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Seas: 5 Ep: 221 (April 15 show) Banks hold rates, Real Estate tip & the the RE/MAX Magnolia office creation update!
April 24, 2023 | Posted by: Michele CumminsSeas 5 EP 221 - April 15 show: Michele stays in the top 20 of all RE/MAX Western Canada, Banks holds rates (and may come down even), Spring has sprung for the local Real Estate market and we talk about the process of creating a new brokerage/business RE/MAX Magnolia office in Mission updates and a Real Estate tip for you!
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Watch part of the show here:
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Transcipt of the show:
Curtis Pope 0:23
Real Estate show with Michelle Cummings and myself Curtis Pope. Well, good morning, Michelle.
Michele Cummins - PREC 0:28
Glad it's a good morning, Curtis.
Curtis Pope 0:30
It is a good morning. Oh, it is for now. I have to go play softball later. We'll see how that works. Oh, you're gonna have fun. I hope so. I mean, the weather forecast is not looking stellar. But you know what? The ground is a lot softer. If I fall down when it's raining. You got cleats? I do. See that helps. It does help.
Michele Cummins - PREC 0:44
I need cleats for this year's thing that I'm doing. No, right.
Curtis Pope 0:48
You're gonna do the Softball Tournament again? Yeah. And I think cleats will help. It definitely helps.
Michele Cummins - PREC 0:53
Yeah, I'm gonna do that. So, gosh, another Saturday,
Curtis Pope 0:57
another Saturday. I don't ask you what show we're on. You always have to give me that number either to 21 You knew it's 221. Okay, I try to keep track once a while. That's impressive.
Michele Cummins - PREC 1:08
If it's not for our podcast, it would be very hard. If
Curtis Pope 1:11
that's true. It would be very hard. I'd have to go back and count them individually. And that would take a long time. Oh, yes.
Michele Cummins - PREC 1:17
How many years? Four years? Yeah, he doesn't need to I'd
Curtis Pope 1:21
have to go on the count the bottom. Oh, me. Sorry.
Michele Cummins - PREC 1:26
Oh my gosh. So I want to say thank you to everyone, all my clients, especially because we got the top 100 agents of Western Canada for all of REMAX. And I'm number 19 out of 7000 Realtors. Wow. Yeah, so my clients keep me in the top 100 And I'm just so thankful.
Curtis Pope 1:47
I'm 100 That's top 20 Yeah, yeah,
Michele Cummins - PREC 1:50
thank you. But it's a lot of fun. I'm very competitive. If you can't control, I can tell. I always say when I meant to realtors, and when you know, I always say the only competition is yourself, your your your worst enemy. And you could be your your best blessing. It just depends on what you want out of life and how you focus and what you do, and how you look at things. So I never see each other realtors as competition, because there is enough business out there for everyone. It's just what do you want to do? The world is your oyster. And actually, there's no limit of what you can do and, and your success in real estate or, you know, because you can do so much real estate there's it's so vast, it's just you know, it's that's what's so fun about it too. You can have a niche you don't you can do everything you could like it's really whatever however much you want to do or
Curtis Pope 2:43
that we've discussed. So some people do it kind of part time. Some people do it full time. Some people take one or two listings at a time. Some people don't take a whole lot more depends if they're working with a team or by themselves. And there's yeah, there's all kinds of levels.
Michele Cummins - PREC 2:56
And I'm so excited to mentor I've got some realtors who want to come on board at the REMAX Magnolia, the new REMAX in Michigan. And we should be opening up hopefully towards the end our in summer time. So very excited about how that's coming along. And later we'll talk about more of the process of what's going on.
Curtis Pope 3:15
Yeah, I want to I can't wait to get the update and how things are going.
Michele Cummins - PREC 3:19
And so but I wanted to talk because Alex cote one of our mortgage partners is out of Abbotsford. He gave me some information yesterday I want to share with our listeners. So the Bank of Canada is again holding the rate I know we just talked talked about this. I think it was a couple weeks ago. It wasn't that long ago. Yes, it feels like it was last week but this just came out last week. So the Bank of Canada rate holding steady so for the second time in a row the Bank of Canada has held rates steady at 4.5%. The bank has also indicated that it will be continuing its policy of quantitive easing according to their monetary policy report. The bank expects the rate of inflation to drop to around 3% In the middle of this year across Western nations around the globe. Inflation is easing in part thanks to lower energy prices, a normalizing global supply chain and tighter monetary policy. Tiff Maclin the it says the Bank of Canada's Governor told reporters Wednesday that Canadians can expect welcome relief on the inflation front after years of rampant price acceleration. Yet this light breather doesn't come without a caveat with the bank of warning that interest rates could rise again to bring inflation back down to its stated 2% target. The Bank of Canada does project Canada's economy to increase by 1.4% in 2023 and 1.3% next year and its long term forecast for 2025 is at 2.5% Typically an increase in GDP. That's economic growth which trigger an increase in average interest rates while a decrease in real GDP, a recession causes a decrease in economic interest rates. The Bank of Canada is scheduled to meet next on June 7, so we will find out what they say them.
