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Selling Unique BC Properties

July Stats and More!

Posted by Brad Fry on August 10, 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 Saturday morning that means it's time for the company's Real Estate Group show with the one and only Michele Cummins and myself Curtis Pope. Good morning, Michelle.

Michele Cummins - PREC: 

Good morning, Curtis. And good morning, everyone. It is a great morning. It's fantastic for the farmers. I'm so happy for all the cornfields and everything getting just a little bit of moisture.

Curtis Pope: 

This weekend, we needed a little bit of a break in the temperatures and a little rain and we probably could use a little more rain. But we'll take what we got

Michele Cummins - PREC: 

so excited about next week, though, because I am having so much fun riding my new bike I am so loving it. And I'm so excited for good weather for it can't wait to get out again. Absolutely.

Curtis Pope: 

I know I saw a couple of videos of you on social media, they're out riding your bike, and I'm like, That looks like fun.

Michele Cummins - PREC: 

Oh my gosh, it's much it's so much more funner than I thought it would ever be. I mean, I wanted to ride a bike for probably 20 I long time, a long time. Pretty much my whole life. And and so this this is so, so cool. I just love it. And actually the company I bought it from advertises on our station here are nice, yes. Good company in chilliwack. Brian, the manager and Natasha helped out and actually, Christine Allen from my office also got a bike from them. And so we got our licenses together and we're going to we're going to be showing up at listing appointments and buyer showings in on my bike.

Curtis Pope: 

Very nice. And I do I can't help but notice you being a Star Trek fan. You bought a Vulcan motorcycle?

Michele Cummins - PREC: 

Yes. You're the first person who's put the two and two together. Thank you.

Curtis Pope: 

Live long and prosper. Always I was doing the symbol for you. But it's radio so you can't see it.

Michele Cummins - PREC: 

I felt that though I felt the force of it. Wait that star?

Curtis Pope: 

Well, we're getting backwards. Yeah, no, I I can actually can you do the Vulcan salute on both hands?

Michele Cummins - PREC: 

It No, not on both hands?

Curtis Pope: 

I can. I can do it on both.

Michele Cummins - PREC: 

That is impressive. So you have many talents.

Curtis Pope: 

That's a pretty useless talent, but and I'm even more of a Star Trek fan than Star Wars. But I like Star Trek too. So

Michele Cummins - PREC: 

that's why the force came out in me because that is I know your cup of tea.

Curtis Pope: 

Yes, I know. You know, it just it's funny because often you're either one or the other. I do like both but I lean towards Star Wars.

Michele Cummins - PREC: 

I do like both two. I love both. I don't like I love both

Curtis Pope: 

right. Well, there we go. But I do like the God of Vulcan. I mean that there was a motorcycle called the Millennium Falcon. I would probably have one.

Michele Cummins - PREC: 

Okay, that's cool. Now somebody's got to actually make that you can get that for your birthday. So talking about entertainment and shows. The movie that was filmed on my property is actually airing today at 6pm on the Hallmark Channel. And I'm just so excited to watch it. It's called the 27 hour day. And yes, it's a romantic film and great actors in it. And it's it's the theories I have to say the theories absolutely gorgeous. I must say it's a Montana retreat. So they use mountain jam as as like the the great, amazing mountains in Montana. Oh my gosh, it's gonna be great.

Curtis Pope: 

Okay, so that's good. So there's not just what's going on in Yellowstone on my into Montana. There's actual love stories and stuff too. Just caught all the bad stuff.

Michele Cummins - PREC: 

Exactly. There's some good stuff in there. Okay. I was gonna ask you a question, Curtis. Because Do you know what my favorite country real estate song is?

Curtis Pope: 

Your favorite country real estate song? I really don't know. No.

Michele Cummins - PREC: 

Name that tune. No, no. Okay. Dirt by Florida, Georgia. Oh, of

Curtis Pope: 

course. That makes sense. I should have thought about that. That's good. All right. Yeah. Okay, good. I thought I was gonna like Dolly Parton. Here you come again or something because you like repeat customers, but I don't know.

