Real Estate Blog for Buyers & Sellers
Your Lower Mainland and BC REALTOR® for home, investment & life!
Michele Has News and Stats!
November 8, 2022 | Posted by: Michele Cummins
Warning, this is an automated transcript so there will be spelling mistakes throughout, including the spelling of Michele's name!
Curtis Pope:
It's time for another edition of the coverage Real Estate Group show us two Saturday morning with myself Curtis Pope and of course the star of our show. The one and only Michelle Collins. Good morning, Michelle. I'm
Michele Cummins - PREC:
seeing stars now but
Curtis Pope:
she stars. Good morning Curtis.
Michele Cummins - PREC:
Are you excited about all the snow? That sounds like well, I mean,
Curtis Pope:
are we gonna get it? Is it just gonna be a dusting and then it melts? I mean, I like it when you get the dusting and it melts right away that I don't have to shovel.
Michele Cummins - PREC:
Well, you know, way to look at the positive of everything.
Curtis Pope:
Well, I lived in the north long enough to know what it's like to have to shovel a lot of snow and you lived in Montana, you know the same thing? Yeah,
Michele Cummins - PREC:
every Halloween night. That's when it snowed. So I always wore an outfit a costume because you know as even as an adult I like trick or treating. I like the candy. Right. It's fun to you see everyone dressed up. But yeah, it always know that day. So it's no surprise that it's coming our way mount GM and Baker and everything looks so beautiful and crisp. It's so gorgeous. But um, yeah, we had blast. So Halloween day, I had my lunch and my monthly team meeting. And we did go to a corn maze.
Curtis Pope:
And how did that go? You found your way out anyway.
Michele Cummins - PREC:
Yeah, we did. We did the Add To live ones. We went to Green Acres. Green Acres is amazing. I haven't been to any other one to compare. But I went online, googled and everything. And that seemed like just a great one. Great review. So they had two different mazes. So we did the easier, let's say not so muddier one and we made it through. And then the harder one had all these questions. And it was so fantastic team building. It was it was like it was really interesting to see everyone's personalities and how they came up with the answers. And if they took the shortcuts or if they went the long way around, or it was really awesome.
Curtis Pope:
We sent our kids into a to an escape room. Four years ago, oh my gosh, I was just going to talk about that. We set them into an escape room. And me and my wife sat outside was it was an aggro fair. And they went with two of their friends. And he did really well on the first leg two or three tasks. And Mike really works as a team. And then the pope kid started fighting over everything. And the other two were just like, why are we here? Why do we put ourselves through this? They failed and weren't able to get out? They didn't get out? Because the pope started infighting. Oh, no. I think we should do this. I want to do this should listen to me. It was Dylan standard going. should listen to me. I knew what to do the whole time like this. Listen to me, but ignoring me
Michele Cummins - PREC:
no to sell well in the
Curtis Pope:
room with the three Pope children. They will not get along well enough to get through. Oh, that's
Michele Cummins - PREC:
fun. I always go to escape room with my family when we get together usually once a year. And we always get out because I'm telling you not I just I love Washington of you. That's true. It's always a huge group for you, right? But I was thinking I got to do that with my team. So I'm that's what we're gonna do next time. It's gonna be so fun because there's one in Abbotsford and there's one in Chilliwack
Curtis Pope:
I've yet to do one of those actually, I probably should have.
Michele Cummins - PREC:
No. Okay. I'll invite you. Oh,
Curtis Pope:
great. Now you're gonna have a pope and they're arguing with everybody
Michele Cummins - PREC:
will have to do it before your roadshow right? So yeah, probably mornin. Yeah. Okay, so we're doing that probably February. I'll throw the you the date. I'll google calendar you the date. Sounds good. So tomorrow I am doing an all day event. I mean, conferences start now. But there's it's the end of the year. It's time to you know, prepare for next year. And of course, we talked about the economy last time we spoke together but we end today's our to stop shows. So get excited about that. Oh, I
Curtis Pope:
know that I don't have to talk too much this episode. You kind of just take
Michele Cummins - PREC:
it and run. Well, there's so much good information
Curtis Pope:
there is there's a lot of information to get through in a short amount of time. It's true.
Michele Cummins - PREC:
And But tomorrow, I'm really excited to go to Arias home Expo 2022. So ARIA is the Asian Real Estate Association of America. And they offer amazing workshops and information and they're such it's such a great business partnership for my sellers benefits through exposing my listings to the World Wide members because it is a worldwide membership. And I'm looking forward to learning home buyer and seller resources for the future of real estate. Yeah, so I'm very except that sorry about that. So that's tomorrow all day. And hence why I am not doing any open houses tomorrow but next weekend we are and two later today we are doing one at my fantastic mount Woodside property where this Eagles soar and it's a beautiful ranch with the most amazing views of the river and the mountains and it's just gorgeous. It's so peaceful.
Curtis Pope:
It is a beautiful spot whenever I Drive Thru they're on my way to like Harrison or something. I'm always I always think because I know you've had properties there and I'm like, it'd be a great place to live must be really quiet everyone and you know there's nature surrounding you. Yeah.
Michele Cummins - PREC:
And people don't like tend to like you're out there you come out there you love it. Like I've brought so many clients out there and they all love it so much and then they brought their sisters and their brothers and their kids like people follow people out there. So
Curtis Pope:
a bear moose in your backyard. You're going I'm really am in the country is nature. You probably get the odd animal in your yard, I'm sure.
Michele Cummins - PREC:
Yeah, yeah, I think the last Oh birds, birds, lots of different birds. Just amazing. I mean, great blue herons, of course, but I mean, the bear would definitely get a bear. We had a bobcat a while but I have not seen him for a while now. But lots of you know, the odd dog and the odd goat. That just kind of drives
Curtis Pope:
the farm you end up in exactly. One day. We'll have a cow there. We keep
Michele Cummins - PREC:
it can we keep it depends? Is it a dairy cow?
