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Michele Has Stats and Chats With Erin Fleury
December 6, 2022 | Posted by: Michele Cummins
Warning! This is an automated transcript so there will be mistakes throughout. Including the spelling of Michele's name ;)
Curtis Pope:
Saturday morning and it's already December. It's time for another edition of the Cummins Real Estate Group show with local Rockstar realtor Michelle Cummings and myself Curtis Pope. Good morning, Michelle.
Michele Cummins - PREC:
Good morning, Curtis. How are you today?
Curtis Pope:
I'm doing wonderful. It's always great to have you in studio because that keeps you away from the Christmas coffees till after the show.
Michele Cummins - PREC:
You know, it'd be nice. I'm looking over at the roadshow with Curtis Pope on your wall and sponsored by Murray GMs. See, Abbotsford and I'm wondering it'd be really cool to be a guest on your roadshow again. Remember when I did that
Curtis Pope:
one? Yeah, we could probably do that again. That was fun. We
Michele Cummins - PREC:
got to pick all my favorite songs. Yeah, we
Curtis Pope:
could probably get you back in playing some music again and see what kind of trouble you can get into
Michele Cummins - PREC:
maybe in the new year.
Curtis Pope:
But yeah, maybe 2025 No, just kidding. No, I think we shouldn't do that again. It's been a long time since we did that actually. Yeah.
Michele Cummins - PREC:
Have you gotten your Christmas tree?
Curtis Pope:
We well we have a fake tree so we always have been snow so it's always there. It's always there.
Michele Cummins - PREC:
No, we're gonna be safe.
Curtis Pope:
We're putting it up this weekend. You know because we been too busy this week to put the tree up and so yeah, we're gonna my wife is slowly Christmas sizing the house I have to put up the Christmas lights today when we're done because just about everybody in our neighborhood has put up their Christmas lights. Are you the last one? No, there's like three others but everybody else has these great Christmas light displays and and the inflatable things in their front yard Santa. Yeah, and then there's our house with nothing yet are you doing white lights or colored lights? Well, you know last year we had those kind of icicle hanging ones but with all the wind and stuff it blew out a bunch of my lights and I don't feel like going through the every strand to figure out what lights aren't there. So I went and bought out a simple bunch of you know red and white lights to you know classic lights to put up
Michele Cummins - PREC:
well don't go on the ladder up on the on the roof. Just be safe with this weather.
Curtis Pope:
Yeah, if I fall I fall. I fall better than most people. Well, you think the teenagers are gonna go up on the roof? Hey, you have a 20 year old you think he's gonna go up on the roof? I don't think so. No, it'll be me. Maybe Cody will help if I'm lucky.
Michele Cummins - PREC:
Well, I went and got my Christmas tree actually I think the soonest I've ever I don't remember the last time I decorated before the first weekend in December. Usually it's like the second week because I'm just I just allow it to go too long. But I finally did it before December and I went to and I got the real tree. I went to Connie. Connie firs tree I don't know if you know what I think so yeah. Okay, so she's a client of mine and I'm like, Oh my gosh, I'm gonna go to her tree farm because she has awesome trees. She has multiple types of trees and it was so much fun. She had pre cut ones or you can go out in the field and walk around and choose your own so I went around I grabbed the saw and went out there with Richard and
Curtis Pope:
we picked it Why are you using the soft you got Richard there?
Michele Cummins - PREC:
Well remember earlier I was talking about safety.
Curtis Pope:
Oh right. That's probably a good call. Yeah, yeah. But um
Michele Cummins - PREC:
they're still there. It's a great tree farm if anybody hasn't got their tree yet. This is a weekend to go out there so get it's called the Connie firs tree farm and it's just in Michigan just east off the low heat highway. So I wanted to mention because on our second segment in here in the studio with us right now sitting right next to me is our guest today Aaron flurry. And thank you so much for coming here and Oh, thank you both for having me. Absolutely. And so we will find out more about who Aaron is and what she offers and does in a little bit. But I wanted to first talk about stats because you know, we've got stats
Curtis Pope:
in hand we That's amazing. It's only like the third How was that possible?
Michele Cummins - PREC:
Actually they came out the second they came out quick wow this month I know it's like the second month it seems that they've been out like on top of it so we have them and without much further ado we'll get into that but also tonight is my office Christmas party at REMAX little oak and I'm pretty excited about that. Still gotta get my nails done. They look really bad.
