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Seas 5: EP: 220 (April 8 show) Canada's New First Home Savings Account has Arrived & MARCH Fraser Valley Statistics are in!

April 24, 2023 | Posted by: Michele Cummins

Seas 5: EP: 220 (April 8 show) Canada's New First Home Savings Account has Arrived & MARCH Fraser Valley Statistics are in on the Cummins Real Estate Show! 

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Watch the Second segment here:

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Unknown Speaker 0:21
Well, it's Saturday. That means it's time for the company's real estate show with Michelle Cummins and myself Curtis Pope. Good morning, Michelle. This is like the old days, all of a sudden we're on the phone again. I know well, you know, it's Easter long weekend, so it was just kind of easier to do it this way today. Well, I figured you're probably indulging in a you know, Easter coffee, whatever that is. You put a Cadbury creme egg in it. Maybe I don't know. Christmas coffee, Easter coffee, birthday coffee. It is all the same deliciousness. A Saturday coffee doesn't matter. Yeah, Saturday, Sunday, Monday, Tuesday, Wednesday.

Unknown Speaker 0:58
I like that. All right. So it's it's funny because we just got used to having you back in studio again. It became the norm and, and now we have to deviate because you'd like to throw me curveballs. I know. I do. I like like, adventurous. And this is it. This is so weird. I haven't Yeah, I'm calling in the hotline. I'm like, wow, it's been a long time since I've called the hotline. And, and I'm not even calling the winner. We think that's right. No, there's no winning for you. Nope. Well, I don't get a winner thing.

Unknown Speaker 1:29
Well, I mean, you do get to win, because I mean, you get to talk to me. Oh, yeah. I don't know if that's a win or a loss. I guess that's subjective. But every week Saturday at 8am

Unknown Speaker 1:43
I have to have my coffee. That's true. That is very true. Well, I know it's gonna be a busy episode. I know we have lots to get to because well, I'm assuming you have stats being it's you know that you know, we're a few what it's the eighth, I'm assuming you have stats. I do. March stats are out. And actually it looks very favorable for sellers. So we're gonna get to that in our second segment. But the first segment I wanted to mention, because we've got some news coming soon. And first time homebuyers listen up and those with children who you want to get into the market, or maybe you've been a tenant and you want to get in the market, whoever you are, if you have not purchased a home yet, listen up, coming soon, Canada's new tax free first home savings account. And here's what you need to know.

Unknown Speaker 2:35
If you're a first time homeowner, or know somebody who is you may be interested in knowing more about Canada's brand new tax free first home savings account

Unknown Speaker 2:44
of SHS a for short, so keep that Google it, get to know it, call your mortgage provider. If you don't have one, contact me I have very good mortgage providers, and you can prepare for a purchase. No matter what type of market it is, no matter how hard it is to save that savings for that downpayment. This can help. There's also the first time homebuyers home buyers plan. Others that RSP is you can borrow for your down payment. There's the matching program that government has to match your down payment. There's so many opportunities for first time homebuyers, for you to get into the market. So Okay, listen, the SH S A will let you save up to 8000 tax free annually. Oh, somebody's trying to call me Curtis. Well, you know, what, do you need to take the call? Do I need to feel some time here? I mean, hey,

Unknown Speaker 3:35
I don't want to get in the way you selling something here. I had my automatic text saying that I'm in a meeting right now. Please text or call back later. So anyways, we digress. Moving on to this. So up to $40,000 lifetime limit. That's what it is. As long as the funds are used for the purchase of the first home. It will function like a Registered Retirement Savings Plan where contributions are tax deductible while withdraws to purchase a first home including from investment income would be non taxable, like a Tax Free Savings Account, which is a TFSA. So when can I open this FHFA you ask? Well, the new program officially took effect on April 1. But media reports suggest many of the country's big banks aren't yet equipped to offer the fhsaa but hope to have it available by later this spring or the summer. In statements provided to media. The bank said the implementation of such an account is complex, particularly given its tax implications. And several are still awaiting tax reporting guidelines from Canada Revenue Agency. So who is eligible to open an HSA? It will be available to anyone who is a Canadian resident, at least 18 years of age and a first time homebuyer to qualify as a first time homebuyer, you

