Fraser Valley Real Estate News & Market Updates

You’ll find our blog to be a great resource of latest market information, covering everything from local market statistics, home values, and building development to community events. Being local experts, we really care about the community and living environment, and want to help you find your dream home in it. Please reach out if you have any questions and feedback. We’d love to talk with you!

Sept. 9, 2020

August 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Fraser Valley hits new highs in sales and listings; prices remain stable

The Fraser Valley is experiencing its hottest housing market activity in more than a decade.  Home sales are booming along with new listings – a combination that is keeping prices stable. The combined benchmark price for all property types across the Valley at the end of August was $862,400, a mere 0.5% increase from July, and still well under the $1-million threshold surpassed in Metro Vancouver last January. August’s 2,039 home sales chased the Valley’s 3,309 new listings for the month, and while both figures fell slightly from a very busy July, they represented levels not seen since the mid-2000’s. Total sales for the month were a 57% increase since one year ago, and almost 40 % higher than the 10-year average. On the supply side, bringing the Valley’s total inventory to 7,404, August’s new listings were more than 40% higher than for the same month one year ago, and almost 30% more than the 10-year average. While the market continues to perform extremely well, particularly with coronavirus precautions still in place, it is notable that prices across all property types have remained stable. No doubt new listings have contributed to the stability by easing the competitive demand for available properties. This makes the Fraser Valley a particularly attractive market for first-time buyers who may be young families or singles with greater budgetary constraints. Low interest rates and recently eased mortgage qualification rules are making it possible for many buyers to find their ideal home. With an overall benchmark price still under $1-million, the Valley offers exceptional value and an attractive lifestyle at the same time.

With summer soon coming to a close, September may bring out more home buyers while the sunny days remain. I would encourage home seekers to take advantage of the plentiful inventory of homes at this time.  If you are seriously wanting to find a Valley home, I encourage you not to delay looking. In this current market, new listings sell quite quickly. This past August, the average time to sell a single-family detached home was 31 days; townhouses were on the market for an average of 24 days; and condominiums for 36 days. The comparative benchmark prices below can help you locate a price range and area that is right for your budget and residential needs. Each property type listed here compares the overall Fraser Valley benchmark price with comparable homes above and below the benchmark average for selected municipalities in the same price range. I also show the one-month price change in each category to provide an insight into the relative price fluctuations that result from ongoing home sales negotiations This will assist you in your initial view of prices for comparable properties, but keep in mind that benchmarks are average prices. There are often wonderful discoveries to be made on specific homes at their actual price listings. Please call me if you would like a more detailed analysis for your search. And if you are thinking about selling your home, I can help you determine the optimal price for listing. I bring combined experience in finance, banking, and real estate, and am happy to assist you in any way I can.

 Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,019,600, an increase of 1.2 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,395,300 and Mission at $696,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,064,200; an increase of 0.9 % from the preceding month; Cloverdale at $1,066,000, an increase of 0.8 % from the preceding month; and Langley at $1,066,500, an increase of 0.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,002,800, an increase of 1.4 % from the preceding month; North Delta at $935,200, no change from the preceding month; and Abbotsford at $849,800, an increase of 2.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of August was $563,900, an increase of 0.2 from the preceding month. The extremities of this average were South Surrey/White Rock at $670,600 and Abbotsford at $465,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,200, a decrease of 1.1 % from the preceding month; Langley at $576,200, a decrease of 0.1 % from the preceding month; and North Delta at $577,000, an increase of 1.2 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Mission at $465,500, an increase of 2.1 % from the preceding month; and Abbotsford at $465,200, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of August was $437,300, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $489,000 and Abbotsford at $325,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $466,500, a decrease of 0.6 % from the preceding month; and South Surrey/White Rock at $489,000, an increase of 0.7 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $432,500, a decrease of 0.7 % from the preceding month; North Surrey at $417,200, a decrease of 0.4 % from the preceding month; and Langley at $400,900, an increase of 0.5 % from the preceding month. 

 

How can I help?

 

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call. 

 

Posted in Market Updates
Sept. 9, 2020

August 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Prices remain stable, home sales and new listings continue strong showing 

Residential market activity across Metro Vancouver continues to be strong, showing much the same vibrance seen all summer. Despite a modest decrease of 2.6 % in home sales from July, the month of August closed nearly 37 % higher than for the same period one year ago, and 20 % above the 10-year average. This longer view provides a clearer focus on current buyers’ confidence at a time when financial uncertainty from the coronavirus is still prevalent. On the inventory side, there were more than 5,800 new listings last month, bringing the total supply across all property types to over 12,800 at the end of August. This is 6.0 % higher than the preceding month, and close to 35 % higher than the 10-year average. The balance between sales and new listings has been a stabilizing factor in prices with only slight increases in combined benchmark averages over one month. These stable prices combined with an ample supply of homes at present make for very favourable home shopping in September. While social distancing is still in place, the sunny weather that is still with us provides an opportunity to explore the market for the home you want at a time when interest rates are low and mortgage qualification has recently eased.  

