METRO VANCOUVER

Signs of market cooling; sales dip, some price declines

Metro Vancouver’s residential sales and new listings both saw a month-over-month drop in August, a market cooling that was also accompanied by a slowing pace in price increases as well as actual price drops in some areas. August sales across all property types in the region totalled 2,296, a slight decrease of .06% from July, 13.8% below the 10-year average, but still 21.4% higher than the same period one year ago. New listings also declined compared to the previous month by 15% for a total of 3,943 across all property types. Nonetheless, compared with one year earlier, August’s new listings were about 18% higher than the same month last year, and not far behind, at 5.3% under, the 10-year seasonal average. This still brought Metro Vancouver’s total available inventory of homes at the end of August to 10,082, while 13.4% under the 10 year average, a mere 0.2% under the total for August 2022. Notably though, it was the second consecutive month with a similar rate of decline in new listings. Price increases over recent months have to some extent been explained by lower supply in relation to higher demand. This was somewhat of a paradox as higher mortgage rates had reduced demand sufficiently with the expected effect of bringing prices down. However, it appears that Canada’s central bank interest rate increases, which can have a lag time of 12-18 months to take hold, may now also be factor in the early signs of price declines. Last week’s hold on another rat increase by the Bank of Canada was no doubt happy news for current home shoppers an owners with variable rates, but the central bank still cautions that the inflation rate may rise again necessitating another interest rate hike. In the meantime, you can watch this newsletter as we track comparative prices each month for you. At the end of August, the composite benchmark price for a residential property in Metro Vancouver was $1,208,400, a decline of 0.2% from the preceding month.

For a closer look at current benchmark prices for each property type in different areas of Metro Vancouver, take a look at the selection below showing the price change from the previous month. Benchmarks are average prices for comparable properties. The benchmarks in each of the six municipalities I have selected for each property type are grouped around the overall benchmark for that property type. The grouping shows the three benchmarks on the upper side of the average, and the three benchmarks on the lower side of the average. These will provide with you with a general guide for home shopping within your budget. However, remember that benchmarks are averages within the extremities as provided. There can therefore be specific prices on particular properties that are farther from the average which represent a price that may be a closer fit for you finances. Please feel free to call me for more details on sale properties in any neighbourhood. And if you are considering listing you home for sale, I can prepare a Customized Market Analysis (CMA) for your property and assist you determining the optimal asking price in the current market. I keep a close eye on the changing market and can provide you with the most up to date information for the area of your choice. I am always happy to help my clients so please don’t hesitate to call.       

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of August was $2,018,500, an increase of 0.3% from the preceding month. The extremities of this average were Vancouver West at $3,519,100 and Sunshine Coast at $894,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,047,100, an increase of 0.3% from the preceding month; Port Moody at $2,076,500, an increase of 0.3% from the preceding month; and Richmond at $2,199,700, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,9232,700, a decrease of 1.1% from the preceding month; Vancouver East at $1,913,500 an increase of  0.9% from the preceding month; and Coquitlam at $1,798,000, an increase of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of August was $1,103,900, a decrease of 0.1% from the preceding month. The extremities of this average were: Vancouver West at $1,498,300 and Maple Ridge at $763,400. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,120,800, a decease of 2.0% from the preceding month; Vancouver East at $1,135,400, an increase of 0.8% from the preceding month; and North Vancouver at $1,320,100, a decrease of 2.9 from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,057,200, an increase of 2.8% from the preceding month; Burnaby South at $1,036,600, an increase of 1.8% from the preceding month; and Tsawwassen at $1,004,800, no change from the preceding month (Squamish has been excluded here as it too far out for my clients).

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of August was $770,000, a decrease of 0.2% the from the preceding month. The extremities of this average were West Vancouver at $1,356,700 and Maple Ridge at $545,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $799,00 a decrease of 0.6% from the preceding month; North Vancouver at $817,400, an increase of 0.4% from the preceding month; and Burnaby South at $823,300, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $747,500, an increase of 0.1% from the preceding month; Richmond at $747,000, an increase of 0.8% from the preceding month; and Coquitlam at $742,600, an increase of 0.1% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Prices dip as sales continue to slow; new listings up  

