Blog

Strata Takes Over as the Dominant Style of Living

Our data confirms that the sales of single family homes compared to strata title homes in only five years has reversed in majority percentage.

In 2015, sales of single-family detached homes were about 61% of Fraser Valley’s residential sales while combined sales of townhomes and condos they were about 39%. Now in 2019, sales have reversed. The Combined sales of townhouses/condos is now 61% and single family homes is 39%.

Some of the factors are geographic constraints in the lower mainland, between oceans and mountains make land a scarcer and more valuable commodity. This combined with the agricultural land freeze has encouraged greater density to meet the continuing population growth.

Affordability is a large factor, the government’s mortgage stress test from early 2018 created many buyers now having to qualify for about 19-21% less home value now versus then before the stress test. Where a buyer may have qualified for a $920,000 home before they are now looking at about $700,000 to purchase their new home.

Now, your choice is to increase your down payment or look at less expensive homes which strata titled is, the fact the percentage of strata sales is growing is likely to continue. The more the population grows in the valley, the more demand for increased density will happen, even with single family lot developments this has all changed, lots are about 25 to 50% smaller in size then 10 years ago. Not only are single family lots becoming so expensive, the new culture of city planners is to want more density to accommodate growth to support the tax base.

Development land is becoming scarcer, the trend to more strata property is only going to continue as the home with the big lot becomes scarcer the pressure on their value will go up.

What is Local Real Estate Going to Do?

It’s that time again Abbotsford and Mission, so buckle up and hang on. We are about to visit the future with our time travel report. Our crystal ball uses the chart below to predict what might happen. If you are hoping for prices to rise look for our RED indicator in the report below.

I have put this report together with the help of Homelife Glenayre Realty. The chart shows the amount of sales versus the amount of listings and we publish it every month. If you wish to subscribe contact me for more info or simply follow my month newsletter: The Insider.

The percentage of monthly sales against the total inventory of listings on the market is the best way we know of to track trends. It is important to note that one month’s percentage does not indicate price changes, however, if over many months a trend develops, prices may change.

  • Above 23% indicates a Seller’s Market generally.
  • Below 22% indicates a Stable or Buyer’s Market generally.

I have displayed the Seller’s Market in red in the chart below for every month that hits the ‘price changing’ indicator. Traditionally December, January and February are the lowest percentages and will most commonly indicate buyer’s market. Here is an up close look at what has happened for the Month of May.

Inventory Report

Inventory or stock refers to the goods & materials that a business holds for the ultimate purpose of resale. In our industry we sell Homes. Below is our quick charts for instant feedback on the local Abbotsford, Mission & Chilliwack markets. For other areas please call me directly.

Abbotsford, Mission &Chilliwack Housing Inventory can dictate market prices, here is a quick guide on how to read the charts below. Each city has three types of properties we monitor: Condos, Strata Townhouses, Detached Homes

Continue reading

Whats Local Real Estate Going to Do?

It’s that time again Abbotsford and Mission, so buckle up and hang on. We are about to visit the future with our time travel report. Our crystal ball uses the chart below to predict what might happen. If you are hoping for prices to rise look for our RED indicator in the report below.

I have put this report together with the help of Homelife Glenayre Realty. The chart shows the amount of sales versus the amount of listings and we publish it every month. If you wish to subscribe contact me for more info or simply follow my month newsletter: The Insider.

Continue reading

Fraser Valley housing market slows down in 2018

While 2018 may not have reached the level of sales activity seen during the three years prior to it, this was by no means a dull year for the Fraser Valley real estate market.

The MLS® processed a total of 15,586 sales throughout the year, just below the 10-year average for the Board set at 16,974 and producing a total dollar volume of $11.8 billion (the fourth highest in our Board’s history).
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Inventory Report

Inventory or stock refers to the goods & materials that a business holds for the ultimate purpose of resale. In our industry we sell Homes. Below is our quick charts for instant feedback on the local Abbotsford, Mission & Chilliwack markets. For other areas please call me directly. 

Abbotsford, Mission & Chilliwack Housing Inventory can dictate market prices, here is a quick guide on how to read the charts below. Each city has three types of properties we monitor: Condos, Strata Townhouses, Detached Homes

  • Less than 4 months is a seller’s market generally.
  • 5-7 months inventory is considered a balanced market.
  • 8 months & above would be a Buyer’s market.
  • Less than 13% is a Buyer’s opportunity.
  • 14% – 22% of sales to listings per month is considered a balanced market.
  • 23% and above is a very active Seller’s market and may put upward pressure on price

In summary we will provide these market reports at the beginning of each month. Thanks for following our blog the Insider. Homelife Glenayre Realty Co Ltd.

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REALTORS Care® Blanket Drive

24th Annual
REALTORS Care® Blanket Drive
November 13 to 20, 2018

Since it started 24 years ago, the Blanket Drive has helped more than 345,000 people in our communities stay warm and dry. Last year alone, more than 38,000 people received a blanket, coat, or other donation from the Blanket Drive.

Here’s how you can help
Between November 13 and 20, REALTOR® volunteers will collect warm clothing and blankets across the region. The donations are then distributed to partner charities from the same community where the item was donated.

Please donate the following items for all ages:

  • gently used or new blankets or sleeping bags
  • warm clothing, coats
  • hats, gloves, scarves
  • new socks and underwear
  • plastic ponchos, bivy sacks

Socks are especially important for the homeless. They’re as good as gold. Find out why by listening to this item from CBC radio, Sunday Edition: http://bit.ly/2k6t0tF

Drop off your donations at any of these Lower Mainland real estate office locations.

Thank you!