Curtis Pope:
Yeah. You can call it Norman like in City Slickers.
Michele Cummins - PREC:
Oh, cute. So a news, real estate news. So MLS realtor tours are back and admission, it's every other Thursday. And this coming through last Thursday, sorry, was the one admission, so it's every other Thursday. And then also in Abbotsford is the third of every Wednesday and I love to showcase my listings within the realtor community. Because I have sold listings due to the realtors previewing it either right before it goes live. So as long as I have a listing signed by my client, they allow it on the tour. And that's tends when I like to put it on, because it's like a pre showing. But it's fantastic. The realtor keeps it by viewing it, it keeps the top of mind for them. And they think of the clients that they want that would marry perfect with the property. So I love doing it. I'm excited to get that back going and showcase my listings to all the realtors in the different communities but want to mention that and so the Fraser Valley Real Estate Board, this is another set of news. So you know how some websites for real estate sites have some more information than other sites. So the realtor.ca, which is the realtor system, the MLS system, it's the main system for real estate listings. We've never had on their sold prices. Never. But now the board is going to start doing that. So beginning on the seventh of this month, the Fraser Valley Real Estate Board will display historical sales sale prices on realtor.ca. For residential properties, not commercial though. For all active listings, the previous sale price information will be displayed in cases where a sale took place one year or more before its most recent MLS listing date. So now more than ever before, consumers expect transparency, they want information, give it to me at my fingertips, like when I advertise in in the paper with my listings, I put the price I put the address and put the information. It's so hard as a buyer to spend the time having to dig in and put a code into somebody's website and register your email and your name just to get information. And then you get bombarded with calls and emails. But so informant more information at the buyers fingertips is what I believe us Realtors need to give and I'm happy that the Real Estate Board has chosen to do that. So they're going to be doing that publicly sharing historical pricing data contributes to greater transparency and bolsters the reputation of the trusted trademarks of our profession. So MLS and realtors together. So joining the Real Estate boards, with BC and across Canada, the phrase rarely real estate members will will be securing this as leaders in this positive change. So I'm glad our board because every board can choose to do something different. So our board is doing it so frequently asked questions regarding that. So why is this happening? So while the public values our MLS system and the guidance and expertise that Realtors provide, we as professional organizer organization, we wanted to be transparent and give this information easily over to buyers that could help clients more make more informed home and buying decision and selling decisions. So that's the kind of public announcement that the real estate board wanted to make. So another question does the board have the consent of home buyers and sellers to share this information because you wonder privacy right. But once registered with the LTS a home sale prices or public information, the privacy notice and consent form which realtors have clients sign does include notice that the boards may publish some information, particularly sale information. Clients give consent to this when they sign that required form. Before they do a listing. members are encouraged to discuss the details with our clients. They encourage us and so for the public to know when you sign paperwork for listing, there is that notice and consent form, you can opt out of certain things such as sharing your sales history. So why won't home sale prices be displayed for sales that occurred in the last 12 months or less. According to the Personal Information Privacy Act, home sale prices are the confidential and personal information of the buyers and sellers. home sale prices become public information only once the sale is registered with the land title and survey authority of BC. This process can take several weeks to several months, the 12 month window ensures that transactions are registered with the LTS a before it's shared with the general public. Another question if my listing was posted on MLS before November 7, will previous home sale prices still appear on realtor.ca? And the answer is yes, the sale price information will appear on realtor.ca. Even if your listing was active before November 7, can I opt out of the having this information displayed with my listings? And I said before Yes, you can opt out of it. If you were at the clients don't want to make this information available on Realtor dot save, you just opt out on that form that I mentioned when you do the listing. So that is the information on on on the news front today for real estate local.
Curtis Pope:
All right, a lot of news there and a lot to take in for sure. And interesting that people can be able to go back and have a look and see what places went for and get that information at their fingertips.
Michele Cummins - PREC:
It's like days on market. It's nice to know how long has this property been on the market? So good. There's more information.
Curtis Pope:
It's another tool into into toolkit. Yes, beautifully set. Sometimes. We'll take a quick break here, of course. And if people want more information about your listings, your open houses, things like that, where did they go? Michelle cummins.ca. And we're back with more right after this. She said and we are back the second number two of the Cummins Real Estate Group show with the course our local Rockstar realtor Michelle Cummings. And myself is Curtis Pope. I'm not the important one. I don't have the stats. Yes, Curtis. That's right. How did just Jack just jack you have all the stats. I mean, you're the star of the show, always. But today, you have stats, you have all the energy to go through all the stats as we know. And you will race through 20 minutes of stats in under 10. So but don't
Michele Cummins - PREC:
ask me to replay or re mention a movie because one and a half hour movie will take me four hours to tell you about. It's happened. It's true.
Curtis Pope:
Well, I'd hate to get into Lawrence of Arabia or something with you. That's like three hours long because it'd be like 12 hours.
Michele Cummins - PREC:
Oh, yeah. Definitely have water bottles on hand. All right.
Curtis Pope:
Well, let's get to the stats because that's I know what people are tuning in for winning. We have a stat show, if all I knew
Michele Cummins - PREC:
is it took stats to be a rock star. Ah, gosh, I love that.
Curtis Pope:
There's math and everything is what my teachers used to tell me as I was failing math.
Michele Cummins - PREC:
So this happened on November 2, the release of the Fraser Valley real estate statistics and the headlines read housing prices remain soft sales flat throughout the Fraser Valley. Are you surprised?
Curtis Pope:
No. But as somebody who lives here wish you could like get a silver lining here, right? No, actually there is though there is there is this overlap actually you have to wait for the silver line as you do but there is a silver lining.