Home sales in the Fraser Valley dipped again during August, the second consecutive month showing a decline. However, August’s decrease of 6.9% from the preceding month was considerably less than July’s 30% month-over-month decline. While normal seasonal activity must be factored it, it is too early to identify a market cooling trend. Mortgage rates are also a likely part of hesitancy by potential buyers, although a collective sigh of relief could be heard among home shoppers with the Bank of Canada’s recent decision to refrain, at least temporarily, from another interest rate hike. Nonetheless, the central bank’s warning of possible further rate increases has created a palpable chill for many buyers, as no doubt was the Bank’s intention. Both the central bank and residential market watchers are now watching how the 10 rate hikes since March 2022 gain traction in reducing the country’s inflation rate. August also saw a drop in new listings to 2,622, a decrease of 8.2% over July, but here as well the rate of decline is considerably less than the 16.6% seen from June to July. It may be the case that prospective sellers are also showing some hesitancy, as there are signs across all property types of price decline, although they are very slight at present. However, the overall active inventory has been increasing for several months and August’s increase of 1.5% brought the total available supply to 6,291, almost up to the 10-year average – an ample figure for a good selection for current shoppers. What will likely be a major determinant of how the market moves in the near future will be the Bank of Canada’s next scheduled rate announcement and monetary policy report on October 26. If the Bank continues to hold its policy rate at 5.0% (a reduction at this time is unlikely), both buyers and sellers will no doubt feel more confident in the market’s current stability and there could be an upswing in market activity then. Even at present, however, demand for housing the Fraser Valley remains high. On average, properties listed for sale are on the market for two to four weeks. Detached homes on average sell within 25 days, townhouses within 16 days, and condominiums within 20 days. Prices on the whole remain relatively stable, although modest declines can be found in all areas at this month. At the end of August the combined benchmark price for a Fraser Valley residential property was $1,037,700, a 0.9% decrease from the preceding month.

In my monthly selection below, the current prices in different areas of the Fraser Valley will guide you through comparisons to assist in your home shopping. For each property type, you will find the overall average benchmark price along with the closest average prices in different municipalities. The range of each average is also provided so you can see the upper and lower extremities. The month-over-month price change can also serve as a general indicator of the market activity in the particular area for the last month. Please let me know if you would like more details on any area of your choice for your home search. And if you are thinking of listing your home, I can develop a Customized Market Analysis of your property and neighbourhood, and advise you on the optimal listing price in the current market. I am always happy to help my clients in any way. Please don’t hesitate to call.                        

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,534,500, a decrease of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,999,300 and Mission at $,060,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,552,900 a decrease of 0.9% from the preceding month; Surrey at $1,576,300, an increase of 0.4% from the preceding month; and Langley at $1,638,700, 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 $1,494,300, a decrease of 2/4% from the preceding month; North Delta at $1,407,700, a decrease of 1.5% from the preceding month; and Abbotsford at $1,214,300, a decrease of 2.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of August was $849,200, a decrease of 0.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $977,600 and Abbotsford at $653,400. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $856,200, an ncrease of 0.9% from the preceding month; Surrey at $857,900, a decrease of 2.2% from the preceding month; and Cloverdale at $861,000, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $783,200, a decrease of 1.2% from the preceding month; Mission at $673,700, an increase of 0.2% from the preceding month; and Abbotsford at $653,400 an increase of 1.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of August was $553,500, a decrease of 0.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $636,900 and Abbotsford at $452,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $584,000, an increase of 0.6% from the preceding month; Cloverdale at $597,100, an increase of 2.9% from the preceding month; and North Delta at $611,500, 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 $500,000, a decrease of 1.3% from the preceding month; Mission at $461,200, an increase of 0.6% from the preceding month; and Abbotsford at $452,000, an increase of 0.5% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Robust sales continue despite interest rate hike; prices still rising

Metro Vancouver’s residential market remained robust in July with a 22% increase in sales compared to the previous month. The total sales volume for the month across all housing types, which reached 2,455, was also  29% higher than the same period one year ago. However, last month’s sales were 15.6% below the 10-year seasonal average, which appears still to be recovering from the steep drop seen last year when higher interest rates began to impact prospective home buyers. Yet, it is important for current home shoppers to note that the rising sales volume is still putting upward pressure on prices. This may be due mainly to lower than normal inventory although the present demand levels are unexpectedly persistent in the face of record high mortgage interest rates. The Bank of Canada’s last policy rate announcement of 5.5% has created the highest mortgage borrowing costs in decades, and many prospective buyers remain sidelined for this reason. Even so, prices are not expected to decline under current market demand while replenishing supply continues to lag. New listings across all property types in July totalled 4,649, a 13% decline from the 5,348 new listings in the preceding month. While this July showed a 17% increase over the same month last year, it was still 14.45 below the 10-year seasonal average. This brought the total inventory at the end of July to 10,301, a mere 3% increase over the preceding month, but close to 8% below last year at this time, and 17.4% below the 10-year average. While the rate of price increases did show some slowing last month, it unlikely that waiting for a similar price drop as seen last year will occur. As demand remains high, and inventory remains low, prices will naturally rise. If supply is expected to moderate price rises, and the market is not responding to high demand with more new listings, it appears that government action is urgently required to stimulate more affordable housing construction. At the end of July, the composite benchmark price for residential property in Metro Vancouver was $1,104,600, a 0.5% increase from the preceding month.          

