Im sure right about now everyone is starting the big spring clean and getting out in their gardens – see you out there!

We may have jumped the gun in last months update when we noted an early start to the spring market was in swing.  Colin and I had an excellent month for sales in March (better than usual) however looking at the latest stats release from from the Fraser Valley Board it appears March was quieter than usual for

sales (-22%).

This will explain the ongoing grumblings amongst our colleagues!

Particularly down are the sales of detached homes priced at the higher end.  Last year detached home sales represented 63% of our residential market.  This March it dropped to 56% and FYI - the average sale price of detached homes in the Surrey/Cloverdale sub area for March was was $573,875. 

Also important to note for March, Fraser Valley Sales of detached homes greater than $500,000 decreased by 33% compared to last year explaining why average prices (which are skewed by high and low end sales) are showing decreases (-5.5%), while the benchmark prices (homes with typical characteristics for their neighbourhood) are showing increases (+6.8%) when compared to 2011.

For mortgage rates there is good news for both buyers and sellers!  Our broker Tonia Jacobson http://www.toniajacobsen.com/ gave us the scoop:

First off, The government decided not to change the mortgage rules at this time.  For months now the industry talk has been relentless that the government will act and tighten mortgage rules.  So for now at least, things will not become any more challenging.

Secondly, rates are on the rise this week.  Most of the  major banks have already increased the 4 and 5yr terms.  As of now the 2.99% 4yr rate and the 2.98% 5yr rate are still available at some lenders.  There are many pre-approvals happening right now as there is nothing like a little rate increase to help people see that these rates are INCREDIBLE and shouldn’t be missed.

Summary:

• Buyers if you haven’t already – better get pre-approved asap.  You can call Tonia at 604-618-2403 to make this happen.
• Sellers if you are thinking of a sale this year time to start the de-cluttering and gardening in hopes of exposing your home to the market this spring. 

Buying or selling, as I’m sure you know we would love to be the realtors you call first!

Let's talk Real Estate. 

For all purposes we are officially in our spring market season. Sales were up 16% in March for the Fraser Valley - compared to February of this year. As we have mentioned before this was an unusually quick start to the 2011 year for example, compared to the same time last year this February's sales were 42% more.

Overall there is strong demand in the Fraser Valley but not necessarily for all product types in all areas. Ie: Sales of homes in White Rock/South Surrey were up 150% in March compared to last year but down 7% in Abbotsford. Surrey has started to see some of the "investor frenzy" that has been shown in the media lately but not anywhere close to the same degree as Vancouver, Richmond and White Rock.

Regarding prices – despite demand we are not seeing large gains or losses - final sale prices also being more dependent on the product and the area. The benchmark price for a home in the Fraser Valley right now is $519,628 up 0.9% from March of last year. Townhomes are up 1.1% from last year to $327,328.

For the Surrey/Cloverdale area the benchmark price on Detached homes and Townhomes went down 1.2% and 1.8% respectively since the same time last year. This price flattening will likely continue until the end of spring due to the continual increase of new listings coming online (Feb – Mar was a 6% increase in new listings). Moving into summer analysts still predict prices will begin to soften as demand slows moving into the final quarters of the year.

If you want to chat about what all this means to you for buying or selling – call us anytime at 604-583-2000

Happy Spring Break! Wishing you well with tons of family time or maybe a vacation??

Have a margarita for us as Colin and I are going nowhere and pretty happy about it. Thanks to the early start in activity this year we have been going nonstop since January and expect to be working at this pace until summer. Many analysts concur what we have been experiencing - that the 2011 Real Estate Market will be "front loaded". Something to consider however - moving into what most would consider the spring market - the supply of detached homes in the Sullivan/Panorama area has been very low. Demand for the area is here but only for the homes that have been priced competitively. Any detached listings that have been positioned on the market even a little higher than that last comparable sales have not been selling as buyers have been looking to Cloverdale, Langley or South Surrey for better options.

Conversely, townhome listings are in very high supply for both new and resale. We expect this trend to continue as more new development sites in our area plan to come to market before the current ones have drawn down their supply. Even with a competitive price this saturation has been increasing our sellers days on market – sales are continuing - but at a much slower pace.

This same saturation is being felt in the Clayton and Whalley area condo/townhome market. This high supply is in contrast to the high demand being experienced in the Richmond and Vancouver markets - some of that demand being attributed to the Asian Communities but either way this "market specific" effect really highlights the importance of hiring a Realtor who understands how supply and demand is affecting your local area.

