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

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