A more detailed look at prices in different areas of Metro Vancouver is provided below. Here you can find a selection of benchmark averages that are clustered around the overall benchmark for each property type. The cluster shows the three closest benchmarks on the both sides of the overall average. The extremities of the average in each geographical area allows you to see how broad the range of prices is. The monthly price fluctuations typically represent the intensity of the market activity for the month. It is important to remember that because benchmarks are averages for comparable homes, there may be particular listings that meet you budget requirements more precisely. Please don’t hesitate to let me know if you would like the most detailed and up to date information available for any area to purchase. And if you are considering listing you home for sale, I can develop for you a Customized Market Analysis showing recent sale prices in your neighbourhood and can advise you on the optimal asking price in the current market conditions. I am always available and eager to help in any way I can. Please feel free to call.      

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $2,012,900, an increase of 1.1% from the preceding month. The extremities of this average were Vancouver West at $3,458,000 and Sunshine Coast at $929,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $2,040,600, an increase of 0.1% from the preceding month; Port Moody at $2,070,7300, an increase of 1.7% from the preceding month; and Richmond at $2,081,700, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,944,700, an increase of 1.7% from the preceding month; Vancouver East at $1,879,200 an increase of  0.9% from the preceding month; and Coquitlam at $1,795,400, an increase of 0.5% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of July was $1,104,600, an increase of 0.5% from the preceding month. The extremities of this average were: Vancouver West at $1,496,000 and Sunshine Coast at $745,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,125,300, an increase of 1.6% from the preceding month; Richmond at $1,143,200, an increase of 2.0% from the preceding month; and North Vancouver at $1,359,100, an increase of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,061,900, a decrease of 1.2% from the preceding month; Port Moody at $1,028,900, a decrease of 0.4% from the preceding month; and Tsawwassen at $1,004,800, an increase of 0.5% from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of July was $771,600, an increase of 0.6% the from the preceding month. The extremities of this average were West Vancouver at $1,346,000 and Maple Ridge at $530,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $803,700, an increase of 0.6% from the preceding month; North Vancouver at $814,400, a decrease of 0.6% from the preceding month; and Burnaby South at $822,200, an increase of 1.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $747,100, a decrease of 0.9% from the preceding month; Coquitlam at $742,200, an increase of 0.6% from the preceding month; and Richmond at $740,800, an increase of 0.1% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Mid-summer sales decline significantly; prices still inch upwards

Home sales across the Fraser Valley in July fell off by close to 30% from the preceding month after successive monthly increases since the beginning of the year. However, July’s sales of 1,368 were still almost 38% higher than in the same month last year. While the current decline is significant, it is too early to identify a trend and the drop may be largely attributable to typical mid-summer slow-downs when many people are on vacation. Nonetheless, market cooling has been the objective of the Bank of Canada’s rising interest rates since last year. Although sales volumes did resurge after an early decline, the central bank’s high policy rate regime has been expected to eventually induce a home purchasing decline when the higher rates gained full traction in the economy. Recent news that Canada’s unemployment rate has now risen to 5.5% may be another sign the country’s overall economy is finally slowing with high interest rates. While Fraser Valley home prices across all property types continued to increase in July, some moderation in the rate of increase is now beginning to appear. July’s new listings of 2,855 homes was a decline of 16.6% from the previous month, and while 19.7% higher than the same month last year, still on par for the ten year average. Inventory levels in the Valley still offer a good selection with a total supply of 6,199 homes listed at the end of July, an increase of 4.3% over June, but this figure could be significantly improved to reach past peak levels. A decline in demand can impact prices if sustained for a long enough period, but the current ongoing prices rises have been a function mainly of insufficient supply to meet the high demand. However, with the Bank of Canada’s policy rate now at 5.5%, its highest level in two decades, prices will be drawing more attention.  At the end of July, the combined benchmark price for a residential property in the Fraser Valley inched up again, reaching $1,046,700, a 0.5% increase from the preceding month.

In my monthly selection below of benchmark price comparisons in different areas of the Fraser Valley, you will be able to see month-over-month prices changes for each property type. The selected benchmarks are those closest to the overall benchmark price on each side of the average. The extremities of each average are provided so you can see the range of prices making up the average. Each price also has its one-month change, an typical indicator of the recent market activity in the residential area. This information has been assembled to serve as a general guide for both home buyers and sellers. However, keep in mind that benchmarks are simply averages. Specific home prices in any neighborhood can vary significantly and can match your budget more precisely. Please call me for any further details where you are interested in buying or selling. For prospective buyers, I can provide the most up-to-date information on new listings. And if you are thinking of selling, I can develop a Customized Market Analysis for your property, and advise you on the optimal listing price in the current market. Please feel free to call me with any questions. I am always happy to help my clients in any way I can.        

