Hello!


As I look back at July and August we saw a definite cooldown of the market. However, we are still dealing with extremely low inventory, low-interest rates, and Covid. I suspect this Fall market to pick up and continue to be a competitive market for Buyers as low inventory continues and demand stays high. I have previously not found federal elections to have much of an immediate impact on the local real estate market. As always, I am here to help if you have any questions regarding real estate.

PS. I wrote an article below on a new ALR rule coming into effect later this year.


ALR Changes

Increasing housing flexibility in the ALR


As of December 31, 2021, new rules will allow property owners in the
ALR an option to have both a principal residence and a small secondary
residence.

If the principle residence is under 5,382sqft, then a secondary detached
residence up to 969sqft can be built. The principal residence is also
allowed a legal suite. This will make ALR land a great option for families
who are looking for multi-generational living!


We made a great informational video, click here to watch.

Contact me for more information!

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Hello!


Hope you are enjoying all of this beautiful weather we have been having! I have some exciting news to announce and a quick market update for you.


Market Update

The detached homes market has definitely cooled down. I am not seeing the same volume of Buyers and multiple offers like I was this Spring. Some homes are taking longer to sell and offers with subjects have come back into the norm. This means that Buyers have a little more choice, and can take some more time before committing to a purchase. Townhomes and condos are still quite busy. Saying that, inventory in general is still extremely low and I would not be surprised if we see the market pick back up again this Fall. If you are looking to purchase this year, it might be a good time to jump on something during this lull

Exciting News

The exciting news is that my team has grown! Caroline who has been a rockstar administrator for me now has her real estate license and is working with clients along with using her experience to expand all of our marketing programs for our clients. Also, Parissma has joined us as our Client Care Specialist. She brings her degree in business administration plus experience in management and accounting to strengthen our organization and client care. With the growth of my business over the last two years I want to ensure that all of my clients receive the absolute best service possible. We look forward to taking care of you in the future!


Meet Caroline Jeklin


Caroline Jeklin - Real Estate Professional

Caroline@ScottSells.ca

C: 604.319.5052



Meet Parissma Patel


Parissma Patel - Client Care Specialist

Admin@ScottSells.ca

P: 604.530.0231


 

FRASER VALLEY REAL ESTATE BOARD

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Fraser Valley home sales remained steady in July; lowest supply in forty years

Market activity in the Fraser Valley – both sales and new listings – softened in July, however buyers continued to significantly outnumber sellers resulting in inventory reaching the lowest for the month since 1981. The Board processed a total of 2,006 property sales on its Multiple Listing Service® (MLS®) in July, a decrease of 11 per cent compared to June and a 4.5 per cent decrease compared to the same month last year. Sales continued to remain above normal for July – 15 per cent above the ten‐year average.


Click Here For the Full Report

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Near record-breaking new listings in the Fraser Valley not enough to match insatiable buyer demand

SURREY, BC – Fraser Valley’s extraordinary pandemic real estate market continued to break sales records – for the ninth consecutive month – while at the same time, reaching near-historic levels of new listings in May.

In May, the Fraser Valley Real Estate Board (FVREB) processed 2,951 sales on its Multiple Listing Service® (MLS®), an increase of 267 per cent compared to May 2020 and a 2 per cent decrease compared to April. (Note that last year, the market was significantly restricted due to the lockdown.) The previous record high for sales in May for the Fraser Valley region was 2,911 in 2016.

Larry Anderson, President of the Board, said, “Demand hasn’t changed. What’s changed is supply. In the last three months, buyers have 40 per cent more inventory to look at in the Fraser Valley and it’s allowed them to take back a little control.

“We’re seeing resistance to multiple offers and buyers adjusting their offers, or even waiting, because they have more selection. We’re a long way from a balanced market, but supply is helping us to head in the right direction.”

In May, the Board received the second-highest volume of new listings ever; approaching May 2018 levels. The Board received 3,926 new listings in May, an increase of 78 per cent compared to last year, and a decrease of 22 per cent compared to April 2021. The month ended with total active inventory sitting at 5,868, a 3 per cent decrease compared to April, and 9 per cent less than May of last year.

Baldev Gill, Chief Executive Officer of the Board, added, “In the context of BC’s Restart Plan, it’s important to remind consumers that for now, when it comes to working with a real estate professional or booking a private showing, it’s status quo. Currently, there is no easing of pandemic restrictions in the real estate sector and our Board does not anticipate new guidelines for several weeks. Your REALTOR® will continue to guide you safely through the buying and selling process, following all public safety protocols, for as long as necessary.”

Across Fraser Valley, in May, the average number of days to sell a single-family detached home was 14 and a townhome was 12 days. Apartments took, on average, 20 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,323,300, the Benchmark price for an FVREB single-family detached home increased 2.3 per cent compared to April 2021 and increased 33.6 per cent compared to May 2020.
  • Townhomes: At $670,000, the Benchmark price for an FVREB townhome increased 2.7 per cent compared to April 2021 and increased 20.7 per cent compared to May 2020.
  • Apartments: At $488,500, the Benchmark price for an FVREB apartment/condo increased 2.0 per cent compared to April 2021 and increased 12.6 per cent compared to May 2020.

Find the May 2021 Statistics Package here.