Michele Cummins - PREC: 

That's good. second favorite. Now. You can't go wrong with Dolly. No, you can't. So I before we go into our second segment is going to be all about staff because we have July statistics out and some great information but the first segment a few little reports to mention. I did not know this until recently. I don't know if you knew it, Curtis but Canada's current home price expansion is The longest in the g7. Which, yes, it's it's pretty crazy how amazing it actually is. So, I mean, the next one is is Germany. The Germany is the closest one. But it's current Germany's currently at 12.5 years, but Canada hasn't. Actually. I've been going on for 24 over 24 years. Not quite 25 yet. But yeah, it's almost, it's more than double the next one. And the g7, of course, is Canada, Germany, US, UK, Japan, France, and then Italy. So I just named them off in the order of of their longest price expansions that Canada has been the longest. So I thought that was quite interesting information.

Curtis Pope: 

Absolutely.

Michele Cummins - PREC: 

And then, Canadians are finding ways around how high housing prices so going hand in hand with fat, so many different solutions I've been seeing happening and an actual report came out on the financial post. And, and I wanted to mention it because their posts, headlines are they isn't are the workable solutions. But I've been seeing real life that they have been workable solutions. And so some of the things and actually REMAX my brokerage had a survey and they had some findings in the survey. So the survey portion of REMAX is 2021 housing affordability report, based on a poll of over 1500 Canadians found homebuyers, faced a growing number of challenges of affording housing on their own. So they've created different ways of making that happen. So 41% of the survey participants who cannot afford home ownership themselves, share several traits to 60% are aged 18 to 34, placing them in what's the traditionally been a lower earning demographic, 48% of them live in urban areas where rents tend to be higher and can erode savings and 70% of them earn less than 40,000 a year. So of course, it can be pretty tough, but creative solutions to achieve affordable homeownership will only take us so far to build in the gap. But there's been, you know, of course, getting the place where you can rent out part of your primary residence. Of course, that's been a popular one, probably, maybe even like, more than 80% of buyers, it seems, are using that. That's why those were suites. And those with carriage houses and those with secondary living opportunities have been selling for so crazy of pricing. Because they've been so popular, but also purchasing with friends or family. That's been a popular solution. A lot have bought with family. So many have done that, like what's called a blended family. And then there's been other people who have actually bought with people that like kind of like roommates, but they say Hey, why don't we all buy together? I don't know if you've seen this movie, there's a movie out. And I've never watched it. I've seen the advertising or the trailer for it. I don't even know what the name of it. But I guess they're at a wedding. And they're like, you know, look at they're all happy and for they can afford real estate, and then all of them at the table. And I think actually they're kind of strangers that they all they all say yeah, let's, why don't we buy something all together, pool our funds together and buy it together. And he ended up buying a property together. It's just a movie. But I have seen a couple couple groups talk about this. A lot of single women pulling there. That's one group I've seen do that before, but pooling your money together with friends or possibly strangers to purchase the property together. So that's an also a third one, which is an interesting one. Absolutely. And then the last little information that I wanted to mention before we go on on our little break for our segment about stats coming up is that a lot of people have been out of work or have lost their jobs in the last year or had purposely changed their jobs, as well as has have actually found the time off that they are okay with retirement. I have a client that I just saw yesterday and she was just like actually, the time that I've had off made me realize I don't have to be scared about retiring. I actually love it and like it and I'm going to be okay with it. So, so she's going to retire early now even though she got she has her job back. She's going to retire early because because of that experience. So there's a lot of changes. But one of the one of the biggest employments that has happened recently, no surprise and is related to real estate is home builders. They have actually hired Over 8300 employees recently, I mean, there's a lot of been a lot of jobs for construction jobs. Anything that has to do with real estate, of course, is in high demand. So grab your tool belt, your measuring tape, your leveler, your hammer, your hardhat your your your steel toed boots, and get out there and get that job if you want a job.

Curtis Pope: 

Yeah, absolutely. That is just not slowed down at all.

