"Jenn and Colin.  I wanted to thank both of you for your hard work on finding me a townhouse. Not just that but also working with me through all the steps required to make a smooth transition. I admire your dedication and teamwork!" ~ T. Johnson

To help in the “refresh department”  we took a brief vacation to San Jose del Cabo Baja Mexico … if you have never been and you like a sleepier, more authentic Mexican experience this is the town for you!  For us it was all about the food, the art and the sunshine!  If interested you can check out our pics at  http://www.facebook.com/ffostje?sk=photos  and while you are there don’t forget to LIKE our business page http://www.facebook.com/jennandcolinrealestate

The Real Estate Markets really held up over 2011 and all things considered and the outlook for 2012 could be a lot worse.  According to CMHC the official forecast is for Metro Vancouver sales to rise 9% with the overall home price to increase 2.2% from 2011 to $805,000.  There are however many other evaluations for the coming year but the general trend appears to be more of the same (nothing dramatic)  and/or a general slowing over all regions and product types. 

As it was over the course of 2011 the biggest risk to our housing market will continue to be the economy.  Global hazards like the financial crisis in Europe and local hazards like the unemployment rate at 7.7% and low consumer confidence regarding debt load are still lingering.  “The elephant next door” although having seen some recovery is still dealing with the foreclosure crisis with another wave of four million foreclosures expected over the next three years.  In addition the frigid mortgage industry in the US  is having a large impact on viable home purchases.  According to L. Yun the National Association of Realtors head economist “… one out of every three transaction in the US don’t close or don’t close on time due to the myriad of conditions that buyers must meet”.

Back here in BC the national housing agency is predicting moderate growth and demand for new and resale homes in the lower mainland because of the region’s growing population.  According to Stats Canada seven out of 10 foreign born residents choose to live in Toronto, Metro Vancouver or Montreal.  Good schools, the good climate, well established Asian communities (south Asian in surrey) and immigration policy are all attractive to foreign buyers including this last “third wave” of buyers from mainland China who ignited the Real Estate Markets on Vancouver’s west side, Richmond, Coquitlam, South Surrey, White Rock and West Vancouver.

Two key growth communities this year will continue to be Surrey and Vancouver attracting immigrants from Hong Kong, Taiwan, mainland China and south Asia but this foreign demand is expected to moderate into balance this year.  But interesting to note, the average home price in the Fraser Valley increased by 12% in the last year - but if you exclude White Rock/South Surrey that increase drops to 3% !

Well … Christmas is coming!  (yikes)

Colin and I and the girls of NotQuiteSouthSurrey (Francesca and Jen) are very excited about our Christmas collaboration!  If you have not yet heard about the Santa Comes to Sullivan Event we are hosting on Saturday November 26^th please visit the links below to learn more about how you can mingle with the community, have your family photo taken with Santa, play games, win prizes and enjoy entertainment all while contributing to a great cause - The Centre for Child Development – We would love, love, love  to see and your family there!

http://www.notquitesouthsurrey.com/or on our Facebook page  - http://www.facebook.com/event.php?eid=123629414412984– don’t forget to “LIKE” us when you are there!

Around this time every year the Real Estate Market tends to slow down as families start to get ready for the holiday season.  In general, this year appears no different.  From September to October we saw sales for all property types in the Fraser Valley decrease approx -2.2% continuing a general trend that started in July-August of this year.  However, sales figures (for detached homes) from Sept to Oct ranged from area to area. 

For example, White Rock/South Surrey saw a decrease of -4.9%, Langley -14.3, Surrey combined -5.4% and the Surrey/Cloverdale area increased in sales 37%!

Benchmark Price figures (for detached homes) from Sept to Oct in the same areas noted above were:  -1.2%, -2.6%, -5.4% and -0.3% respectively.

Below average home sales combined with a regular influx of new listings continue to give buyers the upper hand but the good news for sellers is that although inventory is high, it’s not record highs so sales will be steady if a home is competitively and thoughtfully priced.  In addition, low mortgage rates have provided support to home ownership demand.  According to Bryan Yu an economist with Central 1,  “Lower sales figures and the trend in resale inventory have put a lid on price growth in recent months …”

We are hoping that the recent slowdown in new listings and the strong sales figures from earlier in the year will help the Real Estate Market to remain largely in balance for the remainder of the year .. next year? … could be a different story. 

Watch for our early January market report for a better indication as to where the first two quarters of 2012 may be headed.

PLUS!  Check out our HOT new website … a top notch and on trend web space from Jason and Todd at myRealDesign http://myrealdesign.com/  showcasing our clients homes and helping us connect buyers and sellers in positive ways!    Thanks Jason and Todd! 

http://jennandcolin.com/ 

Would love to hear your thoughts and feedback!

Warm regards and “tis the season to be jolly”

Jenn & Colin

NQSS www.NotQuiteSouthSurrey.com and Jenn & Colin REAL ESTATE are collaborating to bring you ...

"Santa Comes to Sullivan!" a family event with all proceeds going to The Centre for Child Development www.CentreForChildDevelopment.ca Helping children with special needs reach their potential.

Family admission of $10.00 will include an all access pass to the day’s events and one professionally shot photo with SANTA CLAUS to be emailed to you following the event.

Featured entertainment will include the popular JOEY HANLON CHRISTMAS SHOW, KORKI THE CHRISTMAS CLOWN, Storytime with CHRISTMAS ELVES, and much more!

There will also be games, prizes for the kids, interactive crafts, a bake sale with RED VELVET Cakes and Accoutrements and a silent auction of hundreds of dollars worth of prize items including a Private Tasting Event at the South Point Cactus Club - Valued at $500.00!!

To register and purchase your $10.00 family pass online visit ...

http://www.notquitesouthsurrey.com/

Pre-registered passes will be provided upon arrival

$15.00 at the door.

Additional photos with Santa can be purchased on site. Additional donations to The Centre for Child Development can be made on site. Come out and meet your community! We would love to see you there!