The composite benchmark price for residential property in Metro Vancouver at the end of August was $1,038,700, a 0.7 % increase from July. Home values have remained strong in the Metro Vancouver market. Homeowners have invested for the long term in established neighborhoods and maintained their properties for appreciated returns after enjoying their homes for many years. There are also many new property developments that are high demand with Metro Vancouver’s ever-growing population. These choices of detached homes, townhouses, and condominiums make for a long-term secure real estate investment. The current composite benchmark price is almost 90 % higher than it was 10 years ago. Below I have made my monthly comparisons for each property type in municipal areas above and below the Greater Vancouver benchmark average. Each comparison shows the one-month change in the average price for its geographical area. While there are typically minor fluctuations both up and down based on sale prices negotiated each month, these average price changes can provide you with some insight into the relative current demand for comparable properties. This will make it easier for you to search for price levels that match your intended expenditure. However, I want to remind prospective buyers that benchmark price is an average based on the sale of home with comparable features. Benchmarks are therefore only a high-level guide to facilitate where you may want to generally look. There are, however, many excellent specific prices to be discovered in each area. Please give me call and I will be happy to help you with your home search requirements. If you are thinking of listing your home for sale, I will also be happy to help you determine the optimal listing price under current market conditions.  This includes a comparative market evaluation of your property based on recent sales of comparable homes in your area.  With my combined experience in finance, banking, and real estate, I will also be able to add personal insights to help you in your buying or selling decisions.        

 

 

 

 

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of August was $1,491,300, an increase of 1.0 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,084,60 and Sunshine Coast at $639,100. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,502,700, an increase of 1.0 % from the preceding month; Richmond at $1,545,500, an increase  of 2.4 % from the preceding month; and Burnaby South at $1,555,100, a decrease of 0.3 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,477,400, no change from the preceding month; Port Moody at $1,467,500, an increase of 1.8 % from the preceding month; and Burnaby East at $1,502,700, an increase of 1.0 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of August was $806,400, an increase of 1.1 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,162,600 and Maple Ridge at $553,400.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $806,900, an increase  of 0.6 % from the preceding month; Vancouver East at $903,100, an increase of 1.7 % from the preceding month; and North Vancouver at $1,014,900 an increase of 1.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at  $802,400, an increase of 0.4 % from the preceding month; New Westminster at $765,000, an increase of 0.9 % from the preceding month; and Burnaby North at $732,500, a decrease of 0.4 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of August was $685,800, an increase of 0.5 % from the preceding month.  The extremities of this average were West Vancouver at $1,001,600 and Maple Ridge at $362,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $721,000, a decrease of 1.7 % from the preceding month; Vancouver West at $799,400  in increase of 0.7 % from the preceding month; and West Vancouver at $1,001,600, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $658,000, an increase of 1.0 % from the preceding month; Burnaby South at $656,300, a decrease of 2.7 % from the preceding month; and Port Moody at $634,200 a decrease of 4.0 % from the preceding month. 

 

I can help

 

One of the ways I work hard for my clients is to stay abreast of the most recent events in the real estate market. By watching price changes each month for all property types, I am able to give you the most up-to-date advice for both buying and selling. I am always happy to chat with you about any of your real estate questions. The is no obligation and no pressure. I am here to help. Please feel free to call me.

 

 

Posted in Market Updates
Aug. 12, 2020

July 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Surging home sales in Fraser Valley; new listings provide wide selection

Residential sales activity across the Fraser Valley is in high gear this summer, with July sales over 22% higher than June and 44% higher than one year earlier. The surging demand is notably pushing prices upward: the combined benchmark price rose to $858,300, a 0.8% increase over June. As beautiful summer weather has beckoned more home shoppers to explore the lush region, home sales continued to build on the sharp increase seen since May when pent-up demand spiked following the market slowdown due to the Coronavirus. While demand is rising for all property types, family homes have seen the biggest increase. This Valley market segment has now seen an average price increase for a detached home more than 5% from one year ago, and for a townhouse of more than 3% for the same period. Because the Fraser Valley continues to attract many young families with its life-style amenities, it is expected that continued demand will continue to rise in the region. With prices still attractively below their Metro Vancouver counterparts, Fraser Valley properties remain an excellent investment, and current low interest rates are stimulating an increase in sales. The Valley is also a favourite venue for first time buyers, often where young singles find their perfect starter home with a condominium priced well below a comparable Metro Vancouver property. However, demand for Valley condos is also increasing, with the average price nearly 4% higher than one year ago. I would encourage eager home seekers to move quickly this summer as there are signs that increasing demand in some areas is shifting conditions from a buyers’ market to a sellers’ market. This can mean bidding on listed prices could push the prices higher.

New listings in the Valley also increased in July. This will help to keep prices from escalating too steeply during a high demand period. During the month of July, the Fraser Valley saw 3,549 new listings across all property types. This brought the total Valley inventory at the end of last month to 7,341, an ample supply providing an excellent selection. However, it should be noted that the current inventory of available properties across the Valley is still down about 12% from one year ago. The supply-demand ratio is therefore not as balanced as it could be, and this can add to the upward pressure on prices. For anyone wanting to sell their home, it is certainly an opportune time. The average length of time for single-family detached home to sell last month in the Fraser Valley was 34 days; for townhouses, 28 days; and for condominiums, 34 days. Below you can see my monthly selection of benchmark price comparisons across the Valley. This will give you a good indication of what range of price you might expect for your property in a particular geographical area. However, remember that benchmarks are simply averages. I can provide you with more detailed information on your specific preference. Please feel free to call me and discuss any of your real estate questions.   

 Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of July was $1.008,000 an increase of 1.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,370,700 and Mission at $658,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,054,400 an increase of 0.7 % from the preceding month; Cloverdale at $1,057,300, an increase of 1.4 % from the preceding month; and Langley at $1,061,700 an increase of 1.7 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $988,800, an increase of 1.4 % from the preceding month; North Delta at $934,800, a increase of 1.7 % from the preceding month; and Abbotsford at $831,600, an increase of 1.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of July was $563,200, an increase of 0.7 from the preceding month. The extremities of this average were South Surrey/White Rock at $660,700 and Abbotsford at $455,900. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $570,000, an increase of 3.0 % from the preceding month; North Surrey at $574,900, an increase of 1.2 % from the preceding month; and Langley at $576,900, an increase of 0.4 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Abbotsford at $462,800 an increase of 1.5 % from the preceding month; and Mission at $455,900, a decrease of 2.0 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of July was $437,300, an increase of 0.5 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,600 and Abbotsford at $322,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale, an increase of 0.6 % from the preceding month; Cloverdale at $469,100, an increase of 0.8 % from the preceding month; and South Surrey/White Rock at $485,600, a decrease of 0.1 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $435,600, an increase of 0.6 % from the preceding month; North Surrey at $418,600, an increase of 1.3 % from the preceding month; and Langley at $399,100, an increase of 0.1 % increase from the preceding month. 

 

Let me help

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Posted in Market Updates
Aug. 12, 2020

July 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Metro Vancouver home market heating up; early signs of upward price pressure

Mid-summer temperatures are not the only thing heating up Metro Vancouver. The residential market is the hottest it’s been in years. The strong rebound two months ago from the slowdown caused by the coronavirus continued to build in July. Home sales at the end of last month were almost 10% higher than the 10-year average. With buyers able to take advantage of low mortgage rates, the pent-up demand fuelled another significant increase in July – 28% over the number of sales one month earlier. Home sales across all property types totalled 3,128 during July. This total was distributed with 45% in condominiums; 36% in detached homes; and 19% in townhouses. New listings were also up during July, bringing the total inventory at the end of the month to 12,083. However, while this figure was an increase of almost 6% over June, it is still 15.1% lower than one year ago. Nonetheless, in terms of current selection, the available inventory is still a large number in itself, and provides an a great many homes to choose from during this low interest period, I highly recommend you take a look at the ideal buying opportunities at this time. Prices are relatively stable but with new listings still somewhat slow, and increased demand on the foreseeable horizon, there is already upward price movement – as I predicted last month – across all property types. The composite benchmark price for all residential properties in Metro Vancouver at the end of July was $1,031,400, a 0.6% increase over June compared with a 0.3% decrease one month earlier.

While we still want to remain cautious about the spread of COVID-19, there is an abundance of information that can be obtained online, and I encourage buyers to take a look at my website for details on available properties. We are continuing to keep up social distancing and mask-wearing practices so this will, of course, limit the number of live home views at any given time. However, the sunny summer weather is inviting people to get out more, so this is another contributing factor to the continued rising sales activity. July was the second consecutive month this year in the Metro Vancouver market that the sales-to-active listing ratio has surpassed 20%, rising from 15% in the month of May. As a rule of thumb, it is normally the case that home prices experience upward pressure when this ratio remains above 20% over several months. I encourage readers to pay attention to this metric which I will track in this newsletter in the coming months. In the benchmark comparisons of different property types below, you will still find several examples of monthly decreases in specific neighborhoods, so it appears a bit to too early to generalize about increases across the board. Nonetheless, a careful reading will show that most monthly decreases are considerably smaller than the monthly increases. Some of this may be a result of normal market fluctuations, but it is still worth watching to see if an overall trend to price increases is developing.  Please take a look at the comparisons I have selected for you below, and remember that benchmarks are simply averages, so it’s always a possible to find an unexpected price that may be the great fit for your budget. Please feel free to call me for any details you might like about a specific area.   

Detached homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of July was $1,477,800 an increase of 0.9 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,053,00 and Sunshine Coast at $625,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,478,4200, a decrease of 0.7 % from the preceding month; Vancouver East $1,487,300, an increase  of 1.9 % from the preceding month; and Richmond at $1,509,300, a decrease of 0.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,443,600 a decrease of 1.3 % from the preceding month; Burnaby East at $1,232,500, a decrease of 0.2 % from the preceding month; and Coquitlam at $1,228,300, an increase of 1.5 % from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of July was $797,700, an increase of 0.9 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,139,900 and Maple Ridge at $547,300.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $799,200 an increase  of 1.1 % from the preceding month; Richmond at $801,700, an increase of 1.3 % from the preceding month; and Vancouver East at $887,700 a decrease of 0.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: New Westminster at  $758,400, an increase of 1.3 % from the preceding month; Burnaby North at $736,000, an increase of 0.2 % from the preceding month; and Coquitlam at $693,300, a decrease of 0.1 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of July was $682,500, an increase of 0.3 % from the preceding month.  The extremities of this average were West Vancouver at $987,100 and Maple Ridge at $361,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $733,200, a decrease of 1.3 % from the preceding month; Vancouver West at $794,200  in increase of 0.6 % from the preceding month; and West Vancouver at $997,100, an increase of 1.6 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $674,500, an increase of 0.6 % from the preceding month; Port Moody at $660,900, an increase of 0.7 % from the preceding month; and West Vancouver at $997,100, an increase of 1.6 % from the preceding month. 

