Real Estate Blog for Buyers & Sellers

The Fraser Valley Real Estate President reports continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance.

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Michele Cummins 
Cell: 778-885-4659
Email: mcummins@remax.net

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Curtis Pope  0:22  
Oh, here we are. It is a Saturday morning and it's time for the REMAX Magnolia radio show. You see how did that Michelle, you see that? I

Michele Cummins - PREC  0:30  
heard that she I saw that and I heard it and you did it. Wow,

Curtis Pope  0:34  
I got well I got a big sign behind me. A little reminder.

Michele Cummins - PREC  0:38  
I was behind your head.

Curtis Pope  0:40  
Of course Michelle come which is here the star of the show and myself Curtis Pope. So here we are. I know you like my best friend is much like you grew up in the States. He's lived here forever. And he loves the fact that he gets to Thanksgivings every year, so you must be thinking the same thing. Oh, yeah.

Michele Cummins - PREC  0:54  
Oh my goodness. I love everything about Thanksgiving, the visiting, you know, games on TV and the food. Definitely the food and I like all of it pecan pie pumpkin pie football

Curtis Pope  1:08  
game on TV. So are you are you suddenly a Kansas City fan like all of Taylor Swift's fans are? No Okay, just checking. That was very

Michele Cummins - PREC  1:18  
big. Nothing against Kansas. No,

Curtis Pope  1:22  
no. It must be hard for you because you being from the west coast here. I mean, I LA has not been known for great football teams. Our sorry our about us, I guess San Francisco fan like Yeah. Oh, you're 40 Niner fan? Yep,

Michele Cummins - PREC  1:38  
that would work.

Curtis Pope  1:40  
I had to check to check out so you know if Taylor was dating a guy there be different. Yeah,

Michele Cummins - PREC  1:47  
I'm sure it would.

Curtis Pope  1:48  
Have you been reading about the stats about this? Like, viewership is up? You know, sales of the Kansas City jerseys are up.

Michele Cummins - PREC  1:55  
No, I'm in the middle of still renovating the office because Taylor

Curtis Pope  1:59  
Swift and the Swift Deezer Swifty are all over this.

Michele Cummins - PREC  2:03  
It's amazing. Oh, you'll have to catch me up.

Curtis Pope  2:06  
Just go on tick tock. There's all these these ladies you know, to videotaping talking to their their their husbands or boyfriends going? It's really great that Taylor's put this Travis Kelce on the map and they're like, What are you? One guy reversed and said straight to Travis Kelce. Could put Taylor Swift on the map and his wife losing your mind.

Michele Cummins - PREC  2:24  
Oh, that's funny. Nowadays, what gets out there? But Happy Thanksgiving to

Curtis Pope  2:32  
and happy Thanksgiving. What's

Michele Cummins - PREC  2:33  
your favorite part? Eating? Well, you couldn't tell because you you know, lost weight.

Curtis Pope  2:40  
Not enough and you lose a lot more.

Michele Cummins - PREC  2:42  
Baseball. You've been playing baseball baseball's done

Curtis Pope  2:45  
now for the season. So

Michele Cummins - PREC  2:46  
do you like turkey or ham? Or what do you usually like ostrich? I mean, what do you eat ostrich kangaroo? Like what do you have for Thanksgiving?

Curtis Pope  2:56  
Thanksgiving in Melbourne now?

Michele Cummins - PREC  2:57  
Well, the world's your oyster. Yes, I

Curtis Pope  3:01  
know. I mean, I like turkey. And we got to we got a smoker a couple of months back. Oh fun. So I'm going I bought two turkeys a good sized one and a smaller one. I'm going to try to smoke

Michele Cummins - PREC  3:11  
this time. And in case you get it wrong. You got a second one.

Curtis Pope  3:16  
There's no room to get it wrong. I have to get it right. My family's gonna be they'll be relentless. If I mess it up. No

Michele Cummins - PREC  3:21  
going to the Chinese restaurant if you get it wrong. That's right. Like a Christmas story. A deep fried turkey. Have you ever tried that?

Curtis Pope  3:28  
I have x that's that's amazing. And how fast it cooks it.