Curtis Pope 5:16
No. All right. But that is some good news. I mean, I have noticed that the prices in the grocery store are starting to come down a little bit. So it's nice that we're getting a little relief. How about gas prices? Well, those are always up and down, up and down, up and down. I can't tell if it's, I just put how much money I put in my tank and just kind of cry a little bit of the pumping and I carry on with my day.
Michele Cummins - PREC 5:34
I can star for you know, five days, seven days, but not my truck. Yeah, it can't. He needs gas.
Curtis Pope 5:42
No. And it's funny how $25 $50 doesn't go as far in the car. I'll just throw 25 And well, that's hardly put anything in the tank at all. Five minutes. Yeah. Well, it's gonna get me to White Rock. Now. What am I going to do once I get there?
Michele Cummins - PREC 5:53
Yeah, in fact, my gas lights on right now.
Curtis Pope 5:55
Yeah, there we go. That always happens. You always seem to come in here with your gas light on.
Michele Cummins - PREC 6:00
I know, it's happens a couple times a week. Why? I love driving though. You need to get
Curtis Pope 6:05
your motorbike on the road.
Michele Cummins - PREC 6:06
I do I know. And yesterday was so gorgeous.
Curtis Pope 6:09
That'll save you a few bucks.
Michele Cummins - PREC 6:11
It will actually that tank isn't that big, though? No. It's like I have to constantly stop and get more gas. Yeah,
Curtis Pope 6:17
but then you're only putting in like 20 bucks. It's true. It's true.
Michele Cummins - PREC 6:20
Had you ever carry cash around?
Curtis Pope 6:22
What's that? Yeah, exactly. I have three kids in my house. I mean, they're all teenagers. Well, one's 20. Even I don't have any cash. Come on.
Michele Cummins - PREC 6:29
Yeah, if you did, it would be gone. Yeah, exactly. So why carry it around? Cash used to be king, but it's not the case anymore. I don't
Curtis Pope 6:37
know. I mean, I know that some people really don't like the idea of a cash free society. But I mean, it really does kind of feel like we're going it'll be all plastic one day.
Michele Cummins - PREC 6:47
I know. Well, we'll see. Yeah, my sister in law says always use cash. The other day, I was at a restaurant with family, friends. And every single one of them I think there was eight of us had was paying with cash. I was the only one paying with my apple wallet. I was like, Okay, I never carry cash. I'm one of those. And but yeah, I like old school stuff.
Curtis Pope 7:12
If I have cash, it's gone. I don't know why it doesn't make sense to me. Like it just goes so fast yet. You would think it would be the it'd be more dangerous to use the plastic because it's so easy to just throw the card down. Debit debit Apple Pay, whatever. But no, it's when I have cash. It's gone in a hurry.
Michele Cummins - PREC 7:26
See, I'm afraid of losing it. So if I I doubt I'll lose my phone because it's like my hip or my arm or my hand. But if I do you know I think I can at least cancel things and I don't
Curtis Pope 7:38
know I'm pretty sure you've lost the phone in the time we've been doing this show. Now that may not been your fault.
Michele Cummins - PREC 7:44
Don't bring bad memories. No, actually was fine.
Curtis Pope 7:48
It's still on the slew right there for you if you can,
Michele Cummins - PREC 7:51
I need you to phone upgrade I guess. I actually need another one. So I have also talked about like mortgages, I've also noticed a lot of vendor take back mortgage is happening. A lot. Clients mine buyers getting like sellers offering it so that's interesting. And usually that happens when the market starts getting a little tough, a little rough. So I'm starting to see that we are having a strong spring in the Greater Vancouver area especially and most of the Fraser Valley kind of dwindles out a little bit when you get to hope Agassi Chilliwack areas not as aggressive. But it's it's it's a hot market right now. It's really good. So yeah, and there's some prediction and that we may not see the low hit. And I thought maybe this year it would be it but we may not see the low until 2024. Possibly I'm starting to hear this this shutter or this rumors or this talk, right? So I just it Who was the man who predicted the 2008 and there was another prediction and he was right on so he's saying that I forget his name Forgive me right now. But he's saying stocks and real estate. So right now they're down about I think 12 or 15% stocks and such and he's saying that it could go down to 30 maybe even down to 50%. But he believes it's going to be around 2024 But that's interesting. I wish I remembered his name but those of you that are wise out there will know
Curtis Pope 9:27
Warren Buffett No Okay, I just thought I'd throw that one out you know, on a chance it might be him.