 

I can help

 

I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you.  My experience in banking and finance will assist you in your mortgage planning. Or you if are already settled in your home and are thinking of renovations, I can recommend reputable tradespeople who provide quality work at reasonable rates. It gives me great pleasure to help my clients in any way I can.

 

 

Posted in Market Updates
July 15, 2020

June 2020 Fraser Valley Real Estate Market Update

 

Fraser Valley housing market bounces back to life; new listings surge – sales up over 100 % in one month.

Summer’s sunshine has brought forth a flourishing housing market across the Fraser Valley since we noted the first vital signs at the end of May.  In a remarkable resurgence of market activity during the month of June, the Valley’s new crop of residential listings was 3,456, a 57 % increase over May’s new listings. With a total supply of over 7,000 active listings at the end of June, shoppers were treated to plentiful choice and home buyers responded to  sellers’ optimism with a surge in purchases more than doubling May sales, and 32 % higher than the same period one year ago. Yet, the Valley’s combined benchmark price for a residential property at the end of June was a mere 0.5 % increase over May, and still well below the $1-million mark at $851,400. This combination of steady prices, ample choice, and the release pent-up demand from several months of slowed activity from coronavirus impediments is making the Fraser Valley an exceptionally attractive market this July. I encourage anyone who has been thinking about a Valley home to take advantage of this post COVID-19 recovery period. The current market conditions are likely to start pushing prices upward by this fall or earlier. Home listings at present are generally priced competitively, and with some reduction in the number of bidders because of stricter mortgage qualifying rules in effect since July 1st , the purchasing experience is still not a frenzied affair. However, there are signs a seller’s market may be forming on the horizon, so this is an ideal time to act if you are serious about getting your new home before prices head steeply upwards.

The Fraser Valley continues to be a favored place for first-time home buyers, whether young families looking for a single-family home or townhouse, or singles starting out in a condominium with a spectacular view. Valley life offers rural beauty and relaxing lifestyle, while providing all the community comforts and conveniences or urban living. One of the Valley’s big drawing points is its comparative affordability. As Fraser Valley benchmark prices move ever closer to the $1-million mark of Metro Vancouver, the Valley’s property ownership continues to prove an excellent equity investment. Fraser Valley properties do not remain on the market for long once they are listed for sale. Currently, the average time on the market to sell single-family detached homes was 31 days; for townhouses, 30 days; and for condominiums, 37 days. Below, I have summarized benchmark prices for each property type across selected areas in the Fraser Valley with month-over-month price changes. This will provide you with insights into the market dynamics of current price fluctuations on comparable properties, and help you decide where you want to explore for homes in your price range. Please feel free to call me for more detailed information, or just to discuss your real estate questions, whether about selling or buying. I am happy to advise you on the optimal price range for a property, whether for listing for sale, or for making an offer to purchase.       

FRASER VALLEY

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of June was $994,500, a decrease of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,336,200 and Abbotsford at $322,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,042,600; a decrease of 0.3 % from the preceding month; Langley at $1,044,200, an increase of 1.6 % from the preceding month; and Surrey at $1,047,300, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $974,900, a decrease of 0.8 % from the preceding month; North Delta at $919,400, an increase of 0.3 % from the preceding month; and Abbotsford at $821,500, an increase of 0.7 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of June was $559,600, an increase of 0.8 from the preceding month. The extremities of this average were South Surrey/White Rock at $655,000 and Abbotsford at $456,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,100, a decrease of 0.2 % from the preceding month; Surrey at $574,200, an increase of 0.1 % from the preceding month; and Langley at $574,400, a decrease of 0.9 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $563,400, an increase of 1.7 % from the preceding month; Mission at $465,000, a decrease of 0.3 % from the preceding month; and Abbotsford at $456,100, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of June was $435,300, an increase of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,000 and Abbotsford at $322,100. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $465,700, an increase of 0.3 % from the preceding month; and South Surrey/White Rock at $485,000, no change from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $433,100, a decrease of 1.8 % from the preceding month; North Surrey at $413,400, an increase of 0.9 % from the preceding month; and Langley at $398,700, a decrease of 1.0 % from the preceding month. 

 

How can I help?

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me. It gives me great pleasure to help my clients. 

Posted in Market Updates
July 15, 2020

June 2020 Greater Vancouver Real Estate Market Update

 

July is a window of opportunity with new listings and increasing sales; Prices steady – for now. 

