Real Estate News http://www.gelderman.ca/pt/feeds/atom.xml Presstopia Copyright (c) 2012 Jonathan Gelderman.ca 2012-01-27T11:52:01Z Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=80&t=Looking-for-greater-affordability-Head 2012-01-27T11:52:01Z 2012-01-26T11:51:00Z 2012-01-27T11:52:01Z According to the president of the Fraser Valley Real Estate Board (FVREB), international affordability studies regarding Vancouver are misleading because they don’t reflect the reality that homebuyers purchase more affordable homes every day in neighbouring communities. Sukh Sidhu is a REALTOR® who lives and works in Abbotsford. “So far this month, over 50 homebuyers in the Fraser Valley have purchased a condo for $199,000 or less and over 100 families are now proud owners of townhomes valued at $399,000 or less. “About one-third of our buyers are first-timers and two-thirds are using equity from an existing home to either buy up or downsize and they’re thrilled with the value and benefits home ownership provides.” According to a recent Demographia International Housing Affordability Survey, Vancouver ranks the second most unaffordable major housing market in the world based on median household income and a median home price of $678,000. Based on January sales to date, the median home price in Fraser Valley is $405,000. Sidhu says, “To buy that home, you would need about $80,000 as a household income, however to buy a typical condo or townhome in Surrey or Abbotsford for example, you need less than $60,000 as a household income. “We’re not suggesting that affordability isn’t an issue in Greater Vancouver. In fact, REALTORS® in BC are amongst the most active proponents of strategies to make home ownership more accessible. What we are saying is that these broad, general studies don’t reflect what’s really happening within the local housing market.” The FVREB is scheduled to release its final January month-end sales statistics from its Multiple Listing Service® during the first week of February. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=79&t=2011-real-estate-market-showcases-region 2012-01-19T10:05:23Z 2012-01-19T10:04:00Z 2012-01-19T10:05:23Z Overall, Fraser Valley’s real estate market in 2011 was below the 10-year average in property sales and above average in the number of new listings received, however, according to the president of the Fraser Valley Real Estate Board, results varied widely depending on the community and property type. Sukh Sidhu observes, “I can’t remember a year that illustrates better how local real estate is and the importance of talking to your REALTOR® before making a decision to buy or sell. For example, in my community of Abbotsford, sales of single family homes dropped by almost 7 per cent compared to 2010, pushing prices down slightly, while in South Surrey/White Rock sales increased year over year by 45 per cent resulting in double-digit price increases.” The Board’s Multiple Listing Service® processed 15,529 sales in 2011 compared to 14,891 the previous year, an increase of 4 per cent, while the number of new listings remained about the same – 31,592 in 2011 compared to 31,437 in 2010. Over the year, the number of active listings for buyers to choose from dropped by 9 per cent going from 8,139 properties in December 2010 to 7,399 in December 2011. Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 per cent less than the 10-year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent more than the 10-year average of 29,867 new listings, placing last year third in ranking since 2002. Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.” In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November. For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November. Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to $559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in 2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from $223,910 in 2010 to $225,976 in 2011. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=74&t=CMHC-Rental-Market-Report 2011-12-13T13:27:22Z 2011-12-13T13:27:00Z 2011-12-13T13:27:22Z http://www.cmhc-schl.gc.ca/odpub/esub/64467/64467_2011_A01.pdf Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=75&t=Steady-demand-for-homes-heading-into-the 2011-12-13T13:30:14Z 2011-12-02T13:27:00Z 2011-12-13T13:30:14Z November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline. The Fraser Valley Real Estate Board processed 1,120 sales in November on its Multiple Listing Service® (MLS®), an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 per cent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November. Board president, Sukh Sidhu says, “Given the time of year, Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point. “For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.” Sidhu adds, “Fraser Valley offers