Michele Cummins - PREC 9:33
You don't have that book of Warren Buffett quotes it's really cool. Anyways yeah, so if you want a free market evaluation please call me because if you're interested in selling maybe now is the best time for the next few years to sell or the next five years so spring is really good right now it's strong. Buyers are out listings are low stock is low. So listen to the supply and demand. Things are selling and for relatively good price. is hearing. So I don't know, I think maybe we should go on break before we get back. I want to write any thoughts.
Curtis Pope 10:10
I try not to think it gets us in trouble. But looking at the clock, it probably is a good time to maybe take a quick break and come back. So if people want to see your listings to know there's plenty of or maybe one look at the stats you were talking about last week, where can they go? So companies.ca We'll be back with more right after this.
And we are back with segment number two of the commons real estate show with Michelle Cummings and myself Curtis Pope. Now we talked a bit about the Bank of Canada. We talked a bit about some things going on. What are we talking about here in the second segment.
Michele Cummins - PREC 11:33
So we are going to talk about the process of doing some ti work and creating a business where there was none before. All right. So as I hope everyone knows the new REMAX in mission is called REMAX magnolia. And we are working on our T i which is tenant improvements in the building. So we had our designer on our show last week. And next week, we're going to have another special guest. And I wanted to share the process with everyone. So the process of getting a new business started in mission, it's going well, I must say, with patience, and telling myself enjoy the journey. It makes it funner instead of just wanting the end, just wondering, this
Curtis Pope 12:18
must be fun to kind of sit down and work with design or plan out your own office, your very own all for you. This is my place. It must be kind of fun.
Michele Cummins - PREC 12:27
It is a lot of fun. I mean, I just want to be like a genie and just like Okay, done. And now let's off to work and like
Curtis Pope 12:34
you don't want to have to wait. You'd want it all like you're played. You know, when Sandy says we want to do this in this quarter, you're like perfect. Do it right now. Let's see it. Yeah, I just
Michele Cummins - PREC 12:43
want to see it right away. And everyone has told me before, always, when you're entrepreneurs starting a business, that you know, you got to have patience, things take a lot longer than than you want. But it's been a lot of fun. And it's really great, because I have a great business ideas and business plan for it. And I'm so excited for it. But yeah, so
Curtis Pope 13:05
you're gonna have the corner office, and it's gonna have a little fridge and a mini bar and coffee maker.
Michele Cummins - PREC 13:14
Is the very back corner, though. I won't be upfront, let that let everyone else be up front. But yes, you know me, well, I have a little velvet couch and a library in there and a little drink cart. And, of course, I make it comfortable for my clients, you're
Curtis Pope 13:28
never gonna want to go home.
Michele Cummins - PREC 13:31
I never usually. But I'll just be working from the office a lot more now. But it's been about a month and a half from when I secured the location in Mission downtown on the one way and so I had the contractor and in the designer in for the initial ideas, and had the city of mission Building and Safety Inspector in of course, that's one of the first things you want to do when you're going to do improvements and when you want to bring in a business into town. And just yesterday I picked up I'm so excited the final architectural drawings from my draftsman Joel marbles and it went and I applied for the TI the tenant improvements at the city of mission and so it was great and I had the locks change. So a real estate tip for everyone, whether it's commercial or residential, every time you have a possession of a new property, definitely change the locks and get new keys because you never know who may have copies way back when you know lots of people could have copies of those keys so always do that. So I did that
Curtis Pope 14:36
sometimes even forget I was on my look on my keychain one day what what is this key for? And then I realized it's for my old house. Oh my goodness, but they've torn it down so it's not a problem.
Michele Cummins - PREC 14:48
And they only asked I think for like one copy or two copies
Curtis Pope 14:51
they Yeah, they only took like three copies or some Yeah, so it's like we had currently four and I had an extra one on my ketone liquid that I realized, oh my God, that's what this was for.