The summer housing market in Metro Vancouver is responding with optimism as listings increased and sales took a sharp upward turn this past June. During the height of the COVID-19 outbreak in the region, many prospective home homebuyers turned to virtual shopping while postponing purchase decisions until they were able to visit their desired properties under safe social distancing guidelines. This may have accounted for considerable pent-up demand. Sales during the month of June shot up close to 65 % from the preceding month of May. The increased sales activity was accompanied with new listings across all property types, with 5,787 new June listings – a 57 % increase over May’s listings. After several months of prospective sellers delaying their listings, the current resurgence of activity by both buyers and sellers is a positive sign of market confidence. Even with the increased demand, overall prices remain stable. The composite benchmark price for all residential properties in Metro Vancouver at the end of June was $1,025,300, a slight decrease of 0.3 % from May. In a more detailed look at current benchmarks for each property type below, you will see similar minor one-month fluctuations. It is interesting to note, moreover, that the only type to show a benchmark increase was single detached homes, while townhouses and condominiums both had small decreases. Shoppers may want to look carefully at the benchmark price comparisons below and act quickly for some good deals during this post COVID-19 recovery period. 

With a total inventory of over 11,400 homes in Metro Vancouver, there is now a plentiful supply of residential properties. Prices are generally steady, and overall, they are still below the composite benchmark of three months ago. Since the composite benchmark price is still slightly less than what it was just over one month ago, market conditions appear poised for upward price movement later this summer, barring a second COVID-19 wave or some other unforeseen calamity. I would therefore recommend that home shoppers take advantage of these combined factors during this month of July. The sunny summer weather will also encourage more buyers to get out and look at listed homes, so there could be some additional upward price pressure by August.  In fact, there are some signs that the market is becoming a sellers’ market again, with multiple offers being made on competitively priced homes. In each of the property categories examined below, the number of sales in June had already increased significantly over the same period one year earlier: detached home sales were up more than 16 %; townhouse sales were up by 21 %; and condominium sales were up by more than 17 %. Take a moment to look at my comparisons of benchmark price changes for each property type below for selected areas of the Greater Vancouver region. This will give you with an insight into price fluctuations on comparable properties on a monthly basis. Providing this most up-to-date pricing will assist you in recognizing key changes in this dynamic marketplace. It can guide both sellers who are thinking of listing their homes and buyers interested in making an offer. I am, of course, available to discuss these market insights with you in more detail. Please feel free to call and discuss any specific questions about your residential plans, whether buying or selling. I am always happy to help        

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of June was $1,464,200 an increase of 0.5 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,076,700 and Sunshine Coast at $599,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,488,200 an increase of 1.1 % from the preceding month; Richmond at $1,511,400, a decrease  of 1.1 % from the preceding month; and Burnaby South at $1,559,300, an increase of 2.0 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,462,600 an increase of 0.6 % from the preceding month; Vancouver East at $1,459,100, an increase of 0.8 % from the preceding month; and Burnaby East at $1,488,200, an increase of 1.1 % from the preceding month. 

 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of June was $790,800, a decrease of 0.2 % from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,119,800 and Maple Ridge at $538,500.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $791,100 a decrease  of 0.3 % from the preceding month; Vancouver East at $888,600, a decrease of 1.8 % from the preceding month; and North Vancouver at $989,000 a decrease of 1.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $790,200, an increase of 2.2 % from the preceding month; New Westminster at $748,300, an increase of 0.4 % from the preceding month; and Burnaby North at $734,600, an increase of 2.1 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of June was $680,800, a decrease of 0.8 % from the preceding month.  The extremities of this average were West Vancouver at $981,900 and Maple Ridge at $365,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $743,100, a decrease of 0.5 % from the preceding month; Vancouver West (not West Vancouver) at $789,300 a decrease of 1.5 % from the preceding month; and West Vancouver at $981,900, a decrease of 2.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $670,500, a decrease of 1.2 % from the preceding month; Port Moody at $656,500, a decrease of 0.7 % from the preceding month; and Richmond at $650,700, a decrease of 1.2 % from the preceding month.  

 

I can help

 

Please do not hesitate to call me for whatever you need in Real Estate advice. I am always happy to provide you with detailed information on the property type and neighborhood you may be interested in. And if you are contemplating listing your property for sale, I can provide you with information on comparable homes sold in your area. In some cases, prospective sellers may want to do some renovations before listing. I can advise on what will make for the most optimal return on your investment. I can also refer you to reliable tradespeople who do quality work at reasonable rates.

Posted in Market Updates
June 10, 2020

May 2020 Greater Vancouver Real Estate Market Update

 

METRO VANCOUVER

Housing market activity showing signs of recovery: prices stable, new listings increasing

It’s now been over five months since the first case of COVID-19 was announced in British Columbia. With all markets seriously impacted, some devastated during this period, the durability of residential real estate values in Metro Vancouver speaks volumes.  As reported by the Real Estate Board of Greater Vancouver for the end of May, the composite benchmark price for all residential properties is nearly 3.0 per cent higher than one year ago. With the current combined benchmark price of $1,028,400 virtually the same as April’s $1,035,000, this factional decline would not make headlines in any market conditions. The trend over the last three months is in fact upward, showing 1.4 per cent increase during this time.  All of this has come as COVID-19 forced a decline in normal sales activity. The resulting steep decline in home sales was evident with May sales over 50 per cent lower than the 10-year average. However, the notable current jump to 1,485 home sales this past May is nearly 34 per cent higher than in April, a clear sign that as COVID-19 constraints are relaxed, Metro Vancouver’s housing market is vigorously coming back to life. Even the decline in new listings that had preceded the COVID-19 period has indications of reversing. The 3,684 new listings across all property types in May was nearly a 60 per cent increase over April’s number. This brings the current inventory to almost 10,000 homes, providing an excellent selection for prospective buyers at this time.   

