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Michele talks Updates and Fun!

Posted by Brad Fry on July 21, 2021
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Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!

 

 

Curtis Pope: 

She another Saturday morning, which means it's time to check in with the one the only Michele Cummins here on the Cummins Real Estate Group show. How are you doing, Michele? I'm doing great. Chris, how are you doing today? This fine Saturday morning? I am doing excellent. I have no complaints. That is for sure. You know, back from a little vacation, I can't complain.

Michele Cummins - PREC: 

Exactly. And nice to have a little bit of cooler weather yesterday. I think in the whole area.

Curtis Pope: 

It's nice to get a little break from the the heat especially because we had our heat dome where it was insanely hot. Then I went to the Okanagan, where it was insanely hot. So it's nice to come back and get a little bit of a break.

Michele Cummins - PREC: 

And you got back was it Well, I know you took what do you call it the day after you get back from vacation, it's so smart of you.

Curtis Pope: 

It's the first time I've done it, it's called a buffer day. And it's kind of a bit of a joke in Vancouver radio of going back to the days of one of our sports radio stations, where the program director for years talked about the benefits of taking a buffer day. And taking that extra day at the end of your vacation. Just kind of tie up the loose ends and get you know everything set so you're not scrambling and you don't want it's exactly that it was perfect.

Michele Cummins - PREC: 

And you know, it's so true. Every time I go away, I always tell myself, I'm going to do that. And then I never do. So what is it like it's been

Curtis Pope: 

It was great. I you know, I had to you know, read a couple things with the kids had to run around a little bit, do a few things like that. And, you know, get some stuff done around the house a little bit. But yeah, it all worked out really well to have that extra day.

Michele Cummins - PREC: 

Oh, that's awesome. Well, I'm excited today, today. Very good friend. She's getting married. And she is an avid listener, her and her husband as of today. It's hearing Deron, they're getting married today. And I'm so excited, I get to go to a wedding their wedding. And on behalf of them I have sunflowers in my office today because their wedding is gonna be all just natural out on the farm with hay fields all around blueberry fields all around mountain views, water views, it's gonna be gorgeous with lots of sunflowers and wild flowers are their flowers and so excited for them. So congratulations.

Curtis Pope: 

Well and very cool. Because now of course, you know, everything's you know, opening up more, and it's gonna be much more of a normal wedding too, which is even great added. So doors Oh, which is perfect,

Michele Cummins - PREC: 

perfect timing. I mean, they couldn't have timed it any better.

Curtis Pope: 

Now speaking of things have any more things loosened up when it comes around real estate for your open houses and things like

Michele Cummins - PREC: 

that now? Yes, actually, and we're going to talk about that in our sat section of the show. When we come back from the break. Our second segment is all about the latest stats, I figured

Curtis Pope: 

we had a stat show coming our way because for one thing you were really excited when I got you on the phone this morning.

Michele Cummins - PREC: 

You know what, you know me? Well? Yes, as the first segment, we're gonna have some tips, information and news to go through. And, you know, we last week we had our segment on investments. And that's been and just yesterday, I actually signed to another investment property for myself. I This one was a pre construction I bought a bachelor suite in garrison crossing one of the last condo projects there and I just love that community. And it's so perfect for a single renter who may be working on the pipelines or that whole area is great. So my property manager Dan lane, which is out of his REMAX little op, he manages hundreds and hundreds of properties and tenants and landlords and he's an amazing landlord or property manager. He's done. Pleased tenants for me in the past. And so yeah, so he's going to be placed in attendance next week. And that wonderful, awesome bachelor. Sweet. It's so pretty. I love it. But anyway, so I will always get excited. You know, every investment is so exciting. So I just did that yesterday. And guess what, Curtis? I got a sneak peek this last week of the Hallmark movie that was filmed at my place.

Curtis Pope: 

Oh, very cool. And so you got to see how your your place looks on film.

Michele Cummins - PREC: 

Yes. And it's so great. I love it. I can't wait till August when it comes out. So I'll be like, gritting my teeth. Until then.

Curtis Pope: 

It's amazing how quickly they can turn things around. Now, even in the film industry, where years ago, it seemed like they would have to film and you wouldn't see anything for a year or better. And now you're gonna have it out in August.

Michele Cummins - PREC: 

It's amazing. I know, their turnaround is crazy. They're editing and they're just so quick and everybody. There's so many people to do with every production. And they all know what they do. And they do it so efficiently. It's it's pretty amazing. Yeah. So, homework coming up in August. It's called the 27 hour day.