Curtis Pope:
Gonna be Christmassy after maybe just playing this year. No no little like snowman or anything on the nails.
Michele Cummins - PREC:
No glitter. No, maybe red. Maybe just playing. I felt like plain Jane right now so playing it playing. But But what about you guys? I mean, I haven't heard about your Christmas party yet. Are you guys having one this year?
Curtis Pope:
Oh yeah, we are. You Rogers is doing one in a couple of weeks. And then we're doing like a valley one for the all the staff here. I think the same week there's just it's funny because the last couple years there has been a lot going on all of a sudden this year. Friends of ours thing we need to get together for Christmas me and my wife go nope no, that's not gonna work. No, that dates not gonna work. Nope. Busy that night. No busy that night. Oh, I got to coach hockey that night, like all of a sudden is like no, we have booked up. The first Christmas. I feel like the Grinch when he's like trying to figure out if he can go to the Whoville. He's like, I'm booked, you know, for 30 Jazzercise you know I'm sitting there doing that in my head.
Michele Cummins - PREC:
Oh my goodness. Well, he got to tell me all about it. Make sure to take photos.
Curtis Pope:
We don't have the the sunglasses this time. The real glasses. Yes, I remember my real glasses. I missed the sunglasses. Well, the sun's not out. That was that was a that was a good look that episode.
Michele Cummins - PREC:
Well, talking about stats and you know it's my favorite show of the month. new listings lag as Fraser Valley real estate market sees third month of declining sales. So with sales down almost 7% From October and new listings off by more than 20% the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown opportunities are available, as evidenced by brisk turnover timeframes which I have seen. Keep an eye out September 7 is when the new rules the new Bank of Canada comes out with what's going to happen with our mortgage rates. So that's December 7. So our wonderful president at the Fraser Valley Real Estate Board Sandra Ben says that the trends we've seen over the past several months will likely continue through to your end. And and she also says while rate hikes have effectively put many buyer and sellers in a holding pattern, we're still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced. And it is a balanced market, the graph shows and everything shows it's not a buyers market, even though you might think it's not a seller's market, it's actually balanced. So it's really good for both parties. And our CEO Baldev Gill says the market continues to tighten in response to rising interest rates. As a result, individuals are facing additional levels of uncertainty regarding the decision to buy or sell a home underscoring the importance of seeking advice and guidance from a local realtor to mitigate the risks involved. So across the Fraser Valley in November, the average number of days to sell his single family detached home was 34 days and a townhome was 28 days and apartment took on average 27 days to sell. So please remember those are strategically priced properties that show well and buyers are willing to go in on it. So I am gonna go in municipality by municipality and starting with our wonderful Abbotsford detached properties benchmark price right now $1,106,800 And that's down 14.4% from last year and down 1.3% from last month, and that sales in Abbotsford have been down 57% from last year and down 7.5% from last month, townhouses are at 693,800 and that is up 5.8% from last year, but down slightly at 1.7% from last month. Sales however, for townhouses in Abbotsford is 63.5% down from last year and down 28.1% from last month and then apartments are $428,700 and that's up 7.7% from last year, down 1.4% from last month. Sales overall are down 54.7% from last month and down 5.9% from the month before admission for benchmark prices detached homes are 941,200 down to 11.5% from last year and down 2.9% from last month. That's down in sales of 40% from last year, but up month over month by 25% sales. And in Michigan for townhouses were at 650,900 and that's up 5.2% from last year but down 1% from last month. Sales are down both from last year and month over month actually 40% and apartments are at $443,300 and that's up 13.2% from last year down 1.9% from the month before, and there's been no change in the amount of sales for apartments in Michigan. So White Rock and South Surrey area detached homes are $1,849,800 and that's up 1.7% from last year but down 2.4% from the month before sales, however, are down a whole 74.2% from last year and down 36.7% from last month townhouses at 917,000 and that is up 2.6% from last year and down only point 7% from last month. Sales are down 40% though from last year for townhouses and down 2.3% from last month apartments are at $578,000 and that's up three Point 2% from last year, down only point 1% from last month, but sales are down 50.5% from last year and 13.5% from last month. Langley benchmark prices for detached is 1,509,000 and that's down 7.2% from last year, down 1.2% from last month. And the sales for detached is down 47.8% from last year and down 1.7% from last month, townhouses in Langley $833,200 And that's up 8% from last year but down 2.3% from last month. The change in sales however in Langley for townhouses are up 60.6% from last year, but down 30.2% from last month apartments 577,900 And that's up 5.4% from last year and down 1.9% from last month. Sales are down 37.2% from last year and 38.7% up from the month before. Delta. Okay, this is the last municipality in our great Fraser Valley and the benchmark prices are at 100 Sorry, $1,272,600 and that's down 10.3% from last year and no change in prices month over month. Detached sales however, and delta is down 80% from last year and down 28.6% from the month before townhouses at 870 827,900 that is down 2.1% from last year and down 2.2% from the month before sales are actually up 33.3% from last year but down 35.6% from last month. Apartments are at 544,000 That's up 6.9% from last year down 2.3% from the month before and sales are down 69.2% from last year and down 50% from last month. Oh I said last city and I actually didn't do surgery yet.