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of July was $1,543,300, an increase of 1.1% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,994,000 and Mission at $1,056,000. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,566,400, an increase of 1.4% from the preceding month; Surrey at $1,581,700, an increase of 1.4% from the preceding month; and Langley at $1,630,800, an increase of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,530,600, an increase of 0.3% from the preceding month; North Delta at $1,428,900, no change from the preceding month; and Abbotsford at $1,246,800, an increase of 0.1% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $850,300, an increase of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $877,100 and Abbotsford at $645,800. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $876.900, an increase of 0.7% from the preceding month; Cloverdale at $877,100, a decrease of 0.1% from the preceding month; and South Surrey/White Rock at $972,900, an increase of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $843,300, an increase of 1.0% from the preceding month; North Surrey at $793,000, an increase of 0.4% from the preceding month; and Mission at $672,200, an increase of 1.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $555,500, an increase of 0.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $636,700 and Abbotsford at $449,700. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $580,600, an increase of 2.0% from the preceding month; North Delta at $601,400, an increase of 2.2% from the preceding month; and Langley at $612,900, an increase of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $506,600, a decrease of 0.4% from the preceding month; Mission at $4508,500, an increase of 1.8% from the preceding month; and Abbotsford at $449,700, an increase of 2.7% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Summer sees many home shoppers; new listings needed

Metro Vancouver’s residential market continued with strong sales last month, though dipping slightly from the previous month, while home prices continued the upward trend seen since the beginning of this year. Although summer typically brings out home shoppers adding to the present demand, the current rise in prices is largely a function of a limited supply as new listings continue to lag. Inventory at the end of June was close to 9% below the 10-year seasonal average. Total sales across all property types in June reached 2,988, a 12% decrease from May but up 21.1% over the same period one year ago. June’s new listings across all property types totalled 5,348, down 5.5% from the preceding month, and 3.1% below the 10-year seasonal average. The inventory of available homes at the end of June was 9,990, a 7.0% increase over the preceding month, but nearly 8.0% below the same one last year, and 17.4% under the 10-year seasonal average. Overall prices in the current strong demand period have continued to rise despite increasing mortgage rates with the Bank of Canada’s inflation fighting measures. The central bank’s latest increase of another 25 basis points last week, brought the benchmark policy rate to 5.0%, the highest level it has seen since 2001. Commercial banks were quick to raise their variable mortgage rates to around 7.0% following the central bank rate. Yet, real estate markets are not cooling as quickly as other sectors in the national economy. The Consumer Price Index inflation rate dropped to 3.4% in May, down from 8.1% one year ago. The composite benchmark price for all property types in Metro Vancouver at the end of June was $1,203,000, an increase of 1.3% over the preceding month, while still down 2.4% from one year ago. While prices increases are occurring across all property types, a notable increase has been in the condominium segment, where after declines seen over the past year, prices have returned to 0.5% above the average one year ago.

In the section below, you will find benchmark prices for each property type as a guide to selected areas around Metro Vancouver. Each area is chosen based on the closest average prices above and below the monthly benchmark for the type of home, detached, townhouse, and condominium. The month-over-month price change shown is typically a reflection of the current level of market activity. Keep in mind, that benchmarks are averages, so note the extremities provided for each average. This will provide some insight into the range of particular prices that may fit your budget more closely. For the most up-to-date information on any neighbourhood, please don’t hesitate to call me. I can provide home shoppers with detailed information on the latest listings. And if you are considering selling your home, I can prepare a Customized Market Analysis showing how you property compares with other recently sold homes, and advise you on the optimal listing price in the current market. I am always happy to help my clients in any way I can. Please let me know what I can do for you.       

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $1,991,300, an increase of 1.9% from the preceding month. The extremities of this average were Vancouver West at $3,418,700 and Sunshine Coast at $899,900. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,035,300, an increase of 1.4% from the preceding month; Burnaby North at $2,039,400, an increase of 2.9% from the preceding month; and Richmond at $2,182,000, a decrease of 0.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,912,200, an increase of 4.8% from the preceding month; Vancouver East at $1,879,700 an increase of  3.1% from the preceding month; and Coquitlam at $1,787,000, an increase of 1.8% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of June was $1,098,900, an increase of 1.5% from the preceding month. The extremities of this average were  Whistler at $1,513,400 and Sunshine Coast at $757,000. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,108,900, no change from the preceding month; Richmond at $1,121,500, an increase of 0.1% from the preceding month; and North Vancouver at $1,336,600, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,074,600, an increase of 1.5% from the preceding month; Port Moody at $1,033,100, a decrease of 0.8% from the preceding month; and Tsawwassen at $999,600, a decrease of 0.6 % from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of June was $767,000, an increase of 0.8% the from the preceding month. The extremities of this average were West Vancouver at $1,339,700 and Maple Ridge at $532,600. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $798,600, an increase of 1.2% from the preceding month; Burnaby South at $812,100, an increase of 0.8% from the preceding month; and North Vancouver at $819,100, an increase of 2.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $753,800, an increase of 0.1% from the preceding month; Richmond at $739,800, a decrease of 1.0% from the preceding month; and Coquitlam at $737,500, an increase of 1.9% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Fraser Valley home sales up; prices rise while new listings lag