Curtis Pope: 

The 27th is not your average workday.

Michele Cummins - PREC: 

That's why it's so funny because it's so familiar to me. And it's about their bed and breakfast in Montana. So our property is like their Montana property, which they use as a bed and breakfast. So And anyway, it's really, really cool. I won't say anything more about it. But yeah, it's exciting. Because I was you lived in Montana, and I love Montana and they use mount GM as the Rockies like, like the glacier mountains. I mean, in Montana.

Curtis Pope: 

Oh, cool.

Michele Cummins - PREC: 

Yeah. And so Okay, so we're gonna move on to talk real estate more real estate. Let's say that about some tips and information. So some updates. On June 3, a bill passed to create a new annual national holiday, you might know this, Curtis, because you're on the pulse, you know what's happening. But it's a day for truth, and reconciliation, September 30. That's the day. So that's, it's a tough topic, the rest of this the we'll talk about some different things as we go on that this new holiday falls on September 30. And the reason I'm bringing it up on this show is because so many people who already have live contracts with live completion dates, might want to look at those completion dates, and make sure they do not fall on September 30. And recognize that September 29 is not a great completion date, either for your purchase, or your sale to complete. Because if there's a slightest hiccup, well, the next day is a fact. So you know, lawyers and notaries they usually don't like closing anything. They don't like completing any purchase agreement on a Friday because if there's a delay in any way, then everyone's waiting till Monday, and what if possession was the Saturday and now the buyers are having to wait till Monday because there was a little delay or whatnot with land titles or the transfer of funds. So be aware and maybe have a look at your contract if you already sold and you feel like it might be around that time and anything new you go into just make sure it's not the 29th and it's not the 30th and you'll be good to go. So realtors are updated on this and lawyers and notaries, but definitely check that Okay, so because that happens sometimes that you put in a contract together before this announcement came out, so want to make sure everyone knows that. So again, both September 29. And actually October 1 should be no gozone. Okay, October 1, as well, because you know, and thanksgiving falls on October 11 this year so basically there's only going to be a three day week followed by a four day week as people sneak off on the eighth to get you know, one final four day weekend at the lake or whatever. Then another four day week after that, so just keep an eye on that whole timeframe for folks like you you get another Thanksgiving in November

Curtis Pope: 

so I know that any any any folks from the states that live in Canada they take advantage of two Thanksgivings.

Michele Cummins - PREC: 

Why not? More turkey more stuffing?

Curtis Pope: 

Yeah, I'm with you.

Michele Cummins - PREC: 

Love it. An apple pie. Don't forget pumpkin pie. Oh, a pecan pie warmed up with ice cream. Okay, I digress. I'm thinking food now.

Curtis Pope: 

So my thanks for that.

Michele Cummins - PREC: 

