pretty low key. You know, it's actually myself, my wife, our middle guy Cody and his girlfriend. We played poker pretty much like you know all evening long.
Michele Cummins - PREC:
Oh, that sounds so much fun
Curtis Pope:
though. The worst part was was like his he kept beating us all like she the first time she'd ever played poker and she kept winning. Beginner's luck. I know. It was annoying, like three or four years now we're gonna see you're on like TV playing in Vegas, like in these big poker tournaments. I swear.
Michele Cummins - PREC:
A lot. The first time I ever played. Was it the hand table poker table? Something? I can't remember roulette? I don't know what it was. But it was fun. And I won like $500
Curtis Pope:
Yeah, that that sounds like Michelle Cummins. Kind of luck.
Michele Cummins - PREC:
Yeah. Beginner's luck.
Curtis Pope:
Well, you know, hey, I'm still reacting from off the air. Before we started. You claimed to be an introvert and that is a bold faced lie.
Michele Cummins - PREC:
No, really? I really am. And, and I think it's it's you and Richard admit that you guys are you know, just bring out more extroverted me maybe? Okay.
Curtis Pope:
I have a quote for you. And I'm sure you'll get it that word you keep using it. It does not mean what I think you think it means.
Michele Cummins - PREC:
Oh, I need the dictionary for that. What's the other? What's the dictionary that's made up words? What's that called? Again?
Curtis Pope:
I believe it's the commons dictionary. You got me there. And it's often claimed to be because of her Californian accent.
Michele Cummins - PREC:
It's always because of that. Don't forget it.
Curtis Pope:
Well, I know we shouldn't take up too much time talking here. Because I know. This is your show. The one you wait for every month. It's the stats show.
Michele Cummins - PREC:
Statistics. We have live right now. This is the statistics now. But before I go in there, I just have to say the the freezing this frozenness That can't believe what our weather. And actually it seems like everywhere, whether whether you're in Mexico or it's known on the Oregon coast when my sister My father went to the beach house week between Christmas and New Year's snow on the Oregon coast in your hearts, like weather everywhere is just crazy. It's amazing. So I hope everyone's safe. All of our listeners out there
Curtis Pope:
just safe and warm. That's the two important things right now. Yes, exactly.
Michele Cummins - PREC:
So I hear that warmer weather is supposed to happen tomorrow starting tomorrow or so. So we'll see here. But yeah, so I have a statistic and I'm telling you the headline of the first immediate release of our stats that came out January 5 of 2022. The headline is Fraser Valley real estate market sees busiest year in 100 year history. i It's unbelievable, but it's true. It is it was the busiest year and they're saying that 2022 This year isn't going to be busier. So hold on to your hat and, you know, get ready for it. But the it's fueled by the consumer response to the COVID 19 pandemic of course, along with historically low interest rates. Total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016. And I have to tell you, we have a special guest on our show today and hopefully we can bring him in before the second half but if not on our second segment after the break, we have his crit right here from RDM lawyers right here in Abbotsford and we have a lot of questions for him and he has a lot of answers for us and want to adjust it. They have been so busy conveyancing so many transactions is unbelievable. And to that the real estate board actually process sales and increase last year of 39% compared to sales in 2020. That's why he and our industry is so busy. So it's a 15.5% higher than 2006 teams which was the previous highest. So Larry Anderson, the president of the board said no one could have predicted how the pandemic would impact the real estate market. Our region's relative affordability combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we've never seen. Whether helping Sellers list or helping buyers complete a sell. The board averaged over 5200 transactions every month. And even though our volume of new listings was also high, it just couldn't keep up with the demand. Year over year. Sales of detached homes soared by 31.8% in 2021. Compared to 2020, townhouse sales increased by 33.7%, and sales of apartments increased by 68.9%. And the President Anderson also added with the rapid escalation of prices in 2021. Many buyers made decisions based on economic factors resulting in the explosion of condo sales in our region. In 2021, the Fraser Valley Real Estate Board received 35,629 new listings, that's the second highest on record. Now you wouldn't believe it, because it's supply and demand and we just don't have enough listings. But honestly, we have received the second highest listing for that year on record. And it's a 12.4% more