buyers the key value of affordability. Currently, over half of our townhomes and condos are listed for $289,000 or less.” While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings. Sidhu says, “Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types.” Prices for a typical Fraser Valley apartment are down year-over-year and month-over-month, while both single family detached and townhomes are still showing positive price gains compared to November last year and remain stable compared to October. In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October. For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=73&t=Housing-Starts 2011-11-09T12:40:42Z 2011-11-09T12:39:00Z 2011-11-09T12:40:42Z BCREA ECONOMICS NOW Housing Starts - November 8, 2011 Canadian housing starts moderated in October, falling 1.1 per cent to a seasonally adjusted annual rate of 207,600 units (September starts were revised higher, to 208,8000). New home construction in BC also increased, rising 1.5 per cent from last month to a seasonally adjusted annual rate of 27,800 units. Housing starts rose 19 per cent in Vancouver compared with October 2010 due to a 30 per cent increase in multi-family construction and a 10 per cent decline in single-family starts. New home construction in Abbotsford rose 46 per cent in comparison to October of last year as a result of a jump in multi-family starts. Housing starts in Victoria rose 61 per cent with both single family and multi-family starts running ahead of October 2010. New home construction in Kelowna was up 35 per cent year over year. BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe). Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=78&t=ADVANTAGE-BUYERS-IN-FRASER-VALLEYS-HOU 2011-12-13T13:37:09Z 2011-11-02T13:27:00Z 2011-12-13T13:37:09Z Below average home sales combined with a regular influx of new listings continue to give buyers the upper hand in communities south of the Fraser River, including Mission. However, according to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when the property is competitively priced. “It is not a quiet market. Priced-right properties are selling thanks to the continuation of low interest rates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.” The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a decrease of 2 per cent compared to 1,165 sales in September. In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent compared to October of last year and a decrease of 5 per cent compared to September. The number of active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005. Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and sales remain steady. This is why the overall benchmark price for residential properties has remained unchanged for six months.” The benchmark price (the price of homes with characteristics typical to that area) of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to $505,759 in October 2010 and on par with the price in September. For townhouses, the benchmark price in October was $325,482, an increase of 2 per cent compared to the same month last year when it was $319,058 and down 0.6 per cent compared to September. The benchmark price of apartments in October was $243,725, an increase of 1.3 per cent compared to October 2010 and on par with the price in September. The average number of days to sell a Fraser Valley home varies depending on the property type. Sidhu says the average of 45 days to sell a single family detached home has been constant for three months. In October, townhomes took on average 55 days to sell and apartments 75 days. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=77&t=THE-FRASER-VALLEY-REAL-ESTATE-BOARD-TURN 2011-12-13T13:35:14Z 2011-10-19T13:27:00Z 2011-12-13T13:35:14Z Founded in 1921 as the "New Westminster Real Agents’ Association", the FVREB took on its current name in 1979 after multiple name and boundary changes through the years. Although the Fraser Valley Real Estate Board (FVREB) was first established on the north side of the Fraser River and underwent five name changes during its rich 90-year history, its mission to serve local REALTORS® and the public has remained constant. On October 19, 1921, “13 men engaged with realty business” resolved “that an association be formed known as the New Westminster Real Agents’ Association,” to establish standards of business practice and to elevate the industry in the eyes of the public. Today, the FVREB – among BC’s largest and respected professional organizations – is made up of over 2,900 REALTORS® who live and work in North Delta, Surrey, White Rock, Langley, Abbotsford and Mission and specialize in residential or commercial real estate, strata, land development and real estate investment. Upon receiving his real estate licence, Sukh Sidhu joined the Board in 1983 and is currently serving as its 