You're welcome. Okay, what else happened was the Bank of Canada met on Wednesday and announced that they're holding the base rate where it is no surprise there. They say the domestic economy will grow at a slightly slower pace so this year than it previously sought and sees the risk from COVID-19 waning but not enough to change the trend setting policy rates so the central bank said it expects the economy to grow 6% in 2021, down from its previous forecast at 6.5%. However, the bank now expects growth of 4.6% in 2022, up from its earlier forecast of 3.7%. The reason for the shift is a weaker first half of the year, then the bank really expected as the economy was hampered by lockdowns and restrictions. Now the next scheduled date for the announcement from the bank and Canada's overnight rate target is September 8. So that's the next time they meet and the next time we'll find out any other changes or information. And keep in mind that it's for the Bank of Canada, all of Canada. So last week also CMHC announced easing its underwriting criteria for Mortgage Loan Insurance. It's so that is great news for people who might not know last year they made huge changes of of your credit score, they raised the amount of your credit score to be approved for an insured mortgage as well as made the debt ratio really hard. But the credit score is now going down to 600. And they're lowering the service debt ratio as well. So this is really great news for buyers. They've seen that they've lost business. This is why partly why they're doing this Because there's other insurers that buyers have gone to CMHC isn't the only one, it's the most popular one, it's the most well known one. But it's not the only one. So that is why they they've lost a lot of money. Because people have just purchases have gone to the other insurers. However, Canadian purchasers, I mean, they're using conventional mortgages, they're putting most purchases, purchasers are putting more than 20% down or more right now. Because the average price in Greater Vancouver and the Fraser Valley as everyone will hear in our second segment and has known the prices, the average benchmark price is over a million dollars. And if you purchase anything over a million dollars, you have to put a minimum 20% down anyways. So it really hasn't affected the the average purchaser all that much. And if you're an investor, you have to put a minimum 20% down anyways. So investors as well, even if they're buying something under a million dollars for an investment, they still have to put 20% down anyway. So again, it didn't really affect them as well. But that is some great news that is out there and wanted to share. And just quickly before we go on break, some Western investor headlines, I love Western investors, they have so much valuable information in there, if you don't register, or if you don't, if you're not a member, or you don't subscribe, you know, it's a good idea to subscribe, lots of great information there. But a couple of their headlines really quick is switching vacant Calgary offices to housing is very viable. They've got these huge office buildings that are empty or has or becoming empty, and they are actually thinking of converting them into housing. So that's interesting. And there's a recent immigrant who bought a Victoria's Mayfair shopping center, and they're from China. And as me as a member of ARIA, which is American or Asian Real Estate Association of America. Our annual meeting this year earlier this year was all about how it's all good. And there's great signs for those in China and Asia to actually invest in put their money into Canada. This year into Canadian Real Estate specifically 2021 they have a highlight on Canada for real estate investing. So you know, people go Oh, are they buying anymore here? Well, yes, they are. And especially this year, and and last new hotel plans are showing proof of life because there's this luxury hotels coming up. It's it's a proposed development, your Richard's Olympic oval and the equivalent Town Center, and luxury a luxury hotel. So if that's not showing signs of strength of the economy, I don't know what.

Curtis Pope: 

Okay, very, very cool. All right. Well, we'll take a quick break here. But if people want more information about you and what you do as a realtor, where

Michele Cummins - PREC: 

can they go? Mattel comm and.ca.

Curtis Pope: 

We're back with more right after this. And we are back with Segment Number Two of the company's Real Estate Group Show. I'm Curtis Pope. Now, Michelle, I know it's your favorite show of the month. I know you love doing the show every week. But I know the stats show is a little closer to your heart.

Michele Cummins - PREC: 

It is I I live by facts. I love facts and you know, black and white figures. And it doesn't lie. Right. So and it teaches us and it shows us and it helps us all the good stuff. So I love stats, and here they are. I love the headline of this month's stat report from the Fraser Valley real estate board. I couldn't have come up with a better one. I'm not this creative here this. mirroring the weather. Fraser Valley's hot housing market cooled slightly in June going from a boil to a simmer. Wow,

Curtis Pope: 

wow.

Michele Cummins - PREC: 