than in 2020. So single family detached prices for the benchmark price overall in the whole Fraser Valley currently is that 1,500,000 And that is a increase of 39%. Compared to December of 2020. townhouses, average price and benchmark price is 765,800. And that's an increase of 3.5% compared to the month before and an increase of 30 to 9% compared to December of 2020. Condos benchmark price at 549,200. And that is an increase of 3.5% from November and an increase of 25.3% compared to December of 2020. So now we're going to go municipality by municipality in the Fraser Valley starting with Abbotsford so detached homes benchmark price currently is at $1,314,000. That's a 46.6% increase from last year in just one year and a 4.9% increase from the month before townhouses are at 644,200. And that's an increase of 32.1% from last year, and an increase of 4.4% from the month before and condos are at $432,000, an increase of 32.8% from last year and an increase of 4% from the month before. Mission detached benchmark prices currently are at 1,072,400. That's an increase of 40% from last year and 4.4% from the month before, townhouses that $636,800 An increase of 32.3% from the year before an increase of 3% from the month before. Condos are of $453,900 An increase of 26.2% from the year before and increase of 2.4% from the month before. And everyone out there just no I just lifted one of REN and ravens pre sales. It's an assignment sale it was in their first building building a and I have a three bedroom plus den condo for you with a humongous deck. It is so wonderful. It is priced at 605,000. So if you're looking for a new condo, the estimated date of completion for that one is 2024. But it's a great way of getting into one of the newest condos coming up in Michigan with beautiful views and a great location. Okay, further onto our stats going into the mainly area detached benchmark prices right now at $1,560,000. That's an increase of 37.3% from last year and an increase of 2.7% from the month before townhouses at 771,200, an increase of 31.4% from last year and an increase of 2.4% from the month before. And then condos are at 520,700 An increase of 30.1% last year and an increase of 2.7% from the month before. Is it kind of like a repeating thing. It's an always the increase always increase. I almost don't even have to say it because everything's increased.
Curtis Pope:
It's a given.
Michele Cummins - PREC:
So Norris Delta detachment Smart prices at $1,397,800, an increase of 41% from last year and an increase of 3.4%. From the month before townhouses at 766,300 and increase of 32.2% from last year and an increase the price of 5.6% from the month before condos and delta are at 445,000, an increase of 17.9% from last year and 3% from the month before. And then last but never least, of these three. All combined, we've got detached prices at 1,610,000, an increase of 37.1% from the month before, and an increase of 3.3%. From data the month before, I mean the year before 3.3%, from the month before, townhouses at 798,800 and increase of 33.8% from last year, an increase of 3.7% from the month before and condos 497,400, an increase of 23.2% from last year and an increase of 4.2% from the month before. And I don't think you can see this up Curtis and his creature who is also on the line there. But I have a grasp of the real estate market and I'm holding it up to my camera because this is going to YouTube next week. And it shows what the market is Is it a seller's market, it is a balanced market or buyers market. None of us are surprised it is still a major seller's market, it's almost going off the top of the page. That's how high it will Teller's marketed. And then I've got a page right here showing us home price index of benchmark prices overall in the Fraser Valley. And it's just crazy to see the graph. So to get the home statistics package, just go to my homepage on my website, just scroll down and you will see this month, or I should say December because that's what it is. But you'll get all the month previous month. So you can look yourself at all the fine details because there's more details than we mentioned on this show. And the last prep I'm showing up is my favorite graph of all and it goes back all the way to the 70s. And it's the real estate market since the 70s of prices and where they've gone at this stage.
Curtis Pope:
Very cool. Well, we should probably take a quick break here but before we do that, if people want more information and maybe look at the stats package, where can they go? They'll come in that car we're back with more right after this.
Michele Cummins - PREC:
She
Curtis Pope:
number two of becoming a real estate group show with local realtor Rockstar Michelle Cummins and myself Curtis Pope. Now of course Michelle, I know you are world famous for your incredible introductions when we have guests and I know you won't disappoint. I know you have one ready again.
