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SEAS5 EP235 - Michele Has Some Fun Local Real Estate Facts and More !

September 28, 2023 | Posted by: Michele Cummins

SEAS5 EP235 - Michele Has Some Fun Local Real Estate Facts and More!

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Watch segment two here: 

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Michele Cummins PREC*
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Curtis Pope 0:21
Well is about that time it is time for the Cummins real estate show with Michelle Cummins and myself Curtis Pope. Good morning, Michelle. How Oh, it's it's Christmas and August.

Michele Cummins - PREC 0:33
I'm Christmas on my mind always.

Curtis Pope 0:36
Okay. He's I mean, you're buying Richard a new guitar.

Michele Cummins - PREC 0:40
No, that's the first thing that of course will come to your mind.

Curtis Pope 0:44
No listening. He's gonna go Yeah, I could use a new guitar.

Michele Cummins - PREC 0:48
Talking about guitars. He's playing in an event today to events not just one. He's playing in his fab forever Beatles tribute band today. It's a free event at the Hampton Inn off Lichtman Road in Chilliwack. Okay, it's a special anniversary for them and Rod boss, the magician is going to be there and the live music. It's between 11 and three o'clock, I believe. And yeah, I think they go on around 12 noon, I think till about 230. Somewhere in there. There's a food trucks it's great event and then after that, if you have nothing to do on a Saturday, then there is what's called the same sun Summer Jam. And it's at a property in Alder Grove right off the highway, easy to get to and it's free, but by donation to support the musicians and all local musicians. And it's going to be from 430 to 730. And again, there's going to be food and fun and of course music and Richards plane is personal music there. So he's gone from Paul McCartney in the fab forever straight to Richard Cummins. Well, all in one day

Curtis Pope 1:58
could have a bit of an identity crisis going on here this right yeah. And then next

Michele Cummins - PREC 2:01
weekend, go into a Kelowna plane for a few days. So hopefully in Kelowna off of the fires that are happening, it's just so sad.

Curtis Pope 2:09
I know it's in West Kelowna right now where the the heavy fires are. But apparently the embers have crossed over the lake even in hidden some of the northern part of Kelowna. I guess

Michele Cummins - PREC 2:19
a good realtor friend of mine was on the boat last night and she got really close and she put on her Tiktok it's just crazy. The footage that we're seeing everywhere else.

Curtis Pope 2:28
Online. My cousin's had to evacuate her place. Oh, no. Yeah, so it's scary.

Michele Cummins - PREC 2:33
I heard over 2400 or so houses have been evacuated and there's are on call over 1000 already been burnt down

Curtis Pope 2:41
already. And one of the resorts already as I guess it's been there for a long, long time burned the ground on West, the west side there. So

Michele Cummins - PREC 2:49
Oh, sad. Maui. And then there and the West Kelowna fire chief Jason Rowland said about the destructive fire. He says it was a devastating night last night probably the most challenging of his career and he said that they fought hard to protect the community. He in this is what he quoted, and it's all over the place. We fought 100 years worth of fires all in one night.

Curtis Pope 3:14
Yeah, I can imagine it looks pretty again, much like you know away. Same thing that happened in the soil a few weeks back, it looks like just what the winds and stuff it just really just seemed to really end up being a perfect storm with the dry conditions and everything else. And it just seems to be like just growing and growing and growing super fast. Oh, it's

Michele Cummins - PREC 3:33
just horrible, horrible. And hopefully we'll get a little bit of rain. We need the rain for them and lots of people working hard to to do what they can there. So I

Curtis Pope 3:43
think there is some rain in the forecast for the Okanagan. I think later this week, I think hopefully, and hopefully without need lightning.

Michele Cummins - PREC 3:51
Yeah. Well, another event today, if you're around mission has its mission fest. And it's got the the what do you call the zipline? Oh, cool. They're gonna have a zipline right downtown,

Curtis Pope 4:04
that people can look in the window and see what's going on with your building yet or

Michele Cummins - PREC 4:08
no, not still a secret

Curtis Pope 4:10
still a top secret top secret in Mission top secret mission in mission? I like that. Yeah.

Michele Cummins - PREC 4:16
We're probably looking at about four weeks. Four weeks away. Yeah. And it's gonna be fab.