Michele Cummins - PREC:
Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dip slightly across all categories. Well, we don't mind slightly. Exactly. At least it's not drastic. Exactly. Words. Me and a lot. Yes.
Curtis Pope:
Slightly means just a little it could be a real little dip. You know, it could be like nothing.
Michele Cummins - PREC:
Exactly, slightly, and we're going to explore exactly what the slightly means perfect. In October the Fraser Valley Real Estate Board processed 901 sales on its MLS system seems like a lot, but it is an increase which is good if point 4% Compared to last month and a 53.5% decrease compared to this time last year. Getting information. The board received 2186 new listings in October That's a decrease of 3.8% compared to September and on pause Are with October of last year, with a sales to active listings ratio of 16%. That's a little bit of the silver lining. The overall market was again balanced for the fifth straight month after a prolonged seller's market earlier in the year. The market is considered balanced when the sales to active listings ratio is between 12% and 20%. So we are not in a buyer's market, which I know a lot of sellers feel like we are a lot of realtors may feel like we are, but we aren't we're in a balanced market.
Curtis Pope:
And we also haven't had that that drop that they were projecting for this year. The
Michele Cummins - PREC:
withdrawal wasn't as big as they anticipated in exactly yeah. So these trends suggest that the market is looking to reestablish equilibrium in the wake of last year's intense activity and in the face of continued interest rates pressures. And this was said by Sandra Ben's our wonderful president of the Fraser Valley Real Estate Board. With sales continuing to lag and new inventory slow to come on stream, we're seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to the year end. prices continue to soften with month over month benchmark prices down slightly backwards lately, across all property categories. For detached homes prices are on par with October of last year, while townhouses and apartments are up 7.7% and 11.5% respectively over 2021. With interest rates at their highest level since 2006. It's understandable that buyers and sellers are hesitant. So the average number of days spent on the market right now before selling was relatively unchanged for detached homes and apartments compared to last month. So 34 days and 31 days respectively. Townhouses moved more quickly at 27 days compared to 32 days in September. So now benchmark prices overall in the Fraser Valley for single family detached homes are currently at 1,436,000. And that's decrease 1.8% compared to September, and a decrease of point 8% Compared to last October so a year ago. Townhouses are at 109,800 and that is a decrease of 1.5% compared to September and an increase of 7.7% Compared to last year. Apartments are at 528,000 and that is a decrease of only point 5% Compared to last month and an increase of 11.5% Compared to last year. Of course, condos apartments are doing the best townhouses a second best and then of course detached because obviously it what is affordable. Now let's go into municipality by municipality and of course we start with our own Abbotsford detached single family homes benchmark prices at 1,121,300. That is down from last year 8.8% And down from month before by 2.5% and sales are down from last year. 54.3% more than 50% down from last year. And month over month sales are down or sorry, up 35.9%. So that's how good October was over September in Abbotsford townhouses a sales are down from last year 48.4% And also down month over month 27.3%. Prices are at 650,800 and that's up 8.9% from last year, but down 3.7% from last month. Apartments sales are down 50.5% from last year but they're up 10.9% from last month. Prices are at 434,800 and that's up from last year 12.6%. But down month over month by 2.6% mission. Benchmark prices for detached homes are 969,800 and that's down 6% from last year down 2.4% from last month, down in sales from last year of 59.3% and down from sales the month before 4% townhouses admission or 657,300 and that is up 6.1% from last year but down 3.3% from last month. Sales are down 68.8% For townhouses compared to last year and there's been no change month over month their apartments sales are down at 3.3% from last year in Michigan and a whopping 75% from the month before prices are at 451,900 but prices have gone up year over year for those apartments by 18.8% from last year, but down 2.9% from the month before well there's
Curtis Pope:
a silver lining.
Michele Cummins - PREC:
See you found it and find
Curtis Pope:
a couple here I'm sure
Michele Cummins - PREC:
you are very positive. I love that about you. No matter what you do see the silver lining in everything
Curtis Pope:
I try. It's work sometimes but I try
Michele Cummins - PREC:
mindset positivity. It's so good. So detached home comes in white rock South Surrey benchmark prices at 1,895,900 and that is up 5.8%. From last year and only down month before by point 1%. Sales are down 56.3% from last year but they're up 36.1% from last month. Townhouses are at 923,000. That's up 6.1% from last year but down only point 2% from last month. Sales of townhouses are down 42.1% from last year but they're up 22.2% from last month. Apartments in White Rock South Surrey are 578,300. That's up 6.7% from last year and down just point 8% from last month. Sales are down 39.5% there from last year and up 6.1% from last month. Langley benchmark prices 1,528,000 That's down 2.4% from last year and down month over month by 1.8%. Sales are down 36.2%. From last year and down 17.8% from last month. Townhouses at 852,600. That's up 13.3% from last year down 2.2% from the month before, down and sales 52.3% from last year but up and sales 3.9% from last month. Apartments 588,900 benchmark price that is up 12.2% from last year and down 1.8% from last month. Sales are down 51.6% from last year but they're up 3.3% from last month. And then delta north you know so many people say Michele's three and delta they aren't in the Fraser Valley. But technically they are
Curtis Pope:
at least the Fraser River Runs Through Delta right beside Delta. Yeah, there we go. I mean, you could technically go all the way to Richmond, really? I mean, that's river surrounds Richmond.
Michele Cummins - PREC:
Don't really a valley though. Yeah, there you go. The difference between the two kind of an island
Curtis Pope:
below sea level island.
Michele Cummins - PREC:
So delta is benchmark price of 1,273,000. And that's down 4.6% from last year and down 1.9% from last month and the sales are down 65.9% from last year and sales are down 26.3%. From last month. Townhouses the sales are up 50% from last year, and they're up. According to the stats. 200% month over month. Wow. I think that means it was a new townhouse project that probably like sold out, it
Curtis Pope:
would seem like something percent, it's a pretty big anomaly.
