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Michele Recaps Banff and Goes Over Some Stats!
February 6, 2023 | Posted by:
Warning! This is an automated transcript of the show so there will be spelling mistakes throughout! Including the spelling of Micheles name.
Curtis Pope:
Saturday, it's time for the Cohens Real Estate Group show with Michelle Cummings and myself Curtis Pope. Now, I know we have stats come in this episode because it's the fourth which means you all you got to have stats. Yes, they just came out a few days ago. Okay, so I know that's gonna be the second half of the show two days ago.
Michele Cummins - PREC:
Yes. Second segments.
Curtis Pope:
Okay, so we got that part figured out. That's good, because I don't know what we're doing for the first half. But I guess the first half I should ask you about is your trip since you sent your your other half last week, and we stumbled through a show and didn't do too much damage. I mean, we're on the air now. So we haven't been canceled.
Michele Cummins - PREC:
Thank goodness. I told him to watch his T's and, you know, hers p's and q's. And how did it go? I needed to ask you that.
Curtis Pope:
Oh, well, we had fun. We had maybe too much fun. But you know, James said nice things about you talking about his experiences with you, we did talk some real estate. So we talked about, you know, your the process of buying and selling a home through you from his side of things. And, you know, and and I touched a bit on, you know, what it was like to for us, and basically, you know, agreed with a lot of things he was saying and so we talked about the whole process from beginning to end with you as a realtor. Oh,
Michele Cummins - PREC:
thank you. That's so sweet. I haven't listened to it yet. I've got to go on the podcast and listen to it. Absolutely. Yes. And I think it just uploaded the other day on YouTube. So I really should watch. one to watch. I've been kind of
Curtis Pope:
not it's not a pretty probe. Three of us.
Michele Cummins - PREC:
I was a little nervous. I mean, Richard and but
Curtis Pope:
yeah, but we got through it. We had some fun and but now we can get back to real business. And we can do we really do and that talk you know about well, we often don't talk about real estate, but there's always an element to the show when we talk real estate, but I know you were at a conference in
Michele Cummins - PREC:
Banff in beautiful Banff. Oh my
Curtis Pope:
gosh, that must have been a real rough trip. It was so
Michele Cummins - PREC:
gorgeous. You know what I didn't bring the right shoes. So I had to get a really good pair of like minus 26 minus 28 type of boots. And then oh, it was fantastic. But I had such a good time in the conference was amazing. I got to bring my listings and showcase and shot my listings around to all these Realtors across Canada, mostly western Canada, Manitoba to the island but a lot of East Coast Realtors came out as well and brokerage owners and it was really great. And I promoted of course the Fraser Valley because that's where I work mostly from, I can sell all throughout BC but I was like I want to bring the Fraser Valley there and give it a shot, showcase it and give it a light. So I was thinking well, we've had so many different breweries open up throughout our area. So the Lower Mainland, but mostly Fraser Valley, and including yo Chilliwack and Abbotsford Langley. All of our areas have amazing breweries. So I was like, I'm gonna pick maybe three, and I'm gonna go and I'm gonna serve some samples and have our local brew and really promote the sturgeon fishing on their Fraser River and my Airbnbs and so I really encouraged realtors to come out, check out our area, get to know what the Fraser Valley is like for your clients who you're referring in, and things like that. So had a blast. I have to tell you, Curtis, have you ever done a helicopter ride?
Curtis Pope:
No, I have not. Okay.
Michele Cummins - PREC:
Number one, I've never have either. Number two is the best thing. Like you can experience. I had the best time in my life. I actually went up it they go from Canmore. So you take a bus to Canmore 20 minutes or so bus right? And then you take a 15 minute walk and then oh my gosh, you can in this helicopter. I got to sit in the front. I did not. I knew I would love it. But I didn't know I would love it that much. I wanted to be a bird for the rest of my life. I did not want to stop. It's a 45 minute ride is the one I took. And I was like, do we have to stop? How long can you go in a helicopter without having to stop for gas? And he said oh about what the wait, we have about two and a half hours and I'm like, let's go. No more tours today. We're continuing. No but it was such a blast. It was just so beautiful. And so they have this conference every two years. And it is the like it must be the best place to take a helicopter ride because it was out standing. I'll have to share some on social media like I'll share some of my photos and my video that I took up there.