Curtis Pope 4:23
Well, I'm looking forward to seeing it. I mean, I remember you know, I was talking with Sandy blue about it like that in the past and, and then your little update you've given so in about another four weeks? We can. We'll finally see. Absolutely. We'll figure out a way to do the show from there.

Michele Cummins - PREC 4:41
Yes. Oh, I love it. I love it. I love it. We're going to do that. We're going to have an open house. We're just going to do the show from there. Yes, Curtis Pope on location might be

Curtis Pope 4:52
able to figure out a way to do that. Must be some way to do it. Oh, yeah. Technology is our friend.

Michele Cummins - PREC 4:57
Exactly. Where there's a will there's a way exactly like to say and hashtag do what it takes. Yeah, we'll do more talks. So I wanted to do a little segment here. Throwing out all new things once in a while on our show here is what's the most expensive house that sold here in the Fraser Valley this past month?

Curtis Pope 5:17
I looked up because with interest rates being what they are, I'd like to know what's the most expensive house that sold?

Michele Cummins - PREC 5:22
Oh, what area do you think it's in?

Curtis Pope 5:26
See an expensive house that's gonna sell I'm gonna go. Langley.

Michele Cummins - PREC 5:31
Close, but it sounds sorry. White Rock. Oh, well, of course. beautiful, sunny White Rock

Curtis Pope 5:38
Show. I was thinking a big equestrian property with like, you know, a mansion or some like

Michele Cummins - PREC 5:41
in High Point. Yeah. Or something. Oh, gorgeous. By Campbell valleys trails. Well, this one's at 1686 5/18 Avenue, if you want to Google it or look it up, and it's quite gorgeous. It is an acre and sold of the price the ticket price for 4,310,000. That's the richest one that sold in this past month. And then what is the highest price? Active listing currently in the Fraser Valley? And how much do you think guess

Curtis Pope 6:16
Doctor figured out where and how much? Yep. In the Fraser Valley. Well, again, I'm going to try to throw myself in that Langley kind of alder Grove area with the equestrian properties. And I'm going to say something for like seven mil.

Michele Cummins - PREC 6:32
Nice try, but put it too in front of that seven and a whole bunch of nines after it and you've got $27,999,999 and my school put 99 cents on that. That's in South Surrey White Rock area off 1/23 Street at 2165. And it is breathtaking. It's almost three acres. This house is amazing.

Curtis Pope 6:56
I can't even envision a $28 million home. Yeah, but you just broke my brain. I can't.

Michele Cummins - PREC 7:04
Well, it does have panoramic ocean views. So

Curtis Pope 7:07
you know, I hope you get a chunk of the ocean for when you need

Michele Cummins - PREC 7:11
to. It's called the pinnacle of luxury living and it's on the Eagle Bluff estates. That's where it's in. Eagle Bluff estates, a legacy estate for generations, Curtis? For only just under $30 million. We'll see what that sells for. On our next show.

Curtis Pope 7:28
You've literally broke my brain. I just get it with interest rates and things like that. Who can you imagine what they can't afford? Yeah.

Michele Cummins - PREC 7:36
Give me some bitcoin for that one.

Curtis Pope 7:38
Like Elon Musk is going on? It's a little steep. Like, Oh,

Michele Cummins - PREC 7:41
yeah. Yeah, he he's good with his money.

Curtis Pope 7:45
I'm like, yes, a lot of money. Wow,

Michele Cummins - PREC 7:47
he lived in a $10,000 Mini.

Curtis Pope 7:49
I call my you know what, I? I gotta, I gotta look that one up because that's, that's, that's amazing.

Michele Cummins - PREC 7:56
You totally should. Okay, I'll send you the link. Actually, please do if

Curtis Pope 7:59
you're interested in buying it because I knew they'd laugh at me.

Michele Cummins - PREC 8:04
But Fraser Valley, there you go. There's some really nice homes out there. So okay, so an incoming bylaw change is happening. Wanted to mention it because it has been a hot topic lately. A lot of realtors talking about it. Lots of people who owns short term rentals have been talking about it. So the short term rental restrictions and BCS come in this fall. And we'll see how it plays out. But what they're sort of their mandates is they're wanting only one short term rental per household, I believe per province or for BC, I if you own one, you won't be able to own another type of thing. I think they're trying to push this I know that Airbnb and other you know, short term home rental owners and different people are, are coming up and having discussions about it and fighting against it saying, you know, the government, it's interesting, the government thinks that this will help values of properties to be more affordable. But what it is, is we just need more homes built quicker with less red tape. So it doesn't take years to build one simple place or a year to get permits to build a place or the high DCCs and it's just it's all that let the developers let the people build and and help with the construction costs and things like that. These these service providers and you know where the materials coming from and all of that so there's a lot to it. It's not just a simple answer. I know