Curtis Pope:
You did that last time. Of course you skipped surgery. I'm sorry. You're right. Right to Delta.
Michele Cummins - PREC:
I'm sorry, sir. One of our biggest areas. So city of Surrey combined detached homes for benchmark prices are at 1,530,700 That's down 3.7% from last year, down 2.9% from last month, that is down in sales 67.4% from last year and down 8.5% for the month before and townhouses are at 821,400 Up 1.3% from last year, down only point 8% from last month but sales are down 54.9% from last year and down 17.8% from the month before apartments at 515,100 and that is up 3.9% from last year and down 2.7% from last month down in sales 62% from last year and 11.5% from the month before. And that now is our total Fraser Valley real estate statistics
Curtis Pope:
and pretty much bang on time here. So we should probably take a break. And when we come back of course we have our guest but if people want more information about you know your listings, maybe the stats, things like that, where can they go to cummins.ca We're back with more right after this. We are back with segment number two of the company's Real Estate Group show with myself Curtis Pope and of course the star of the show. Michelle Cummins because while her name's on the show, so we have to say she's the star of the show. I've been
Michele Cummins - PREC:
trying to get your name
Curtis Pope:
I don't need to have my name in there, group with Curtis Pope. But then I'm gonna want you know, percentage of you know, sales and stuff from the company's Real Estate Group.
Michele Cummins - PREC:
I'm flexible.
Curtis Pope:
Well, we have a special guest and you are famous for your big, incredible introductions. So we should probably have you do one of those world famous Michelle Cummings introductions.
Michele Cummins - PREC:
Okay. Well, if you're on our show, listening to the first segment, you know that Aaron flurry is here with me. Welcome, Erin.
Erin:
Good morning. Thank you guys. And
Michele Cummins - PREC:
she is with Alpine legal services. And that's the surprise because nobody knew who or what you do before you came on the show and I wanted to keep the element of surprise as I love to do. So let me explain who Erin is and where she works. So Alpine Legal Services has been around for three years and are already the top rated real estate firm in Chilliwack on Google and And among the top rated firms in the Fraser Valley. Now I've been doing real estate for 19 years and I have been introduced to Aaron, almost a year ago, maybe it was within list at last year, actually, and what I've seen from you, okay, I can go on and on. But what I've seen from you though, is I just have to say is you're very personable. And you really do what it takes. We said that word earlier before the show this morning is I do to Jason, you were like, that is such a good, I think you said word or motto to think of. And you do that for your clients. And so I've been blessed to to have met you and get to know you. So they offer services not limited to real estate transactions, though, and or wills and states, they do that as well as mobile, virtual and after our services. And from the beginning, I was really impressed with that how you'll go where your client needs you, and that you do virtual services, even after COVID is no longer an emergency, which is really neat. There are small, locally owned family firm where clients work directly with the lawyer on their files for this not to be significantly costly. We have embraced technology to keep costs down is what they have what they say so and it's true, I've witnessed it, and my clients have witnessed it. So that is who Aaron is Alpine services, who they are. And so if you don't know them, Google them and get to know them. But okay, my first question for you, Aaron, is what sets your firm apart?
Erin:
Thank you, Michelle, that was an amazing introduction. So yes, like you mentioned, we do try to embrace technology. For our firm to like you mentioned, we have our clients working directly with us on their files, we offer the virtual services, we basically try to be as flexible as we can with clients to make sure you know life happens, we want to be able to close those deals for clients, where possible, we also minimize overhead costs, which is huge, because that allows us to also compete with our pricing for clients, but also give them the quality and the legal advice that sometimes they do need on their files. So yes, we try to incorporate all that. But the big thing is like keeping overhead costs down and also offering additional services to clients that they don't always get at other firms.