Michele Cummins - PREC: 

No, it hasn't. It's just increased and it's only going to continue to increase. It's a crazy still crazy seller's market, which we will find out in our second portion of our show. And before we go on break, I have some bit of fun information here. All right. Do you remember an actress blonde Actually, it was a great show back you know, they ran on the beach. Her name is Pamela Anderson. Emily Anderson

Curtis Pope: 

running on a beach and I know where my mind went right to slow motion running on the beach. Pamela Anderson, I don't know why.

Michele Cummins - PREC: 

Okay, next thing was gonna say wearing red, you know, lifeguards, okay, boom, you got it.

Curtis Pope: 

You know, like, come on. I mean, I know what you're talking about. I of course, I watched Baywatch. And Pamela Anderson was one of the reasons I watched Baywatch.

Michele Cummins - PREC: 

And the hassle half of the house. Was he on there?

Curtis Pope: 

Alright, so I kind of remember him. I was more about Pamela Anderson and, and like Yasmin bleach and a couple of the others on Carmen Electra.

Michele Cummins - PREC: 

Oh, yes, that's right. She was on there.

Curtis Pope: 

No, I remember the ladies. But But do you remember a very young Jason momoa was on there.

Michele Cummins - PREC: 

Yeah. You know what? I never really watched that show. But you're right.

Curtis Pope: 

Yeah. He had short hair and didn't have any tattoos I don't think and was quite young when he was on there.

Michele Cummins - PREC: 

To be young again. So anyway, so her Okay, so you know who I'm talking about? Well, earlier in this year, you know, she's Canadian. Absolutely. Okay. I'm sure. I think everyone knows that should know that. She and her body guard turn has been moved back to Canada, supposedly permanently. She's worried on Vancouver Island. And so she is there. They are actually renovating current and currently living in a six acre farm that had belonged to her grandmother.

Curtis Pope: 

Oh, wow. That's kind of cool.

Michele Cummins - PREC: 

Yeah, it's really neat. I wonder I would love to see their architectural like what what they're actually doing I hope they're part of like a magazine spread too lower or video or something so we can get inside and see what she's what they've done to the place when when they're done with it.

Curtis Pope: 

And I don't mean this in a mean way, but it's been a while since we've seen her do much acting maybe there's a reality show in the future here.

Michele Cummins - PREC: 

Oh, that would be a good idea.

Curtis Pope: 

HGTV show.

Michele Cummins - PREC: 

Yeah. Too bad. Maybe I wonder if there's no, I haven't heard anything about that. But that would be great. If they did that while they're renovating. Absolutely.

Curtis Pope: 

Well, it's good to have her back in Canada. She's I think somewhere around coolbox or Courtney or somewhere I think is where she was born and grew up. I think

Michele Cummins - PREC: 

that's john Shi, Han, realtor and friend from the REMAX there works and lives out of that area. So he must be maybe her neighbor. I'm gonna have to ask him about that. There we go.

Curtis Pope: 

All right, we should probably take a break. Now if people want more information about you as a realtor, where can they go? Michelle, come in. And we're back with more right after this. We are back to segment number two of the company's Real Estate Group show with local realtor, Rockstar realtor Michele Cummins, - PREC myself, Curtis Pope Alright, I know what the stats show this is where I just kind of stand back now and you just talk for like 11 minutes

Michele Cummins - PREC: 

11 minutes countdown is on.

Curtis Pope: 

Well no, I always like hearing the stats too because I like to to hear you know where things have you know, gone up or gone down or there's rarely things going down but I like to hear the stats to

Michele Cummins - PREC: 

well, you just type in whenever you feel like it Mr. cope.

Curtis Pope: 

All right. I like that.