Curtis Pope 9:41
affordable housing too, because then you're gonna have less renting and you're gonna not have such a high you know, rate of people renting

Michele Cummins - PREC 9:47
supply and demand. We need more houses. Yes, that's the thing. You're not going to take the one house and say we're not going to allow you to short term rental it and think it's going to fix the affordability. Yeah so anyways I'm against it obviously if you can tell and I know a lot of people who are against

Curtis Pope 10:07
I don't know just because you gotta play the devil's advocate that Curtis Pope

Michele Cummins - PREC 10:13
you did not just say that or do just for that reaction you were my friend

Curtis Pope 10:22
so that is off right

Michele Cummins - PREC 10:25
now but that I think we have to go and break because I need a coffee break. She's gonna

Curtis Pope 10:29
throw something at me I don't want to go to break I feel a lot safer right now. Are you really gonna make me go to break better? Okay, we're gonna go to break here because Michelle is gonna have some words for me. It may be a longer break in fact, so what people want information about what you do as a realtor, where can they go? Michelle We're hopefully back right after this

we're back to segment number two and I'm just happy that we're back because if you saw the look Michelle gave me we went to break so very very long commercial break be getting the silent treatment and that that look that I know Richard gets all the time.

Michele Cummins - PREC 11:43
I'm just cooling off right now. You guys talk a lot I know.

Curtis Pope 11:48
Man if that's Richard gets a reason trouble. Oh, you think he would not want to be in trouble?

Michele Cummins - PREC 11:55
Yeah, exactly. He watches his P's and Q's and

Curtis Pope 11:59
golf tees and crosses his eyes a lot. Yes. I've learned

Michele Cummins - PREC 12:06
I taught Why am I angry? We have

Curtis Pope 12:09
the She Hulk here who knew I liked incredible but She Hulk was a lawyer not a real estate agent. We can move that around. I totally

Michele Cummins - PREC 12:16
almost same thing but not really. So I wanted to do a local spotlight because there's so many amazing small businesses out there and so I am wanting to do this maybe every week. So the spotlight this week is we're focusing on bare beauty aesthetics because who doesn't like to feel and look pretty and feel good and have you know take care of yourself and sometimes you need you time. So they specialize in all things skin and skin is the biggest. I'm not a doctor but you know, this is important our skin and what it breathes what what what you I mean lotions, everything right? So they do luxury, facials, massages, pedicures, and lots more. So they're located in mission behind her inside of X AF beauty. And so they're right on First Avenue at 33192. And you can check them out on Instagram at their that's B ar e their beauty aesthetics. Underscore or their Facebook page that was their Instagram is at their beauty aesthetic. So just Google that and look them up and it's a great small business and local as well. I just want to do a shout out to Mark and his gang because they're over at Aldridge construction here in Abbotsford and they're amazing. It's a great group of fantastic people to help you build, develop, renovate and do all things real estate pretty much and they're a great company. So that's Aldridge construction, and I want to contest so haven't done a contest in a while. And there's two amazing contest right now that I wanted to mention and I have them up on the social media and if you go to the new REMAX Magnolia, Facebook or Instagram, you will find it there. Okay, so if you're a CAPS fan, located in the Lower Mainland, enter and nominate a fan contest to win. It's three Vancouver Whitecaps FC. Mystery Boxes is what it is an ad sponsored by REMAX Canada. So go ahead on there. Check that out. If you're whitecaps fan or you know somebody who is and then the other one is the next contest. The one this one's on us is what it's called. So it's a series and this time we're helping people figure out what's for dinner with the local Hello home cooking contest that starts actually now it's just yesterday it started and it's up and open until On September 1, so 10 Lucky people will win a year of HelloFresh subscription. So fantastic, especially if you're in an office you just have it delivered or at home. Oh my gosh. So a whole year subscription. And you can choose from a variety of delicious and healthy meal kits, three meals per week for a family of four. Oh, wow. Yeah, so that's another REMAX contest that's just started so go on to that REMAX Magnolia Facebook page or my personal one and check that out and enter and I hope you win and if you do please let Curtis and I know Curtis you should enter to

Curtis Pope 15:38
there we go I you know I saw some a cool on your off your social media this week. And REMAX is doing a thing with one of the most intelligent Canadian comedians ever with Rick Mercer Yes,

Unknown Speaker 15:47
I love him. Yeah, he

Curtis Pope 15:48
is so good.