58th president. “It’s quite humbling to look back and see just how far our Board and profession have evolved, but at the same time recognize that our goal as REALTORS® to give our clients the best possible service no matter what challenges we face has remained the same for almost a century. “From the creation of our cooperative Multiple Listing Service® to the establishment of our national Code of Ethics and Standards of Business Practice, REALTORS® have consistently adapted because our clients rely on us as professionals to guide them through one of the most important business transactions they’ll ever make.” John Woodward, now retired and living on Salt Spring Island, first joined the Board in 1952 and served as president in 1969. He not only remembers FVREB’s first MLS® system, his brokerage was the first in the Fraser Valley to introduce the MLS® tour in 1960. “We would meet at the old Dell Hotel in Whalley at 9 am every Tuesday and then together go look at all the new listings on behalf of our clients. “The MLS® was the most important and influential development in our industry. It continues to be the perfect example of professionals cooperating for the betterment of the public.” Members of the FVREB are also members of the Canadian Real Estate Association (CREA). The term REALTOR® is a CREA trademark that symbolizes the high standards of service, professionalism and co-operation that its members adhere to when working on behalf of their clients. The photo below, from FVREB’s archives, is from August, 1966. Staff surrounds the Multiple Listing Service® printer, which copied listing sheets daily for delivery to Fraser Valley brokerages. For more FVREB history, go to www.fvreb.bc.ca. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=76&t=MORE-LISTINGSFEWER-SALES-KEEPING-LID-ON 2011-12-13T13:33:56Z 2011-10-04T13:27:00Z 2011-12-13T13:33:56Z Property sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in September were the third lowest for that month in the last decade, while new listings for September ranked the second highest. Sukh Sidhu is FVREB’s president. “This is the third month in a row based on the 10-year average where we’ve seen lower sales combined with a higher influx of new listings.” The Fraser Valley Real Estate Board processed 1,165 sales in September, an increase of 12 per cent compared to the 1,044 sales during the same month last year and a decrease of 13 per cent compared to 1,341 sales in August. The board posted 2,651 new properties on its MLS® in September, an increase of 10 per cent compared to September of last year and on par with the listings it received in August. The number of active listings in the Fraser Valley remained at 10,096 in September, at an annual high for the last three months. Sidhu adds, “This trend is stabilizing home prices in the Fraser Valley resulting in the price of a typical detached home in September being only slightly higher than it was in May. “Although average prices year-over-year are still showing strong increases or decreases for some communities, make sure to ask your local REALTOR® for the benchmark price as well. It’s the predicted sale price of a typical home in your neighbourhood and unlike the average price, isn’t sensitive to sales of high-end or low-end homes. It’s one of our most reliable pricing tools.” The benchmark price of a single family detached home in the Fraser Valley in September was $530,321, an increase of 4.5 per cent compared to $507,429 in September 2010 and 0.3 per cent higher than the price in August. For townhouses, the benchmark price in September was $327,546, an increase of 1.8 per cent compared to the same month last year and unchanged with the price in August. The benchmark price of apartments in September was $243,420, an increase of 1.6 per cent compared to September 2010 and down 0.9 per cent compared to August. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=72&t=Economic-Analysis-of-British-Columbia 2011-10-31T07:36:34Z 2011-09-26T12:42:00Z 2011-09-26T12:47:56Z http://bit.ly/w1Gnwx (Copy and Paste Link to Read Full Article) Highlights • Home sales in 2011 expected to decline slightly from 2010 • Median sales price will rise to $417,000, up 6.8 per cent from 2010 • End of HST will result in purchases being delayed until 2013 • Vancouver not likely to suffer major price drop • Housing starts to drop 2.2 per cent in 2011 to 25,900 units Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=71&t=HOME-SALES-IN-FRASER-VALLEY-HOLD-STEADY 2011-09-02T14:15:44Z 2011-09-02T14:15:00Z 2011-09-02T14:15:44Z The Fraser Valley Real Estate Board processed 1,341 sales on the Multiple Listing Service® (MLS®) in August, an increase of 35 per cent compared to the 997 sales during the same month last year and slightly higher than the 1,322 sales in July. Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “We typically see a summer dip in sales in August compared to July and that didn’t happen this year. We attribute the current steady market to interest rates remaining favourable, as well as buyers taking advantage of home prices softening slightly in certain markets and an influx of new inventory across all property types.” The board posted 2,644 new properties on its MLS® in August, an increase of 26 per cent compared to August of last year and 10 per cent fewer than it received in July. The number of active listings in the Fraser Valley remained at 10,074 in August, on par with July’s volume. “The number of homes on the market remains at a yearly high, which combined with a decrease in sales, can put downward pressure on pricing. We’re only seeing this in some communities for certain property types underlining the importance for both sellers and buyers to obtain local real estate expertise. “Year over year, home prices in the Fraser Valley are either on par or showing increases; month over month, benchmark prices for the three main residential property types combined declined by 1.3 per cent.” The benchmark price of a single family detached house in the Fraser Valley in August was $528,959, an increase of 3.7 per cent compared to $510,107 in August 2010. For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent compared to $324,485 during the same month last year. The benchmark price of apartments in Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August 2010. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=69&t=REMAX-Outranks-Competition-in-Canada 2011-08-08T06:23:23Z 2011-08-08T06:15:00Z 2011-08-08T06:23:23Z DENVER, CO – For the second year in a row, The REAL Trends Canadian 200 survey puts RE/MAX brokerages on top, proving that RE/MAX agents consistently outproduce their competitors. In fact, RE/MAX took an overwhelming majority of positions on the prestigious list, which ranked brokerages on both closed Transaction Ends and Sales Volume for 2010. Of the Top 200 brokerages in Canada, 137 are RE/MAX firms. “We pride ourselves on being the best sales force around the world and the numbers consistently prove that’s true,” said Dave Liniger, RE/MAX Chairman and Co-Founder. “RE/MAX agents in Canada have outsold the competition since 1987. They’re outstanding performers and homebuyers and sellers know that. That’s why when they have a choice, they choose RE/MAX.” The survey shows that in 2010, a RE/MAX agent was involved in 62% of the nearly 420,000 transaction ends, averaging 16.6 transaction ends per agent, compared to 12.6 for all other agents in the survey. And, RE/MAX agents averaged $5.8 million in sales volume, 48% more than all other agents. “In real estate, what matters most to consumers is whether their agent can get the job done,” said Liniger. “Our Canadian agents work hard, customer service is their number one concern and you can see the results in this survey.” RE/MAX first began franchise operations in Canada in 1977 and now has over 18,000 Sales Associates working in more than 700 offices. RE/MAX enjoys over a 30% market-share in most major Canadian markets. For 24 years, REAL Trends, Inc. has produced The REAL Trends 500 report, ranking the performance of the leading residential real estate firms in the United States. The 2010 REAL Trends Canadian 200 is the second annual survey the company has produced, ranking Canadian brokerages. Each brokerage is allowed to report their performance data directly, but REAL Trends verifies the data with the respective franchise headquarters of each brokerage. In 2010, the RE/MAX network grew to more than 80 countries around the world, with franchise sales up nearly 30% from 2009. In countries like Brazil and India, RE/MAX is expanding rapidly, opening hundreds of new offices.For more information, visit www.remax.com. To learn more about becoming a RE/MAX agent, visit www.joinremax.com About the RE/MAX Network: RE/MAX was founded in 1973 by Dave and Gail Liniger, real estate industry visionaries who still lead the Denver-based global franchisor today. RE/MAX is recognized as one of the leading real estate franchise companies with the most productive sales force in the industry and a global reach of more than 80 countries. With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $100 million for Children’s Miracle Network Hospitals, Susan G. Komen for the Cure® and other charities. Nobody in the world sells more real estate than RE/MAX. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=70&t=HOME-SALES-TAKE-SUMMER-DIP-PRICES-REMAI 2011-08-30T13:41:31Z 2011-08-03T13:41:00Z 2011-08-30T13:41:31Z The Fraser Valley Real Estate Board processed 1,322 sales on the Multiple Listing Service® (MLS®) in July, an increase of 20 per cent compared to the 1,101 sales during the same month last year, however 17 per cent fewer than the 1,588 sales in June. While sales decreased month-over-month, listings went up. The board posted 2,931 new properties on its MLS® in July – 6 per cent more than received in June and 24.5 per cent more than in July 2010 – pushing overall inventory to 10,073 active listings, the highest level in the Fraser Valley since last summer. Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “Last month, we were busier listing rather than selling properties, which is good news for prospective buyers. A buyers’ market means REALTORS® will have more homes to show their clients and increased negotiating power on their behalf.” “For sellers in this market, expert guidance to determine your home’s list price is essential. Overall, we’re seeing home prices remain strong compared to a year ago, but not for every property type or every community. We’re still seeing tremendous regional variation in prices – some areas showing increases; others decreases – as well as local differences in the average number of days on the market.” For example, in July, it took on average 18 days to sell a townhome in North Delta; 45 days on average to sell a single family home in White Rock/South Surrey; and, 65 days on average to sell an apartment in Abbotsford. The benchmark price of a single family detached house in the Fraser Valley in July was $534,042, an increase of 4.6 per cent compared to $510,470 in July 2010. For townhouses, the benchmark price in July was $328,318, an increase of 0.8 per cent compared to $325,856 during the same month last year. The benchmark price of apartments in Fraser Valley in July was $248,043, an increase of 1.5 per cent compared to $244,368 in July 2010. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=68&t=Fraser-Valley-market-update-Steady-as-s 2011-07-21T09:58:13Z 2011-07-21T09:54:00Z 2011-07-21T09:58:13Z CMHC is predicting Fraser Valley's housing market overall will remain balanced for the remainder of 2011 with communities closest to Vancouver continuing to fare better than those further down the Valley. Richard Sam, Market Analyst with the Canada Mortgage and Housing Corporation (CMHC), says Fraser Valley's market this year has been fuelled by "a combination of lower interest rates and a desire for more affordable single family detached homes as close as possible to Vancouver." "It's why we've seen sales of single family homes do well in Delta, South Surrey/White Rock and Langley, in addition to home prices in those communities remaining firm or rising." According to MLS® sales data from FVREB, sales of single family homes during the first half of 2011 compared to 2010 remained on par in North Delta, increased by 14 per cent in Langley and increased by 71 per cent in South Surrey/White Rock. Sam says Langley is still attracting first-time homebuyers; however it is high-end buyers who have been influencing the White Rock area. In Abbotsford and Mission however, sales of single family homes from January to June in 2011 decreased by 23 per cent and 10 per cent respectively compared to the same time frame last year. Sam attributes the decreases in sales and prices in Abbotsford and Mission to higher unemployment in that region, tighter mortgage rules affecting first-time home buyers and higher inventory. Overall, CMHC predicts Fraser Valley's market will remain stable for the remainder of 2011 supported by positive net migration, job growth and economic diversity in the region. It forecasts MLS® sales will increase by seven per cent in 2011 compared to last year, to just over 15,000 transactions and a further three per cent in 2012, to approximately 15,500. In addition, it's forecasting the average MLS® price in the Fraser Valley will increase by five per cent in 2011 and a further three per cent in 2012. For the Abbotsford central metropolitan area, CMHC anticipates demand for homes will be offset by higher levels of homes listed for sale. With more selection, buyers will have more choice. As a result, there will be little movement in Abbotsford prices during the forecast period. Also, it says higher resale levels will be located in neighbourhoods within easy access to transportation routes, employment centres and retail and service amenities. http://www.cmhc-schl.gc.ca/odpub/esub/64363/64363_2011_B01.pdf?fr=1311010364685 Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=67&t=RATIO-OF-PROPERTY-SALES-TO-INVENTORY-REM 2011-07-11T13:38:31Z 2011-07-05T13:37:00Z 2011-07-11T13:38:31Z For three consecutive months, the percentage of properties sold in the Fraser Valley compared to those that were available for purchase has remained at 16 per cent, reflecting a balanced market starting to favour buyers. In June, the Fraser Valley Real Estate Board processed 1,588 property sales on its Multiple Listing Service (MLS®), while at the same time had 9,758 active