Real Estate Blog for Buyers & Sellers

For More Information:

Tricia Lehane Realtor®
RE/MAX Excalibur
Phone: (602) 689-9977
Email: tricialehane@gmail.com
Website: Scottsdale AZ Real Estate & Homes for Sale | RE/MAX Excalibur (remax.com)

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✅ Brokerage Website: Mission BC Real Estate & Homes for Sale | RE/MAX Magnolia (remaxmagnoliarealty.com)

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

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Curtis Pope 0:31
Well, it's about that time it is time for the REMAX Magnolia show the real estate show, of course, with Michelle Cummings and myself Curtis Pope. And of course here we are Michelle. It's another Saturday morning and time for another show. I mean, you've been away for a couple of weeks. I

Michele Cummins - PREC 0:46
have I have it's the beginning of February and of course, I love my stat shows. So I'm here to do that. But our first segment we have a very special guests. And I wanted to introduce her

Curtis Pope 0:58
Yeah, I think we need one of your world famous Michelle Cummings introductions. Okay, so

Michele Cummins - PREC 1:02
I met Yeah, drumroll Trisha. Trisha Lee Han is here from Scottsdale, Arizona. Now why am I having to guess? Some Scottsdale Arizona Wow.

Curtis Pope 1:16
Neighborhoods, obviously. Such a big thing is from this part of the country. It's huge, isn't

Michele Cummins - PREC 1:21
it? Trisha? Yes.

Speaker 1 1:24
Good morning. Good morning. Good afternoon. Sorry. It is afternoon. Morning busy time busy brain disease I call it

Michele Cummins - PREC 1:31
I know you're mountain time. But but you're you're really early in the afternoon. But I will I know it's Saturday and I know you are going to be hustling and getting away and doing all the showings and presenting your your listings that you have. But I wanted to tell our guests how how I met you and who you are. So they have a background of who you are. So that when you tell us all about the great stuff about what's happening there. They they have a frame of reference. So I met Trisha many years ago at a conference and she is been so part of so many women in the industry and luxury so she is a certified luxury marketing specialist as I am and I think that might have been one of she was presenting at one of the conferences for the luxury forum. And I believe that is where I first met her but she's just been so amazing all her volunteer hours and her heart towards global luxury and real estate and for REMAX she is a full time realtor of course in the greater metro Phoenix, Scottsdale Arizona, moving there from Kelowna BC and that's what connects her to us as well because she's from Kelowna. So Trisha was born and raised in southeast Colorado on the farm, and her parents chose to move to Winnipeg, the cold Winnipeg in the late 70s. Trisha grew up with a two older brothers, and with a working mom had the responsibility of being the head chef at lunch for upwards to 10 to 12. Hungry folks. Younger older men everyday at lunch all the time early age of 10 years old. She has had this work ethic and business mind since she was little so she knew she knew from a very early age what hard work was. Trisha started in sales in mid 80s and moved her positions to be upper management in corporate Canada. Trisha lived and worked in every Western Province of Canada is in the Yukon Territory. Her favorite province was British Columbia, and she moved to Scottsdale Arizona in 2005, where she started her real estate career Trisha was awarded in the past 10 performance with foreign clients global realtor of the Year by her Scottsdale Association of Realtors and continues to be very passionate about global real estate. Tricia served on the global committee for the Canadian Real Estate Association with a two year appointments. We met in Trisha city, Scottsdale, Arizona, and it was it was that one Tricia for the Luxury Collection. Yeah, that's where it was. And that was in 2017. And so welcome to our show. I know you have a lot to share. And there's a lot like Chris, you were saying snowbirds heading down to Arizona. Yeah. So I'm thinking about you the question, some questions, but first off, tell us about the major differences of purchasing a home in Arizona, versus like in the US versus Canada. Okay,

Speaker 1 4:43
so the biggest thing, Michelle is the financing. So our financing of course we have FHA and get which is guaranteed government lending and our closing time generally To get financing is in anywhere from 20 to 35 days, I have closed some transactions in 21 days, but our standard is more like a minimum of 20 days. And I know for Canadian financing, you can get it almost in a week type thing is true. Right. And then here we also have title companies versus lawyers. And the title companies here basically do everything that a lawyer does in Canada, they research the title, the homeowners association, they do make sure there aren't any liens and encumbrances against the property, and they prepare the documents for closing after that they actually send to the county for filing. So they basically do everything that a lawyer does in Canada. And something else that we have here, which Canada does not, is called a home warranty. Some Canadians have got it mixed up. They thought it was in lieu of insurance, but it's basically in addition to insurance. And it's a minimal cost of about five to depending on the size of the home 500 to $1,200. And it won't cover maintenance on roofs as well as air conditioners, appliances. And I always recommend that to my clients, especially for the first year that they're in their home cautious