According to Central 1 Credit Unions BC Housing Forecast "upward pressure on pricing will be modest" due to the oversupplied conditions mentioned above. "This pattern will continue into 2012 ... well supplied markets and a dampening of demand in the latter half of 2011 will stunt price growth in 2012 maintaining price gains at just above 1% ... rising 4% in 2013 from higher demand." Central 1 also highlights the recreation and retiree markets in the Okanagan and Kootenays as "weak" moving through 2011 and into 2012.

If you want to talk economics and market conditions moving forward just give us a call at 604-583-2000. If you know of anyone looking to make a move we hope you will consider referring our services and please note we are also intimately familiar with the North Surrey, Delta, Cloverdale, Langley and South Surrey markets.

Having just come back from the 2011 Fraser Valley Real Estate Board Conference we are all fired up for a solid and stable year ahead.

One of our keynote speakers was Ozzy Jurock a local Real Estate Investor/Educator/Motivator who drilled home his take on Real Estate – mainly – it's never a bad time to buy. Showing us data going back to before the 1960's Ozzy was able to argue that over time Real Estate will always pay off. Whether we are in a rising market, falling market or confusing market it is completely irrelevant as over time (thanks to inflationary pressure) your investment will always grow. He went on to say there are no "good or bad markets" that real estate is and always will be cyclical " ... you can live in it, rent it out, borrow against it for reasonable rates and grow veggies on it ...".

Specifically related to BC some of Ozzy's comments on the current BC Real Estate conditions were as follows:

Canada is now out of a recession – particularly BC and Vancouver. Our high levels if inward migration and population growth are driving our Real Estate values up. Investors are continuing to invest in BC as the rental values to pricing ratio makes sense. Vancouver's stability rating is very high on the global financial scale. Historically low interest rates are maintaining a high level of demand for the 23-35yr demographic. Our recovery will continue but it will be at a slow-moderate pace while the worldwide/global volatility continues. Interest rates in Canada will rise faster than in the US but still at a slow pace with the Bank of Canada raising their variable rates ¼ point by March 1st.

In summary, the key point we have been able to take away from the 2011 conference is that BC is leading Canada in all factors of the economy. Ie: The books expected to be in balance by 2013 whereas Ontario is looking at no balance until 2018 - due to its manufacturing base. Major construction projects in BC are totaling 913 - large scale proposed projects at 563 with permits and housing starts all rising. Export growth up 10% at 2.4bill. Population growth rising with more and more Asian and European investors visiting due to our financial institutions being the strongest in Canada.

When looking at Real Estate – consider that over time down cycles have an average lifespan of 3 years and an average contraction of -17%. For 2011 some analysts are anticipating the Benchmark price of a home to generally rise over the course of the year but what we are experiencing on the ground is this value rise is tied strongly to property type and area.

So if you are curious about your investment and the best time to make a move – we would love to help give you the most current information possible to allow you to make the most informed decisions possible.

Don't forget to visit us at our Facebook page and become a fan for more local Sullivan/Panorama statistics and trends on a daily basis www.facebook.com/jennandcolinrealestate

BC homeowners are receiving their 2011 assessment notices this week from BC Assessment. Fraser Valley owners typically saw their home values assessed 5 – 10 per cent higher than they were in 2010. Some of those assessed increases may be higher than what the market is reflecting currently.

If you are wondering about this, please note that BC Assessment bases its values on market values as of July 1, 2010. The average price of a detached home in the Fraser Valley in July 2010 was 9.8 per cent higher than in July 2009.

The average price of a detached house in the Fraser Valley in July 2010 was $566,600. In December 2010 it was $560,000, a difference of 1.2 per cent, meaning that average prices are effectively on par with what they were last summer.

This all being said we are very grateful that 2011 conditions point to a steady, balanced market at least for the first 2-3 quarters.

We could not be more excited to get to work for you, your friends and your family in 2011!   If anyone you know is considering a move in the new year think of us first as we truly appreciate your support J

Mele Kalikimaka!

jenn & colin

 September Statistics from the Fraser Valley Real Estate Board showed a decrease overall in inventory for the fourth month in a row.  The beginning of the fall market is showing sales lower than a typical September (-34% from 2009) but up 4.7% from the August sales numbers this year.  Consumers have approx 13% fewer properties to look at in the Fraser Valley than they did in May 2010 but the market is still tipped in favor of buyers due to a still healthy selection, stable prices and record low interest rates.