Michele Cummins - PREC:
And benchmark prices are at 846,500. I don't think I mentioned that yet. Up 1.9%. From last year down 3.6% from last month and apartments at 556,800. That's up 13.7% from last year and up point 4% from last month. But the sales are down 55.6% from last year and up 60% from last month. And that is your Fraser Valley real estate statistics.
Curtis Pope:
Interesting. Now remember, when we were talking last year and different people were talking about how prices were going to fall? Anywhere from I think 15% to 40%. Some people were predicting and people all panicked. But the majority people seem to say it was going to be around 18% or so where are we roughly come around that, you know?
Michele Cummins - PREC:
Oh, on average, do you want to talk about like detached or Yeah,
Curtis Pope:
I guess just detach is probably the easiest one there. You know,
Michele Cummins - PREC:
I live by the stat. I
Curtis Pope:
do live by the stats, just because everybody was a bit of a panic when he would hear 40% I mean, I was in a panic when they said we could drop 40% over the year. Yeah, that is pretty shocking. And I know that was definitely people going on the high end of things as opposed to probably the reality of it. But yeah, it was it was just really interesting, because I know, we had we had somebody on last year they even said they figured it would be around 18 to 20%.
Michele Cummins - PREC:
Yeah, and you know what? It's, it's really not. Because the height was in February. So when you look at a year ago, so was that the start of 2022? Is it the start after it? It corrected in February? Or is it one year ago today? Like November right of last year? So that's the difference November last year only down like point one eight, actually point 8% For detached homes, and in 1.5% for townhomes. And then
Curtis Pope:
four Yeah, so it all depends on the timing,
Michele Cummins - PREC:
currently, so that's why it's funny when Yeah, so the predictions, I believe maybe that was after February. So those predictions, we are still a few months away. We have to wait till February of next year. And then really look at
Curtis Pope:
it. We're not anywhere near 40% For sure. No, and we're not at this point one degree even close to 20%.
Michele Cummins - PREC:
And I think we felt the worst of it already. Yeah, we are still declining. And in some areas. It's about 40,000 a month. The average property of detached home is coming down in price. So let's just call it a 900 To 1000 A million dollars, losing about $40,000 a month is kind of the typical what you're saying. But you know, there's some, there's some of those. There's some amazing deals out there. There's some amazing opportunities for buyers right now. And first for their sellers. It depends if you're moving in the same area or not, are you downsizing or upsizing? So it all depends. But you know what, I think we forgot City, Missouri. Did we think so?
Curtis Pope:
You went right to Delta, you skipped Surrey. That's a bit of a
Michele Cummins - PREC:
history was on another page.
Curtis Pope:
That's a bit of a, you know, geographical error. Yeah, and I just I should have caught that because I'm gonna geography.
Michele Cummins - PREC:
Yeah, actually, but it was I was talking so fast. I went from Langley to Delta. Okay, so quickly, city of Surrey. Benchmark prices of so this is all of Surya combined benchmark 1,584,000. That's up 2.2% from last year down 1.7% from the month before, down in sales. 64.5% from last year, but up 3.2% From September, or October. Sorry, September. Townhouses are at 820,000 That's up 5.5% Down point 8%. From last month, down 52% in sales from last year but up 13.2% percent from last month. And then apartments are 528,000. That's up 11.2% from last year up point 9% from last month, down in sales last year for by 49.4% and down month over month. 5.1%. So now that's the Fraser Valley real estate. So
Curtis Pope:
there we go. And Surrey is an interesting one because you go from from you know, some some lower prices and certain areas, still not that low. But then you get to like South Surrey and these big huge mansions and stuff like that. So I mean, it's a pretty diverse municipality when it comes to prices.
Michele Cummins - PREC:
Absolutely. And that's why you have to really know the sub areas and it's a huge area and many different types of product. So I wanted to go on to our new listings before, because we've got a couple of really amazing ones. There's one shot toe place here in central Abbotsford. It has an amazing Sweden as a large fully fenced backyard. It's almost an 88,000 square foot house. It's five bedrooms, three bathrooms built in 1975 renovated so beautifully. And it's 1,182,000 is the asking price. So remember that has a sweet, it's moving ready. It's a great location at 2129 Chateau place. And then another new listing here and at West Abbotsford office to swap court and this one is 7500 square foot lot three bedrooms, three bathrooms split level type of home, it's priced just under 900,000. It was built in 1982. And its property size or house sizes, almost 2800 square feet. And then another one coming on Ireland Avenue and mission. And this is an old old timer built in the 50s but built so strong and well and it's so clean the home. And it's got two separate detached triples sized garages and two driveways and potential to subdivide. But it's got beautiful, fully usable land. It's gorgeous raised garden beds, it's got sheds on top of those garages say
Curtis Pope:
this too loud, your husband's gonna want it for the garages
Michele Cummins - PREC:
and walk out basements. And so really nice property and one of the big things about this property on Ireland Avenue is gorgeous views of the monastery of Westminster Abbey. Oh, gorgeous views of it. So all you hear on this property it's it's a quiet street all you hear is the bells ringing. And you can just take a walk trails go up to the lookout point LIS going on Thursdays I think and Saturdays. They come out and they just start singing in the beautiful church and it's just so gorgeous. Like the sound is so beautiful. It moves me to tears every time I go there. But yeah, so that's the new listings. Oh, and should we end with a quote we should? Because we'd normally do. Okay, so be who God made you to be and you will set the world on fire. And that is St. Catherine of Siena.