Michele Cummins - PREC:
It was really neat is you primarily do real estate law right now. Is that correct? Yes, that's correct. But you did family law. Yes, I
Erin:
was a family law lawyer for a few years before this. So I have that additional knowledge that I find helps to because sometimes, you know, people are going through separation divorce, where they're selling. So that knowledge I have I find helps the other lawyer that's with our firm who founded the firm, he has a lot of experience with working with a lot of development properties as well. So he comes we both come with, I guess, a background that helps our clients out regardless of what issues come up on their files.
Michele Cummins - PREC:
We'll talk about issues. Okay. So the interest rates have been a big issue. I mean, there's been deals that haven't closed because the buyer has not been approved for their mortgage, when it comes down to completion day. And there's been all sorts of issues around the interest rates going up so quickly, and so much. So what are some of the issues that you've seen come up with those interest rate changes? Yeah.
Erin:
So you know, I think, what's something, what's common that has come up is people being approved on an interest rate, and then the interest rates changing before their completion date, or before they can complete their deal. And now they can no longer complete, it causes a lot of risk not just for the buyer, but also the seller who's relying on that contract and the liability for the buyer. So we found that these issues can come up. And unfortunately, when these issues come up, they really need to have a team. And that means having a lawyer who can be flexible to close, especially if they have another whether it's a private lender set up in the woodworks to jump in to make that deal happen. And a lot of firms will actually overbooked clients. So they don't actually have the flexibility they drop files, which we know happens because we get those files after they've been dropped from other places. So what we try to do is have a buffer with our files to make sure that yes, we can complete if things come up, we have the flexibility to make that happen to make that deal close, but also to maintain the trust we have with our Realtors with our mortgage brokers that they know when they're sending us a file that we will get it done.
Michele Cummins - PREC:
And you work hand in hand with certain mortgage, I should say banks, is that correct?
Erin:
Yes, we do. Yeah, we know a lot of lenders, private lenders as well, but bigger lenders, so we maintain those good relationships with them for our clients, too.
Curtis Pope:
Now, one thing we've talked a lot about here in the program, and last a while is the new regulations on foreign ownership. And I'm wondering, me and Michelle have had theories about how people are going to get around it and things like that, you know, maybe we're a little pessimistic, but maybe we should get an actual legal perspective on on the new rules when it comes to foreign ownership.
Erin:
Well, I will preface everything with it is of course will be a case by case basis to see what happens how it's applied. But yes, the the theory behind it, or what the law will essentially do is prevent and help foreign homebuyers from buying residential property commencing for this new year coming before they were just taxed heavily, but now they're actually going to be banned from buying property to prevent a loophole where you know you have a foreign homebuyer coming in and trying to purchase property. They are now saying that subjects have to be removed before next year. So you can't have a loophole where they're buying property and the subjects are going to be removed next year or pending something that hasn't transpired yet to avoid liability. I think the big interesting thing will be what is defined as residential property because that has I think they're coming out with a definition to declare what that will be. But does that mean vacant land? Does that mean? What does that mean for leasehold because even First Nations lands they don't actually commonly fall underneath provincial legislation doesn't often apply to them to First Nation lands. So what will be the impacts there will be remains to be seen, but they will come with harsh penalties for people who are assisting foreign homebuyers knowing that they're foreign homebuyers, even if it's indirect, but
Curtis Pope:
now they could buy commercial property. That's my theory.
Erin:
Yes. Well, I won't say Yes, right away directly, but we will you know, nobody wants to be that textbook example that clarifies what the laws are. But, you know, like you just mentioned, right? We don't know what's what's clearly defined yet, or what it's going to encompass.
Curtis Pope:
There's always a loophole. I'm a little pessimistic about these things. Or I've just have a keen grasp of conspirator in mind. I don't know one or the other. So something about my personality, I guess, what's the way around this?
Michele Cummins - PREC:
Not alone. The other law that's changing along with that is about the relaxing of the strata restrictions with rental restriction and age restrictions. So what does that mean?
Erin:
Yes, I think what we understand to be is that you can have an age restriction, if it's 55 Plus, or but if it's not going to be 55. Plus, it can't be, it can't be anything else, I think the changes to also allow for caregivers of any age to like, be there to assist. So I think they're really aiming to also provide that assistance for people in these restricted strata units to have caregivers on site. Maybe we'll see an increase in the value of these stratas. I think it'll be interesting to see what happens with stratas, that might have an age restriction of like 30 or 19. Plus, because what's going to happen there, are they going to have a meeting where they decide, hey, let's let some get rid of it entirely. Probably more likely, if they have a restriction on a 30 Plus, rather than maybe a restriction of a 45. Plus, they just might bump it to 55 Plus, but we'll have to wait and see.