Curtis Pope:
It's pretty cool. I mean a few years ago perk of the job. I got to go up in the Goodyear blimp. That would be a blast. That was a lot of fun. Now the blimp can only go so high. That's one of the things about a blimp. So we're up. I don't know a few 1000 feet, couple 1000 feet, whatever it is, I don't know. But it's so relaxing being up in a blimp because you're just basically floating very peaceful yes and you know you've got the the hum of the motors and stuff but it is it's very peaceful and you just yeah like there's no real sharp drops or movements it's all very fluid and very It feels like you're floating because you are yeah
Michele Cummins - PREC:
oh I have never been on that was pretty cool we weren't
Curtis Pope:
100% Sure we're gonna get up because it was looking like it might rain a little bit of course weather really affects a blimp but it held off and we got to go up and it was a blast a lot like
Michele Cummins - PREC:
I guess I helium or like a hot air balloon up a bit because I REMAX is of course the balloon you know above the crowd and you know started with the balloon as you know. And it still is our logo so it but they stopped allowing it and BC Do you remember a few years ago when you see the rematch?
Curtis Pope:
Yeah, we had a couple of accidents. No, yeah, they did. Pull away from that didn't that?
Michele Cummins - PREC:
You know what, I don't know if it's from the accidents? I thought it was maybe because of all the airports and something to do with something like that. Or maybe, I don't know, because they still allow it in other provinces across Canada. They just don't allow it in BC. So I'm I wanted to I wanted to get my clients that gifts, like as many times as I can hire them to come and do that, when that'd be a cool gift. Well, I'm
Curtis Pope:
thinking right now like from what you're saying is that you need to get your helicopter license because how much would that make your life easier going from property to property property might be breaking a few aviation laws where you're landing a helicopter, but
Michele Cummins - PREC:
you know, just the other day I was doing an evaluation and that listing is coming up actually after the 15th of this month. But and they were saying I should get my helicopters license and then somebody else was telling me that and I'm like okay, I'm getting fed in my mind that I should probably get my helicopters license good.
Curtis Pope:
You know, put a little you can have Richard build your pad there at the house. You can land copter there. can take it up to your, your, your your place in Sasquatch, be like a five minute flight.
Michele Cummins - PREC:
You know what, I'm going to look at more into this because this would be fun. I
Curtis Pope:
loved your condo in Vancouver has a hell of pat on the roof does it?
Michele Cummins - PREC:
You know what I'm gonna check into that? You never know. Maybe? No, oh my gosh, it was just it was it was amazing. So yeah, I had a great time. And I'm looking forward to it. And two more years.
Curtis Pope:
And if you had your helicopter license, you could fly down to the place in on the Oregon coast.
Michele Cummins - PREC:
You know how much faster you get places in a helicopter. I was shocked that how far we went. And what we saw we practically went to the, to the to the border into BC.
Curtis Pope:
Well, there's very few stoplights in there
Michele Cummins - PREC:
is true. That helps when they say as the crow flies.
Curtis Pope:
That's right. Yeah, so then, you know, there's no real speed limits, per se, things like that. So yeah, you get placed a little faster.
Michele Cummins - PREC:
They know I love being the passenger so much because I just get to enjoy and not have to worry about anything, but I'm sure I would love it. If I got if I was flying it to
Curtis Pope:
where you could start by getting your legs, you know, plane license, you could play like little Cessnas or something that would also get you down to the Oregon Coast quicker.
Michele Cummins - PREC:
True, but the helicopter ease you just see so much more I feel like you would see so much more.