Michele Cummins - PREC 15:49
So excited. So it's the REMAX activate conferences are Canadian conference. REMAX of all brokerages has a lot of amazing conferences. It's it's a great amazing brokerage no wonder why they're number one. And so this year, it's always in a different area of Canada this year. It's in our neck of the woods in Vancouver. And Rick Mercer Is there a keynote speaker is going to be there and so very excited about that. That's the end of September. So if you're a realtor out there listening and you're thinking maybe you might want to make a you know, maybe REMAX might be right for you. I'm saying contact me because I can get you three free nights and a free conference to go to hang out network. Just have fun and see if REMAX might be right for you.

Curtis Pope 16:36
Yeah, now it'll be a pretty cool keynote speaker Almost as cool as when you went and saw Hayley Wickenheiser and drawn a blank on the other lady that spoke at that conference.

Michele Cummins - PREC 16:46
Oh, yes. And now one was in Vancouver as well. That was like a lady's conference. That was good. Yeah. Lots of good information. Oh, they have amazing books. Her name is skipping, but I know

Curtis Pope 16:57
No, I can see her. She's the newscaster that was let go that shouldn't have been because Amazing. Amazing. And I am a fan of hers yet right now. It's just I can't I haven't had enough coffee today. Have? Yes, yes. Thank you. I came to be there. Without a coffee. It came to me.

Michele Cummins - PREC 17:17
Yeah, I actually just like I knew you would come up. I knew if I left it in your hands, you would think about your

Curtis Pope 17:22
back on good terms didn't take long. Why did you bring that up, you're probably mad again. Yeah,

Michele Cummins - PREC 17:27
never bring up the past like that.

Curtis Pope 17:33
we've ever done.

Michele Cummins - PREC 17:35
So thrives mortgage which is a great mortgage company. They go by like Thrive mortgage CO. So they their newsletters pretty great if you don't get a newsletter and from a mortgage provider and you're interested in the market, they really have their fingers on the pulse. And I wanted to share a little bit of what they have to say about you know what they're seeing from buyers because it rings very true. So buyers with raid holds have been very active in trying to secure properties with their current rate holds no surprise there. And now all raid holds in the 4.39 to 5% range are likely to expire in September, which some people don't think of that you've got a raid hold for a few months. So this raid hold if it expires in September, it's forcing them into new rates and to re qualify if they don't complete on a property by then that is complete on property. Fixed rates today are on average in the 5.9 to 7% range depending on the required product. variable rates are in the 6.2 to 7.2 range. And overall buying power is down roughly three to 4.5% over the last two months. So those are those stats and just for an example a buyer qualifying for a $750,000 purchase in April May not only qualify for even 720 Now, so has been true all year very few borrowers are opting for variable rates lately. So they've been going into the two to three year rate holds, it seems like terms is what's been been what's happening lately. So what they're seeing from the banks, so slow turnaround time, that's what they're seeing, despite a market that seems slow. Many of their lenders are not turning around files, particularly document review as fast as they would like to see. So that's been slow. Is it because what maybe staff is away on vacation for the summer. I find a lot of things are slower this summer due to that. So it's been putting pressure on subject removal dates. However, with a strong relationship with your lending partner, you can often call in favors when needed. So it's very good to know and to have a good referral to a mortgage broker. So big news of the day in the mortgage world and Scotiabank. Scotiabank is back so, mortgage providers has their Hands in many cookie jars, meaning lots of different lenders. But sometimes lenders choose not to go through mortgage brokers and they have their own in house system, right. So that's how Scotiabank was, but now they're back, they're back. So that's a huge boost to the mortgage world. And I'm going to explain what they say because it's really eye opening. People don't know this. So the file processing and turnaround times are the best in the industry is what they offer. So this news, it cannot be understated. Time is of the essence when you're purchasing real estate and selling real estate. They also carry some of the best exhilarate programs, including business for self options, purchasing in a Holdco medical professional programs and high net worth programs. So that's really good. And their rental offset is one of the most aggressive in the industry as well as their home equity line of credit product. So yeah, and they have been the only major bank in the last about three months to have dropped rates and are now near the front of the line in terms of rate options. So Scotia Bank is a good one possibly to go to. And again, mortgage brokers usually get deals from the bank, rather than going straight to the bank. You go to mortgage broker who may go to the same bank that you bank at, but they may get you a better deal and product than you can get. So that's true. So renewals, renewals, renewals, okay, that continues to be a major focus for the Canadian mortgage holder. They're still seeing elevated pricing offered from the existing banks to borrowers with maturing mortgages. And they've been successful all year in finding cheaper options for their borrowers with upcoming renewals and variable rates and mortgage rates. So as mentioned, variable borrowers are now up 4.75% since March of 2022. So by now everyone has taken that fixed payment variable over the last five years and you know, getting a hit right now. They're fielding calls, mostly from clients that are looking at the different options. Like Curtis, what you did recently,