Mortgage rates have been providing relief for BC households but with our fundamental dependence on the US – and its continued recession - our BC economy is sluggish and still in recovery from the financial crisis.

Similarly, the ongoing slowdown in consumer spending (unemployment at approx 8%) could lead to a further contraction in the housing market throughout the final quarter of 2010 and into most of 2011. 

Some economists are predicting home sales declining approx 15% by the 2^nd quarter of 2011 and home prices declining about 8% by the end of 2011.

Silver linings to note;  the normalization of short and long term interest rates will likely be deferred - equaling lower payments for variable rate mortgage holders; also first time buyers and those set to renew their mortgages will be offered a chance at securing these record low rates. 

If you would like to discuss how the economy and housing sector will influence your decision to buy or sell in the near future call us anytime at 604-583-2000 or email jennfoster@remax.net

Dear clients, neighbours, friends and family,

Well, we hope “back to school” is a positive time for most of you and that you have had a wonderful summer full of fun and family. 

We do however know many sad mommies and daddies out there today sending their children off into the world for the first time and we dedicate this email to you!

Colin and I are hoping for a steady and solid rush of buyers back into the market after their 2 month vacation from real estate.  August continued to show a decrease in sales, new listings and overall inventory compared to July.  This lack of demand over the summer has pushed us into Buyer Market territory - graph attached - with sales levels for August 2010 down 44% compared to the same month last year.

Residential home pricing is continuing to edge down month over month (Sullivan/Panorama Benchmark Home Price - .03% from July – Aug 2010)  but still remains 4.7% higher than a year ago.

There is currently a healthy selection of homes for sale for Buyers and interest rates remain low – if inventory levels start to climb this month Buyers can expect pricing to continue moderating.  Alternatively, If new listings coming onto the market remain low - Sellers can expect better pricing buoyancy for the final quarter of 2010. 

If you have been considering a sale in the near future but are unsure how current market conditions will affect you specifically give us a call for more detailed information.

Also for those of you with a more macro interest, we have attached an article looking at the components of population growth and their impact on long-term housing demand. 

Happy reading! 

Take care and don’t forget to save the date …

FREE FAMILY FIELDTRIP TO THE CORN MAZE - SUNDAY OCTOBER 3RD BETWEEN 4-7PM  - THE CORNER OF 64^TH AVE AND 156^TH ST.

Colin and I are hosting a private event for the Sullivan / Panorama community and are inviting all our friends, clients, past clients and neighbours.  Bring a donation to the food bank and come by to tour the maze and roast marshmallows over the open fire!

To register visit our website www.JENNandCOLIN.com – Sullivan Community Events or become a fan on www.Facebook.com/jennandcolinrealestate

Hope to see you there!

Jenn

Hi there clients, friends, family and colleagues,

Hope you have been enjoying a wonderful summer so far!  There are many local community events taking place – be sure to visit our websites community events page http://jennandcolin.com/business-directory.html to see what’s happening in your area this summer!

The market here at home has been slow.  Sales have been declining over the last 2 months and the July sales to actives ratio (total % of current inventory selling) was at 10%.  This has been attributed to great weather, interest rates edging up and the reaction to the HST.  Although the HST does not apply to resale properties – many are unaware of that fact.

We have been posting many different links and articles to our facebook page if you are not already a member please visit us at  www.facebook.com/jennandcolinrealestate for a wide variety of regular stats, trends and economic updates.

Now that housing demand is moderating analysts expect it to more closely match overall economic performance for the next 18 months.

For buyers this means affordability and selection as this large inventory of homes for sale has created the most favorable conditions for a homebuyer in over a year however it seems as though total active listings has already peaked and have begun to wane so expect more balanced conditions in the fall.

For sellers this means we have been seeing many price reductions as sellers have been trying to remain competitive.  Actual price corrections we have seen in the Sullivan/Panorama area have been small :

ie: detached homes down -3.2% from June – July 2010  however,  from July 09 – July 10 pricing had only come up approx 3.0% in this same category.  So really this just continues to point to this very “flat” market we have been rambling on about for the last 18 months.