Curtis Pope:
I'm glad for some reason I thought you'd say Beyonce. I don't know why her name popped in my head. Just like Beyonce would say. Maybe Jenny from the block now. All right. You never cease to make me laugh. No. My mind works in mysterious ways. All right. If people want information on your your listings or your open houses and what you do as a realtor, where can they go? 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
It's time for another edition of the coverage Real Estate Group show us two Saturday morning with myself Curtis Pope and of course the star of our show. The one and only Michelle Collins. Good morning, Michelle. I'm
Michele Cummins - PREC:
seeing stars now but
Curtis Pope:
she stars. Good morning Curtis.
Michele Cummins - PREC:
Are you excited about all the snow? That sounds like well, I mean,
Curtis Pope:
are we gonna get it? Is it just gonna be a dusting and then it melts? I mean, I like it when you get the dusting and it melts right away that I don't have to shovel.
Michele Cummins - PREC:
Well, you know, way to look at the positive of everything.
Curtis Pope:
Well, I lived in the north long enough to know what it's like to have to shovel a lot of snow and you lived in Montana, you know the same thing? Yeah,
Michele Cummins - PREC:
every Halloween night. That's when it snowed. So I always wore an outfit a costume because you know as even as an adult I like trick or treating. I like the candy. Right. It's fun to you see everyone dressed up. But yeah, it always know that day. So it's no surprise that it's coming our way mount GM and Baker and everything looks so beautiful and crisp. It's so gorgeous. But um, yeah, we had blast. So Halloween day, I had my lunch and my monthly team meeting. And we did go to a corn maze.
Curtis Pope:
And how did that go? You found your way out anyway.
Michele Cummins - PREC:
Yeah, we did. We did the Add To live ones. We went to Green Acres. Green Acres is amazing. I haven't been to any other one to compare. But I went online, googled and everything. And that seemed like just a great one. Great review. So they had two different mazes. So we did the easier, let's say not so muddier one and we made it through. And then the harder one had all these questions. And it was so fantastic team building. It was it was like it was really interesting to see everyone's personalities and how they came up with the answers. And if they took the shortcuts or if they went the long way around, or it was really awesome.
Curtis Pope:
We sent our kids into a to an escape room. Four years ago, oh my gosh, I was just going to talk about that. We set them into an escape room. And me and my wife sat outside was it was an aggro fair. And they went with two of their friends. And he did really well on the first leg two or three tasks. And Mike really works as a team. And then the pope kid started fighting over everything. And the other two were just like, why are we here? Why do we put ourselves through this? They failed and weren't able to get out? They didn't get out? Because the pope started infighting. Oh, no. I think we should do this. I want to do this should listen to me. It was Dylan standard going. should listen to me. I knew what to do the whole time like this. Listen to me, but ignoring me
Michele Cummins - PREC:
no to sell well in the
Curtis Pope:
room with the three Pope children. They will not get along well enough to get through. Oh, that's
Michele Cummins - PREC:
fun. I always go to escape room with my family when we get together usually once a year. And we always get out because I'm telling you not I just I love Washington of you. That's true. It's always a huge group for you, right? But I was thinking I got to do that with my team. So I'm that's what we're gonna do next time. It's gonna be so fun because there's one in Abbotsford and there's one in Chilliwack
Curtis Pope:
I've yet to do one of those actually, I probably should have.
Michele Cummins - PREC:
No. Okay. I'll invite you. Oh,
Curtis Pope:
great. Now you're gonna have a pope and they're arguing with everybody
Michele Cummins - PREC:
will have to do it before your roadshow right? So yeah, probably mornin. Yeah. Okay, so we're doing that probably February. I'll throw the you the date. I'll google calendar you the date. Sounds good. So tomorrow I am doing an all day event. I mean, conferences start now. But there's it's the end of the year. It's time to you know, prepare for next year. And of course, we talked about the economy last time we spoke together but we end today's our to stop shows. So get excited about that. Oh, I
Curtis Pope:
know that I don't have to talk too much this episode. You kind of just take
Michele Cummins - PREC:
it and run. Well, there's so much good information
Curtis Pope:
there is there's a lot of information to get through in a short amount of time. It's true.
Michele Cummins - PREC:
And But tomorrow, I'm really excited to go to Arias home Expo 2022. So ARIA is the Asian Real Estate Association of America. And they offer amazing workshops and information and they're such it's such a great business partnership for my sellers benefits through exposing my listings to the World Wide members because it is a worldwide membership. And I'm looking forward to learning home buyer and seller resources for the future of real estate. Yeah, so I'm very except that sorry about that. So that's tomorrow all day. And hence why I am not doing any open houses tomorrow but next weekend we are and two later today we are doing one at my fantastic mount Woodside property where this Eagles soar and it's a beautiful ranch with the most amazing views of the river and the mountains and it's just gorgeous. It's so peaceful.
Curtis Pope:
It is a beautiful spot whenever I Drive Thru they're on my way to like Harrison or something. I'm always I always think because I know you've had properties there and I'm like, it'd be a great place to live must be really quiet everyone and you know there's nature surrounding you. Yeah.
Michele Cummins - PREC:
And people don't like tend to like you're out there you come out there you love it. Like I've brought so many clients out there and they all love it so much and then they brought their sisters and their brothers and their kids like people follow people out there. So
Curtis Pope:
a bear moose in your backyard. You're going I'm really am in the country is nature. You probably get the odd animal in your yard, I'm sure.
Michele Cummins - PREC:
Yeah, yeah, I think the last Oh birds, birds, lots of different birds. Just amazing. I mean, great blue herons, of course, but I mean, the bear would definitely get a bear. We had a bobcat a while but I have not seen him for a while now. But lots of you know, the odd dog and the odd goat. That just kind of drives
Curtis Pope:
the farm you end up in exactly. One day. We'll have a cow there. We keep
Michele Cummins - PREC:
it can we keep it depends? Is it a dairy cow?
Curtis Pope:
Yeah. You can call it Norman like in City Slickers.