Michele Cummins - PREC 15:00
And who knows when Uncle Joe may still happen? Yes writer, you know, and Samantha or whatever. So I Oh, and the other thing is next week the next step is I'm having the safety check done for you know, things like the exit signs and the fire extinguishers and things like that. So that's next week and yeah, so one step at a time.
Curtis Pope 15:25
Are you putting Richard to work putting it all together? Not really yet? No, no, but that will come and just need furniture and stuff he's got to put together and move and and move it back and move it somewhere else. And
Michele Cummins - PREC 15:35
oh, he did help me move my old office into that office. Okay. Yeah, he so yes, he has done some stuff so far. Yeah, I would, like physical like, get him to build those things. I am. Yeah, I don't like building furniture. Well,
Curtis Pope 15:48
you should go straight to just get all IKEA stuff that will keep him busy for months.
Michele Cummins - PREC 15:52
I kiss you know, it's surprising what kind of stuff they have there. And I
Curtis Pope 15:55
can take away all the instructions and give it to him. It's hard. That'll keep him out of trouble. Gosh, but you're right. That's well, I don't know what a fluke and Northen even you know how you put it together because I love the names of the stuff there this year. Oh, my goodness. So next is
Michele Cummins - PREC 16:10
talking about things like supplies and furniture. Before the furniture, although I have my eyes on someone I have ordered some already for the office is next is ordering the supplies have been waiting for the city of mission to approve the building permit, then we can start working on the improvements get the contractor to start the work. But you know, we can start ordering and everything. So it's not just paint and flooring that we're doing, we're putting up some walls for some new offices and things like that. So that's why it's taken, you know, you gotta get the building permit for that stuff. So I want everyone to follow along with us on this journey of creating the new REMAX admission called REMAX magnolia. And so we're hoping to open in the summer, towards the end of summer summer we're going to have a big shindig is going to be fun. But I'm going to start the social media for for for next week most likely. So keep an eye on that. And please follow along. And I'm going to update with photos and videos and tips and more information. And so that'll probably be starting next week. So if you would like to follow us do that. And last week, so we had our designer, Sandy blue on like I mentioned, but next week, our special guest is Joel Marples. So the owner of and architect from fourth dimension, draft design and drafting. So that's a mission fourth dimension design and drafting. So Joel, he's going to be on next week and we're going to talk about that because it's different architect work what what do you need? How is the process? How long does it take? Is it residential is a commercial so it's slightly different so it'd be fun to have him on. He's he's been the architect for quite a few of the properties I've sold. So and I've had him work on my cabin actually doing the roof in the in the deck. He's he's helped. He's the one who did that for the cabinet, but Sasquatch. So really good guy. So good to have him on local business owner. And I wanted to say one happy happy closing. I'm so excited. A couple of clients of mine and just their journey through what how what I know of them in their lives. I'm just so excited that that they've had successful smooth transactions happened last week, and I'm so happy for them. And then yesterday we had an awesome subject removal on a property for our Euro listing out there. I love euro euro is such an awesome area and Greendale and I
Curtis Pope 18:31
like any town that's got three liquor stores within 10 feet of each other. That's my kind of town.
Michele Cummins - PREC 18:36
You know, Linden Washington, they don't even do they? I don't even think they sell liquor in London today.
Curtis Pope 18:43
I don't stop there because I don't they must. But you're right. I can't think I've seen any. Huh?
Michele Cummins - PREC 18:49
When I first moved to Michigan, I sorry, not Michigan, Canada. In 1998. I lived in Alder Grove, and I worked as a certified nurse's assistant in Lindon, like I transferred to there. It was really neat because I thought, Oh, I'm only two minutes away from work like hop skip, jump over the border, like it was so close the 10 minutes. And but in the morning, I had to start at 5am I believe it was five. So I had to drive all the way to the truck crossing,
Curtis Pope 19:15
right because it wouldn't be open yet. Exactly. And all the way back so it
Michele Cummins - PREC 19:19
took me like a half hour or 40 minutes to get there in the morning. But on the way home home in 10 minutes,
Curtis Pope 19:25
and you'd be stuck. Do I go to the Abbotsford crossing or do I go to the truck crossing? Which one's closer? Probably the trek crossing butter probably. Probably one of the other almost.
Michele Cummins - PREC 19:33
I never went to the zoo mass. I always went to the crossing. But uh, once I saved horses in the morning, I was late for work, I remember. And I was just like, I just saved horses. They were they they got out of the field somehow I don't know stop the car and got the horses back in the field and I've felt like I saved their lives. But I was late for work. And they had to believe that the dog ate my homework kind of thing. Yes.
