Trevor Miller

Check out my newest listing at Wills Creek in South Surrey.

Featuring 3662 sqft of luxury living, with 5-bedrooms (including double-masters w/large walk-in closets) and 5-bathrooms. Formal dining room, media room, and huge chef’s kitchen w/granite counters and stainless steel Fisher & Paykel appliances. Overheight ceilings & hardwood floors throughout. Strata-owned Geo-thermal heating and air conditioning w/HEPA & UV furnace filtration system. Amenities centre w/full gym, outdoor pool & hot tub. Walking distance to Morgan Ck golf course, Southridge and Morgan Crossing.

COVID-19 couldn’t have come at a worse time for many B.C. real estate agents.

The housing market was just emerging from a lengthy slowdown when the World Heath Organization declared a pandemic on March 11.

In a four-page report released this morning, the B.C. Real Estate Association has forecast an “initial sharp decline” in home sales as households and people in the industry adhere to social distancing.

“As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home sales and prices,” the report states.

The BCREA notes that three major recessions since 1980 lasted between eight and 25 months, accompanied by an average economic contraction of about four percent and a rise in unemployment of 4.5 percent.

The worst slowdown occurred in 1981 and 1982, when the B.C. economy contracted by 6.4 percent and the jobless rate jumped by nearly 10 percent.

The BCREA estimates that in 2008-09, the B.C. economy shrank by 3.7 percent over 12 months as the unemployment rate increased by more than four percentage points.

The recession of 1990 to 1992 was the longest, lasting 25 months, but its effects were milder in B.C., with unemployment only rising by 3.1 percent.

“The COVID-19 recession is unique in that it is not man-made,” the BCREA states. “It did not evolve due to collective poor business decisions, bad loans, or misadventures in financial engineering. Rather, the economy has been purposely halted for the greater good.”

As a result, the BCREA expects demand for housing to return to pre-COVID-19 levels, “with home sales and prices recovering into 2021”.

Source:

https://www.straight.com/news/bc-real-estate-association-forecasts-deep-recession-followed-by-significant-recovery-in-home

Hi all. I know many of you have questions during this trying time.

First, I just want to extend my heartfelt sympathy to anyone affected by the COVID-19 virus. I would also like to thank our healthcare workers and those working at grocery stores and pharmacies, as well as delivery drivers and others risking their own health to make sure our community is looked after as we try and weather this pandemic.

As far as real estate goes, realtors have been deemed a “non-healthcare essential service”, and as such, we are still on the job, working for our clients, albeit taking extreme caution and limiting in-person contact wherever possible.

The BCREA has posted the following Information for Real Estate Consumers on COVID-19:
https://www.recbc.ca/about-us/media/news/information-real-estate-consumers-covid-19

The Bank of Canada has also responded to the crisis by lowering interest rates:
https://www.crea.ca/news/bank-of-canada-cuts-interest-rates-in-response-to-rising-global-economic-risks/

For my clients, please know I am doing my best to stay on top of industry developments while still working to assist you. I thank you for continuing to have confidence in my skill and expertise during this challenging period. We will get through this!

Trevor

PS.  Find the latest COVID-19 news here:

https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html?utm_campaign=not-applicable&utm_medium=vanity-url&utm_source=canada-ca_coronavirus

February home sales outpace new listings in Fraser Valley

SURREY, BC – January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month, while new listings finished 11 per cent below historical norms.

The Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 21.9 per cent decrease compared to sales in December 2019, and a 24.2 per cent increase compared to the 784 sales in January of last year.

Of the 974 total MLS® sales of residential and commercial combined in the Fraser Valley, 363 were single family detached homes, 241 were townhouses, and 248 were apartments.

There were 5,143 active listings available in the Fraser Valley at the end of January, an increase of 9.8 per cent compared to December 2019’s inventory and a decrease of 14.2 per cent year-over-year. Additionally, 2,216 new listings were received by the Board for the month, a significant increase compared to December 2019’s intake of 948 new listings and a 15.1 per cent decrease compared year-over-year.

“Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”

“Where the weather may have had an impact in January, is on our housing supply,” observed Germyn. “For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling. So, if you’re thinking of buying, talk to your REALTOR® about local market conditions to understand the variances.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 49, and 47 for townhomes. Single family detached homes remained on the market for an average of 60 days before selling.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 per cent compared to December 2019 and, also increased 0.7 per cent compared to January 2019.
• Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 per cent compared to December 2019 and decreased 0.8 per cent compared to January 2019.
• Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 per cent compared to December 2019 and decreased 0.1 per cent compared to January 2019.

For Full details and statistics, click here.

After a so-so start, 2019 finished strong.

Click here for the Fraser Valley Real Estate Board’s December 2019 stat package.

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices,” said FVREB President Darin Germyn.

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
• Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
• Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

SURREY, BC – The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a 18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.

“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.

• Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.

• Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

Contact me at info@trevormillerhomes.com for the latest detailed Stats Package.

“Fraser Valley’s housing data is out for June. Second lowest June sales since 2000. Growing inventory plus lower prices creating opportunity.”

Both buyers and sellers taking a wait-and-see approach in the Fraser Valley

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

Slight uptick in Fraser Valley property sales in May attributable to single family detached

With a near free-fall in Metro Vancouver, British Columbia housing sales will plunge 23 per cent this year, according to the BC Real Estate Association (BCREA), and the projected 2019 recovery will be led by centres outside of the Lower Mainland, particularly in the Kamloops region and the north.

In Metro Vancouver, the real winners in 2019 will be existing residential landlords who can expect high demand, less competition and low vacancy rates, based on Western Investor’s analysis for its annual residential investment outlook.

Despite a 35 per cent plunge in Lower Mainland housing sales this year, home prices remain the highest in Canada while rising mortgage rates will also help to keep buyers sidelined. As of October there were more than 20,000 homes for sale through the Real Estate Board of Greater Vancouver (REBGV) and the Fraser Valley Real Estate Board, up 42 per cent from a year earlier, as sales cratered in both markets. Yet the composite benchmark home price in the Lower Mainland is $995,000 – nearly twice as high as the national average and up 2.9 per cent from October 2017, according to the REBGV. The benchmark detached-house price, now at $1.28 million, is down 2.7 per cent from the same period last year.

B.C. will welcome 59,300 new residents this year and another 61,000 in 2019, more than 90 per cent of whom will move into the Lower Mainland. The majority of the newcomers will be renters, because Metro Vancouver has the least affordable homes in Canada, based on home prices and incomes, according to both the Royal Bank of Canada and Zoocasa Realty Inc.

The BCREA is forecasting that, after falling to 80,000 sales this year, total residential transactions through provincial real estate boards will increase 12 per cent in 2019 to 89,500 units.

Source: By Frank O’Brien, Western Investor | November 26, 2018

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