Fraser Valley home sales remained strong this past June and the available supply of homes increased slightly over the preceding month, while still down 8.2% from the same period one year ago. However, if prices are to be moderated with the current demand, the pace of new listings will have to increase. June’s sales totalled 1,935 across all property types, up 13.1% from May, and an increase of 51.1% over the same month last year. New listings last month came in at 3,424, a decrease of 3.1% from May, leaving a total active inventory of 5,944 home at the end of June. While this was a 6.9% increase over the preceding month, it was still 8.2% less than June one year ago. The Valley remains an attractive living area for young families and many first time home buyers, and with demand still outpacing supply, prices are continuing to rise, even in this high mortgage rate period. Last week’s announcement by the Bank of Canada of its 10^th incremental increase in its policy rate since last summer has moved the benchmark rate up another 25 percentage points to 5.0%, the highest rate in over two decades. Although Canada’s Consumer Price Index inflation fell 3.4% in May, down from 8.1% last summer, home sales have seen a resurgence since the beginning of this year. During the early cooling effect of the central bank’s high interest regime on real estate markets there were significant price declines during the latter part of 2020, such that the Fraser Valley’s combined benchmark price had dropped below the $1-million mark which it surpassed at the height of the low interest rate sales period. The Fraser Valley’s combined benchmark price for all property types at the end of June this year was $1,040,900, a increase of 2.1% from the preceding month. However, this is still 7.4% lower than one year ago, and home shoppers appear to be taking advantage of this price decline despite current high mortgage borrowing costs.

In my monthly selection below, the comparative benchmark prices in different areas of the Fraser Valley serve as a guide to prices that are ranked nearest to the overall Valley benchmark for each property type. Each property type has three average prices clustered above and below the benchmark along with their month-over-month price change. These fluctuations may give you a picture of the relative recent transaction activity in a particular neighborhood, but it should be remembered that benchmarks are averages composed of a range of individual prices. By noting the extremities provided for each benchmark, you can gain a better insight in terms of particular home prices. If you are interested in an area, please feel free to call me. I can provide home shoppers with the most up-to-date information on homes in your area of choice. And if you are thinking of selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market. Across the Fraser Valley this past June, newly listed homes sold on average quite quickly. A single family detached home sold within 21 days; townhouses on average in 16 days; and condominiums on average within 22 days.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of June was $1,526,200, an increase of 2.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,966,800 and Mission at $1,017,300. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $1,526,300, an increase of 3.7% from the preceding month; Cloverdale at $1,544,700, an increase of 2.1% from the preceding month; and Surrey at $1,550,400, an increase of 1.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $1,428,300, an increase of 3.2% from the preceding month; Abbotsford at $1,245,400, a decrease of 3.2% from the preceding month; and Mission at $1,017,300, a decrease of 1.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of June was $845.400, an increase of 2.3% from the preceding month. The extremities of this average were South Surrey/White Rock at $970,700 and Abbotsford at $641,200. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $871,300, an increase of 2.5% from the preceding month; Cloverdale at $878,300, an increase of 2.8% from the preceding month; and South Surrey/White Rock at $970,700, an increase of 1.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $840,3000, an increase of 2.4% from the preceding month; North Surrey at $790,300, an increase of 3.8% from the preceding month; and Mission at $662,400, an increase of 2.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of June was $552,200, an increase of 1.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $636,500 and Abbotsford at $437,900. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $588,800, an increase of 1.3% from the preceding month; Langley at $605,300, an increase of 3.6% from the preceding month; and Cloverdale at $629,400, a decrease of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $508,600, an increase of 0.4% from the preceding month; Mission at $450 400, a decrease of 1.1% from the preceding month; and Abbotsford at $437,900, an increase of 2.8% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

FRASER VALLEY

New listings abound in Fraser Valley; BoC rate up quarter point  

As welcome as flowers in spring, the Fraser Valley last month delivered a extraordinary number of new property listings. The good news for prospective home buyers comes after months of hesitancy by reluctant sellers as prices have edged upwards with demand remaining high in the popular region. With 3,533 additional homes coming on the market during the month, new listings reached close to 3.0% over the 10-year average, and riose over 40% higher than the number recorded in the preceding April. The total inventory of available homes in the Valley at the end of May, closed at 5, 558, a 20% increase over the preceding month, the highest month-over-month increase in more than a year. While the supply is still below pre-pandemic levels typical of the Fraser Valley market, the recent surge is an optimistic indicator that the market is nearing a full recovery to normal activity after a year’s decline under government-mandated market cooling. May’s new listings also added fuel to home sales with pent-up demand unleashed with a 10.1% increase over the preceding month sales volume across all property type. May’s 1,711 home sales also represented a 25.8% increase over the same month one year ago. However, with rising prices in the Canada’s major residential markets generally, last week’s announcement by the Bank of Canada of an additional 0.25% rate increase in its policy rate was not entirely unexpected. However, with the central bank’s benchmark rate now at 4.75%, it is as high as it was in 2001. There will no doubt be some delayed impact on the market. It remains to be seen what effect it will have on residential sales going forward, but with consumer price inflation trending downward, it may be that the current high rate will be in place for a short duration. Canada’s consumer price inflation fell to 4.4% this spring from 8.1% last June and is still expected to drop to around 3.0% this summer.  The Bank of Canada’s target of 2.0% inflation by next year still appears on track. Meanwhile, despite higher borrowing rates, home prices are still rising at the present time. The combined benchmark price for a residential property in the Fraser Valley at the end of May was $1,019,700, an increase of 2.1% over the preceding month and notably the first time since September last year that it has returned again to over the $1-million threshold.         