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Monthly sales and new listings in the Fraser Valley continue blistering pace; surge in inventory starting to calm prices

SURREY, BC – For the eighth consecutive month, Fraser Valley real estate saw record-breaking sales with April topping the previous monthly high set in 2016. The 2020/2021 pandemic seller’s market in the Fraser Valley has now surpassed the previous longest stretch of seven consecutive, record-breaking months, last set in 2015/2016.

In April, the Fraser Valley Real Estate Board (FVREB) processed 3,016 sales on its Multiple Listing Service® (MLS®), an increase of 338 per cent compared to April 2020 and a 9 per cent decrease compared to March. (Note that sales and new listings in April 2020 were significantly restricted due to the pandemic lockdown.) The previous record high for sales in April was 2,969 in 2016.

Larry Anderson, President of the Board, said, “Although it remains very competitive and challenging for buyers, April could be the turning point in this historic market. In the last couple of weeks, we have seen evidence of a change in pace.

“In general, we’re seeing fewer multiple offers, fewer subject-free offers, and homes over-priced are starting to sit longer. These are positive signs that the market is responding to near-record levels of new inventory.”

The Board received the highest volume of new listings ever in March 2021 and that elevated pace continued in April. Last month, the Board received 5,018 new listings, an increase of 254 per cent compared to April 2020, and a decrease of 1 per cent compared to March 2021. The influx of new listings improved supply with total active inventory reaching 6,030 in April 2021, 20 per cent higher than in March and the highest it’s been in six months.

Baldev Gill, Chief Executive Officer of the Board, added, “Buyers and sellers will note that we’re already seeing increases in home prices start to slow in response to the new supply.

“If you have an active listing now or are thinking of selling, it’s critical to work with a professional REALTOR® to ensure your asking price is realistic and competitive based on today’s market, not yesterday’s.”

Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 13 and a townhome was 10 days. Apartments took, on average, 22 days to sell.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,293,300, the Benchmark price for an FVREB single-family detached home increased 4.5 per cent compared to March 2021 and increased 30.3 per cent compared to April 2020.
  • Townhomes: At $652,400, the Benchmark price for an FVREB townhome increased 4.5 per cent compared to March 2021 and increased 18.0 per cent compared to April 2020.
  • Apartments: At $478,700, the Benchmark price for an FVREB apartment/condo increased 2.9 per cent compared to March 2021 and increased 9.3 per cent compared to April 2020.

Find the April 2021 Statistics Package here.

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As the price of housing has spiralled upwards in recent years, some Langley Township families have turned to an unusual form of strata ownership, said a local real estate agent.

In Langley, there are several dozen lots that allow the construction of two full-sized houses by creating a tiny strata corporation, said Scott Strudwick.

The lots have to be in one of the Township’s rural zones – RU1, RU2, or RU3 – and they also have to be outside of the Agricultural Land Reserve (ALR).

The owners are almost always families, usually with retired parents in one house, and a married couple with kids in the other.

“This kind of ‘family compound’ has been in demand,” Strudwick said.

It’s driven by a lack of affordability and the desire to have family close by.

“My generation can’t afford a house on a lot anymore,” Strudwick noted.

The benefits are that the houses can both be full-sized, even with basement suites, and they’re legally separate addresses that can be sold individually, said Strudwick.

About 50 such lots have already been developed, and Strudwick believes there are about 125 left in various areas from Campbell Valley to the Salmon River Uplands.

Demand for alternate ways of finding a home has been growing, and is likely to continue to grow as prices shot skyward again in March.

There was some good news for people wanting to buy a home in Langley last month, but not on the price front.

According to the Fraser Valley Real Estate Board (FVREB), statistics show that March broke records for home sales in the region, but also broke records for homes being put up for sale, as supply belatedly started to catch up to demand.

“This market is uncharted territory for Fraser Valley real estate,” said Larry Anderson, president of the FVREB. “The surprising strength of the economy, the influence of the pandemic and a lack of inventory of all property types has created unprecedented demand for housing in our region.”

In March, 3,329 residential and commercial properties changed hands in the Fraser Valley, a 131 per cent increase from the same month last year.

In part, that big jump is because by mid-March of 2020, sales were dropping like a rock as the first COVID-19 lockdown hit.

But this March’s numbers were still an all-time record, well above the previous March record of 3,006 sales in 2016.

Meanwhile, there were 5,087 properties listed for sale in March, a 91 per cent jump from the same month a year ago, and also a record. The previous highest number ever was 4,458 in April, 2008.

Despite that, because of months of high sales volumes, actual active listings were still 18 per cent below last year’s numbers.

In Langley, prices were up sharply year over year, especially for single-family detached houses.

The benchmark price of a house in Langley hit $1.279 million in March, a 24.6 per cent jump from a year before, and 5.7 per cent up from prices just a month previous in February.

There were 214 houses sold in Langley last month, a 197.2 per cent increase from March of last year, and a 75.4 per cent increase from February.

For townhouses, the benchmark price was up 13.2 per cent year-over-year to $635,500. A total of 183 townhouses changed hands, a 147.3 per cent increase over the same month last year – but an 11.2 per cent decline from February.

Condos saw a relatively modest price increase, as the benchmark rate rose 7.7 per cent year over year to $434,100. There were 199 condos sold in Langley in March, a 184.3 per cent jump from March of 2020, and 15.7 per cent up from February’s numbers.

The benchmark price represents the price of a “typical” housing unit, and across all three sectors, Langley homes saw the average and median prices rise much faster than the benchmark price. The average home price in Langley hit $1.4 million last month, a 35.3 per cent year-over-year increase.


Read the original article here.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.