Michele Cummins - PREC 6:31
sounds like a great deal. Sounds like well worth it. That's a great idea. It's almost like a new home builders warranty out here, you know,

Speaker 1 6:40
and in you pay a service fee of $85 for them to come out and make repairs. They don't replace an air conditioner that's 25 years old. Understandable, a great tool to have in your toolbox. Trisha,

Michele Cummins - PREC 6:55
do you know how much Canadians have to have down versus maybe a US citizen?

Speaker 1 7:01
Yes, it starts at about 5%. I've worked very closely with RBC bank. The matter of fact I was there us real tour on tour they did through British Columbia in 2019. Before COVID hit, we hit eight cities in five days, eight presentations, so 5% down, and they do a great job for us.

Michele Cummins - PREC 7:28
Are you surprised 5% down for a foreign buyer. That's great. What's the foreign buyer tax there? Is there?

Speaker 1 7:36
Well, no, there isn't. What we do have here is a FIRPTA tax, which is a foreign investment, real estate property tax. And it's really a withholding instead of an actual tax. So any property under 300,000. There is not the withholding, it's up to the sellers to take the responsibility to submit that documentation in Canada. But if they sell our property after over 300,000 There is a withholding tax of 15%. But of course we have resources here that we work, have our our CPAs do the tax withholding, and work directly with the title company before the monies are sent to the IRS. So it's flagged and they know it's there. So it's in most situations if people get keep good documentation of their expenses. It's basically like a capital gains tax. So it's 15% and then a very small

Michele Cummins - PREC 8:47
state tax that's not bad at all. Is that much different from other states? Or is it an overall federal? Us?

Speaker 1 8:54
It's an overall federal withholding, like I said, it's not a tax and that's why it's so critically important, Michelle, for people to work with realtors that have number one, the experience and the resources absolutely work with those Canadian sellers absolutely don't have a GST or anything like that. Hawaii and California also both have a very high tax. And it's not just a withholding tax. It is a tax that you pay above and beyond any withholding tax on the federal level.

Michele Cummins - PREC 9:33
So in compared to Scott Arizona, yes. So what well that's a definitely a benefit to choose Arizona over some other Snowbird destinations. What else do you think makes Arizona stand out and particularly you're of course

Speaker 1 9:51
BC loves Arizona. We you know it's a two just over a two hour flight direct from Vancouver to the Phoenix guy Harbor Airport. If people want to save a little bit of money, they could drive down to Bellingham and fly Allegiant to the greater metro Phoenix area. And so that we have direct nonstop flights three times a week, in the winter months. Now, Vancouver,

Michele Cummins - PREC 10:21
wanted to point out escrow versus maybe the subject removal phase that we have here in Canada. So we put an offer together, it gets accepted by all parties. And then there's usually seven to 10 business days of buyers due diligence where they have subjects or you know, conditions where mostly it's to their all their benefit, and then they choose to remove it after that seven to 10 days, if they want to move forward with the purchase. They put down the deposit at that time, and it's firm. Now, no parties can change their minds. Well, and then we wait to completion day and completion days, really whatever seller and buyer agree upon. Now, down there, there's something called escrow. And can you tell us the differences? Yes,

Speaker 1 11:02
no. Escrow is what happens at the title company. So within you know, when we have our offer accepted, the monies are deposited with the escrow company. And that's when they start the process to ensure there aren't any liens and encumbrances, they research the homeowners association, they prepare, excuse me all of the documentation that a lawyer does in Canada. So we have within the 10 days, they also ordered a title confirmation. The thing we have here that within 10 days is the home inspection. And honestly, in 2008 to 11. The market was so hot here with so many Canadians buying homes at $60,000 that you can't touch today, they would be waiving home inspections, but I don't ever recommend that. So we have 10 days to do the home and termite inspection and ask for any repairs. during that timeframe, and then financing is a total separate program. And

Michele Cummins - PREC 12:15
there are monies due at the time of writing the offer the buyer puts in with the offer Correct. That is not not the whole deposit after the 10 days. It's

Speaker 1 12:24
earnest monies and earnest monies, it goes to the title company. And then within that timeline, of the 10 days of the home inspection, if there's any issues, they get their full, earnest monies back. And of course, it depends on the price of the property.