In the selection below, you will find benchmark prices across different areas of the Fraser Valley for all property types. These benchmark averages show the month-over-month price changes which typically indicate the relative market activity in each area. Around each benchmark, you will find a cluster of prices on the upper and lower sides of the average. This gives you an idea of prices within the extremities of the range of individual prices making up the average. However, keeping in mind that benchmarks are a useful guide average prices, it is always a good idea to look at particular price listings in your selected area. If you would like more detailed information on any neighborhood, please call me. And if you are interested in listing you home for sale, I can help you determine the optimal listing price. Please don’t hesitate to call. I am happy to help in any way I can. 

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of May was $1,491,700, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,915,400 and Mission at $1,034,200. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,513,100, an increase of 2.1% from the preceding month; Surrey at $1,535,400, an increase of 2.8% from the preceding month; and Langley at $1,575,000, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,472,600, an increase of 2.9% from the preceding month; North Delta at $1,383,500, an increase of 1.8% from the preceding month; and Abbotsford at $1,206,800, an increase of 3.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of May was $826,200, an increase of 1.4% from the preceding month. The extremities of this average were South Surrey/White Rock at $960,400 and Abbotsford at $625,600. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $761,400, an increase of 1.5% from the preceding month; Cloverdale at $854,700, an increase of 2.1% from the preceding month; and North Delta at $927,700, an increase of 1.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Langley at $821,000, an increase of 1.3% from the preceding month; North Surrey at $761,400, an increase of 0.6% from the preceding month; and Mission at $646,300, an increase of 0.5% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of May was $542,300, an increase of 2.0% from the preceding month. The extremities of this average were Cloverdale at $635.600 and Abbotsford at $426,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $558,600, an increase of 2.0% from the preceding month; North Delta at $581,400, an increase of 1.4% from the preceding month; and Langley at $584,200, an increase of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $581,400, an increase of 1.4% from the preceding month; Mission at $455,300, an increase of 4.7% from the preceding month; and Abbotsford at $426,100, an increase of 0.6% from the preceding month.

I can help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Metro Vancouver home sales jump, new listings lag; central bank rate increases

Residential sales in Metro Vancouver last month jumped over 24% higher than the preceding month of April, as home buyers return to the market despite current mortgage rates rising to a record high. The 3,411 home sales in May continues a rising trend since the beginning of the year, and with it home prices are also moving upward. Last month’s sales are also close to 16% over what the were for the same month one year ago, and a mere 1.4% below the 10-year seasonal average. It appears that as the market heats up even, the Bank of Canada’s is attempting to tamp down price inflation with higher mortgage rates. Last week’s announcement by the central bank of another rate hike of 0.25% has raised its benchmark interest rate to 4.75%. The last time the policy rate was this high was in 2001. It comes at a time when Canada’s consumer price inflation has fallen to 4.4% from 8.1% last June, but it appears the bank is taking an extra precaution to ensure it reaches its 2.0% inflation target by next year. The additional pain for mortgage borrowers is therefore hoped to be short term. In the meantime, as many prospective home buyers are watching prices rise, new lists are still lagging. New listings in May reached 5,661, across all property types. This was 11.5% down from new listings for the same period one year ago, and is 4.3% below the 10-year seasonal average. While a total inventory of 9,293 homes available at the end of May presented a reasonably good selection for buyers, it was nonetheless a 10.5% decrease from May 2022, and 20.6% below the 10 year average for the season. The decline in new listings is putting upward pressure on prices, particularly as the summer is a popular home shopping period. Home prices have risen for six consecutive months. At the end of May, the composite benchmark price for a residential property in Metro Vancouver was $1,188,000.

In the selection of homes shown below, you can find a comparison of benchmark prices for each property type across different areas of Metro Vancouver. This can serve a general guide for both home buyers and sellers as it shows the month-over-month average price changes for each area. On the whole, prices are increasing although townhouses showed some decreases last month in Vancouver East and North Vancouver. It is important to remember, however, that benchmarks are averages. By noting the price extremities in each average, you can gain an insight into the range of individual prices making up each benchmark. Please call me if you would like more detailed on the actual listed prices in any neighborhood. And if you are considering putting your home on the market, I can advise you on the optimal listing price at this time. I am happy to help in any way I can. Please don’t hesitate to call.     