Michele Cummins - PREC: 

So on August 4, the news release was out from the Fraser Valley real estate board. So the Fraser Valley home sales remained steady in July lowest supply in 40 years. That's the headline. Let me say that again. lowest supply in 40 years crazy. market activity in the Fraser Valley. Both sales and new listing softened in July, however, buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981. The board process as far as sales through the MLS system in July, a decrease of 11% compared to June and a 4.5% decrease compared to the same month last year. Sales continue to remain above normal for July, but 15% above the 10 year average. So that is what's been happening as far as sales and Larry Anderson, the president of our real estate board. He says demand for homes in our region, however, remains above average for 14 months, we have been in a seller's market for the Fraser Valley detached homes, townhouses and condos. And yet for the last four months, new listings in our region have been decreasing. In July, the board received in four new listings, a decrease of 31.5% compared to last year and a decrease of 22% compared to June of 2021. Across Fraser Valley in July, the average number of days to sell a single family detached home was 26 days. And a townhome was 15 days, condos took on average 24 days to sell. Now for the benchmark price activity for overall the Fraser Valley, the single family detached are at $1,319,200. And that is a decrease of point 4%. So not too bad compared to last June and an increase of 30.9%. Oh, sorry, that was June, the month before. So again, down point 4% compared to just the month before, but an increase of 30.9% from last year, and townhouses benchmark priced at 688,400. And that is actually an increase of 1.5% compared to last month, and an increase of 2.3% compared to July of last year and condos overall 494,000 and that benchmark price is an increase of point 1% from the month before, and an increase of 13% compared to last year. So that's overall but let's go municipality by municipality starting with our wonderful Abbotsford and that is single detached homes benchmark prices are at $1,136,100 and that is an increase from last year of 36.6%. And a small decrease from the month before a point 4% townhouses in Abbotsford are at $587,000 300. That's an increase of 26.9% from last year and an increase of 2% from the month before and condos in Abbotsford are at $383,800. That's Ventrac priced at 19.1% from last year and 1.5% from last month. And for mission benchmark price of detached homes are at 929,600. And that's an increase of 35.1% from last year and an increase of point 4% from the month before townhouses are at $596,300 an increase of 31.2% last year and an increase of 3.3% from last month. condos are at $425,000. And that's an increase of 20.4% from last year and an increase of 3.4% from last month. And then White Rock. Okay, White Rock detached properties at benchmark prices are at 1,689,700. That's an increase of 23.3% from last year. It has a lowest decrease from the month before though, which was a minus 2.4% from June. So of all the municipalities of the Fraser Valley that one went down the most month over month and townhouses for white rockery. $809,000 700 actually, and that's up 22.7% from last year, and it's right straight across the board been increased and decreased from the month before. condos and right rock 559 1300 and that's 15.1% from last year and down 1.4% from the month before, Langley benchmark price for detached homes are at 1,377,000. That's an increase of 29.7% from last year and a decrease of point 4% from the month before, townhouses are at 706,100, an increase of 22.4% from last year and an increase of 2.1% from the month before and condos are at 472,400. That's an increase of 18.4% from last year, and an increase of point 4% from the month before. And then delta, we've got benchmark detached homes are at $1,191,600. And that's up 27.5% from last year, and down at point 6%. from the month before, townhouses are at 673,200. That's up 16.1% from last year and up 1.2% from the month before, and condos and delta are at $402,300 3.3% from last year, and actually down 1.1% from the month before. And then our last municipality we will be talking about is the city of Surrey, and that is all of story, but not including my rock because it's officially its own city. So all of Surrey detached benchmark prices are at $1,431,300. And that is up 29.4% from last year and down a modest point 3% from the month before, townhouses are at $710,200. And that's up 21.1% from last year and up 1.1% from last month. condos are at $446,800. And that's up 10.5% from last year and down. Little point 2% from the month before and that is your Fraser Valley real estate statistics.

Curtis Pope: 

All right. Well, there was a lot to go through there for sure. But still lots of good news there. Everything's still pretty much either on the rise or staying put.

Michele Cummins - PREC: 

Yep, exactly. So when you see the graph, and maybe I'll put it on the screen right now, because actually, I'm going to be coding this mean, I'm going to be uploading this on YouTube.

Curtis Pope: 

You should have warned me I mean, how do you even know I'm not wearing my pajamas?