Michele Cummins - PREC 12:44
I agree with earnest monies, I feel like Canada should implement that with our offers, you know, it, it makes for more serious buyers who aren't playing around and they are really committed when they go in to make the offer. I really strongly believe that's a great thing.

Speaker 1 13:02
Well, and Michelle, something that's really important is, is people are pre qualified, or they provide proof of funds. I can't submit an offer without either that as well. And then of course, the higher the earnest money shows stronger commitment on behalf of the buyer to the seller.

Michele Cummins - PREC 13:24
Those are the two great things to implement here. I'm going to work on that.

Speaker 1 13:30
Absolutely. So a couple of other things that I'd like to share with you. You know, our pricing is very attractive. Our our average medium price throughout the valley is just over 500,000 510,000. I love

Michele Cummins - PREC 13:46
that you're in the hands and we're in the valley. We're all in valleys. Yes, we

Speaker 1 13:50
are. And so you can and the big thing is we are the fifth largest city in the United States. Maricopa County has been the fastest growing county in the United States probably for the last 12 to 14 years. And it will continue to be we in the past year we've had a $42 billion investment in a Taiwanese semiconductor plant. And then another 40 billion has been announced to support that industry. So for investment purposes, it's a great place to consider for investment opportunities as well as personal use. So I have a lot of clients from Canada that use it as an investment property as well as their personal use. I can

Michele Cummins - PREC 14:42
see that what's the economic outlook then for 2024 for the future here, going with absolute

Speaker 1 14:48
absolutely fabulous, you know, just because we have so much growth, I mean people that bought homes 2320 or 30 years ago, they don't And then hardly recognize the valley if they haven't been back. So we continue to just grow in leaps and bounds.

Michele Cummins - PREC 15:10
I wish we had more time to talk more Tricia with you. It goes by so fast. Is there anything else you wanted to leave our guests, our listeners with any tips or advice?

Speaker 1 15:25
Make sure when you find a realtor Pick me, but that they have experience in working with foreign nationals. I was so proud to serve on the Canadian Real Estate Association global committee to help. You know, realtors understand when they send a referral a lot of Canada that they have a trusted source on the other end because it's your reputation on the line.

Michele Cummins - PREC 15:51
And you are that you are the professional and you are a go to and thank you so much for all your help. And I advise you. I look forward to seeing you this year at this year's luxury forum in Napa. I believe it is

Curtis Pope 16:08
very cool. All right, Michelle, if people want more information about what you do as realtor and your listings and things like that, where do they gotta go

Michele Cummins - PREC 16:14
to Lake Tahoe? My sister Gina lives there. That's where it's

Unknown Speaker 16:19
like Tahoe. Yes. REMAX

Michele Cummins - PREC 16:21
Magnolia realty.com

Curtis Pope 16:23
We're back with more right after this.

And we are back with segment two of the REMAX Magnolia show with the star of the show Michelle Cummins and myself Curtis Pope. Now this is right, take a break and go get a coffee because it is a stats show. And I know you've got all kinds of stats for us. Well,

Michele Cummins - PREC 18:01
you know, some kinds of stats, actually, there's a major change shift that's happened. Okay. It's pretty excited and pre warned

Curtis Pope 18:06
me about that. No, no, I

Michele Cummins - PREC 18:08
like the element of surprise. You've worked do?

Curtis Pope 18:10
Yes.

Michele Cummins - PREC 18:11
Don't go anywhere. Okay, so I wanted to remind everyone about all the giveaways that we always have and we have room couple going on right now. So check our socials at REMAX Magnolia or mine at Michelle Cummings realtor and, or my newsletter if you're on my newsletter to get it and if you aren't, you should definitely get my newsletter. There's lots of great opportunities, tips, advice, news, all sorts of things on there. So just go on the website to you know, enter into that. Or just to email me just reach out Google my name. You'll find my information in my email. But okay, contest, there's the quest for excellence. It's a $40,000 scholarship, and it's up for grabs. So enter. Go on that REMAX Canada socials, our socials, you'll find it out there. That is a great opportunity for somebody. And yes, you could win it. And also I in my office personally have a contest going on right now of $100 Restaurant actually, it's a Visa card. You can use it anywhere you want, and tickets to who that is hockey. So follow like and tag someone and for everyone you tag on my socials, you will get an extra entry into the draw. So do it multiple times tag everyone, you know, ReMax Magnolia, go on the Instagram, Facebook or Michelle comments on both actually, I'm doing it on both. That means two opportunities multiple times. tag everyone on both and that's multiple times. So two different drawers there. And so real estate news and announcement. I don't know if you've heard Curtis but there's some new news that came out last Sunday's news.

