Rising home sales a sign of market shift in the Fraser Valley?
November 4, 2024
SURREY, BC — Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.
The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.
“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”
New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
“October’s healthy sales boost is a welcome development for buyers and sellers alike,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “The coming weeks and months will shed more light on whether buyer optimism has returned now that the cycle of interest rate cuts is in full swing.”
Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.
Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7 per cent to $971,700.
MLS® HPI Benchmark Price Activity
Detached Homes: at $1,488,000, the Benchmark price for an FVREB single-family detached home decreased 0.9 per cent compared to September 2024 and decreased 0.6 per cent compared to October 2023.
Townhomes: At $832,200, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to September 2024 and decreased 1.4 per cent compared to October 2023.
Apartments: At $543,300, the Benchmark price for an FVREB apartment/condo decreased 0.3 per cent compared to September 2024 and increased 0.1 per cent compared to October 2023.
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Refinancing: 101
Refinancing your mortgage is when you replace your existing mortgage agreement with a different one. While the most common reason to refinance your mortgage is to take advantage of significantly lower interest rates to lower your monthly payment, it’s not the only reason for refinance.
Some people refinance to access the equity in their home to provide flexibility to cover expenses, such as major home improvements, or to pay off higher-interest debt. It’s easier to qualify for the refinance if you have at least 20 percent equity in your home.
If refinancing is something you are interested in, start with a mortgage expert to see if it makes financial sense. Be sure you plan on owning the property long enough to break even on the closing costs of the refinance - that is the time it takes for the closing costs to be covered by the monthly savings.
If you have a credit score of 750 or more and a debt-to-income ratio of 36 percent or less, you will be more likely to get the lowest rates.
Making your money work for you is what refinancing is all about. It’s worth exploring to see if it makes sense for you, whether you want to lower your payments, pay off your mortgage sooner, or help fund a large expense like a home improvement project or retirement.
If refinancing is on your mind and you are looking for advice to help with your decision, remember we're always happy to help. Call or email today 604-309-5453 or email: bonetti@telus.net
Check out our next ad in the Langley Advance Times :
5 Things that Lower your Home’s Perceived Value
Many seemingly small things can be a big turn-off to prospective buyers. So, it’s wise to identify and fix these issues when you list. Here are a few examples.
1. Outdated or Neglected Exterior:
Chipping paint, a tired-looking façade, or uninspired landscaping will impact a buyer's all-important first impression. The solution? Fresh paint, power washing, landscape trimming, or even adding new plants.
2. Old or Damaged Appliances:
Outdated or broken appliances will get noticed by prospective buyers. The solution? Repair and thoroughly clean them. It might also make sense to invest in new appliances. If you go that route, buy energy-efficient models that look great and they will become a selling point.
3. Unpleasant Odours:
We become so acclimated to smells in our home that we often no longer notice them. But buyers will! Odours from pets, smoking, perfumes, and exotic cooking are especially detracting to buyers. The solution? Reduce odours by avoiding scent-producing activities (such as cooking) prior to viewing appointments.
4. Overly Personalized Interior:
Buyers want to envision themselves living in the home, not you. The solution: Eliminate as many personal items as possible. Make the style and décor attractive but neutral.
5. Old or Poorly Maintained HVAC Equipment:
Buyers often ask for the age of furnaces, water heaters, and air conditioning units. They’re concerned about potential maintenance issues. The solution? Get older equipment inspected by a professional. Then have that documentation available to buyers.
As you can see, investing in a few repairs and upgrades can make a big difference in how quickly your home sells – and for how much.
Upsizing or Downsizing? Don't Overdo It!
Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.
Well, that would be upsizing a bit too much – unless you have a really huge family!
That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable. This often occurs in the real estate world.
For example, homeowners might decide to sell their home and find a smaller one. But, if they go too far, they end up with a property so small they feel claustrophobic. How do you avoid a similar scenario happening to you?
If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas? Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living & family rooms, etc.?
Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you.
So, whether you’re upsizing or downsizing, carefully decide what type of new home you need. Be as specific as possible. Consider criteria such as the number of bedrooms, entertaining space, bathrooms, driveway size, etc., that you need. Doing that will help ensure your upsizing or downsizing move will be successful.
I can help you make an informed decision.
Call today. 604-309-5453
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REAL ESTATE NEWS
October 23, 2024
The Bank of Canada lowers key interest to 3.75%
The Bank of Canada lowered the interest rate again by 50 basis points to 3.75%, its fourth consecutive rate cut this year, which is the Bank of Canada's largest rate cut, outside the recent pandemic, since the 2009 global financial crisis.
The recent cut in the Bank of Canada's key interest rate by 50 basis points is a significant move aimed at providing immediate relief to borrowers, especially those with variable-rate mortgages. This adjustment not only lowers borrowing costs for current variable-rate mortgage holders but also positively impacts those looking to renew their mortgages. As the key rate influences the overall lending rates across various financial products, Canadians can expect to see a decrease in interest payments, which may ease financial pressures for many households.
"We took a bigger step today because inflation is now back to the two percent target and we want to keep it close to the target", Bank of Canada governor Tiff Mackem told reporters Wednesday.
Inflation cooled to 1.6% since September's interest rate cut with the Bank of Canada's revised outlook holding inflation around
2% for the foreseeable future. Macklem said he expects the rate cut will lead to a boost in spending among businesses and consumers.
CIBC assistant chief economist Avery Shenfield noted to clients that "it would take a significant turn of events to stand in the way of another cut of that magnitude in December"
The Bank of Canada's final interest rate decision of the year comes on
December 11, 2024
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For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453
To prevent damage to your outdoor faucets during winter, follow these steps:
Shut Off the Water Supply: Locate the shut-off valve inside your home that controls water to the outdoor faucet. Turn it off to prevent water from freezing in the pipes
Drain Water: Open the outdoor faucet to allow any remaining water to drain out. This step helps to remove water from the pipes, reducing the risk of freezing
Open the Bleeder Cap: If your faucet has a bleeder cap, open it to ensure all water is drained. This is particularly important for frost-proof faucets
Disconnect Hoses: Remove any hoses connected to the faucet to prevent them from trapping water
Insulate: Cover the faucet with an insulated outdoor faucet cover to provide an extra layer of protection against the cold
By following these steps, you can help protect your outdoor faucets from freezing temperatures.
Get to Know...
Joanne Bonetti
Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.
Joanne has always lived in the Langley area and is very knowledgeable of the Fraser Valley market.
Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business.
Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.
Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.
A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.
A big Thank you to all her clients, friends, and family for their continued support.
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