Curtis Pope 19:59
Oh my Can you remember dog actually wreck your homework? I did. Did Yes. So I took what was left of it to the teacher to show like, I was doing like an art project thing and my dog just like attacked it. And I'm like, Look, you can see, like, it really does happen slobber.
Michele Cummins - PREC 20:16
Yeah. What kind of dog was it?
Curtis Pope 20:19
Was our, our our boxer. Oh, so I literally just tore it all to shreds. I'm like, it was like this big piece of, you know, like, you know, like cardboard with all up somebody just like no look,
Michele Cummins - PREC 20:31
that's like baby my cat. I can't keep paperwork on my desk or like he'll he loves chewing on it to like the edges and then he spits it out. He chews and spits the stuff out. It's really funny, funny little character. So okay, so I want to talk about coming soon listing, I have this awesome corner property off holiday Avenue in Michigan coming up this week, most likely Tuesday or Wednesday. It'll be live because my meet is happening on Tuesday. So, but it's a single family. It's got really neat gardens that you can it's a character home. It's really unique. It's a proper, two storey, three bedrooms, so keep your eye on that. And then I have a couple of price adjustments I wanted to mention because these are two very unique listings of mine. So one is an equine acreage, backing on to connect a creek in Webster's corners of Maple Ridge, they just reduced it to 2,798,000 999. And it's got gorgeous barn and it's a beautiful house is huge house. It's like this L shape. It's got a huge carriage house above the quadruple garage. It's an awesome property. It's gorgeous, very beautiful street appeal gated paddocks, cross fencing and everything. And it's really neat because in the back like there's tree lined and then it still goes way back to connect a creek and there's two bridges going over it. And that area you can do your dirt biking or your ATV and your trails, your hiking and there's an actual trail just up the street. You could ride your horse, and then just walk or hike or ride your horse up the trails. So it sounds
Curtis Pope 22:03
like a place for you. Michelle, you can get at least four of your 27 cars into the garage. You can get horses and you're all set.
Michele Cummins - PREC 22:11
It's true. I know. I know. But the time when I retire, retire Will I ever retire
Curtis Pope 22:19
well your freedom 30 And you're 29 So you haven't got much time to
Michele Cummins - PREC 22:23
29 forever. Oh, the other one I have that just reduced its price is Woodside in Do you remember that? Awesome, cute, adorable commercial zone property that's a little over half acre out on Mount Woodside. I've located highways. So it's got commercial zoning and highway zoning. It's really neat. It's got great exposure, everyone rides and drives mount Woodside, that low heat highway and it's got four motel rooms. It's got two legal trailer pads, you can either annual or monthly rent those it's got a double wide mobile that they rent out and then it's got the commercial property but it's it's underutilized because it can go four storeys high with the zoning and the setbacks has been reduced to zero. If you can believe it, it is true. I have the paperwork from the district to Kent for it and views out the back if you go over to second storey are just outstanding. It's the Fraser River and mount Cheyenne and the valley mountains. Gorgeous, gorgeous and they just reduced it to 1.375. That is a moneymaker. Oh especially for those on our podcast listening from other countries. You know, you might not be able to buy residential property for two years in Canada, but you can buy commercial and this is commercial zoned, and it's got a living space. You can live there. Yes. So you can come to Canada, buy commercial and live here in what you purchase. And that's the way around it. And that is an opportunity. So call me if you're interested in that. But yeah, that is a great opportunity. And it's got well a water rights, which is huge, huge. And if you know everybody who goes to mount Woodside stops on the side of the road and fills up their their water jugs off the side of the mountain that water there on that website is beautiful. It's so delicious. So clear, so delicious, so good to her well, she has water rights, it is hard to have water rights like you they don't give them anymore. So there's a certain quota that she is allowed and nobody can take that from her. So that owner writes this property and it goes with the property. So it goes with the title for the new owner. And on that I have a quote for the week. Life is not characterized by the moment but always the moment after that quote is by Sir Richard Cummins.
Curtis Pope 24:50
You like how I said Sir, Sir Richard, I thought he was King Richard.
Michele Cummins - PREC 24:54
I should say King Richard.
Curtis Pope 24:55
We need him now. It's about Hey, yo, good thing that we know he sleeps in in the morning because if you ever listen to the show, he'd be like, Oh, they throw a lot of shade my way every week. Some of it deserved but still, if people want more information about your listings and things like that, 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 where real estate is maximized. Thanks for listening
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