Michele Cummins - PREC  3:31  
It's really good, really good. But you know, I still can't help every kind of Turkey I think I've had and the best is still been frozen butter ball thrown in the oven. Do nothing to it until the last like couple hours. And then you baste it with lots of seasonings and butter. And just keep on doing that once an hour until it's done. And I'm telling you, it's the best. And the stuffing inside. Oh, I'm bad for the stuffing. I love it. So last week's show was fun. I wasn't here in the studio. But I was in sunny Vancouver. It was a beautiful day. And yeah, and lots of things happening that weekend. We got to long weekends in a row. And yeah, so that was we interviewed a few agents from our top three places to invest in all of Canada for 2024 to get everyone ready for the 2024 year. And it was great. We don't have the video out on the YouTube yet, but it will happen on Monday. So keep an eye on that. But you can check out that episode on country 107 Point one's website or mine, Michelle cummins.ca, or the REMAX Magnolia realty.com One. And so that was a fun episode. And it's always good seeing my friends and colleagues who are awesome. And yeah, that was a really great week last week and this week has been amazing. And today's show we're talking about stats That's,

Curtis Pope  5:00  
I knew it was gonna be a statute because you came in with just a little extra, you know, kicking your step pump

Michele Cummins - PREC  5:05  
in. Yeah, we got results for September 2023. And so let's get out or hey,

Curtis Pope  5:13  
you're gonna get right into stats. Yeah, I think so. Because usually you say that for the second half, but you love to throw things at me and mix things up. And yeah, and so now it's both scales sit back, you're doing steps and there's a

Michele Cummins - PREC  5:24  
lot of yeah, just take a nap there, Curtis. So this is a good one. There's a lot to say. So yeah, I'm starting it right away. So Fraser Valley market balanced as demand softens, and prices edge lower. So, the Fraser Valley Real Estate Board. This stats for September came out October 4. And it's the President's Report continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has been as seen benchmark prices dipped for a second straight month, the Fraser Valley real estate recorded the board recorded 1100 sales on its MLS system in September, a decrease of 13.6% compared to August sales were up though 22.6% Compared to last September. new listings rose an increase of 9.1% over last month and 25.8% above this time last year. active listings have been rising since last December and grew again in September by 3.8%. So that's 3.5% below the 10 year average. With inventory levels continuing on a slow and steady rise together with slow sales. What we're seeing is a more balanced market. Sedna render Baynes he's the chair of the Fraser Valley Real Estate Board. He continued saying if this trend continues increased new listings will help to maintain a balanced market giving buyers greater choice. So the market for detached homes softened again into September with a sales to active listings ratio of 14%. That's down from 16%. In August, demand for townhouses and apartments remained stronger. The overall sales to active listings ratio is at 17%. Representing a balanced market. The market is considered balanced when the sales to active listings ratio is between 12 and 20%. Benchmark prices in the Fraser Valley dipped compared to last month with losses of less than 1% across all property types. With interest rate uncertainty still in play September sales were slower than the trends for this time of year. That is quoted by CEO Baldev Gill market activity and prices can vary from neighborhood to neighborhood. So consulting your realtor will be vital step for buyers and sellers who need expert advice and advice to navigate local market conditions. And that's those words have never been well, I'm sure they've been as true as today, but they're definitely true. Very, very important. All there's a lot of information online, but getting the professional advice of your agent, a realtor that's local boots on the ground, they know what's happening. So on average properties spent a minimum of three weeks on the market before selling with townhomes and apartments moving faster, about 23 and 24 days than detached homes which are taking 29 days which still isn't a lot. And you have to know that that are that's based on actual sold listings as we heard, or not all listings sell. So there's maybe listings out there not selling the ones that are selling that are priced aggressively that show the best those are the ones selling within those amount of days. So if you need to sell, then if you get your advice of your realtor, listen to their advice and price it accordingly you should sell within that amount of days if all the marketing materials and if it shows well first impressions are everything. So really be savvy in this market as a seller. So single family detached homes benchmark price overall in the whole Fraser Valley are currently at 1,526,000. And that is a decrease of point 6% compared to August of this month or last year up sorry, August a month ago and increased 4.6% compared to September of last year. Townhouses overall Fraser Valley is 848,600 And that's an increase of point 3% Compared to last month, that's August and an increase of 3.5% compared to September of last year. Apartments are at 545,900. So that is a decrease of 1.4% compared to August and increased 3.4% Compared to last year in September. And so we have the Fraser Valley board is it association so everyone knows it's actually 5115 Real estate agents right now real estate professionals and friend of ours actually couple just got the real estate license. So you can add a couple more to that from when this stat came out. And they live in work we live and work in BC communities of Abbotsford Langley mission North Delta Surrey and White Rock. So that's the Fraser Valley area and that's your Fraser Valley realtor count. So I think what we'll do is maybe go on a break and then we'll come back and do municipality by municipality exactly what those numbers look like.

Curtis Pope  10:47  
That sounds like a good plan. Okay, I like that. Okay. So people want more information about what you do as a realtor and maybe they want to check out the new website, things like that. Where can they go?