Curtis Pope:
But there's that whole thing about a helicopter in that first 200 feet, which I believe my buddy used to call he was he took helicopters to work all the time. They called the death zone I believe I did not know that, that if the engine, you know stops working or something within that first 200 feet, there's really not anything the pilot can do. Except drop. We're up there higher, they can do different techniques to kind of rotate with the rotors and kind of bring it down at as well a livable speed. But the first 200 feet is apparently a bit dicey
Michele Cummins - PREC:
kinda sounds right. I mean, it makes sense. You mentioned the Sasquatch cabin that I have. Okay, so because I want to mention that because there is all this fresh powder snow up there right now. And I don't have it on Airbnb yet. And so it's available and I'm giving really good rate to anybody who wants to rent it and I seriously just designed it all It's so cozy the wood burning fireplace, and it sleeps like 10 to 13 people comfortably All new appliances. It's so nice and it's a 10 minute walk to the base of the mountain or the restaurant there and there's a coffee shop around the corner and it's fantastic. So if you want to overnight there or weekend we got a pool table, a hockey air hockey board. Tons of board games. Yeah. Anyway, so that's available if anybody wants to rent it's called All Seasons cabin, but just contact me if you want to a place to get away. Yeah,
Curtis Pope:
I've been up there skiing yet this year. No,
Michele Cummins - PREC:
I know. I have this fantastic ski outfit too. It's a onesie. It's a one piece so it's so beautiful. And I haven't been able to use it yet.
Curtis Pope:
It's funny. We went skiing there a few weeks back just after Christmas. And my wife pulled out this like old like windbreaker ski jacket that she had must be from like 1991 Oh, just be so cool. It was funny because everybody can that's cool because it was retro. Yeah, you know that just the ski they can see out and she's like, Yeah, it's retro. It's original, and everybody was complimenting her on them. Like, I can't believe you started wearing like, some of you were wearing skiing 30 years ago.
Michele Cummins - PREC:
See that's why you never get rid of anything because it's always Cool back inside. Yeah, exactly.
Curtis Pope:
It's not quite neon, but it's quite bright color. Oh, I have to see. Yeah, she was she was loving it.
Michele Cummins - PREC:
Oh my gosh. Skiing, right? Okay. I've got to see her in this outfit with skis in her hands and poles to cool.
Curtis Pope:
I tried to snowboard with middling results.
Michele Cummins - PREC:
I can't snowboarder hurts my knees. And I just I won't go there. Okay, so I just received in the mail last week, the letters from the government about the speculation and vacancy tax declaration. Have you received yours?
Curtis Pope:
I'd have to check my mail. Yes,
Michele Cummins - PREC:
you got to do that. I don't know when I checked my mail. Oh, my goodness,
Curtis Pope:
when it comes electronically? No. So like all the important stuff. Most of the important stuff comes electronically.
Michele Cummins - PREC:
What about like my Christmas card I gave you to do check it for Christmas time did
Curtis Pope:
get that actually. And my calendar. Yay, the pope calendar. I look forward to that calendar Kelly and Curtis Pope. Yay. I know Melanie green here in the office looks forward to hers every year to she gets very excited when she gets that.
Michele Cummins - PREC:
I love those special calendars. I'm glad you enjoy them. i You could even frame them, you know, frame the pictures you could. So okay, so I got and I wanted to let everyone know, don't wait, don't delay on declaring. Because I mean, they give you until March 31. But don't wait last minute, just as soon as you get it, drop everything and just go online and do it the two minute thing and just do it. I encourage you
Curtis Pope:
take your property taxes, when you get the little folio number, just do it. Don't wait till July, whatever, get it done.
Michele Cummins - PREC:
Because you do not want the government to end up charging you. And then you know trying to get that back will take forever. So do it before March 31. And last before we go on break is that assessment that everyone received in the mail? So unfortunately, if you wanted to try to a test it or that you can't appeal it, you can't anymore, January 31 was the expiry day for appealing your BC assessment. But you know what if you're going to sell in the next year, so you don't want to appeal it anyways. If you think it's high, you want it to be high.
Curtis Pope:
Yeah. And you know it. And the assessment office used to be in this building, but they moved. And a few weeks back there was a lady that was very, very angry that they were no longer in the building. And it's all your fault. It was all my fault when basically up one side of me and down the other and I'm like I don't work for assessment. It was one of those rare to this woman was so mad this lady and she came at me so aggressively. I was speechless.
Michele Cummins - PREC:
Were you wearing your country? One? Oh, 7.1 FM jacket.