Michele Cummins - PREC:
And everybody who is in their homes will be grandfathered. Correct. And any tenants. Yes,
Erin:
that's correct. They are? Yes. Okay. So even though it might be retroactive? Well, we'll see what happens there. But they are going to be grandfathering that in?
Michele Cummins - PREC:
And what about people who have bought a home and but they haven't completed on it yet in a restricted age or rental restriction? And they were investors wanting to rent it out?
Erin:
Yeah, I think for those cases, it might be good to see on a case by case to see how this would apply. But I want to be the test case. Again, no one wants to be the case book that everyone reads about on what not to do. But yeah, it will be interesting to see come the New Year with all these changes.
Michele Cummins - PREC:
There is and there's changes being talked about regarding real estate and teams, and you know, all of that. So there's a lot of changes coming up in the new year.
Erin:
Yes. It'll be exciting. It'll be exciting year for real estate. So
Michele Cummins - PREC:
Okay, question,
Erin:
what is the most common
Michele Cummins - PREC:
mistake you see in contracts of purchase and sale?
Erin:
Oh, that is a good question. You know, I have to say when you see when things come up, it's hard to tell like in the moment to predict what's going to come up down the road. I always say it's good. We always are open for realtors to reach out to us if they have questions about contracts. I can't think of any. It's hard to say like right off the bat any particulars. I think really, everyone's case can be so unique, that you really want to rely on your realtor to know inside out what what's going on for you to craft a contract that works for you. But also, feel free to always reach out and get legal advice because if issues come up on your contract down the road, and it could have been prevented earlier. It's always good to try to I guess nip those issues in the bud so they don't impact your sale from completing
Michele Cummins - PREC:
and those that think they don't need that advice. You don't know what you don't know.
Erin:
That is a really, I Yes, Words To Live By. You don't know what you don't know. So always reach out if you're unsure. Thank you
Michele Cummins - PREC:
so much. Aaron, do you have any more questions?
Curtis Pope:
I have so many questions, but I think we got the gist of them out.
Michele Cummins - PREC:
Well, then I'm going to just mention the two new listings that I have coming up that just came out sorry right now available is this wonderful 6000 square foot lot in a leasehold land into Roche and it's a mobile home and it's amazing fenced area last week I mentioned it is coming soon, but it is 100,000 dollars and you've got a covered call carport for either a van or boat or RV and there's lots of parking again, private big, large fenced yard and it's a great price for it. So that's out in droves. And then the other new listing is actually out in Maple Ridge. So it's in the Albion area in a top 101 Avenue. And it's a almost 6000 square foot lot and it's six bedrooms, five bathrooms and it's got a sweet Mu 1,000,609 9000 For that it was built in 2016 and it's a beautiful home so you can go on my website or Google the My name and you'll find the home and the video and the walkthrough in the floorplan all information or just contact me if you want that and then coming soon is oh Woodside in so it is let's define it as commercial. So maybe next year foreign buyer can buy it still. Maybe
Curtis Pope:
Maybe we'll wait and see the Woodside
Michele Cummins - PREC:
in is actually up on Mount Woodside in Harrison Mills area so it's literally a few minutes from Sandpiper golf course Harrison rivers right there the boat launches right there, Harrison, Hot Springs, lakes, rivers, mountains, so many things to do. And it comes with for a motel like four units as well as a two bedroom mobile that's connected to a storefront and this could be anywhere a restaurant, a bar, it can it can be really a storefront market and anything you really want. There's a lot of things you can do within the commercial zoning of it. And then it's got future OCP highway commercial and there is huge development happening all around it. Lots of homes being built, lots of residents been moving up on Mount Woodside. So that's coming soon, and inquire within Okay, I got a quote of the week so and our show with it. So someone commented on our episode 231 on my YouTube channel and gave a positive word of encouragement, which will be our quote this week. And they said successful entrepreneurs are givers and not takers of positive energy.
Curtis Pope:
Just very true. Nice. That's very good. I like that a lot. All right. So people want to look at your listings or see the stats or find out other things you have going on as a realtor, where can they go out 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 goes over some stats, please go take a listen! It's well worth it!