Purchasing a home is typically more than short-term property transaction. It should be kept in mind that this is where you may be living with your family for many years, often until your old age. It’s important therefore to look at the long term when considering your investment. Amid the plethora of recent forecasts for housing markets – some gloomy, others optimistic – I encourage you to focus on your plans for a residential purchase as a place you will live for quite some time.  There will no doubt be a prolonged recovery period from the full effect of COVID-19 on the Canadian economy, but we can be confident that there will continue to be a need for housing. Relative prices may fluctuate for a while, but the stability that we are currently seeing in price levels is a solid indicator that a home remains a good investment. There is some concern that the country’s housing market will see big price declines over the next year as a residual economic effect of the pandemic. Some of the factors in this scenario are more general such as possible higher unemployment, lost income, and more stringent qualifications on credit and mortgages. But our financial institutions are strong, and as a country we have the resources to bounce back. If you want to talk about your housing challenges at this time, please feel free to give me a call. There are a number of ways I can help. Below is my monthly comparison of benchmark prices for each of three property types in the six municipalities closest to the overall benchmark average.                 

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of May was $1,456,700, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,041,100 and Sunshine Coast at $586,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,472,700 an increase of 0.2 per cent from the preceding month; Richmond at $1,528,400, a decrease  of 0.1 per cent from the preceding month; and Burnaby South at $1,529,000, an increase of 1.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,453,400 an increase of 0.8 per cent from the preceding month; Vancouver East at $1,447,800, a decrease of  of 0.1 per cent from the preceding month; and Burnaby East at $1,244,600, an increase of 2.0 per cent from the preceding month. 

 

Townhouses

 

The benchmark price for a townhouse in Greater Vancouver at the end of May was $796,800, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,125,000 and Maple Ridge at $548,400.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $793,500 a decrease  of 0.1 per cent from the preceding month; Vancouver East at $905,000, an increase of 1.3 per cent from the preceding month; and North Vancouver at $974,200 a decrease of 0.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $773,400, a decrease of 1.0 per cent from the preceding month; New Westminster at $745,000, an increase of 1.7 per cent from the preceding month; and Burnaby North at $719,300, a decrease of 1.2 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in Greater Vancouver at the end of May was $686,500, a decrease of  0.3 per cent from the preceding month.  The extremities of this average were West Vancouver at $1.006,000 and Maple Ridge at $360,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $746,500, a decrease of 0.5 per cent from the preceding month; Vancouver West (not West Vancouver) at $801,300 a decrease of 0.6 per cent from the preceding month; and West Vancouver at $1.006,000, an increase of 1.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $661,100, a decrease of 1.5 per cent from the preceding month; Richmond at $652,800, no change from the preceding month; and Burnaby North at $623,500, an increase of 0.8 per cent from the preceding month.  

 

IMPORTANT DEADLINE:  New mortgage qualifying rules to come into effect July 1, 2020

 

As of July 1, 2020, Canada Mortgage and Housing Corporation, a federal government insurer of mortgages for borrowers with a down payment of less than 20% of the purchase price, will set new mortgage qualifying rules. The new criteria come in the wake of COVID-19’s impact on incomes and possible mortgage defaults, and will primarily affect first-time home buyers. The new criteria include a higher credit bureau score, rising from 600 to 680. Borrowers will also need to have lower housing costs, including the mortgage, not higher than 35% of household income, and total maximum debt payments not more than 42% of income. If you are currently involved in a negotiation to purchase, you should move quickly to complete your transaction before the deadline. It may be advisable to contact a mortgage broker.  Please feel free to contact me for assistance in this regard. I can put in touch with a good mortgage broker.

 

Posted in Market Updates
June 10, 2020

May 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

As summer blooms, Valley housing market shows new life. Prices steady, new listings up.

After nearly six months of COVID-19 in British Columbia, the Fraser Valley housing market is coming back to life. In a season that shows how the cycle of life always prevails, housing sales and new listings are also rejuvenating the Valley, a favourite market for singles and young families. The Fraser Valley Real Estate Board reported a total of 805 sales this past May, a 17 per cent increase over April. Market activity is returning toward normal as the stifling effects of COVID-19 are beginning to retreat. New listings, which have been down since before the COVID-19 period, are also showing upward movement. The past May saw a total of 2,207 new Fraser Valley listings, up 56 per cent from April. The total inventory across all property types is now a plentiful 6,454, providing ample selection for prospective home buyers.  While many buyers have learned to adapt to online tools during the most serious part of COVID-19, it is encouraging to see that normal activity may soon be resuming as COVID-19 constraints begin to relax.  Let’s continue to take care with social distancing and other safety guidelines, striving to put the pandemic permanently behind us. The Fraser Valley remains a beautiful and popular place to locate a home.