Curtis Pope 19:48
New news now we're suddenly the Kelsey brothers on new heights news news. All right now we're just probably ceiling something's copyrighted but Oh, yeah. Well, it's the big game. Tomorrow's So, Travis Kelsey is in there. And so we're given the Kelsey brothers a little representation of promo. So new news news

Michele Cummins - PREC 20:06
is the government announced a two year extension on the existing ban on foreign buyers of Canadian housing. I know we just talked to Trisha in our first segment about us Canadians buying down there in the US, they don't got no band, but we got a band. So here in Canada, sorry, but you cannot purchase if you're a foreigner until January 1 2027. We do

Curtis Pope 20:31
know there are some ways around that though. We have we have discussed the people have already had it figured out a workaround. And

Michele Cummins - PREC 20:38
that's a beautiful segue into a couple of things I have, all right, that are commercial zones, ah, which are workaround, oh, that's a workaround. And there's living in both of these properties. If you are interested in if you're a foreign buyer, but you want to put your money into Canada, you want to get into Canada, you need to live in Canada or you have a child or somebody that needs to be in Canada, call me about those two properties I have that are commercial zoned with living quarters. Okay, so stats, today's the stat show. So let's get on with that. And then we'll chat about a little bit more after the stats. But this is exciting nude signs of stability in the Fraser Valley housing market is here. And now. The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline. And new listings more than doubled. The Fraser Valley real estate recorded a lot of transactions that's 938 on the MLS system, and that's 12% increase from December, so really, really good. And at the new listings that increased 151% In January, it rebounded strongly. So after the seasonal low we had I'm telling you all realtors will tell you November in December, we're bad, we're really bad on sales, like hardly any sales whatsoever. So this is really good news and showing strength in our economy. And even the BOC they held the rates and buyers are starting to get off that vent, they're going I'm gonna buy now go on a multiple or a blended mortgage until the rates are down lower and then I'll lock in so the savvy buyers are buying now, while the prices are good, because as soon as the interest rates start coming down, prices are gonna start going up again. So that's you know, I

Curtis Pope 22:25
talked a little bit about that last week, and how that they they say like basically a month or two from now, things could get a little crazy.

Michele Cummins - PREC 22:32
Yeah, so if you're looking if you're looking to buy, don't wait. active listings were up 4% over the last month and some other good information, but I have this whole report on my website or just email me for it or message me however you want to reach out to me for it, I will give you the full 12 page report. But let's get to the benchmark price of an average detached home in the Fraser Valley is at 1,000,480 or 66,100. And that is a decrease of point 4% compared to December 2023 and an increase of 8.6% compared to January, townhouses are at 825,600. And that is a point 1% decrease compared to December of last year and an increase of 6.9% compared to January 2023 condos at 539,700 and that is point 4% increase compared to December of 2023 and an increase of 6.5% compared to January of 2023. So we are now going to go into Abbotsford and we're going to talk detached pricing first a benchmark money among million if I can speak 171,400 So that's pretty close to the overall average price of the Fraser Valley and that's up 12.1% Compared to last year, and it's up point 4% compared to the month before townhouses in Abbotsford is 644,100 and that's up 4.5% from last year but down point 4% from the month before. Condos are at 443,400. That's up 13.6% from last year but down point 7% from the month before. Langley detached at 1,585,400 That's up 8.6% from last year down 1.3% from the month before townhouses at $849,800 and that's up 6.9% from last year. Down point 6% from the month before and apartments at 596,700. Up 7.9% from last year and up point 1% from the month before North Delta area is detached homes. $1,350,700 and that's up 8.8% from last year. Up point 3% from the month before townhouses $890,000 Up 8.3% from last year but down 1.9% from the month before apartments at 573,400. That's up 2.4% from last year and exactly the same as the month before, and then we have Surrey. So combining all of the Surrey area, we have detached prices at 1,599,100. That is up 8.2%. From last year and down point 1%. from the month before townhouses at 855,100. That's up 7.2% from last year and up point 3% from the month before and apartments at 540,300, up 4.2% from last year and up 2.1% from the month before. And looking at our graph. And again, you can't see this on the radio, but check out the YouTube on Thursday or just asked for the stats from me and I'll send you the full 12 page report. It is showing that the market almost went into a buyers market. And then all of a sudden in January, it popped up and it's now almost a seller's market. So it's just hovering in that balanced market from low to high. But there you have it, folks. That's the stats from the Real Estate Board of the Fraser Valley.