Curtis Pope:
My jacket said, you know everything else and I explained her I didn't work for us. So it did not matter. Because I was the person here. And I was the one I was the face of the building. And I she had me speechless, which is so rare. I had no answers for it. Just yeah. And hopefully she felt better after she went up one side of me down the other and backup the
Michele Cummins - PREC:
sounding board. I was see you did a good deed that day. I did. And you
Curtis Pope:
know, normally the smart aleck comments all started coming out or whatever else but I was behaved because again she had me pretty speechless. That's rare. I know. And if I would have probably responded she'd still be yelling at me in the lobby. So.
Michele Cummins - PREC:
So do you think where do you think she's at today? Oh, I would love
Curtis Pope:
to have been a fly on the wall when she asked because she was going home to phone the number from the door on the sign. I would love to have been a fly on the wall. She was gonna give them her two cents. She might literally still be yelling at something. It's been like three weeks or nickel. Yeah. So somebody's got an earful and that assessment,
Michele Cummins - PREC:
they would have been here for so long and then to come in them not being here. Yes. She was probably wanting to appeal her assessment probably. Well, that was before March or before January.
Curtis Pope:
It was all good. Well, I guess we should take a quick break here. If people want information about your listings about the services you provide as real estate agent, where do they gotta go?
Michele Cummins - PREC:
Michelle cummins.ca
Curtis Pope:
We're back with more right after this. And you're back with segment two here. Become a real estate group show with local Rockstar realtor Michelle come in myself Curtis Pope. Now of course, I know this is where I kind of stand back and just kind of let you do your thing. I could leave the studio and get a coffee because back, it's that time.
Michele Cummins - PREC:
drip coffee, make it long. Trip coffee,
Curtis Pope:
I can do a pourover. Yeah, just set her up and come back and you'll be done.
Michele Cummins - PREC:
I got the news release,
Curtis Pope:
you got the news release. And who knows, maybe I'll pipe in here. And then if I have questions, you should Well, I have to wait. Well, you're taking a breath and I don't take breath. wants to start show so
Michele Cummins - PREC:
seriously, I got a job once on a show because I could hold my breath for four minutes underwater. But I found out that some actors have trained themselves to go like seven minutes long.
Curtis Pope:
Kate Winslet just did that for Avatar. She did like yes, seven minutes and 21 seconds. Yeah, that's
Michele Cummins - PREC:
crazy. She trained her lungs and trained herself enough to do it that long. And well, my four minutes, but I was like, nothing.
Curtis Pope:
That long. Maybe she could let Leo back on that chunk of wood and they both could have lived.
Michele Cummins - PREC:
Yeah, you would have thought for Leo. A
Curtis Pope:
long debate. My husband tweet me and my wife. I think Leo could have fit on that door whatever they were on, but I exactly.
Michele Cummins - PREC:
Okay, so the news release from the Fraser Valley Real Estate Board. We got to talk stat
Curtis Pope:
we do. It's the stats show. It's your favorite show of the month and we love all the shows. We do love the stats shows us a tiny little bit more.
Michele Cummins - PREC:
You know me? Well. Yeah, Fraser Valley real estate sales record, lowest annual start in 10 years, January new listings lowest in over 30 years. Crazy. I mean, December was really slow. Pretty much dead. November. Not much better. And January, actually, I saw a tick up in showing requests from buyers and showings and offers and actually my January has been really good.
Curtis Pope:
But coworker that's got a place up for sale down the road from me. And they had an open house last weekend. And it was the busiest open house I've seen in a long time.