listings available. Sukh Sidhu, president of the Board, explains, “When supply and demand remain as consistent as they have since April, it indicates a stable market." “However, it is important for both buyers and sellers to be aware that Fraser Valley’s market is highly localized. In general, 16 out of every 100 properties sold in June, but that’s referring to every property type in all six of our communities. Be sure to ask your REALTOR® for the percentage of properties selling specific to your home in your area.” The Board received 2,762 new listings in June, a decrease of 10 per cent compared to May and a decrease of 12 per cent compared to the 3,153 new listings received in June 2010. Sidhu adds, “Although the volume of new homes coming on stream saw a seasonal dip in June, selection remains very good in particular for Fraser Valley apartments. With interest rates remaining stable, there are some excellent opportunities for first-time buyers this summer.” In June, the benchmark price for Fraser Valley detached homes was $528,060, an increase of 1.9 per cent compared to $518,355 in June 2010 and a decrease of 0.3 per cent compared to May. The benchmark price of Fraser Valley townhomes in June was $327,457, a decrease of 0.2 per cent compared to $328,080 in June 2010 and up 0.8 per cent compared to May. The benchmark price of apartments was $249,537 in June, an increase of 1.3 per cent compared to the $246,351 price in June of last year and down 0.6 per cent compared to May. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=66&t=FRASER-VALLEY-HOUSING-MARKET-SHOWS-LOCAL 2011-06-02T10:27:47Z 2011-06-02T10:26:00Z 2011-06-02T10:27:47Z The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of last year, and an increase of 6 per cent compared to April’s 1,516 sales. Sukh Sidhu, president of the Board, reports, “Overall, the Fraser Valley market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if you’re thinking of buying or selling. “For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.” Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached homes was $529,810, an increase of 2.8 per cent year-over-year. The benchmark price is the predicted sale price of a typical property in the Fraser Valley. Contrast that to May’s average price of $630,870 for detached homes, an 11.6 per cent increase compared to May 2010 – influenced by the sale of higher-end homes or homes with larger lots. Sukh Sidhu explains, “The average price and its percentage change often do not provide an accurate picture of the real market, which is why we talk about prices of “typical” homes that most people are buying or selling.” In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1 per cent compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a decrease of 0.5 per cent compared to the $252,221 price in May of last year. May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978 compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during May of 2010. The Board received 3,070 new listings in May, an increase of 5.2 per cent compared to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=65&t=FRASER-VALLEY-TO-HOST-INAUGURAL-COMMERCI 2011-05-26T10:23:35Z 2011-05-13T10:15:00Z 2011-05-26T10:23:35Z The Fraser Valley Real Estate Board, in conjunction with Business Fraser Valley, present the inaugural Commercial Building Awards on May 26, 2011, at the Coast Hotel & Convention Centre in Langley, BC. This gala celebration will recognize the best in commercial and mixed use residential buildings within the Fraser Valley area. The event is expected to draw developers, general contractors, architects, engineers, tradespeople, lawyers, REALTORS®, and business people and attendance is open to the public. There are 29 nominations in six building categories. Find a gallery of the nominations here. For more details and to secure your ticket for this event, go to http://www.businessvi.ca/fvrebcd/. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=63&t=Your-Mortgage-Source-Info-Letter-May-2 2011-05-09T21:06:17Z 2011-05-09T20:52:00Z 2011-05-09T21:06:17Z This month’s feature: How to increase your net worth faster. We are often asked for financial advice in saving money and paying down debt faster in order to help people grow their net worth quicker. Below are a few suggestions that will definitely help you along the way. ● Set up a budget – Start with your net income and take at least 10% of this and set it aside for savings. Then decide how much money you can allocate to pay off debts. Always pay off the debt that costs you the most interest first. Usually credit cards carry rates of 18% - 30% interest so these should always be paid off first. Then you would tackle higher interest rate loans/lines of credit. Once all of this is paid off then put extra money down on your mortgage. Given the above information