Curtis Pope 22:05
we went in recently, and we moved ours over to a to a fixed rate, because it was just getting out of hand.

Michele Cummins - PREC 22:12
Yeah, exactly. And especially the TD mortgages, those that you're just doing the same payment and your payment is fluctuating with the interest and all those kinds of things. There's so many different products out there

Curtis Pope 22:25
the hard way because my mortgage with a TD with TD in the past when my mortgage rate changed, they changed my payment. TD doesn't do that until you hit a trigger point and they go hey, guess what?

Michele Cummins - PREC 22:34
You owe us? $100 million. Yours $30 million?

Curtis Pope 22:38
bought the house? No. But yeah, it was it was it, you know, and that's just the way they operate as opposed to everybody else, which is fine. But you know, it was okay, we'll have to go in and make a change. And I guess maybe there were some benefits to that too. And my it didn't slowly climb or I was watching it climb month after month after month either. I guess so. Yeah.

Michele Cummins - PREC 22:58
And you know what, and in the end, it's gonna be good as long as Yeah, you nip it in the bud. So, I want to mention a new listing. So this is a very curious one. If you're single, and you want to live in a singles Park. Ha, I've got the place for you. It is out on sled Hope Road and beautiful homes with the most amazing mountain views ever. Gorgeous. And it's a two bedroom, one bathroom, but only one person can live in this park per lot. So keep that in mind. Yes, you could have visitors no problem. Yes, but this is a singles Park. And if you love quiet peaceful like the surrounding mountain views and peacefulness you get out there. Well, this is a no pet park either. So no pets. Parks. Yep, exactly. So it's a beautiful, large, large yard. This place. It's huge. One of the biggest yards I've seen in a in a manufactured home park. The home itself is clean, bright, beautiful, really well maintained. It's got huge gardens, it's got a garden house. What do you call those tomato house,

Curtis Pope 24:06
a greenhouse greenhouse or tomato house.

Michele Cummins - PREC 24:10
You can tell I do not have a green thumb and the

Curtis Pope 24:14
Southern California tomato house.

Michele Cummins - PREC 24:17
And it's true. And it's $185,000. And the pattern is $750 a month. And then okay, go out if you have time and you're not going to see the Beatles or all these other great events that are happening today. Today and tomorrow at Florence drive in East Abbotsford with the gorgeous mountain views again and valley views is is an open house between two and 4pm. This brand new construction, and it's priced at 2,799,000. It's over 6000 square feet with three sets of laundries a huge suite. It's an amazing property with amazing DAX, and just gorgeous so that one's open house and then finally before we do our quote and head out Today is a coming soon one So video is going to be released early next week on this one off Richards Avenue. It's a luxury acreage with over 6000 square foot custom designed home house workshop sports court which is amazing. Privacy privacy privacy, it's got a long gated driveway exceptional property. So it's coming soon next week. And guess what Curtis is gonna be our voiceover for that video. Are you sure about that? After today, I don't know. That's gonna be a lot of fun. So remember every home that REMAX Magnolia is part of we give a portion of all our commissions to our local BC Children's Miracle Network making our listings miracle homes, so please be part of the change and list your property with a REMAX Magnolia realtor so that we can help our future through our children. And the quotes of the week as we generate fears while we sit. We overcome them by action. And that's Dr. Henry link.

Curtis Pope 25:59
Look that one. All right. If people want more information about the lessons you've talked about and what services you provide his realtor where can they go Michelle 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

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