Unknown Speaker 5:00
or your spouse cannot have owned a qualifying home that was used as a principal residence at any time during the year. The account is open for in the four preceding years. What is that cements can be held in the fhsaa us well, rules governing investment options within the fhsaa are identical to those that apply to TFSA. funds in the account can be invested in mutual funds, publicly traded securities, government and corporate bonds and guaranteed investment certificates which are GIC investments prohibited within the S H S. A include non arm's length investments and investments in assets, such as land shares of private corporations and such. Now, another question How are funds withdrawn from s HSA funds withdrawn from the account will only be tax free if they are being used for a qualifying home purchase, of course, withdraws for qualifying purchases can be made in a single lump sum or in a series of withdraws. And that could be compromised or comprised of deposits, initial deposit and then your down payment at closing. So there are a comprehensive qualification guidelines that cover the process in more detail. And there is there is more information if you would like you can contact me and I can connect you with the mortgage provider who provided this information to me, her name is Katie McKenzie. We think Katie McKenzie for giving us this information. And if you want more info. Yeah, give me a ring and I can connect you with her. All right, that is that is not all right. So I was gonna ask you actually, I mean, my wife is a big fan of real estate, watches HGTV all the time, and things like that and has a real interest in and she came across a tick tock from a certain realtor by the name of Michelle Cummins, and this home got my wife's attention. Now why do you do that to me, Michelle, first and foremost. Second, it seems like a really beautiful kitchen beautiful layout. It seems like quite the place.

Unknown Speaker 7:10
Is that the one with the amazing views of Fraser River Harrison River, Harrison Bay, all the mountains, the valleys. I would think that's the one Yeah, it's it says it's an Agassi. So that would probably be what we're talking about. On that Woodside Harrison Highlands community. That's so beautiful. Okay, so I have an open house coming up on that one on the 22nd of April from noon to two. You know, I do private showings you can have a show and I think even Kelly me to do it. Or Michelle, we just moved two years ago. It is no time like moving again. I mean, come on.

Unknown Speaker 7:48
And I believe on his show in the past on several shows. you've discussed how most people move an average of every seven years that gives me five more years before I have to pack up. Well, you don't want to go with the flow. You don't want to be normal. Come on, that's boring. My family is far from normal. Alright.

Unknown Speaker 8:05
Let's got a hot tub. The kids get the boys can have their own space upstairs their own private bathroom. Your daughter can have a basement bedroom with the best views. And then you and Kelly can have the wonderful main floor master primary bedroom. Well, it is a beautiful home. And I have to say like, you know, it's just about my dream kitchen from what I'm seeing in the video. But it's still I don't think I want to move just yet. It's gorgeous. Yeah, that was off strong Dell place.

Unknown Speaker 8:35
Well, on that do we shall we go on? Do you want me to mention my new new listings as well? Yeah, why not? Let's go to your new listings. Let's mix things up a little bit. Okay, why not? Because that was I'm announced actually last Saturday show. And so that's really new. But then we've got another new one in Harrison hot springs. And this one actually is 1.15 acres. So it's really private tons of trees. It's a rancher. So that's a bungalow and 13 120 square feet. So it's cute. three bedroom, two bathroom really well maintained. It's got a Quonset on it was a oil pit. So you go work on your car. And it's gated and got greenhouse, tomato house. It's got gardens, it's got blueberries and it has tons of blueberry plants. And it's got rows of wine grapes, too. Oh, it's so neat. And I do have a video on that one too. And that one is on the market for 1.150. So that's 1.15 acres for 1.15 $0. And that one is brand new, and that's on Hot Springs Road. So Harrison Hot Springs, this golf course is right there. And it's just live where you play kind of area just like at just like the one you mentioned Curtis, and then I've got a coming soon. And this is an actual 55 Plus.

Unknown Speaker 9:56
Stack condos so it's like a townhouse but a stack condo style

Unknown Speaker 10:00
foster falls or streets and it's a beautiful condo, it's been taken really well maintained care of they just freshly painted it. And it's got a couple of bedrooms that are separated for privacy, two bathrooms. It's a great layout. And it's it's the upper unit. So you have nobody above you, which is nice. So you don't hear the clickety clack. And annoying so you're upstairs got better be you got a balcony. There is a chairlift in the entry somebody needs a chairlift, but that's almost 1400 square feet. And that is coming next week. So keep an eye on that. And yeah, that's it for now. All right, well, if people want to have a look at your listings, or perhaps they want to, you know, go over the stats that we're gonna go through in the second segment, where can they go? They'll come in and we're back with more right after this.