you should keep your mortgage payment as low as possible and pay it off as slow as possible as long as you have other debt to take care of first. Once your other debt is paid off then take all of the money you were using to pay off that debt and put it onto your mortgage each month. ● Take s serious look at your RRSP/Investment portfolio each year. Often we see people that put money into RRSP’s to get a tax deduction and this is great. However, they then get their statements year after year and sometimes 5 or 10 years later they have made very little if no money at all. You should have a plan of when you want to retire and how much money you need at that time. If your portfolio performs poorly for any number of years then there is some serious lost time. If you were planning to retire in 30 years and you lost income potential for 5 years on your portfolio, that will mean that your portfolio will need to perform even better than originally estimated for the remaining 25 years. This generally means putting your investments into higher risk products or contributing more money to get the same overall end result. ● Audit your finances at least once per year. Often times we hear of corporations going through cost cutting measures to keep afloat or become stronger. This is usually done annually when they prepare their budget for the upcoming year. We as individuals need to look at our expenses as well. If you have a budget you track monthly this is very easy to do. You can see where you have spent all of your money for the year and then trim off the fat from areas where too much money is going out the door. Some small areas that can save big money include: 1. Eating out: most people spend more in this area than they think especially when you count all of the small expenditures on coffee, etc that can happen on a daily basis. 2. Telephone/Television: many of us have cell phones, home phones, internet, tv packages and the cost of these can ramp up very easily to hundreds of dollars per month. Take a serious look here at everything you spend and see if you can cut down on these items as they tend to take up more of our disposable income than ever. 3. Vehicle Expense: between loan payments, gasoline and insurance the cost to run a vehicle can sometimes be more than a mortgage. Take a look at how much goes out the door each month for your vehicle and you may be shocked. Downsizing a vehicle to reduce payments may help. Also planning errands and trips through town more efficiently will help cut down on gasoline costs. These are just a few ideas to increase your net worth faster. In the end, being diligent and sticking the course to a strong financial plan will ultimately give you great success down the road. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=64&t=APRIL-HOME-SALES-RETURN-TO-BALANCE-IN-FR 2011-05-26T10:21:20Z 2011-05-03T10:15:00Z 2011-05-26T10:21:20Z The Fraser Valley Real Estate Board processed 1,516 property sales on its Multiple Listing Service (MLS®) in April, a decrease of 15 per cent compared to 1,793 sold during April of last year, and a decrease of 17 per cent compared to March’s 1,818 sales. Sukh Sidhu, president of the Board, explains, “April’s sales are pretty typical for that month over the last two decades with the 20-year average being 1,580, but softer than what we saw earlier this year. “The Fraser Valley market was busier than normal in February and March due in part to the tighter credit conditions that kicked in on March 18, plus you add into the mix a focus on the federal election and you get an April that trends back to normal conditions.” However, Sidhu says certain individual markets within Fraser Valley have remained active. “For the third month in a row, sales of single detached homes in White Rock/South Surrey have accounted for almost a quarter of all detached sales in the region compared to the 15 per cent share that area typically garners.” “Benchmark prices of detached homes in that area have increased by 11 per cent in the last three months compared to 3.9 per cent across the Fraser Valley as a whole, emphasizing the need for local expertise no matter where you’re thinking of buying or selling.” April finished with 5 per cent more active listings on the MLS® than it had in March – 9,697 compared to 9,228 – however, 9 per cent fewer than the 10,635 listings that were active during April of 2010. The Board received 2,918 new listings in April, a decrease of 14 per cent compared to March and a decrease of 22 per cent compared to the 3,760 new listings received in April 2010. Regarding prices, in April, the benchmark price for Fraser Valley detached homes was $525,510, an increase of 1 per cent from the April 2010 price of $520,423. The benchmark price of townhomes was $332,992 in April, an increase of 2 per cent compared to $326,367 in April 2010. The benchmark price of apartments was $252,689 in April, a 1.3 per cent increase compared to $249,453 in April 2010. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=62&t=Top-24-grants-and-rebates-for-property-b 2011-04-06T13:43:22Z 2011-04-06T13:41:00Z 2011-04-06T13:43:22Z 1. Home Buyers' Plan Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. 2. GST Rebate on New Homes New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. 1.800.959.8287 3. BC New Housing Rebate (HST) Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250. 4. BC New Rental Housing Rebate (HST) Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. 5. BC Property Transfer Tax (PTT) First Time Home Buyers' Program Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. 6. First-Time Home Buyers' Tax Credit (HBTC) This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. 7. BC Home Owner Grant Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. 8. BC Property Tax Deferment Programs Property Tax Deferment Program for Seniors: Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program: Qualifying low-income home owners may be eligible to defer property taxes. Property Tax Deferment Program for Families with Children: Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes. 9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. 10. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations. 11. Energy Saving Mortgages Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver Mortgage, may qualify for a rebate of $300 to their RBC account. 12. Low interest renovation loans Financial institutions offer 'green' loans for home owners making energy efficient upgrades. Vancity's Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for 'green' renovations. RBC's Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution. 13. LiveSmart BC: Efficiency Incentive Program Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with FortisBC and BC Hydro. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider. 14. BC Residential Energy Credit Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST. 15. BC Hydro Appliance Rebates Mail-in rebates for purchasers of ENERGY STAR® clothes washers, refrigerators, dishwashers, or freezers. 16. BC Hydro Fridge Buy-Back Program This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition. 17. BC Hydro Windows Rebate Program Pay no HST when you buy ENERGY STAR® high-performance windows and doors. Call 604.759.2759 for a free in-home estimate. 18. BC Hydro Mail-in Rebates/Savings Coupons To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR® cordless phone. Check for new offers and for deadlines. 19. FortisBC Rebate Programs A range of rebates for home owners include a $50 rebate for upgrading a hot water tank, $150 rebate on an EnerChoice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR® heating system (each good to December 31, 2011). 20. FortisBC Efficient Boiler program For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits. 21. Vancity Green Building Grant In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies. 22. Local government rain barrel programs Many local municipalities sell rain barrels and downspout kits to help you collect water for watering your garden or washing your vehicle(s). Contact your local municipality's Engineering department for information. 23. Local government water conservation incentives Your municipality may provide grants and incentives to residents to help save water. For example, the City of Abbotsford, District of Mission and Township of Langley offer rebates for low-flow toilets. Some municipalities sell indoor and outdoor water saving kits. For more information, contact the municipal Engineering departments. 24. Local government water meter programs Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. For example, Delta and Surrey have programs and other municipalities may soon follow. Visit your municipality's website and search "water meter" to find out if there is a program. Gelderman Admin http://www.gelderman.ca/pt/blog http://www.gelderman.ca/pt/blog/post.aspx?id=61&t=SPRING-CLEAN-FOR-CHARITY 2011-03-30T09:10:34Z 2011-03-30T09:09:00Z 2011-03-30T09:10:34Z This Saturday, April 2, we will be driving around your neighbourhood collecting unwanted, gently used dust collectors, furniture, and clothing. All donations will be given to MCC! We want to fill our big truck to the top, so have all your friends bring their donations as well! Please call us at 604-743-SOLD (7653) or email info@gelderman.ca to RSVP and we will give you a time frame two days prior to the collection. This is a great cause for our community and helps with your spring cleaning, so Call us Today! Big thank you to Clearway Truck Rentals who sponsored this charity event by generously donating a truck for the day! Thanks, Jonathan, Matt, Kari, & Sherilyn