Yeah, I like that. I wish I was that good of a writer. So feels in the Fraser Valley. Real estate for multiple listing service remained robust in June because this is June that however for the first time since last September, monthly sales didn't break a historic record. That's the news. Sales continued to remain elevated compared to attend Local June minus 22% above the 10 year average, or I mean 22% over the year Um, so that's pretty amazing. And Larry Anderson, he's our president this year of the board and he said, In June, we shifted from an extreme seller's market to a strong seller's market. Although demand for Fraser Valley homes remained very high, over 40% of active listings sold in June. We're seeing the market settle down and giving buyers and sellers more room to maneuver. So it's good overall for everyone, but definitely still a seller's market. He continues, we're now seeing more subjects offers and for the first time in months, we're starting to see price reductions. A lack of supply continues to be the single largest factor affecting the market Simply put, to meet current demand and get back to balance we need about 3500 more active listings in our region. So if you're thinking of selling, get going. As of July 1, as part of stage three as VCs restart plan, realtors are again allowed to hold in person showings and open houses while continuing to adhere to public safety recommendations. So everyone if you start seeing as of July 1, those open house signs Yes, we are now allowed to have open houses and we're still being very cautious and very careful. Of course, across Fraser Valley in June, the average number of days to sell a single family detached home was 17 days and a townhome was 12 days, condos took an on average 21 days to south. Okay, so the whole Fraser Valley area, the benchmark price activity, we're going to go through detached single family homes benchmark price overall $1,324,400. So that's an increase of point 1% compared to May of 2021 and an increase at 33.2%. Compared to last June townhouses benchmark prices at 678,400 and VAT is an increase of 21.2% compared to last year, and an increase of 1.3% from the month before and condos are currently at 493,500. And that is an increase of 1% from last month and an increase of 13.4% compared to last year. And now going municipality by municipality starting with the Heart of the Ocean Abbotsford detach benchmark prices are at $1,140,100 and that is an increase of 38.8% from last year. And it just went down slightly from the month before point 3% townhouses in Abbotsford are at 575,900 and that's up 26.3% from last year and up 2.5% from the month before and condos are at 378,100 and that is up 17.4% from last year and up 1.7% from the month before and then missions benchmark prices for detached homes are at $925,500 one of the only municipalities in the Fraser Valley to be under a million dollars for the benchmark price for detached homes. And that's up 34.7% from last year and down just a tiny bit from a month before point 1% townhouses are 579,400 interesting enough that is higher than Abbotsford benchmark price for townhouses and that's up 24.6% from last year and up 3.9% from the month before so townhouses are hot and mission. condos are at 411,200. That's up 16.7% from last year and up 1.4% from the month before. And then White Rock cells three area d pad prices for benchmark homes are the benchmark price is 1,731,600. Up 29.6% from last year and actually steady from month to month from May to June. didn't go anywhere it stayed the same townhouses are at 810,000 that's up 23.7% and up a little bit from the month before by point 5% condos are at 567,400 and that's up 17% from last year and up wait 4% from the month before. Langley benchmark prices of detached homes are at 1,383,000 up 32.4% from last year and up point 3% from the month before townhouses and Langley at 691,400. Up 20.4% from last year and up 1.6% from the month before condos at 470,600 up 18% from last year and up 2.5% from May, delta Okay, this is interesting. So benchmark prices in delta detached homes are at 1,198,400. Up 30.3% from last year, but down 1.6% from the month before and townhouses are at 665,400 that's up 20.2% from last year and down 1.5% from the month before condos and delta at 406,600. Up 2.8% from last year and up point 4% from last year. But I have to mention before we go into theory, our lack mentality of the Fraser Valley, delta actually went down more than any other area. So and then and then Langley and Abbotsford is, follows after that's where detached, single family not looking at townhouses and condos are just interesting note. So city a theory all combined all series, a detached benchmark prices at 1,436,100. And that's up 31.8% from last year and up point 5%. from the month before townhouses at 702,600. That's up 20.4% from last year and up point 9% from May condos are at 447,700. And that's up 11.8% from last year. And actually at that point 4% from the month before. So that is our Fraser Valley real estate stats. And yeah, pretty exciting information.

Curtis Pope: 

All right, well, that's quite a bit information to go through and interesting stat, you know, selection to say the least. And, and we're actually hearing about some prices coming down for the first time in a long time, even if it's in one municipality.

Michele Cummins - PREC: 

It's really interesting. And if you if your realtor has you on an automatic update for let's say your neighborhood to keep an eye out on your neighborhood, I call it for my clients, a neighborhood Market Watch, where you automatically get all the new active listings in your neighborhood. You see when they sell you see if they've terminated or cancelled. Or if there's an open house, just keep an eye on your neighborhood market area, right. So when you're seeing that, and you look at that collaboration Center, which is a direct link to the real estate board, you can see what it sells for you can see if the prices come down and it is quite interesting in our system. I'm seeing the you know the down arrows and a couple of aereos arrows. But yeah, there's a slight shift. And I like to say slight because it's still a crazy seller's market and we still don't have enough listings compared to buyers out there. So

Curtis Pope: 

Alright, so we still have a lack of inventory. Yes, we do. Which is gonna keep prices I imagine even if they are starting to cool off a little bit still gonna keep prices high, though.

Michele Cummins - PREC: 

It's true. And you know what this show? I'm not even going to mention a new listing because as it's listed, it's already sold. It's happened to have keeps on happening. So yeah, and a lot of you mentioned a quarter the week before we go because this one touched my heart this week. It's be a rainbow in someone else's cloud.

Curtis Pope: 

I like that one. I've

Michele Cummins - PREC: 

never heard that one tweet by Maya Angelou.

Curtis Pope: 

Of course, that makes sense. Okay, but what is straightforward and very true, quote. I like that one a lot. All right. Well, people might want more information about stats and about you know, real estate and what you can do for them. Where can they go? They'll come in. 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.

 

If you missed last weeks episode where Michele give tips on investing in real estate please go back and take a listen - it's well worth it!

 

Click Here to listen to the full Episode & Previous Episodes!