If you are thinking of putting your home on the market your asking price will work in your favor the more closely it is aligned with the recent sale prices for comparable product in your area.  Call us if you would like to talk about what your home may be worth today.  604-583-2000

As a side note - we have recently created a Business Directory page on our website where we would love to feature local small and home based businesses.  If you are connected with our “not quite south surrey neighbourhood”  (blog:  www.notquitesouthsurrey.com ) drop us a email at  jennfoster@remax.net  with your business name, its nature and the best contact numbers for you and we will be sure to add you to the page.

http://jennandcolin.com/business-directory.html

So take care and think of us when you or anyone you know is looking to buy or sell a home – we will ensure your referrals receive VIP status!

jenn & colin

Hi there clients, friends, family & colleagues,

Are you or anyone you know thinking of buying or selling in the near future? Let’s meet for coffee and chat about your best possible action plan. 

Call anytime 604-583-2000 and have a great summer!

jenn & colin

Dear Clients, Neighbours, Friends, Family and Colleagues,

Well, as we had anticipated things have started to quiet over the last couple weeks.  The Fraser Valley spring market produced high levels of sales activity but seems to be shorter than usual and for the most part did not result in any strong upward push on home pricing. 

The Fraser Valley Home Pricing Index Average over the last 6 months has been modest - Detached homes saw an increase of 3.6% and Townhomes 3.9% . 

The British Columbia Real Estate Association has forecast for the Fraser Valley a 2.9% increase in sales and a 4.6% increase in home pricing for 2010 - compared to 2009.  The same report predicts, moving into 2011 - a 3% increase in sales and a 1.3% increase in home pricing – compared to 2010.

So you can see all our research, reading and updates so far seem to be in line regarding this very flat 2010 - 2011/2012 Real Estate Market.  The leveling off points to balanced market conditions during this time with higher levels of inventory for Buyers to choose from.  For Sellers, getting very specific advise as to your areas values and market forces will be crucial to remaining competitive within your local neighbourhood.

So we hope you have a wonderful summer and we look forward to seeing you all out and about in both our community and yours! 

Don’t forget to visit our Facebook Page to keep current with the local Real Estate Market and become a fan –

http://www.facebook.com/#!/pages/Surrey-BC/JENN-COLIN-REAL-ESTATE/124079067606031

Warm regards,

Jenn & Colin

Hope you had a wonderful Easter holiday and are starting to make some plans for summer vacations.  Our dad recently bought an oldie but a goodie motor home so we are hoping to take it on the road this summer with the dogs.  Maybe Banff Alberta or the Okanagan area?  Should make for some interesting arguments over directions and parking … keep you posted!

Despite this “rush to market” pricing has remained relatively in line with where it was back in spring 2008 prior to the credit crisis.  We anticipate pricing to remain steady over the course of 2010 and into the first quarter of 2011 with slight fluctuations up and down between now and then.

As I sure you all have noticed, the Greater Vancouver and Victoria markets have been much more dramatic over the last couple months.  As we had mentioned earlier in the year … this is expected to be a temporary rush in these coastal markets – some say due to pent up demand from 2008-2009 combined with the low borrowing rates.  This trend is expected to slow considerably moving into the final quarters of 2010 and to follow the same slight fluctuating pattern noted above.

There have been many notable items of change recently that will be and have been affecting buyers and sellers and Real Estate … if you are interested there is a summary of these below:

This tax will also apply to realtor fees, legal fees, home inspection services and moving services. Re: Realtor fees - during the transitional period the taxed amount will depend on the amount of realtor services performed before and after to July 1, 2010.

Mortgage Rules:  Scheduled to take effect as of April 19^th, 2010 –

Clients wishing to buy a residential property but not live in it, will be required to produce a min of 20% instead of the 5% that is currently required.

Any specific questions re: rule changes and/or mortgage pre-approval can be directed to our Mortgage Specialist Tonia Jacobsen at 604-618-2406 or www.toniajacobsen.com

Strata Properties:  As of January 1, 2010 the Strata Property Act enacted new rules with regard to a strata complexes ability to limit rentals.  This means that developers can now create strata complexes that have no ability to limit or prohibit rentals at any time in the future. 

For more questions re: this change please drop us an email or give us a call at 604-583-2000.

As a side note we are currently coordinating a Sullivan/Panorama Community Garage Sale for May 15^th, 2010 from 9am – 2 pm.  All advertising and signage will be sponsored by us … if you would like to participate just drop us an email or call 604-583-2000 to see if your homes location qualifies.

Thanks for your time and we hope to have an opportunity to go to work for you, your friends and your family in the near future.