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of May was $1,953,600, an increase of 1.8% from the preceding month. The extremities of this average were Vancouver West at $3,338,800 and Sunshine Coast at $862,000. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,981,800, an increase of 1.7% from the preceding month; Port Moody at $2,007,600, an increase of 0.5% from the preceding month; and Burnaby South at $2,177,100, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,824,300, an increase of 1.7% from the preceding month; Vancouver East at $1,822,700, an increase of  2.5% from the preceding month; and Coquitlam at $1,755,500, an increase of 1.6% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of May was $1,083,000, an increase of 0.2% from the preceding month. The extremities of this average were Vancouver West at $1,457,500 and Sunshine Coast at $726,200. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,109,100, a decrease of 3.0% from the preceding month; Richmond at $1,119,900, an increase of 1.2% from the preceding month; and North Vancouver at $1,302,200, a decrease of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,058,700, an increase of 1.0% from the preceding month; Port Moody at $1,042,100, an increase of 1.3% from the preceding month; and Tsawwassen at $1,005,700, an increase of 0.2 % from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of May was $760,800, an increase of 1.1% the from the preceding month. The extremities of this average were West Vancouver at $1,300,300 and Maple Ridge at $532,200. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $789,000, an increase of 0.1% from the preceding month; North Vancouver at $802,700, an increase of 0.2% from the preceding month; and Burnaby South at $805,800, an increase of 1.0% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $753,200, an increase of 1.5% from the preceding month; Richmond at $747,000, an increase of 0.8% from the preceding month; and Coquitlam at $723,800, an increase of 1.0% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.  

FRASER VALLEY

Valley sales remain constant; prices rise as new listings fall behind

Fraser Valley residential market activity closed last month in a virtual dead heat over the preceding month of March. April’s home sales of 1,554 nosed ahead of March’s 1,550 while new listings fell behind by 3.2%, leaving a total active inventory just 4,632. Although this supply is 2.2% ahead of the inventory one month earlier, it is 14% down from 5,387 available homes in the same period one year ago. However, new listings are expected to increase with the currently rising home prices seen across all property types. Many prospective sellers have been reluctant to list since the Bank of Canada began its series of eight interest rates hikes last spring. During the inflation-fighting measures over the past year, Valley home prices declined with lower demand as many home buyers withdrew temporarily from the market. With Canada’s core inflation rate dropping and the central bank’s current pause on further rate increases, Valley residential sales began to recover at the beginning of this year, with overall sales 4,628 year to date. The lag in new listings, however, is contributing to rising prices although the current situation offers excellent purchase opportunities at the present time. The Fraser Valley continues to be a desirable region for young families and first time home buyers. Lower prices for comparable or larger homes compared with Metro Vancouver make an attractive first home purchase an excellent investment. Notably, the combined benchmark price for Fraser Valley home had risen above $1-million last fall, but has dropped below the $1-million threshold for the last six months. The combined benchmark price for a residential property in the Fraser Valley at the end of April was $992,000. While this was an increase of 2.8% from the preceding month, it is still well below Metro Vancouver’s $1,078,000 for the same period.        

In my monthly selection of comparative benchmark prices below, you will find a useful guide to current home prices for each property type in different areas of the Fraser Valley. The benchmark for each property type is calculated from the range of prices included between the upper and lower extremities provided. The average prices closest above and below the benchmark for compatible properties is accompanied with their change in price from one month earlier. This will give you an idea of the market dynamics in that area. It should be remembered, however, that benchmarks are averages, and that there is often significant difference for a particular price that may make it an exceptionally good buy. I encourage you to peruse the property types of your choice and gain an idea of what geographical area you may find a good fit for your budget. If you are interested in looking at available homes in any area, I can provide you with the latest data on prices and new listings.  And if you are thinking of listing your home for sale, I can prepare a Customized Market Analysis showing recent sales in your area and can advise you on the optimal asking price in current market conditions. Please feel free to call me with any questions you may have for whatever your needs may be. I am happy to help you in any way I can.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of April was $1,442,900, an increase of 3.8% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,864,100 and Mission at $981,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,479,700, an increase of 4.1% from the preceding month; Cloverdale at $1,481,000, an increase of 2.4% from the preceding month; and Langley at $1,541,200, an increase of 3.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  North Surrey at $1,435,800, an increase of 5.1% from the preceding month; North Delta at $1,337,000, an increase of 4.3% from the preceding month; and Abbotsford at $1.137,700, an increase of 4.0% from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of April was $808,000, an increase of 1.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $937,000 and Abbotsford at $609,300. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $811,200, an increase of 1.9% from the preceding month; Cloverdale at $822,100, an increase of 2.1% from the preceding month; and Surrey at $831,500, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $749,700, an increase of 1.0% from the preceding month; Mission at $639,400, an increase of 1.8% from the preceding month; and Abbotsford at $609,300, an increase of 0.2% from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of April was $530,200, an increase of 1.6% from the preceding month. The extremities of this average were South Surrey/White Rock at $599,400 and Abbotsford at $426,300. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $550,200, an increase of 1.4% from the preceding month; North Delta at $558,000, an increase of 1.6% from the preceding month; and Langley at $575500, an increase of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $497,800, an increase of 1.1% from the preceding month; Mission at $432,500, an increase of 3.4% from the preceding month; and Abbotsford at $426,300, an increase of 2.8% from the preceding month.