Michele Cummins - PREC:
I do and because this gentleman is inspiring and he's really good at what he does. I've known him for a while now. He's helped multiple clients do conveyancing for my clients and give them advice. And his name is pre ride. We did a slight introduction in the first segment but I am so happy is pre thank you for coming on. But before I give the floor to you and I have a lot of questions for you, but I wanted to let people know who you are so is created is an associate with our local RDM lawyers practicing in the area of corporate and real estate law and assist individuals and companies on a range of corporate and commercial matters. He regularly advises individuals and companies on the purchase sale and development of residential and commercial real estate and is great also advises entrepreneurs and companies on the formation, operation, growth and sale of the business and seeks to provide practical and cost effective advice for his clients. After completing his undergraduate degree with honors at the University of the Fraser Valley is pleased attended the University of Alberta for law school and graduated in 2018. He completed his article that RDM lawyers and was called To the bar in 2019. Born and raised in Abbotsford, his creed is pleased to be practicing law in his hometown. out of the office, he enjoys spending time with friends and family and traveling. His crate serves clients in both English, English and Punjabi. Is Craig, thank you for coming on to our show.
Ishpreet Rai:
Hey, Michelle, thanks so much for having me.
Michele Cummins - PREC:
Absolutely. It's a pleasure. And I wanted to thank you. I just I really appreciate how quick you have been getting, getting back to clients getting back to me, you're, you're really efficient, but you're also always there to help. And I really appreciate that about you and, and your smarts and your wisdom. And thank you for that.
Ishpreet Rai:
Yeah, no problem. I also appreciate all the referrals. And yes, I always like to give back in any way I can to, to referral sources as well as my clients,
Michele Cummins - PREC:
you know, what they're in, there's a lot of different questions that I get actually quite a lot from my clients that don't understand things like as a seller, and or as a buyer. You know, sometimes they think just one lawyer can do both. And, and the fact of the matter is no, you each party to the transaction needs to have their own conveyancing lawyer. And so that's that's, that's that alone is really good, important information if people know. But there's something about your company that you offer. And I believe you mentioned to me, is it true that you're the only ones that locally right now that the mullahs have this way of online? You know, due to the pandemic, and this fear of Omicron. And everything that's going on, some people just don't want to leave their house, they don't can't travel in weather where it's icy and dangerous. And where you have a legal way of finding?
Ishpreet Rai:
Yeah, so we're one of the very few firms, I believe, in the area that offers virtual signings. So typically, when a client has to sign and closing documents in a real estate transaction, they have to be witnessed in the presence of a lawyer or a notary. But because of the COVID 19 pandemic, there's been certain measures implemented by the Law Society that permits virtual signings to happen. And so because of COVID-19, sometimes clients, they're not able to meet with their lawyer or notary because of circumstances where it's not possible or where it's not medically safe. So, in those cases, we do offer a virtual signing service for clients where we're able to meet with them using a video conferencing software that we that we use. And essentially, that software, we're able to review and sign closing documents as well as verify identity and things like that.
Michele Cummins - PREC:
That's a great service to provide. Absolutely. And the end. I have a few other questions for you. I'm sure Curtis has a couple too. But first, actually RDM lawyers, can you actually begin by telling us all about your practice and your firm?
Ishpreet Rai:
Sure. Yeah, definitely. So yeah, I'm associated already. I'm lawyers. We're a full service law firm. We're based in Abbotsford, but we serve as clients all over Italy, Lower Mainland and BC. Last year, we've been in the community for a really long time last year, we actually celebrated our 50th year in business. So yeah, so we, um, we, we have a long standing reputation in the community. As far as myself, I was born and raised in Abbotsford, and I still live here. And so I also have a long standing connection to the community. I attended University of the Fraser Valley for my undergrad, and then I went to law school at the University of Alberta. And then after law school was fortunate enough to be able to return back home to begin my legal career. So yeah, as far as the firm, we're full service. We have full solicitor lawyers here as well as litigation lawyers. We, the lawyers here practice in pretty much every area of law that you can think of. So one big advantage of that, is we able to handle a lot of different legal issues for our clients. We can keep all of that stuff in house. Yeah.
Michele Cummins - PREC:
Okay. So, so further to that. Can you tell us about the role that a lawyer plays in the real estate transaction because a lot of clients don't understand what is conveyancing? Why do I need to hire a lawyer and what did they do?
