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Seas 5 EP 230 - Curtis gives us the latest Fraser Valley Real Estate Statistics!

August 11, 2023 | Posted by: Michele Cummins

Seas 5 EP 230 -Curtis gives us the latest Fraser Valley Real Estate Statistics! Michele was stuck in Oregon on the Coast with her family so Curtis decides to give the Stat show a try all by his lonesome. He did a pretty darn good job I must say! For the full Stat package SEE HERE

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Transcript of show:

Curtis Pope 0:21 Here we are. It's a Saturday morning. It's time for the company's real estate show. But with a twist, you see Michelle is on vacation. And Michelle loves her stats show. Well, it turns out we have stats today but Michelle is not here to do them. And she said Curtis, do you think you can handle the stats and I went, I can try. I can give it a go. I just don't think if I can do it with the gusto that Michelle has because she does love her stat show so much, but I'm gonna give it a go for this awkward and strange. Michelle, this stats show it's gonna be a little weird, but together I think we can get through this and see what we have. Okay, so the headline for this month stats for June stats is this low supply continues to impact home pricing in the Fraser Valley sales increasing despite rate hikes. The Fraser Valley real estate market now saw strong sales activity in June with levels on par with the 10 year average for the month amid ongoing challenges with supply. As seen in recent months, prices continued to trend upward with the lack of supply and high demand for housing said in orange urbaines share the Fraser Valley Real Estate Board. What we're seeing is sales increasing with buyers entering the market. Despite current financial implications of anticipated rate hikes. A number of factors are at play in the Fraser Valley market from low supply to unprecedented interest rates the highest in more than 20 years had board CEO baldauf Gil, for those seeking to enter the market. Whether buying or selling only a professional Realtor can provide the expert guidance and advice to fully evaluate each client's needs and protect their interests. So across the Fraser Valley in June, the average number of days to sell a single family detached home was 21 a townhouse was 16 and apartments took on average 22 days to sell. Now as single family detached home, the benchmark price was $1,526,200 a townhouse was $845,400 that is a 2.3% increase compared to May a decrease of 5.2% compared to June of 2022. And apartments are averaging out with a benchmark I should say, is $552,200 An increase of 1.8% compared to may decrease of 2.5% compared to June of 2022. All right, let's start with Abbotsford since that's the home base of the radio station, let's see what we have when it comes to June numbers. All right, so for a detached home the benchmark price $1,245,400 Now compared to June of 2022. That's a decrease of 8.6% but a 3.2% increase since May, for townhouses the benchmark price is $641,200 Compared to $767,500 in June of 2022. Now that is a decrease of 16.5% but it's up 2.5% compared to May, now for an apartment, the benchmark price $437,900 Now that's an 8.7% decrease compared to 2022. But up 2.8% compared to May 2023 Let's head across the river to Michigan where the price for a detached home the benchmark price $1,017,300 Now that's down 10.1% Compared to 2022 and down 1.6% compared to May, for a townhouse benchmark prices $662,400 That's down 12.1% Compared to 2023 but up 2.5% compared to May, for an apartment benchmark price $450,400 Down 9.9% Compared to 2022 and down 1.1% Since the month of May. Let's head over to sunny south Surrey where the benchmark price is $1,966,800 That's down 3.9%. From 2023 bit up 2.7% Since May for a townhouse benchmark prices $970,700 That's down 1.2% from last year up 1.1% From May. And for apartments, you're looking at $636,500 for the benchmark price. It's down 1.1% from 2022 and up 1.7% for May. Let's head over to Langley where the benchmark price for detached home is $1,611,500 down 10% Compared to 2022 Put up 2.3% for May for townhouses for Langley benchmark price $840,300 That's down 9.8% year over year, but up 2.4% for May, and for apartments in Langley $605,300 Is your benchmark price that's down 4.7% from last year, but up 3.6% From May. Now let's have a look at Delta. The benchmark price for detached home is $1,428,300. That's down 6%. Year over year, but up 3.2% for May for townhouses $963,400 Is your benchmark price that's down 1.9%. But up 3.8% for May, and for apartments $588,800 As your benchmark down 6.8% from last year, but up 1.3% since May, and now Surrey combined. Here's what we're looking at benchmark price for detached home 1,000,665 $200 That's down 6.3% year over year, but up 2.3% since May, townhouses, benchmark price $890,000 Down 1.2% year over year but up 2.2% Since May and for apartments are looking at 555 $100 That's down point 1%. But up point 8% since May. So those your stats for June for some of the municipalities and some of the cities here in the Fraser Valley. If you want to fall look at the stats. Of course you can find all this information and a whole lot more simply by going to Michelle We're back with more right after this. Unknown Speaker 6:54 She Curtis Pope 7:07 are back to segment two of the Cullen's Real Estate Group show with Michelle Cummings and myself Curtis Pope. Now I understand we're gonna be talking a bit about the foreign buyer thing that's been going on because of course there was the ban, but it's a soft ban, it would seem real ban. Yeah, what a complete and total banishment, like a couple buffet restaurants that I'm not allowed back to Michele Cummins - PREC 7:29 me either. Ban not banned. Canada relaxes ban on foreign buyers, and they just implemented in a given year, and they've already decided to relax their law. So I am going to read an article from Scarlet Marie Marie, I