Michele Cummins - PREC:
Oh, cute. So a news, real estate news. So MLS realtor tours are back and admission, it's every other Thursday. And this coming through last Thursday, sorry, was the one admission, so it's every other Thursday. And then also in Abbotsford is the third of every Wednesday and I love to showcase my listings within the realtor community. Because I have sold listings due to the realtors previewing it either right before it goes live. So as long as I have a listing signed by my client, they allow it on the tour. And that's tends when I like to put it on, because it's like a pre showing. But it's fantastic. The realtor keeps it by viewing it, it keeps the top of mind for them. And they think of the clients that they want that would marry perfect with the property. So I love doing it. I'm excited to get that back going and showcase my listings to all the realtors in the different communities but want to mention that and so the Fraser Valley Real Estate Board, this is another set of news. So you know how some websites for real estate sites have some more information than other sites. So the realtor.ca, which is the realtor system, the MLS system, it's the main system for real estate listings. We've never had on their sold prices. Never. But now the board is going to start doing that. So beginning on the seventh of this month, the Fraser Valley Real Estate Board will display historical sales sale prices on realtor.ca. For residential properties, not commercial though. For all active listings, the previous sale price information will be displayed in cases where a sale took place one year or more before its most recent MLS listing date. So now more than ever before, consumers expect transparency, they want information, give it to me at my fingertips, like when I advertise in in the paper with my listings, I put the price I put the address and put the information. It's so hard as a buyer to spend the time having to dig in and put a code into somebody's website and register your email and your name just to get information. And then you get bombarded with calls and emails. But so informant more information at the buyers fingertips is what I believe us Realtors need to give and I'm happy that the Real Estate Board has chosen to do that. So they're going to be doing that publicly sharing historical pricing data contributes to greater transparency and bolsters the reputation of the trusted trademarks of our profession. So MLS and realtors together. So joining the Real Estate boards, with BC and across Canada, the phrase rarely real estate members will will be securing this as leaders in this positive change. So I'm glad our board because every board can choose to do something different. So our board is doing it so frequently asked questions regarding that. So why is this happening? So while the public values our MLS system and the guidance and expertise that Realtors provide, we as professional organizer organization, we wanted to be transparent and give this information easily over to buyers that could help clients more make more informed home and buying decision and selling decisions. So that's the kind of public announcement that the real estate board wanted to make. So another question does the board have the consent of home buyers and sellers to share this information because you wonder privacy right. But once registered with the LTS a home sale prices or public information, the privacy notice and consent form which realtors have clients sign does include notice that the boards may publish some information, particularly sale information. Clients give consent to this when they sign that required form. Before they do a listing. members are encouraged to discuss the details with our clients. They encourage us and so for the public to know when you sign paperwork for listing, there is that notice and consent form, you can opt out of certain things such as sharing your sales history. So why won't home sale prices be displayed for sales that occurred in the last 12 months or less. According to the Personal Information Privacy Act, home sale prices are the confidential and personal information of the buyers and sellers. home sale prices become public information only once the sale is registered with the land title and survey authority of BC. This process can take several weeks to several months, the 12 month window ensures that transactions are registered with the LTS a before it's shared with the general public. Another question if my listing was posted on MLS before November 7, will previous home sale prices still appear on realtor.ca? And the answer is yes, the sale price information will appear on realtor.ca. Even if your listing was active before November 7, can I opt out of the having this information displayed with my listings? And I said before Yes, you can opt out of it. If you were at the clients don't want to make this information available on Realtor dot save, you just opt out on that form that I mentioned when you do the listing. So that is the information on on on the news front today for real estate local.
Curtis Pope:
All right, a lot of news there and a lot to take in for sure. And interesting that people can be able to go back and have a look and see what places went for and get that information at their fingertips.
Michele Cummins - PREC:
It's like days on market. It's nice to know how long has this property been on the market? So good. There's more information.
Curtis Pope:
It's another tool into into toolkit. Yes, beautifully set. Sometimes. We'll take a quick break here, of course. And if people want more information about your listings, your open houses, things like that, where did they go? Michelle cummins.ca. And we're back with more right after this. She said and we are back the second number two of the Cummins Real Estate Group show with the course our local Rockstar realtor Michelle Cummings. And myself is Curtis Pope. I'm not the important one. I don't have the stats. Yes, Curtis. That's right. How did just Jack just jack you have all the stats. I mean, you're the star of the show, always. But today, you have stats, you have all the energy to go through all the stats as we know. And you will race through 20 minutes of stats in under 10. So but don't
Michele Cummins - PREC:
ask me to replay or re mention a movie because one and a half hour movie will take me four hours to tell you about. It's happened. It's true.
Curtis Pope:
Well, I'd hate to get into Lawrence of Arabia or something with you. That's like three hours long because it'd be like 12 hours.
Michele Cummins - PREC:
Oh, yeah. Definitely have water bottles on hand. All right.
Curtis Pope:
Well, let's get to the stats because that's I know what people are tuning in for winning. We have a stat show, if all I knew
Michele Cummins - PREC:
is it took stats to be a rock star. Ah, gosh, I love that.
Curtis Pope:
There's math and everything is what my teachers used to tell me as I was failing math.
Michele Cummins - PREC:
So this happened on November 2, the release of the Fraser Valley real estate statistics and the headlines read housing prices remain soft sales flat throughout the Fraser Valley. Are you surprised?
Curtis Pope:
No. But as somebody who lives here wish you could like get a silver lining here, right? No, actually there is though there is there is this overlap actually you have to wait for the silver line as you do but there is a silver lining.
Michele Cummins - PREC:
Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dip slightly across all categories. Well, we don't mind slightly. Exactly. At least it's not drastic. Exactly. Words. Me and a lot. Yes.
Curtis Pope:
Slightly means just a little it could be a real little dip. You know, it could be like nothing.
