Sharon Symes

Cell 604-790-2927 | s.symes@shaw.ca

  Mortgage Calculator

Calculate Your Payments

  Buyer Resources

Best Real Estate Advice

  Seller Resources

Selling For Top Dollar

  Mobile Listings

Search Anywhere Always

  Here To Help You

You Can Contact Me Always

News Release

Fraser Valley Real Estate Board

For Immediate Release: April 4, 2018

Spring market kicks-off with slim supply in March

SURREY, BC – While sales reached slightly above the ten-year average for the month, a lack of sufficient inventory in the Fraser Valley continued to put pressure on homebuyers in March.

The Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 24.8 per cent compared to the 2,213 sales in March of last year, and a 20.1 per cent increase compared to the 1,385 sales in February 2018. The ten-year average for sales in the Fraser Valley in March is 1,658 transactions.

Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March.

Active inventory for the Fraser Valley finished at 4,796 listings last month, increasing 10.5 per cent month-over-month, and decreasing 0.2 per cent when compared to March 2017.

"We continue to see demand capped-off due to an inadequate amount of supply," said John Barbisan, Board President. “March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”

The Board received 2,865 new listings in March, a 24.9 per cent increase from February 2018’s 2,293 new listings, and a 6.7 per cent decrease compared to March 2017.

"On the plus side, despite a tighter market pricing has remained relatively stable for our region. Talk to your REALTOR® who can help show you the best options at the price level you’re looking for.”

For the Fraser Valley region the average number of days to sell an apartment in March was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 30 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $1,001,400, the Benchmark price for a single family detached home in the Valley increased 0.9 per cent compared to February 2018, and increased 15.2 per cent compared to March 2017.

  • Townhomes: At $541,800, the Benchmark price for a townhome in the Fraser Valley increased 2 per cent compared to February 2018, and increased 24.9 per cent compared to March 2017.

  • Apartments: At $440,400, the Benchmark price for apartments/condos in the Fraser Valley increased 4.3 per cent compared to February 2018, and increased 48 per cent compared to March 2017.

Read full post

Lack of supply continues to command Fraser Valley housing market

SURREY, BC – Despite slight increases to both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically.

The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 per cent increase compared to the 1,210 sales in January 2018.

Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February.

"Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year," said John Barbisan, Board President. "Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level."

Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February 2017. The 10-year average for February active inventory is 7,487 units.

The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018’s 2,092 new listings, and a 5.6 per cent increase compared to February 2017.

"With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR® who can evaluate your local market and find the right price point for success.”

For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February 2017.

• Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February 2017.

• Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February 2017.

Read full post

Another big year for Fraser Valley real estate

SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity.

The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016. The total dollar volume of MLS® sales was $15.7 billion, coming out slightly beneath 2016’s record setting total dollar volume of $16.2 billion.

 

Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.

 

“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” remarked Gopal Sahota, President of the Board.

“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.”

 

For inventory, a total of 32,651 new listings were received by the Board’s MLS® system, the third highest in the Board’s history after 2016 (34,768) and 2008 (35,651).

 

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

 

Sahota adds, “All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers.

“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”

 

HPI® Benchmark Price Activity

• Single Family Detached: At $976,400, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to November 2017, and increased 14.2 per cent compared to December 2016.

• Townhomes: At $513,100, the Benchmark price for a townhouse in the Valley increased 1.5 per cent compared to November 2017, and increased 23 per cent compared to December 2016.

• Apartments: At $388,600, the Benchmark price for an apartment in the Valley increased 3.2 per cent compared to November 2017, and increased 40.5 per cent compared to December 2016.

Read full post

OSFI has announced changes that will impact how you qualify for mortgages. These changes are going to impact the amount you can obtain for a mortgage. The changes will also impact the amount you can refinance and obtain from your equity in your current home. 

 

It is important to understand these changes, because if you’re in the market, it will likely affect you. OSFI will be regulating the banks to qualify all mortgages at 2% above the posted rate. For example, if you were to obtain a 5 year fixed rate mortgage at 3.49%, you would be qualified at 5.49% with the new mortgage rules. This will mean you will get less money from lenders.

 

To demonstrate, Please see the example of home-buyers who have a down payment of $180,000. The first buyer buys their home under the current rules. The second buyer’s mortgage is obtained after the new rules are in place, and it’s going to be 20% to 25% lower! 

Current Mortgage Rules (First Home-Buyer)

 

Purchase Price

Down Payment 

Mortgage Amount

$900,000

$180,000

$720,000

 

New Mortgage Rules (Second Home-Buyer)

 

Purchase Price

Down Payment 

Mortgage Amount

$756,000

$180,000

$554,000

 

The buyer purchasing under the new guidelines can now purchase for $756,000 instead of the $900,000 under today’s guidelines. With the same down payment, the two families are purchasing drastically different properties. If you’re house hunting for your next home or an investment property, talk a professional about how this will change your options.

 

Let’s chat and review your mortgage options, you need to get your mortgage application in before early to mid-December, 2017.Please remember if you have a pre-approval it will need to be revised and requalified under the new guidelines. This will make sure it’s submitted before the lenders start enforcing the rules. Give me a call for a free consultant and we can work together and to understand your exact situation and plan accordingly.


This is your opportunity to get fit for a mortgage before it’s too late! 

 

Herjit Driver

 

Mortgage Professional

T:604-417-3900 

info@herjitdriver.com


Read full post


You need a successful strategy to succeed in purchasing a home in this market!

 

 

Typically, the market slows for the summer but there is no indication of that happening so far this year. 

 


 

To be successful in this market, especially when purchasing a townhome or apartment the buyer must be prepared and to do so, you must make sure your Realtor has obtained all necessary documents.

Due diligence is of the utmost importance because of the way offers are now being presented.

In a typical market, the offers are presented on a first come first serve basis but in the current climate of multiple offers on a property all the offers will be presented to the seller at the specified time and the seller will choose the offer that best suits their needs.

You must be fully prepared prior to submitting your offer.

Also, you need to have a strategy in order to be successful at purchasing in this type of market. 

Let me sit down with you to discuss a winning strategy to purchase your next home.




Market Snapshot


 

 

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.



My New Assistant Murphy.

 

 

We picked him up May 28th and immediately he was right at home. Especially, in my office he loves to lounge around under my desk. 

He makes a good paper shredder when I step out of the office.

Also, he is great conversation starter when we are out for a walk. He is gifted at helping me get new clients. 

He is the perfect addition to our family!





Until next time,


Sharon Symes



Read full post