Unknown Speaker 11:30
Number two becomes real estate show with myself Curtis Pope and the star of the show. Michelle Cummins.

Unknown Speaker 11:38
Are you seeing stars? Well, I you know, I'm on right now. I'm gonna be seeing stars. I'm gonna be seeing stats, because I know you've got a whole lot of them for us. I know what's your favorite segment of the month? I know you love doing the show. But I know this is your absolute favorite segment every single month.

Unknown Speaker 11:53
I wouldn't be who I am. If it wasn't

Unknown Speaker 11:58
I love when the SATs I actually I like I breathe. Like the day I know they're coming or the days I know that they're coming in from the Fraser Valley Real Estate Board. I literally might look at my email all the time, but I'm always like an assassin yet or the stalking yet. This whole excited I could understand totally get it.

Unknown Speaker 12:18
So they came out on April 4. So and it is what I thought it did. It went up into a seller's market. So yeah, so the headlines momentum continues to build in the Fraser Valley real estate market. So March 2023 saw the second consecutive month of growth in sales in the Fraser Valley. And all those still below seasonal norms. The trend is an encouraging sign that the region continues to head towards increased market stability. So property sales 39.9% lower than a year ago. So that sales that's huge, and nearly 25% below the 10 year average. And so that's something even though it's now a seller's market, it's still supply and demand. There's not a lot of listings, but the sales are still way down. So after months of uncertainty made it difficult for buyers and sellers to re enter the housing market, we may well be seeing a turning point so this is from Narinder Baynes, the chair of the Fraser Valley Real Estate Board continues to say the pause and rate hikes has helped to restore a much needed sense of predictability, which is building consumer confidence. As a result, we're starting to see more traffic at open houses along with more multiple offer situations. As in all regions across the province and the country, low supply is still an issue and a primary factor driving price growth. new listings were 32% higher than in February, but still 44.1% below last year, while active listings were up by 2.8% over last month, and 3.5% below last year. However, both are well off the 10 year average and among the lowest March listings recorded in a decade. As a result, the aggregate sales to active listings ratio grew to 34% shifting the market into seller's territory with demand for townhouses even more pronounced at a 62% ratio. The market is considered balanced when the sales to active listings ratio is between 12 and 20%. So while market demand continues to trend up, we will face an uphill battle on the supply side which is keeping prices elevated and this is said by Fraser Valley Real Estate Board CEO baldies Gil, the province will require sustained inventory growth of at least 25% over each of the next five years in order to normalize inventories. Until then we strongly advise buyers and sellers to consult with a realtor to plan the best strategy property spent slightly fewer days on the market compared to last month with detached homes co