Michele Cummins - PREC  10:57  
REMAX Magnolia realty.com

Curtis Pope  11:00  
We're back with more right after this.

Unknown Speaker  11:48  
See

Curtis Pope  12:04  
we're back with segment two of the REMAX Magnolia radio show with Michelle Cummings and myself Curtis Pope. Now we didn't get into municipality by municipality. He gave us a whole bunch of information there. But now we get into the nitty gritty of it. meaty, gritty, what things actually are costing around the valley. So I will turn things back over to you.

Michele Cummins - PREC  12:24  
Yeah, so let's start with Abbott's Ford detached benchmark prices for September is that $1,190,500 And that is up 4.3% from last year, but down from August by 2% townhouses are at 654,600 and that's down 3.5% from last year but up point 2% from last month. And then condos and apartments are at $447,000 200 and that is actually up point 9%. From last year but down 1.1% from last month. And then mission benchmark prices for detached homes at $1,050,800. And that's up 5.1% from last year but down point 9% From August townhouses are at $673,100 and that is exactly the same as last year. But down point 1% from last month. And apartments at 457,900. That's down 2.7% from last year. And down point 7% from last month. It's really interesting seen the down reduced figures in September more than last month August because August usually is worst than September. So this is very, very interesting. Right. White Rock South Surrey area for benchmark prices of detached homes at $1,988,100. And that's up 5.1% from last year but down point 6% From August townhouses and 994,600. That's up 7.6% from last year. And up 1.7%. From last month. Apartments at 628,600. That's up 7.2% from last year. But down 1.3% From August. Link the benchmark prices for detached homes there are at $1,636,900 in that is up 5.1% from last year but down point 1% from last month. Townhouses at 861,200. Down point 6% from last year but up point 6% from last month funny enough apartments there $606,500 Up 1.2% from last year but down 1.9% from last month and North Delta is in our ranks here so detached benchmark prices at one mil In 391,400, that's up 7.2%. From last year, down 1.2%, from the month before, townhouses at $948,600. That is up 6.7% from last year, but down 1.4% From August, and then apartments at $586,500, up 4.2% from last year but down 4.1%, from August, and then Surrey. So combined the city series detached benchmark price at 1,671,900. That's up 4%. From last year. But down point 2% from last month, townhouses are at $883,500. That's up 6.2% from last year, and up point 2%, from August apartments at $539,500. And that's up 3.8% from last year, but down 1.6% from last month. And that's your five minutes polities in the Fraser Valley. And there is another stat here. I know nobody could see it. But please go on the website to have a look at it simply Fraser Valley real estate statistics. And you will see that we are still in a balanced market, we went into a balanced market in August in September, I really thought we would pop back into a seller's market. But we haven't, it is still a balanced market. So you got to be very, very savvy as a seller to price it right. And to make sure it shows right. And so prices are about the same as they were in 2022 ish. So they were up and then they came back down and from spring. So that one actually finally went up in spring but came back down in August a bit and again in September overall. But yeah, there you there you have it. Were you surprised, Curtis,

Curtis Pope  17:02  
I'm always a little surprised, especially with the way supply and demand of course works and how the prices are holding me we've talked about this many times over the years, when I was in high school, our Consumer Ed teacher kept saying over and over oil prices are gonna have to drop the baby boomers it's gonna the bottom is gonna fall out, there's no way prices can continue to climb. And homes are worth probably double or triple what they were when I was in high school or more, depending where you are. So there has been so many theories over the years.