Michele Cummins - PREC:
Exactly, slightly, and we're going to explore exactly what the slightly means perfect. In October the Fraser Valley Real Estate Board processed 901 sales on its MLS system seems like a lot, but it is an increase which is good if point 4% Compared to last month and a 53.5% decrease compared to this time last year. Getting information. The board received 2186 new listings in October That's a decrease of 3.8% compared to September and on pause Are with October of last year, with a sales to active listings ratio of 16%. That's a little bit of the silver lining. The overall market was again balanced for the fifth straight month after a prolonged seller's market earlier in the year. The market is considered balanced when the sales to active listings ratio is between 12% and 20%. So we are not in a buyer's market, which I know a lot of sellers feel like we are a lot of realtors may feel like we are, but we aren't we're in a balanced market.
Curtis Pope:
And we also haven't had that that drop that they were projecting for this year. The
Michele Cummins - PREC:
withdrawal wasn't as big as they anticipated in exactly yeah. So these trends suggest that the market is looking to reestablish equilibrium in the wake of last year's intense activity and in the face of continued interest rates pressures. And this was said by Sandra Ben's our wonderful president of the Fraser Valley Real Estate Board. With sales continuing to lag and new inventory slow to come on stream, we're seeing a holding pattern regarding whether to buy or list a property and expect this to continue through to the year end. prices continue to soften with month over month benchmark prices down slightly backwards lately, across all property categories. For detached homes prices are on par with October of last year, while townhouses and apartments are up 7.7% and 11.5% respectively over 2021. With interest rates at their highest level since 2006. It's understandable that buyers and sellers are hesitant. So the average number of days spent on the market right now before selling was relatively unchanged for detached homes and apartments compared to last month. So 34 days and 31 days respectively. Townhouses moved more quickly at 27 days compared to 32 days in September. So now benchmark prices overall in the Fraser Valley for single family detached homes are currently at 1,436,000. And that's decrease 1.8% compared to September, and a decrease of point 8% Compared to last October so a year ago. Townhouses are at 109,800 and that is a decrease of 1.5% compared to September and an increase of 7.7% Compared to last year. Apartments are at 528,000 and that is a decrease of only point 5% Compared to last month and an increase of 11.5% Compared to last year. Of course, condos apartments are doing the best townhouses a second best and then of course detached because obviously it what is affordable. Now let's go into municipality by municipality and of course we start with our own Abbotsford detached single family homes benchmark prices at 1,121,300. That is down from last year 8.8% And down from month before by 2.5% and sales are down from last year. 54.3% more than 50% down from last year. And month over month sales are down or sorry, up 35.9%. So that's how good October was over September in Abbotsford townhouses a sales are down from last year 48.4% And also down month over month 27.3%. Prices are at 650,800 and that's up 8.9% from last year, but down 3.7% from last month. Apartments sales are down 50.5% from last year but they're up 10.9% from last month. Prices are at 434,800 and that's up from last year 12.6%. But down month over month by 2.6% mission. Benchmark prices for detached homes are 969,800 and that's down 6% from last year down 2.4% from last month, down in sales from last year of 59.3% and down from sales the month before 4% townhouses admission or 657,300 and that is up 6.1% from last year but down 3.3% from last month. Sales are down 68.8% For townhouses compared to last year and there's been no change month over month their apartments sales are down at 3.3% from last year in Michigan and a whopping 75% from the month before prices are at 451,900 but prices have gone up year over year for those apartments by 18.8% from last year, but down 2.9% from the month before well there's
Curtis Pope:
a silver lining.
Michele Cummins - PREC:
See you found it and find
Curtis Pope:
a couple here I'm sure
Michele Cummins - PREC:
you are very positive. I love that about you. No matter what you do see the silver lining in everything
Curtis Pope:
I try. It's work sometimes but I try
Michele Cummins - PREC:
mindset positivity. It's so good. So detached home comes in white rock South Surrey benchmark prices at 1,895,900 and that is up 5.8%. From last year and only down month before by point 1%. Sales are down 56.3% from last year but they're up 36.1% from last month. Townhouses are at 923,000. That's up 6.1% from last year but down only point 2% from last month. Sales of townhouses are down 42.1% from last year but they're up 22.2% from last month. Apartments in White Rock South Surrey are 578,300. That's up 6.7% from last year and down just point 8% from last month. Sales are down 39.5% there from last year and up 6.1% from last month. Langley benchmark prices 1,528,000 That's down 2.4% from last year and down month over month by 1.8%. Sales are down 36.2%. From last year and down 17.8% from last month. Townhouses at 852,600. That's up 13.3% from last year down 2.2% from the month before, down and sales 52.3% from last year but up and sales 3.9% from last month. Apartments 588,900 benchmark price that is up 12.2% from last year and down 1.8% from last month. Sales are down 51.6% from last year but they're up 3.3% from last month. And then delta north you know so many people say Michele's three and delta they aren't in the Fraser Valley. But technically they are
Curtis Pope:
at least the Fraser River Runs Through Delta right beside Delta. Yeah, there we go. I mean, you could technically go all the way to Richmond, really? I mean, that's river surrounds Richmond.
Michele Cummins - PREC:
Don't really a valley though. Yeah, there you go. The difference between the two kind of an island
Curtis Pope:
below sea level island.
Michele Cummins - PREC:
So delta is benchmark price of 1,273,000. And that's down 4.6% from last year and down 1.9% from last month and the sales are down 65.9% from last year and sales are down 26.3%. From last month. Townhouses the sales are up 50% from last year, and they're up. According to the stats. 200% month over month. Wow. I think that means it was a new townhouse project that probably like sold out, it
Curtis Pope:
would seem like something percent, it's a pretty big anomaly.