Unknown Speaker 15:00
seems 30 days on the market and apartments 29 days, townhouses moved faster at 26 days. So single family detached homes overall in the whole Fraser Valley. The benchmark price currently is at $1,390,600. And that's an increase of 1.9% compared to February, and a decrease of 21.7%. Compared to last year. Townhouses are at 794,400 for their benchmark price, and that's an increase of 2.3% compared to February, and a decrease of 14.5% Compared to last year of March. Apartments are at 521,800 benchmark price and it's an increase of 2.3% compared to February, but a decrease of 11% compared to March of last year. So with a five minutes Tality we have in our great Fraser Valley. We'll start with Abbotsford and the detached benchmark prices for Abbotsford is $1,093,800. And that's a decrease of 28.2%. From last year but an increase of 2.8%. From the month before, townhouses are at 608,200. That's a decrease of 14.8% from last year. But it went up point 2% from the month before and apartments 414,600. That's minus 16%. From last year, but up 5.2% From February. Mission benchmark prices for detached homes are at 950,100. a decrease of 29.2% from last year but an increase of 7.5% from last month before townhouses at 628,200. That's a decrease of 9.5% from last year, and an uptick in prices of point 5% from the month prior apartments 418,100. That's a decrease of 8.1% from last year and an actual decrease as well from February of 4%. And White Rock South 73 is benchmark prices of detached homes at 1,805,400. a decrease of 15.7% from last year but an increase of 1.6% from the month before and townhouses at $925,100 and that is a decrease of 13% from last year but an uptick of 4.4% for the month for apartments 591,600. That's a decrease of 9.3% from last year, but an increase of 3%. From February. Langley benchmark prices for detached homes at $1,485,400. a decrease of 21.2% from last year and an increase of 1.2%. From the month before townhouses at 796,400. And that's a decrease of 12.1% from last year. But a decrease as well of point 6%. From February apartments at 565,300. That's a decrease of 12.4% from last year, but an increase of 1.3% from February delta so benchmark prices for detached homes 1,281,600, a decrease of 22.8% Sorry, 22.6% from last year, and an increase of 3%. From the month before townhouses at 874,100, a decrease of 17.4%. Now last year, but an increase of 4.7% from the month before and apartments 551,400. That's a decrease of 14.1% from last year, and an increase of point 7% From February. And then we'll do our last municipality, which is one of our largest ones is the combination of all three, except for that White Rock, South Surrey area. So detached benchmark prices at $1,521,500, a decrease of 19.7%. From last year, an increase of 1.2%. From last month. Townhouses 833,000, a decrease of 15.3% from last year, an increase of 3.7% from the month before apartments 531,600. That's a decrease of 9.5% from last year, but it went up 1.7% from the month before. And on our YouTube video that we're going to upload next week of the show I'm showing on the screen Curtis which you can't see I know because we're not together in the same control room. But the blue line the blue section is a balanced market, which is what we're normally in and you see that the it's become a seller's market quite a seller's market from February to March. So April is no different. We're definitely still a seller's market. There's been multiple offers on multiple places. And so yes, if you're a buyer get out there and have a look. If you still aren't seeing the listings that you want that fit your criteria. Don't be sad and there will be more coming on the market. More and more listings will come on the market throughout April. That's usually our busiest month for new listing. So you're not just reading

Unknown Speaker 20:00
An article the other day, and it got me thinking and basically said that, you know, the part of the demographics with the most people in Lower Mainland are people in their mid 50s. And they're not going to be selling their homes for, again, another 10 or 12 years. Meanwhile, you have people the next biggest part of demographic or 30 year olds who are just trying to get into the market, and things like that. They're just starting a family and they're getting their careers going. And the whole point of the article was, is that we're never going to have inventory in the Lower Mainland.

Unknown Speaker 20:29
Sure, because this the way the demographics are moving the way they are right now. Because when there's people that are getting out of the market, or changing where they living, there's a lot of people looking to get into it. Yeah, yeah. What article was that? It was an article, I can't remember I saw it. It was a small article about it. And I saw a guy and Tiktok talking about it, the same kind of thing. And he kind of explained kind of broadened it.

Unknown Speaker 20:57
It is true. That's very interesting. Oh,

Unknown Speaker 21:00
now as mentioning, you know, having hope earlier about the market about listing coming up that will suit your needs. I I wanted to do a quote for our show, since it's Easter, long weekend, Easter, it's an Easter Week, and I did post on my socials the other day about hope and use that word, but I've got a I got a cute quote, an Easter quote.

Unknown Speaker 21:24
And All right, well, I want to hear this cute Easter quote.

Unknown Speaker 21:29
And, you know, I love eggs. Eggs is like one of my favorite proteins. And my neighbor has amazing eggs, I always get my eggs from her. And so this is a Yeah, okay, Easter is the only time when it's perfectly safe to put all your eggs in one basket. And

Unknown Speaker 21:48
so that would mean your hope in in, in salvation, your hope in life, your your hope in many things. So take that put all your eggs in the basket of you know, Jesus came in and gave him his life and sacrifice it for so we didn't have to be bound by all those old traditions and all those old you know, Old Testament things that kept us in bondage and sin and all that stuff. So it's an amazing thing that we have this amazing gift that we all get to choose to, to have is that everlasting salvation with him so that you're allowed to put all your eggs in that hope. I'm telling you and that that's not my quote. It's a quote from Evan Sr.

Unknown Speaker 22:34
Very cool. And if you just have a whole bunch of chocolate eggs, you can put that in one basket two eggs of any sort.

Unknown Speaker 22:42
After they it works on so many different levels. Michele that's a great quote. Yeah. Now don't put all your investments in one basket but true. All your eggs. Yeah, okay. Very true. All right. Well, if people want more information about your your listings right now, or perhaps want to peruse the stats, where can they go? I'll come 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

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