Curtis Pope 26:01
All right there we gonna get it people want and then get them off the website and they can see the full report.

Michele Cummins - PREC 26:06
Absolutely. And so I wanted to talk about a new listing. Okay, new listings are hitting the market. This is so gorgeous. I have this. Okay, you know, Curtis that I sold phase one of Harrison Highlands Harrison Islands, a beautiful, beautiful Harrison Highlands. So there's a gorgeous home on Strom del, it's a couple years old, it was in phase two. It's gorgeous. It's got the most amazing views out of all the homes I've seen up there literally the way this home is placed. It's called the hat sick design, which is the new design for phase two, it was a new design. And it's gorgeous is my favorite color of them. And it's that beautiful green and the vuser of the this huge park of course the mountains, of course, the rivers, and then the huge pond that they have there, which looks like a lake from this view point. And then the way they have the house situated is back. So you it's so private, you don't see anybody. They got that $20,000 Shed that's there. They've got raised gardens, they've got a fully insulated and heated and painted and finished garage. Gorgeous. They've got a big generator hooked up to it. They've got this cute white picket fence, you've got to see the photos and the video that I have of it. It's absolutely stunning. And the price on that one Oh, and there's a suite and they built the suite for their moms. So it is a high end suite. It's got all the bells and whistles there's quarts throughout the whole house. They really spent good money in the basement suite as well so it's not you know, it's high quality. It's beautiful white kitchens, all the stainless steel appliances all the walk in pantries with the plugins with the extra fridge and freezers it's almost 4200 square feet and they did put a brand new chair lift that goes downstairs so if you have somebody who doesn't can't do stairs, but you need that double living space, beautiful beautiful for a blended family and it's only been on the market for a couple days it is literally brand new and I'm doing an open house today everyone jump in your car and come on out and see me at Harrison Highlander it's only 30 minutes from Mission 45 minutes from Abbotsford and 30 minutes from Chilliwack come out and see me and the price tag is oh and I'm gonna be there from two to 430 and there's others other open houses in the community as well we all are doing the kind of a open house extravaganza so those men are doing that again yeah we Yeah, I didn't really advertise it this time as such but we did all organize it to get some nighttime key

Curtis Pope 28:29
extravaganza it's not you know all the bells and whistles but it's going on it is there we go and

Michele Cummins - PREC 28:35
the price is 1,375,000 Such a good price for that place. I'm like oh my gosh, you just heard the stats and for this gorgeous new home with all these bells and whistles in the most amazing view okay, I can go on and on about it but please just come and have a look and if you can't at least jump on the MLS see the virtual tour see the drone video and the cinematography video, the floor plans I have and all the good stuff and I do have three how are we on time we I know we gotta go soon, folks, but I've got three lots in Tampa dira coming up next week and one is a double lot side by side you get the trailer a fully covered DAC a river pond with coil in it over a bridge to your other lot which is just adjacent to it with a big gazebo and you can park an extra trailer wherever you want. Tap a deer estates if you all don't know is a great place for semi retirement or vacation place. It is on the Harrison River. It's gated like I said it's got this beautiful lodge that you can rent out with a kitchen and everything and an indoor pool, a sauna, a jacuzzi, a park with horse shoes, and it's got all sorts it's got a laundromat if you don't have laundry and replace but so I've got these two side by side lights and then I have another one that has a module like a so that one has a trailer this one has a module on it. So manufactured home on it so great place you could do have their full time. You can rent it out if you want, or you can have it as a vacation place. So that's fantastic. Those prices will be next week. And I will end our show. Sorry if I'm talking fast, but you know, we've had a lot of coffee. It's a stat show we're used to the quarter the week. Listen up everyone. If you haven't already, ideas without actions aren't ideas. There are regrets. Christina who said that?

Curtis Pope 30:26
I do know this quote and I'm, ah, I want to say Walt Disney but I don't think I'm right close, but

Michele Cummins - PREC 30:33
really far away.

Curtis Pope 30:36
Steve Jobs How can you be close but very far away? Because they both were based in California. All right. Like that one? Yeah. I didn't know that. Well, I just know who it was from. I've heard that one before. I do like that one a lot. If people want more info on these listings and things like that different properties you have and things that are going on with the with the REMAX Magnolia team, where can they go

Michele Cummins - PREC 31:00
REMAX Magnolia realty.com And join us again

Curtis Pope 31:02
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