Michele Cummins - PREC: 

Well, I know I've been wanting to like get new on the video on the on the camera, I mean on my computer so that I can upload it. It's on YouTube with you in it. But you know what, we're going to start videoing us when I get back into the studio. I'm sure Rogers is

Curtis Pope: 

going to allow that soon. It will be soon I think yes.

Michele Cummins - PREC: 

But for now. Good to go. graph it actually shows a very slight lower, it's still way seller's market. So typically we're in a balanced markets in this area. But it is still a seller's market still high high. But it's just come down just a tad bit from last month, not much of the last three months, it's just come down a little bit like a ladder. a ladder, the exactly is what it looks like on the graph, and the prices are skyrocketed higher than ever. So talking about, you know, limited listings, I've got two new ones. And I've got a couple of coming next week as well. So, since it's the hot commodity right now is listing. I've got two that I'm going to share with you. So one is a new listing in Abbotsford and it's actually almost a 10,000 square foot lot is that 22272 of those numbers, Center Street, and that's in Abbotsford West area. It's a rancher with a full walkout basement, and it's got a suite. It's three bedrooms, three bathrooms, and it's built in 1975. It's in a location where they're really starting to build beautiful, big, beautiful brand new homes. So I'm I'm assuming a builder is going to just grab this up, somebody that wants to build a new home possibly but this place is great to just enjoy and rent out and for a while if you don't want to build right away. It's over 2500 square feet and the price is 1,275,000. So that location is amazing. It is by Cabela's. You can walk to Cabela's, you can walk to the pharmacy, you can walk to so many places there, Starbucks, it's close to the highway, but yet you don't hear it and it's a cul de sac a nice neighborhood. So that's a great one. And then another brand new one actually, this one's in older girls, and it's at 2655 1/29 Avenue. I used to live on 28th Avenue for a while there. And so this is actually pretty close to where I used to live and I used to run the track. It was it was nice that area. So this place is huge. It's actually almost 17,000 Square Your feet this lot is fully flat, squeezable, and three bedrooms, two bathroom rancher. And the really great thing about this property. I mean, it is beautiful. Oh, it's maintained. So well it was built in 1971. So again, somebody may want to just tear down the house and rebuild a brand new one, but the bones and the layout of the house is workable, you could definitely work with it. But this has a great gigantic shop on it. And that along with the size of the lot, and the location is such a huge, I mean, desirable thing. The shop is 48 by 35. Pretty much the shop is with the high high ceilings, high high bay doors, it is set up this property, so well. So go drive by it. Really easy to show, let me know if you want to see it a price is important. You want to know that price 1,398,000, which is really good for that size, and that location and what it offers. So there's the two new listings that I have. And coming soon, actually, this week, Harrison hot springs, off rock will drive who doesn't love rock will drive in Harrison hot springs, because those properties, they're rare to come up. And they have views of the lake. This is almost a 44th of a fourth of an acre. Sorry if I could sit that out. And it's got Of course, incredible views. They actually had Airbnb, the main level, because it's three levels. It's so cute. It's very French inspired this house and the land, the property, the outdoor barbecue kitchen, they have an outdoor kitchen area, it's so private, it's very private, the house was is built so well the construction is three by six construction, it's got rock, cast iron, it's just one of a kind, it's got a full bathroom on every level of the price of that is going to be 1,220,000. So if you're wanting a lake view, this is perfect for somebody who wants like a secondary home that they can make some rental income off of and maybe retire later in or somebody who just wants to retire or somebody who just you know what, they just want to live that beautiful life of being able to walk right to the lake. There's a little trail right there to walk to and have beautiful views and privacy and it's gated it's really nice. Oh quote of the week and we got to go to the quote of the week is if you dream and you allow yourself to dream, you can do anything. And that's CLAIRE HUGHES. Perfect.

Curtis Pope: 

Love it. All right, well if people want more information about what you do as a realtor, where can they go?

Michele Cummins - PREC: 

Michelle, come in.

Curtis Pope: 

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

 

If you missed last weeks episode where Michele has some flip tips, please go back and take a listen - it's well worth it!

 

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