Michele Cummins - PREC  17:30  
Yes, and every time we're in a slump or correction or some people may consider it a crash or a recession. It's the same old thing we always feel this way we have in history, and then it always proves to correct and to and to, you know, go back to the regular rhythms. And that's an irregular rhythm to to go into these corrections, recessions. And, you know, there's just so many things that play a part of it. But Benjamin Tao was, he is the CIBC economist, one of the best ones in Canada. I love hearing him speak. And of course, we chatted last week about him and how he was at the conference. And he's just so wise and he really loves what he does, you can tell he doesn't do it just it's not just a job for him. He loves that. And, you know, everything he's ever hit seems every everything he's ever said has actually happened. And he he's suggesting that the bank of the Canada wants to they will always want to overshoot overcorrect, which causes a recession even more so than maybe it needs to be but they have a mandate. And they want to make sure that that inflation rates get as low as possible, as we've talked about, but he's saying probably another point to five basis points, at least before the end of the year that the interest rates will go up. And that always affects all of us in many multiple ways. There was an article that they're they're in some areas where there isn't a bit availability to extend mortgages, you know, like the states, you can have a mortgage that you get once and you never have to renew it, your rate is your rate for the 3540 Watt years, whatever your average citation period is here is that is your rate and you don't have to renew it. The only time ever you need to renew it is if you want to re mortgage if you want to take equity out of your home or you know, then you redo it. But otherwise once you get a mortgage you're good to go. And so it there's just so many aspects there's there's so many things to consider. And that's not my specialty. Of course I'm not a mortgage broker. I'm a realtor but I know how much it affects buying and selling and prices and everything and I know a lot of people like to sometimes blamed the realtors for the for the market when prices are high and then of course when they're low but it's not us that have anything to do with the prices, it's always the what the buyers can afford and what the buyers are willing to pay. That's what it comes down to. It's not up to the seller, no way they can ask whatever they want doesn't matter. It's not up to the seller. It's not up to the realtor it is up to the buyer. What a good Realtor can do though is be a great negotiator and that's why I'm a certified trained to take extra courses. I'm actually certified in negotiations because it is so important l realtors out there if you're not certified in negotiation, I suggest get certified and you know promote it because it's really important it's a huge aspect of what we do we wear a lot of hats, but one of the major ones besides marketing is negotiating so anyways, that is my say on that but

Curtis Pope  20:48  
I want to I mean it's true you're an amazing negotiator because for example I pay you to be part of the show that happened

Michele Cummins - PREC  20:57  
swift um, let's not talk too much about that. Contest though. Hey, you were just talking about a contest at the break and we have that contests REMAX and it's on our social media to click the link there and be part of this contest. We're giving away Netflix for two years Netflix premium so it's called Netflix nights. So it just got even better if you love watching TV and who doesn't in the in the fall and the winter especially. There's some good shows. There is there's one called the real life and I think I talked about it with you before and it's a realtor and anyways it's a good one and then re there's another one about a real estate agent and they're all the houses are spooky houses like there's

Curtis Pope  21:54  
no ghosts. There's like paranormal stuff. Yeah,

Michele Cummins - PREC  21:58  
yeah. And he's, it's a real estate company that specializes in if your home is haunted, they will come get rid of the ghosts and sell your house for you. It's

Curtis Pope  22:07  
exercise the demons in the house and then they will interesting. Yeah,

Michele Cummins - PREC  22:11  
it's called surrealist surrealist real estate surreal

Curtis Pope  22:16  
surreal realist. ifollow Yeah, let's do it. Yeah.

Michele Cummins - PREC  22:20  
So anyways, back to the contest. So enter now for your chance to win. One of 20 Lucky people for two years of Netflix premium and new listing. I've got a new listing. I wanted to match real quick. We are not doing any open houses this weekend. Why? Well because it's a holiday and you know, it's a holiday. So take it off. And it's number 11 At it's off Morris Valley Road what it is is a beautiful manufactured home. That appears to be like a detached home. It's all skirted and beautiful with a huge deck completely covered all set perfectly on this beautiful lot in a beautiful gated community called tappa Dheeraj estates out in Harrison Mills right next to Sandpiper golf course right on Harrison river. There is a place where you can launch your boat you could canoe or kayak or paddleboard. If you love ATVs or dirt bike riding good just off the property you can do that this is such a beautiful area. It's Where Eagles soar. And just gorgeous, be at peace and live where you play I always say. So this place is good for rentals, you're allowed over 30 Day rentals. Again, it's gated. This home has a washer and dryer in it. But there is also a washer dryer and a huge facility to use with an indoor pool, a sauna, a hot tub, all of that. And the price is under 300. It's 299 888. So call me today or your agent to get into this. It's a brand new listing, like I said, and it's in real, it's in really good shape and the furniture goes with it. So that's that and then, um, so a quote. Okay, so I have been loving these long autumn walks. I'm trying to get my over 10,000 steps in at a day. And as some of you know, I have this I have a place in Vancouver and I have a place in the countryside and whether I'm in the city or in the country, my favorite favorite place to be is outside enjoy nature. And this code inspires me. Study nature, love nature, stay close to nature, it will never fail you. And that's from one of my favorite architects of all time. Frank Lloyd Wright.

Curtis Pope  24:36  
Very cool.

Michele Cummins - PREC  24:37  
He brought nature in, in his architectural drawing and designs. That's true.

Curtis Pope  24:42  
It's very true. Okay, well if people want more information about your listings and things like that, where can they go?

Michele Cummins - PREC  24:49  
REMAX Magnolia realty.com

Curtis Pope  24:52  
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