think I'm syllabary. Yeah. And it's written on April 3, it was updated April 4, though, so I got the updated version. Now. She wrote it on the third update on the fourth. So this isn't chat GPT everyone. Okay. So natural person who wrote this. You didn't? I would think I would hope. So on January 1, of course, Canada's partial ban on foreign buyers purchasing property came into effect, and that was partial because they still purchase commercial or land only on March 27, two significant amendments were made to the prohibition. Fortunately, these changes make it easier for you to become a home owner in Canada. Work Permit Holders and property developers listen up if you didn't already know find out the good news. So what is the partial ban on International Property Buyers? Justin Trudeau proposed a ban on foreign buyers in his 2021 election campaign. The act was then passed on June 28 2022. It came into effect on the first day of this year. The ban is intended to last two years. The thinking behind the ban ban was that it would prevent international investors from diving. Sorry, driving, I'm thinking about driving up the price of property as many Canadians were struggling to buy their first home. Originally, the ban meant that foreigners could not purchase a property in Canada with a few exceptions. As I said, for example, the foreign nationals could buy a home if they were a permanent resident, obviously, or refugee claimant, which is isn't surprising. How has the ban been amended? You ask? Maybe. According to the Canadian government the amendments have been made to further support individuals and families seeking to build a life in Canada by seeking homeownership, as well as to address housing supply issues. Work Permit Holders now if you hold a work permit or are authorized to work in Canada under the immigration and refugee protection regulations, you can purchase a residential property work permit holders are eligible if they have 183 as or more left on their work permit or work at this time, so, we don't know if there are changes again, but let's see. So however, though, they will not be allowed to do so if they have already purchased more than one residential property. Furthermore, there will no longer be any tax filings and work experience requirements. Previously, those on a work permit had to work full time and show evidence of taxes filed for at least three of the last four years. These amendments strike the right balance in ensuring that housing is used to house those living in Canada rather than a speculative investment by foreign investors. A quick look at what permits what work permits in Canada so in Canada, there are two types of work permits, employer specific work permit and open work permit. So employer specific work permit and employer specific work permit is depth dependent on an offer of employment and a contract from an company in Canada. It limits the foreign national to working for one company in Canada in one position for a specific amount of time. An open work permit well by contrast, and open work permit allows foreign nationals to work in Canada without a job offer. First, however, only select people are eligible for this work permit. The list includes international students who have finished their studies and those who have applied for permanent residency in Canada before those with these work permits would have been impacted by the ban on foreign buyers. Now, if you are go to Canada on a work permit and feel that you would like to buy a home there, the process will be much more straightforward. Now property developers listen up. The rules have been amended so that the ban does not apply to any vacant land zoned for mixed or residential use. This means that foreign property developers are able to purchase the land and use it for any purpose, including housing development. In addition, foreigners can also purchase residential property for the purpose of the development. Why have these changes been made, and why so soon? In the first place, the ban was intended to address the housing shortage and to make the property market more accessible to Canadians and permanent residents. The ban was criticized for shutting out many of those that wants to build a life in Canada. The amendment targeting those with a work permit addresses this. Secondly, by relaxing rules for international property developers, they are creating more opportunity to put to rest the housing shortage altogether. The Minister of Housing and diversity and inclusion said these amendments will allow newcomers to put down roots in Canada through homeownership and businesses to create jobs and build homes by adding to the housing supply in Canada Canadian cities, these amendments strike the right balance in ensuring that housing is used to house those living in Canada rather than a speculative investment for foreign investors. So that is the changes that we have seen in this BAM All right, yeah. Curtis Pope 13:13 I guess it all kind of makes sense. I kind of see both sides of it. I know what they were trying to do and and I can see how it you know, how was probably affecting, you know, being able people to come and start a new life here too. So I can see both sides. Michele Cummins - PREC 13:23 It's true. Yeah, me too. So I got a quote of the week. And are you ready for it? Curtis? Curtis Pope 13:30 I am ready. Michele Cummins - PREC 13:32 It does no good to dwell on dreams and forget to live. Harry Potter. Curtis Pope 13:37 Now. There we go. Michele Cummins - PREC 13:38 I'm a Harry Potter fan. Curtis Pope 13:40 Well, how can you not be an earlier member? I Michele Cummins - PREC 13:41 said dreams. Yeah. And I brought it back around. Look Curtis Pope 13:44 at that. That's impressive. Well, people want to see these amazing listings, you know, where can they go? Well, Michelle Cummings dossier of course. 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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