Exciting News for Fraser Valley Homeowners and Buyers: What the Latest Rate Cut Means for You

The Bank of Canada has made a significant move to wrap up the year, announcing its fifth consecutive rate cut. The benchmark rate has been lowered by 50 basis points to 3.25%—the lowest level since October 2022. This decision could have a profound impact on homeowners, buyers, and anyone considering mortgage options in the Fraser Valley.

‘Twas the night before Christmas and all through the house
Not a creature was stirring, not even a mouse

My signs were all out and brochure boxes loaded
The ad copy in and the lock boxes coded.

I just wrote an offer with that 1 perfect buyer
egads it’s so low…they say they won’t go any higher

So I call up my seller with the not so good news
And they agree to meet with me…what have they got to lose

So we sit at the table & I do what I do best
Crunch numbers, talk deadlines and give it a rest

So the sellers agree and get ready to sign
And then they exclaim… “We’ve got an equity line!”

More crunching & digging to find extra money
The sellers are smiling…but this really isn’t funny

3 months on the market with nary a showing
Now I have an offer and not sure how it’s going

And that’s when they ask what I don’t want to hear
“Can you cut your commission?” and they crack open a beer

What I need is a Martini while relaxing by a pool
I reply that “I can’t…it’s a company rule”

So I ring up the buyer right there on the spot
I need to know if they’ll consider a counter or not

To my surprise they speak up, “we’ve got $5000 more”
If its signed tonight we’ll accept it but absolutely no more.

So back to sellers for signatures on the line
They hem & they haw & then finally sign

I email the buyer and get their reply
Accepted as countered, now I’m flying high

The sellers are happy as I walk out the door
It’s just 9pm, I can stop at the store

I pick up some goodies for my own Christmas treat
Head home to chill out and put up my feet.

When I drive up to my house it is such a great sight
All lit up for the holidays with the lights oh so bright

A smile crosses my face as I thought it just might
“Merry Christmas to All and to All a Good Night”!

Shelly Brunette

Top 5 Tips for Selling Your Home During the Holidays

he holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips…

1. Deck the halls, but don’t go overboard.
   Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
   

2. Hire a reliable real estate agent.
   That means someone who will work hard for you and won't disappear during Thanksgiving, Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
   

3. Seek out motivated buyers.
   Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
   

4. Price it to sell.
   No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
   

5. Make curb appeal a top priority.
   When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.

Fraser Valley home sales returning to seasonal norms in November after October surge.

SURREY, BC — Following a healthy boost in sales in October, Fraser Valley home sales dropped in November as slower seasonal buying trends set in amid balanced market conditions.

  The Fraser Valley Real Estate Board recorded 1,136 sales in November, down 15 per cent from October, but 28 per cent above November 2023 sales.

A decline in new listings chipped away at overall inventory in November, with active listings declining eight per cent to 8,125. Overall inventory, however, remains at a 10-year seasonal high and 30 per cent above November 2023 levels. New listings dropped 26 per cent in November to 2,367, but remain above the 10-year seasonal average and above levels from November 2023. The Fraser Valley remains in a balanced market with a sales-to-active ratio of 14 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in November, the average number of days to sell a single-family detached home was 43, while for a condo it was 36. Townhomes took, on average, 33 days to sell.

  Benchmark prices in the Fraser Valley dipped for the eighth straight month in November, with the composite Benchmark price down 0.2 per cent to $969,500.

For the latest statistics package click HERE

If you have any questions feel free to reach out. I am here to help: 

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Economic Insights from Dr. Sherry Cooper

 Earlier this cycle, there were more job vacancies than people looking for work, so the drop in job openings didn't have a material impact on the economy. But that's no longer the case. September's inflation data confirms that the job market trend is downward.

 Economic growth has been below potential since 2022, and preliminary third-quarter data indicate another slowdown to about 1.3% growth in Q3, well below the BoC's initial forecast. Hiring intentions remain woefully inadequate in the face of staggering population growth.

Thanks to everyone who went to the home show…

We had a great time at the Fall Home Show. Thanks to everyone who came out.

Hope to see you again at the Spring show…

Winterizing Your Home – Inside and Out!

With temperatures falling across many parts of the country, it’s a good time to start thinking of preparing your home for harsh winter conditions like snow and ice.

This process, called winterization, is usually performed in the fall before excessive cold arrives. Maintenance on both the exterior and interior of your home during this time can not only protect the structure from weather-related catastrophes, but it can also save you money by way of lower utility bills.

Click HERE to download the Infographic

Rising home sales a sign of market shift in the Fraser Valley?

SURREY, BC — Home sales in the Fraser Valley increased for the first time in five months following a sizable interest rate cut by the Bank of Canada in October.

The Fraser Valley Real Estate Board recorded 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

New listings declined in October, down 5 per cent to 3,194, but increased 26 per cent year-over-year. Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in October, the average number of days to sell a single-family detached home was 34, while for a condo it was 32. Townhomes took, on average, 29 days to sell.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite Benchmark price down 0.7 per cent to $971,700.

For the latest statistics package click HERE

If you have any questions feel free to reach out. I am here to help: 

Connect

The Government of Canada has just announced new mortgage reforms that could reshape the housing landscape...

In a major move that aims to make homeownership more accessible to Canadians, the new reforms introduced include:

WANT TO GO TO THE HOME SHOW?

We will have tickets again for the Fall Home Show happening Oct. 25th-26th at the Vancouver convention center. Samantha from Kleen Design and I will be there Saturday Oct. 26th at noon to meet up and answer any interior design questions you may have. Tickets are limited, so reach out if you would like to attend.

Top 5 Reasons Your House Won’t Sell

Selling your home can be a daunting task that can leave you feeling incredibly overwhelmed. We don’t want you to feel this way, which is why we have created this for you. We sincerely hope that you find this information valuable and see success from it.

• Secret #1 PRICING

• Secret #2 PRESENTATION

• Secret #3 CONDITION

• Secret #4 FINDING THE RIGHT AGENT

• Secret #5 MARKETING

Click this LINK to get the full article

Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market.

SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

If you have any questions feel free to reach out. I am here to help: 

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