Michele Cummins - PREC:
Yes, you know, my estate and open house sale that I had off on Ferndale. I had like 100 people through like it was so crazy busy. So things are starting to pick up. But although like this is from the real estate board about the new listings, it says that new listing saw an increase of 128.3% over the last month to 1800 33 listings. They are at the lowest level of new supply for January since 1984. Though, active listings rose slightly up 5% to 4118 over December 2022 and up by 76.6% compared to this time last year. So here we go. And then Sandra pens is our president at the real estate board this year. She says we also expect inventory to start increasing over the coming months as sellers act on decisions that have been on hold waiting for rates to peak. She also says as we start to see greater selection across all property categories, we should see demand pick up and it was marked or mentioned that they wouldn't be raising the rates anymore after they just did in January. So that should calm down. You know that and people you know buyers are now off the fence and ready to buy and so I've seen that happen and you know they've got this three month old on a pre approval that they want to get into a place before that pre approval expires. Otherwise that point to five basis points is going to affect them so Okay, so baldy Gill is the CEO at the Fraser Valley Real Estate Board and he says after a market slowdown for the past several months the board is expecting a return to seasonal activity leading into spring. So now across the Fraser Valley, let's talk about how many days does it take to sell once your property hits the MLS system until the day you get an accepted offer. So the average number of days to sell a single family detached home was 48 days. And a townhome was 40 days and apartments took on average 41 days to sell. Now I've seen it's pretty much quicker in some areas like the the actual evaluation I had just a couple days ago. It's it's actually 20 days to 30 days to sell a townhouse in West Abbotsford. So like there's different different ones but that's across the Fraser Valley Now, let's talk about again Krause Fraser Valley single family detached benchmark prices of homes are currently at 1,357,800. That's a decrease of 1.4% compared to December of 2022 and a decrease of 17.6% compared to January of last year. townhomes are 773,000 and that is a decrease of 1.8% compared to December and a decrease of 8.8% compared to January of last year, and apartments are at 503,700. And that's a decrease of point 2% compared to December and a decrease of 5.9% compared to January. Now when you look at the overall stat and you can get this on my website if you're interested, and if you want to register, or email me, contact me for monthly automatic updates that I email you the full stats, I'm happy to do that. So it is a balanced market. If you see the graph that we have in the in the stats report, it is a everything above the blue is a seller's market, there's this line that's blue, that's called a balanced market. And we've been in a balanced market for many months now. It is not dipped into a buyers market just so everyone knows. And the price is actually right now are this pretty much the same as they were just a year and a half, two years ago. So I know we had a real big huge hike, but then you know, it's at least it's not any further down than it was just a year and a half ago or so. Now we're gonna go into municipality by municipality, and we are going to talk first about Abbotsford and detached prices benchmark right now $1,053,700. And that isn't a decrease of 26.8% Compared to last year Wowzers. And that's a decrease of 1.3% from the month before being December. Townhouses are at 618,000. And that's a decrease of 5.6% from last year and a decrease of 1.2% from the month before, apartments at 393,000. And that's a decrease of 9.9% of last year and a decrease of 2.7%. From the month before. Missions detached benchmark prices are at 875,000. That's a decrease of even more than Abbotsford if 29% from last year, and from the month before, again, more come down more than Abbotsford at 3.4% Lower townhouses are 633,400 And that's a decrease of 3.6% from last year and from the month before a decrease of point 9% Apartments at 437,700. And that's a decrease a sorry an increase. I'm so used to saying decrease lately. An increase of 6.2% from last year but a decrease of 1.1% from the month before. And then we usually head on over to White Rock beautiful sunny Oceanside. Why rock and South Surrey is part of the spot yes beautiful. Detached properties are a benchmark priced at $1,800,900, a decrease of 8.7% from last year and a decrease from the month before of 1.6% townhouses at 877,900. a decrease of 12.1% from last year and a decrease of 2.9% from the month before apartments are at $561,800 a decrease of 4.8% from last year and a decrease of 1.7% from the month before. And then Langley horse capital is benchmark prices for detached homes $1,462,400. That's a decrease of 16.3% from last year and a decrease of 1.5% from the month before townhouses are at $800,600, a decrease of 2.5% from last year and a decrease of 1.8% from the