The combined benchmark price for all property types in the Fraser Valley at the end of May 2020 was $847,400, a negligible decline of 0.3 per cent for April. Overall, this price kind of stability was evident in all areas and property types across the Valley. Considering the severe impact of COVID-19 on market activity, the firmness of price levels during this period is a testament to the underlying value in residential property in the Fraser Valley. Looking at the trend in prices in recent months, the overall benchmark has risen by 3.7 per cent from six months ago, and 1.7 per cent from three months ago. While the rate of increase has declined slightly during the COVID-19 period, price levels have generally remained quite stable. The uptick in new listings is also an optimistic sign that Valley market activity is moving back to normal.  While there is still some apprehension amid the multitude of conflicting housing forecasts recently, the current level of market confidence is a significant factor in its continuing stability. Even in pessimistic scenarios that forecast steep declines in housing prices over the next year, residential real estate remains strong with an ongoing need for homes, and with strong financial system supporting it.  Below you can survey my monthly comparisons of three property types based on benchmark prices in the six municipalities closest to the benchmark average for each type of home. The monthly change can give you some insight into current activity in each area. However, remember that average prices are only a guide. I will be happy to direct you to actual specific prices that meet you budget requirements. Please give me a call. I am always happy to help.

 Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of May was $990,400, a decrease of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,321,900 and Mission at $675,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,027,400 a decrease of 1.2 per cent from the preceding month; Surrey at $1,043,500, an increase of 0.2 per cent from the preceding month; and Cloverdale at $1,045,800 a decrease of 0.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $982,900, an increase of 0.2 per cent from the preceding month; North Delta at $916,300, a decrease of 1.2 per cent from the preceding month; and Abbotsford at $827,600, an increase of 0.5 per cent from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of May was $553,200, an increase of 0.4 from the preceding month. The extremities of this average were South Surrey/White Rock at $648,000 and Abbotsford at $453,700. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $569,200, an increase of 1.7 per cent from the preceding month; Langley at $569,500, an increase of 0.5 per cent from the preceding month; and Surrey at $573,600, a decrease of 0.7 per cent  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $544,300, a decrease of 1.3 per cent from the preceding month; Mission at $463,500, an increase of 1.7 per cent from the preceding month; and Abbotsford at $453,700 a decrease of 0.3 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of May was $433,700, a decrease of 1.0 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $484,800 and Abbotsford at $314,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $440,900, a decrease of 0.5 per cent from the preceding month; Cloverdale at $464,500, a decrease of 2.0 per cent from the preceding month; and South Surrey/White Rock at $484,800, an increase of 1.0 per cent from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $409,800, a decrease of 1.6 per cent from the preceding month; Langley at $402,600, a decrease of 0.1 per cent from the preceding month; and North Delta at $396,000, a decrease of 1.2 per cent increase from the preceding month. 

 

IMPORTANT DEADLINE:  New mortgage qualifying rules to come into effect July 1, 2020

 

As of July 1, 2020, Canada Mortgage and Housing Corporation, a federal government insurer of mortgages for borrowers with a down payment of less than 20% of the purchase price, will set new mortgage qualifying rules. The new criteria come in the wake of COVID-19’s impact on incomes and possible mortgage defaults, and will primarily affect first-time home buyers. The new criteria include a higher credit bureau score, rising from 600 to 680. Borrowers will also need to have lower housing costs, including the mortgage, not higher than 35% of household income, and total maximum debt payments not more than 42% of income. If you are currently involved in a negotiation to purchase, you should move quickly to complete your transaction before the deadline. It may be advisable to contact a mortgage broker.  Please feel free to contact me for assistance in this regard. I can put in touch with a good mortgage broker.

 

 

Posted in Market Updates
May 19, 2020

April 2020 Fraser Valley Real Estate Market Update

 

FRASER VALLEY

Sales down, prices stable under Covid-19 restraints; townhouses have some price reductions

Across the Fraser Valley, home sales declined predictably in April as Covid-19 measures continued to curtail normal market activity. Yet home values remain firm with prices for all property types showing little variance for the one-month period. With April sales down by 52 per cent from March, the 688 recorded sales were half of what they were one year ago – an indication of the actual Covid-19 impact.  Nonetheless, the Valley’s combined residential benchmark price of $851,100 at the end of April 2020 was an increase 0.4 per cent from the preceding month, and this was 1.9 per cent higher than in April 2019. On the supply side, new listings also continued to decline; however, this trend was evident before the COVID-19 outbreak, with a significant decline in the rate of new Valley listings occurring last year. Still, new listings in April 2020 were down by 47 per cent compared with the preceding month, and they showed a 58 per cent decrease for the same period one year ago. While not an immediate concern for home shoppers – the current inventory of nearly 6,000 active listings in the Fraser Valley provides an excellent choice for buyers – declining stock could be a significant factor in a price rise when sales volumes increase again. I am therefore encouraging home seekers to continue their shopping during this period. There are many new innovations being rolled out to enable both buyers and sellers to meet the challenges of confinement during this time. I invite you to visit my website where you can find all the tools you need at:

 www.liveincentralcity.ca

Your residential property search can be conducted online easily from the comfort of your home. This virtual one-shop has the latest data on home listings including photos, prices, and locations. You can also create your own custom market report to compare sales activity and selling prices in any area, and with the available interactive map you can easily find the specific neighborhood of you selected property. Of course, I am still always available to help you. Please feel free to give me a call if you would like to chat about whatever your interests or challenges may be. To guide your online shopping, I have again provided my monthly comparison of benchmark prices in different areas in the Fraser Valley. Below you will find my selected areas Valley according to the upper and lower ranges making up the benchmark average. By comparing these benchmarks, you get a good idea of what comparable homes cost in different areas. By providing the month-over-month price change, you can also get an idea of the sales activity in the area. The selection I have made for gives you a good idea of the where prices may most closely match your budget. You will also be able see the most up-to-date price change, whether an increase or decrease since last month’s review.    