Michele Cummins - PREC:
And benchmark prices are at 846,500. I don't think I mentioned that yet. Up 1.9%. From last year down 3.6% from last month and apartments at 556,800. That's up 13.7% from last year and up point 4% from last month. But the sales are down 55.6% from last year and up 60% from last month. And that is your Fraser Valley real estate statistics.
Curtis Pope:
Interesting. Now remember, when we were talking last year and different people were talking about how prices were going to fall? Anywhere from I think 15% to 40%. Some people were predicting and people all panicked. But the majority people seem to say it was going to be around 18% or so where are we roughly come around that, you know?
Michele Cummins - PREC:
Oh, on average, do you want to talk about like detached or Yeah,
Curtis Pope:
I guess just detach is probably the easiest one there. You know,
Michele Cummins - PREC:
I live by the stat. I
Curtis Pope:
do live by the stats, just because everybody was a bit of a panic when he would hear 40% I mean, I was in a panic when they said we could drop 40% over the year. Yeah, that is pretty shocking. And I know that was definitely people going on the high end of things as opposed to probably the reality of it. But yeah, it was it was just really interesting, because I know, we had we had somebody on last year they even said they figured it would be around 18 to 20%.
Michele Cummins - PREC:
Yeah, and you know what? It's, it's really not. Because the height was in February. So when you look at a year ago, so was that the start of 2022? Is it the start after it? It corrected in February? Or is it one year ago today? Like November right of last year? So that's the difference November last year only down like point one eight, actually point 8% For detached homes, and in 1.5% for townhomes. And then
Curtis Pope:
four Yeah, so it all depends on the timing,
Michele Cummins - PREC:
currently, so that's why it's funny when Yeah, so the predictions, I believe maybe that was after February. So those predictions, we are still a few months away. We have to wait till February of next year. And then really look at
Curtis Pope:
it. We're not anywhere near 40% For sure. No, and we're not at this point one degree even close to 20%.
Michele Cummins - PREC:
And I think we felt the worst of it already. Yeah, we are still declining. And in some areas. It's about 40,000 a month. The average property of detached home is coming down in price. So let's just call it a 900 To 1000 A million dollars, losing about $40,000 a month is kind of the typical what you're saying. But you know, there's some, there's some of those. There's some amazing deals out there. There's some amazing opportunities for buyers right now. And first for their sellers. It depends if you're moving in the same area or not, are you downsizing or upsizing? So it all depends. But you know what, I think we forgot City, Missouri. Did we think so?
Curtis Pope:
You went right to Delta, you skipped Surrey. That's a bit of a
Michele Cummins - PREC:
history was on another page.
Curtis Pope:
That's a bit of a, you know, geographical error. Yeah, and I just I should have caught that because I'm gonna geography.
Michele Cummins - PREC:
Yeah, actually, but it was I was talking so fast. I went from Langley to Delta. Okay, so quickly, city of Surrey. Benchmark prices of so this is all of Surya combined benchmark 1,584,000. That's up 2.2% from last year down 1.7% from the month before, down in sales. 64.5% from last year, but up 3.2% From September, or October. Sorry, September. Townhouses are at 820,000 That's up 5.5% Down point 8%. From last month, down 52% in sales from last year but up 13.2% percent from last month. And then apartments are 528,000. That's up 11.2% from last year up point 9% from last month, down in sales last year for by 49.4% and down month over month. 5.1%. So now that's the Fraser Valley real estate. So
Curtis Pope:
there we go. And Surrey is an interesting one because you go from from you know, some some lower prices and certain areas, still not that low. But then you get to like South Surrey and these big huge mansions and stuff like that. So I mean, it's a pretty diverse municipality when it comes to prices.
Michele Cummins - PREC:
Absolutely. And that's why you have to really know the sub areas and it's a huge area and many different types of product. So I wanted to go on to our new listings before, because we've got a couple of really amazing ones. There's one shot toe place here in central Abbotsford. It has an amazing Sweden as a large fully fenced backyard. It's almost an 88,000 square foot house. It's five bedrooms, three bathrooms built in 1975 renovated so beautifully. And it's 1,182,000 is the asking price. So remember that has a sweet, it's moving ready. It's a great location at 2129 Chateau place. And then another new listing here and at West Abbotsford office to swap court and this one is 7500 square foot lot three bedrooms, three bathrooms split level type of home, it's priced just under 900,000. It was built in 1982. And its property size or house sizes, almost 2800 square feet. And then another one coming on Ireland Avenue and mission. And this is an old old timer built in the 50s but built so strong and well and it's so clean the home. And it's got two separate detached triples sized garages and two driveways and potential to subdivide. But it's got beautiful, fully usable land. It's gorgeous raised garden beds, it's got sheds on top of those garages say
Curtis Pope:
this too loud, your husband's gonna want it for the garages
Michele Cummins - PREC:
and walk out basements. And so really nice property and one of the big things about this property on Ireland Avenue is gorgeous views of the monastery of Westminster Abbey. Oh, gorgeous views of it. So all you hear on this property it's it's a quiet street all you hear is the bells ringing. And you can just take a walk trails go up to the lookout point LIS going on Thursdays I think and Saturdays. They come out and they just start singing in the beautiful church and it's just so gorgeous. Like the sound is so beautiful. It moves me to tears every time I go there. But yeah, so that's the new listings. Oh, and should we end with a quote we should? Because we'd normally do. Okay, so be who God made you to be and you will set the world on fire. And that is St. Catherine of Siena.
Curtis Pope:
I'm glad for some reason I thought you'd say Beyonce. I don't know why her name popped in my head. Just like Beyonce would say. Maybe Jenny from the block now. All right. You never cease to make me laugh. No. My mind works in mysterious ways. All right. If people want information on your your listings or your open houses and what you do as a realtor, where can they go? 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 Michele has news on interest rates, poutine, and more, please go take a listen! It's well worth it!