I can helps

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me. 

METRO VANCOUVER

Sales continue upward trend; prices rising, new listings lag.

Home sales across Metro Vancouver at the end of April showed a another month of renewed market confidence. Since the beginning of this year, Metro Vancouver has seen continual sales increases each month. April’s total sales volume of 2,741 was an increase of 8% over the preceding month, 52% over February, and 168% over January. While the rate of increase is decreasing at present, the number of sales is approaching levels in line with last spring when rising interest rates began the dampen market activity. However, the pandemic buying spree during a period of record low interest rates has set a high sales volume to measure against: current sales are still more than 16% below for the same period one year ago, and close to 16% below the 10 year average. What is needed at present to keep rising prices in check as sales increase is more new listings. April’s new listings reach a total of 4,307, close to 30% below new listings for the same period one year ago, and 22% down from the 10-year average. At the end of last month, Metro Vancouver’s total available inventory of homes across all property types was 8,790, 4.2% below the same month one year ago, and 20.9% below the 10-year average. With the combination of increasing sales and lagging new listings, prices are continuing to move upwards. Notably this past month, some of some biggest price increases were for single family homes just outside the Metro  Vancouver area where prices moved up as high as 8% in the last month. Within Metro Vancouver, prices are typically inching upwards each month at lower rate, and this trend Is likely to continue as the market returns to normal activity. The composite benchmark price for residential property in Metro Vancouver at the end of April was $1,170,700, a 2.4% increase from the previous month, and 5.3% higher than three months ago.

In the selection below, comparative benchmark prices are presented for the different property types in various areas of Metro Vancouver. You may find this a useful guide to prices with the most recent one month change for neighborhoods you are interested in. Benchmark are averages of comparable homes. The upper and lower extremities of each benchmark are also provided to illustrate the range of prices making up the average. The selected neighborhoods are clustered on each side of the benchmark for a particular property type to show how the prices compare with the overall benchmark in Metro Vancouver. Along with the month-over-month price change, which can serve as a current indicator of demand, you can gain some insight into where you may best find a home within your budget. However, it is important to remember that averages do not necessarily capture particular property prices at a given time. I encourage you to call me if you have interest in a particular area for your desired property type. I am happy to provide you further details and the most up-to-date listings, and to answer any questions you may have. And if you are considering listing your home for sale, please also call. I will be happy to help you arrive at an optimal listing price for the current market conditions.                        

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of April was $1,915,800, an increase of 2.9% from the preceding month. The extremities of this average were Vancouver West at $3,313,200 and Sunshine Coast at $917,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,933,700, an increase of 3.0% from the preceding month; Port Moody at $1,981,400, a decrease of 1.8% from the preceding month; and Richmond at $2,137,600, an increase of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,757,200 an increase of 2.6% from the preceding month; Burnaby East at $1,749,700, an increase of 1.3% from the preceding month; and Coquitlam at $1,747,900, an increase of 0.7% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of April was $1,078,400, an increase of 2.1% from the preceding month. The extremities of this average were Vancouver West at $1,481,900 and Sunshine Coast at $734,500. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,110,700, an increase of 2.9% from the preceding month; Richmond at $1,116,400, an increase of 1.2% from the preceding month; and North Vancouver at $1,314,400, an increase of 0.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Coquitlam at $1,037,600, an increase of 2.1% from the preceding month; Port Moody at $1,022,300, an increase of 1.5% from the preceding month; and Burnaby South at $997,800 an increase of 4.4 % from the preceding month.

Condominiums                           

The benchmark price for a condominium in Metro Vancouver at the end of April was $752,300, an increase of 2.0% the from the preceding month. The extremities of this average were West Vancouver at $1,239,800 and Maple Ridge at $525,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $790,800, a decrease of 2.1% from the preceding month; Burnaby East at $797,600, an increase of 0.4% from the preceding month; and Vancouver West at $848,000, an increase of 2.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were:  Richmond at $751,200, an increase of 3.4% from the preceding month; Burnaby North at $734,600, an increase of 2.9% from the preceding month; and Tsawwassen at $724,900, a decrease of 2.1% from the preceding month.

Let me help

These are challenging times for home buyers and homeowners. With higher mortgage interest rates, you may need to adjust your financial strategy for your home purchase. If you need help in managing your home ownership plans, I can help. I have post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.