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of April was $993,400, an increase of 0.5 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,330,900 and Mission at $665,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,039,800 an increase of 1.3 per cent from the preceding month; Surrey at $1,041,300, an increase of 0.2 per cent from the preceding month; and Cloverdale at $1,055,700 an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $982,200, an increase of 0.7 per cent from the preceding month; North Delta at $927,500, a decrease of 0.3 per cent from the preceding month; and Abbotsford at $825,600, no change from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of April was $553,200, an increase of 0.7 from the preceding month. The extremities of this average were South Surrey/White Rock at $642,900 and Abbotsford at $454,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $559,700, an increase of 1.5 per cent from the preceding month; Langley at $566,300, an increase of 0.9 per cent from the preceding month; and Surrey at $569,600, an increase of 0.3 per cent  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $552,100, a decrease of 1.8 per cent from the preceding month; Mission at $455,700, a decrease of 0.1 per cent from the preceding month; and Abbotsford at $454,100 a decrease of 0.3 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of April was $424,100, an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $476,200 and Abbotsford at $320,200. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $425,500, no change from the preceding month; Surrey at $443,300, an increase of 3.2 per cent from the preceding month; and Cloverdale at $473,800, a decrease of 0.2 per cent from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $416,600, an increase of 0.3 per cent from the preceding month; North Delta at $400,600, an increase of 2.8 per cent from the preceding month; and Mission at $343,000, an increase of 0.1 per cent increase from the preceding month. 

 

I can help

One of the ways I work hard for my clients is to stay abreast of the most recent events in the real estate market. By watching price changes each month for all property types, I am able to give you the most up-to-date advice for both buying and selling. I am always happy to chat with you about any of your real estate questions. The is no obligation and no pressure. I am here to help. Please feel free to call me.

Posted in Market Updates
April 29, 2020

Mortgage Payment Deferrals: A great help when we need it.

 

For many homeowners, this is a time of tremendous anxiety. In normal times we tend to measure the value of our home in terms of our long-term investment. We may think about the financial return as the eventual pay-off when we retire, or when we upsell and move to another location. In this time of Covid-19, our idea of value shifts dramatically.

We realise how fortunate we are right now to have somewhere to keep our families safe, a place from which to work remotely as best we can, a place to be close to the ones we love the most while having to social distance elsewhere. It’s natural that one of the most stressful things in our lives at this time is the prospect that we could lose our home through no fault of our own. Our job may be lost, our income reduced, our ability to work severely impaired. After working hard to save for our down payment, to meet the requirements to qualify for a mortgage, and to budget our household income to provide for our family’s needs, we are suddenly faced with circumstances never imagined and beyond our control.

So, if you find yourself in this situation, I am encouraging you to take advantage of the lifeline that has been thrown out for mortgage payment deferral in Canada. Our country’s six major banks, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and TD Bank Group, made a joint public statement in March that they would undertake to assist their clients to manage their financial obligations through this difficult period. Among the solutions offered is a mortgage payment plan which allows a borrower to defer payments up to six months. In general, the mortgage payment deferral plan works like this:

1)     Apply to your bank for the deferral plan; you cannot just stop payments;

2)     You can choose to postpone your monthly payments for up to six months;

3)     During the deferral period, your mortgage interest will continue to accrue;

4)     When you resume your payments, the accrued interest will be added your principal;

5)     Your new monthly payment may then be a bit higher than it was previously.

 

There was some initial criticism of the Banks’ payment deferral plan because it did not cancel the interest owing on the mortgage principal during the deferral period. However, it is important to remember that banks are also responsible to their investors and a sturdy financial system is what allows us to obtain a mortgage in the first place. Every part of our national economy, of which the real estate sector is a major component, is under stress because of Covid-19 pandemic, and we must all get through this challenging time together.

Similar mortgage payment deferral plans have also been made available thought most credit unions, and as a short-term solution for financially stressed homeowners, these plans can mean the difference between keeping your home or losing it. Banks do not want to foreclose on any homeowner. The Covid-19 crisis has hit everyone very quickly and our institutions are responding to a situation never encountered before.

There will no doubt be many individual cases which require special attention, and we have been reassured that flexibility on a case-by-case basis will be the way forward. In its March announcement, the Banks stated: "These measures are an important first step and underscore the resilience of Canada’s financial system and the strength of our major banks. Banks will monitor evolving economic conditions and consider other measures if necessary. Canada’s banks have a long history of standing by Canadians through challenging times, and this commitment will continue throughout this crisis and beyond."

I want to also remind my clients, who I also consider my friends, that I am available to help them navigate their particular challenges and find solutions that fit their specific needs.  I will employ my formal education in business, my experience in the financial industry, and my professional knowledge as a realtor to do everything I can to assist you at this time. Please feel free to call and let me know how I can help.

Posted in Market News