month before apartments at $549,400 a decrease of 6.6% from last year at a decrease of 3.2% from the month before. And then North Delta benchmark prices of detached homes at $1,226,900. a decrease of 22.3% from last year and a decrease of 2.6%. From the before townhouses $817,500 a decrease of 14.5% from last year, but an increase of point 5% for the month before apartments $550,400. And that's a decrease of 3.1% from last year, but an increase of 2.5% from the month before. And I always say last but not least, the city of Surrey combined is benchmark prices of detached at $1,493,100. Don't forget that a decrease of 14.5% from last year and a decrease of 1.1% from the month before and townhouses at $796,100 a decrease of 11.4% from last year and a decrease of 2% from the month before apartments $515,300 a decrease of 5.3% from last year but an increase of 2.5% from the month before and that's the Fraser Valley real estate
Curtis Pope:
statistics are I'm gonna throw a curveball at you here and I don't mean to throw a curveball at you but I know we were talking in the last six months to a year. There are all these doom and gloom reports we are going to lose 40% of the value of our home in the next year 18 months now we've obviously seen seen some decline but it's nowhere near that. 40%
Michele Cummins - PREC:
No, you are correct Curtis Exactly. So that was really doom and gloom like wow, that's a lot but it hasn't it hasn't gone down that
Curtis Pope:
no I remember the one person we had on way way back said I think he figured like 15 to 18% would be the average when all was said and done. Yeah, I
Michele Cummins - PREC:
think I remember that you're right. And I think that's probably about
Curtis Pope:
where we would probably be for the average for the Lower Mainland. Yeah, maybe a tiny bit higher. But
Michele Cummins - PREC:
ya know, it's Yeah, and they they you know, they are saying maybe it'll go down a little bit more this this year, but I don't know the balanced market and what I've seen pickup I think it's pretty balanced out now. I think it's pretty you know, a lot of people are saying this is a year is going to kind of just be kind of flat kind of who knows a little up maybe a little down. Things I
Curtis Pope:
read said they felt we might see a little increase this year in the Lower Mainland, that we've hit the bottom and now we're gonna start coming back up.
Michele Cummins - PREC:
Exactly. Okay. And with that, I have this beautiful new listing out in Agassi oh my gosh, where the Eagles or and you do you feel like a bird. So this property is off Agassi Avenue and Agassi. How fitting and it's convenient. And I yeah, I have a property actually on the street. So it's, it's it's a gorgeous Street. It's the views of Mount sham and the surrounding mountains are out standing. And this is backing onto the ALR huge farmer's field of just green space is beautiful. And great DAC. It's a rancher with a basement and it's a one bedroom upstairs. It's so cute. And just the picture windows they have is really just you could just sit in, just enjoy those views. And then the downstairs has two bedrooms, and it's great anyways, it's only priced at $715,000. And it can be yours today. The lot is huge. It's 10,280 square feet lot. So it's a three bedroom, one bathroom. It was built in 1962. And they put tons of work. They've loved it. But you know what? They're they have a retirement plan and they're gonna head head somewhere else. And yeah, so that's why it's now somebody else's golden dream to be able to live somewhere where the views and the trails out there. Walk trails, biking trails. Oh my gosh, there's so much to do out there. And the size of the home is almost 2400 square feet. So that's a new listing. Contact your realtor or myself today to view and I'm gonna end with a quote. Yes, we love quotes, don't we? We do. Do you like Warren Buffett?
Curtis Pope:
I do. Yeah.
Michele Cummins - PREC:
Okay, this one's
Curtis Pope:
the house. He bought. What? 1954?
Michele Cummins - PREC:
Yeah, isn't that cool? Yeah, I know, when you love something, appreciate something happy. We're there, you know? So and he buy real estate and you know, never sell it unless you're gonna list it and sell it with me then no, yes. Big sell it. Okay, so his quote, today, you only learn who's been swimming naked when the tide goes out. So this is regarding, like, who stays in business when the market is normal. I mean, I know there's the story of you know, people love getting into real estate when it's a hot market. And then what do you do when, when it's a tougher market? And that's the that's the truth in any business, right? When there's good times hard, hard times, you know, and, you know, the true true true ones. Yeah, you only that's a funny quote. But anyways, I thought that was an interesting one.
Curtis Pope:
It's true, though. It's very true. If people want more information about your listings, like your new listings and other ones you have, where can they go? Michelle cummings.ca. And join us again next week and 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 the last episode where we had Michele's husband Richard and guest James, take a look! It's well worth it.