Ishpreet Rai:
Yeah, definitely. So um, In the vast majority of residential real estate transactions be involved real estate agents. And so the lawyer or notary typically is asked to provide legal services in connection with the closing or completion of the transaction, which is known as the conveyance process. And very high level, that's essentially the process of transferring title to the buyer and exchanging funds. So the vast majority of transactions, the lawyers in the scope of engagement is limited to handling completion. But really, it can vary from transaction to transaction. Because like oftentimes, for me, I'm engaged at the beginning of the process, with respect to conducting certain due diligence on a property for a client or even drafting a contract. So it does vary. And then like, as far as like the role a lawyer plays above, closing, I essentially view my role as primarily as a guide to my clients. Because I recognize that any real estate transaction is going to be a big deal. And most often, it's the most important transaction a lot of people are going to make in their life. So I really pride myself on being able to provide cost effective and practical advice to my clients and try to guide them through what's often a very complex process, which at the end of the day, makes the process a little bit less stressful for them.
Curtis Pope:
And at what stage do you recommend someone get reached out to a lawyer, you know, in the real estate transaction,
Ishpreet Rai:
I usually tell clients, the earlier the better. Just because buying or selling property, it's a big deal. And it takes a lot of careful planning. So like, just for example, some examples I can give just off the top of my head is, if a client has plans to develop a property that they have their eyes on, you'll definitely want to have a lawyer take a look into the municipalities zoning for the property as well as review the the title to see what kind of what type of legal charges are registered against there, these are just like to two things that can have a major impact on someone's development plans. Another example, if the property is tenanted, it's really important for clients to be advised about what the procedure is, if they plan to occupy that property once the deal completes. So yeah, just two examples of why it's important to have a team of knowledgeable professionals by your side, the earlier the better, who can guide you through the process.
Curtis Pope:
And then what makes your firm unique for real estate transactions.
Ishpreet Rai:
So, as I mentioned, I think we do utilize the newest technology as far as like the virtual signings. And another big advantage I think our firm has is because we're full service. Our team consists of a solicitor and litigation lawyers. And so for a real estate transaction, the clients benefit from the collective knowledge and experience of, of the whole team. So for example, if a real estate transaction doesn't go as planned, we can develop a strategy to protect the client's interests really quickly, which at the end of the day, saves the client a lot of time, money and stress, because we're able to handle that in house and the client doesn't need to worry about now finding a new lawyer who can who can help them.
Michele Cummins - PREC:
That's so true. How do you what's your expectations for this year as far as transactions and conveyancing? What do you think is gonna happen?
Ishpreet Rai:
I think I think it's gonna stay busy. I mean, 2021 was obviously a record breaking year. But yeah, it's still a seller's market, and there are still a lot of transactions completing. So yeah, I think it's gonna stay busy. And I think there are going to be changes coming through the pipeline, but not for the next little while I don't think
Michele Cummins - PREC:
and talking about you know, supply and demand and how busy it is. I've got a brand new project coming out. It's called ledgeview rowhomes. And it's ledgeview homes.ca. Anybody register there who's looking for a beautiful row home in East Abbotsford off, it's often the key, it's right near right adjacent to the ledge view, tree house farm, and right across the street and up a little bit from the ledge whose golf course and it's gorgeous. And we're going to release prices after the 17th of this month, and we're going live with the pre sales at the end of this month. So if anybody's looking for a gorgeous Brandy rowhome The estimated date will be about a year from now and keep an eye out there and register at ledgeview homes.ca and I am going to end our show with a quote and it's great. Thank you so much for coming on. I just want to say appreciate your time. And our quote today is whoever pursues righteousness and love find life, prosperity and honor. And that is from the Bible. Proverbs 2121.
Curtis Pope:
Very nice. Is Preet if people want more information about RDM lawyers, where can they go?
Ishpreet Rai:
They can visit our website www.att.com
Curtis Pope:
And Michelle people want more information about the services you provide as a realtor, where can they go?
Michele Cummins - PREC:
Michelle seven.ca
Curtis Pope:
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 weeks episode where Michele and Curtis talk Christmas Movies and Housing Accessibility, please go back and take a listen - it's well worth it!