Welcome to luxury townhouse living at YORKSON CREEK SOUTH built by the reputable Quadra Homes! This Spacious 2,218 sq/ft END unit has PARKING for 4 or 5 vehicles. The double garage is finished w/epoxy floor, EV hook up + in front, a HUGE parking pad over 26ft!! The home features 3 Beds + a BONUS Rec room (4th Bedroom) w/its own separate entrance & ensuite + 4 Baths. Main floor offers an OPEN floor plan with SS appliances, GAS STOVE, HUGE walk-in pantry, GRANITE counters, solid wood soft close cabinets, high-end HARDWOOD flooring & a powder room. Upper floor has master with vaulted ceilings, A/C, W/I closet, soaker tub, shower, dbl sinks, heated floors + convenient upper floor laundry. Custom closet organizers in every closet! The home is roughed in for an ELEVATOR and wheelchair friendly!
Contact garry Voigt for more info email@example.com – 604 789 2140
I hope everyone is continuing to stay safe while also getting to enjoy some of this beautiful sunshine we have been having! I have been keeping a very close eye on this unprecedented market and this is what I am seeing:
The Real Estate Board is processing a record number of new listings however they are also processing a record number of sales. This means that inventory is increasing substantially however demand remains unusually strong. The question is how long will this demand last? If we continue to see this increase in supply it will eventually outweigh the demand. Currently we are seeing that happening on a small scale. Prices from what I can see are starting to plateau, except in the condo market where I am just seeing sale prices start their rise (They are always last to see it).
As we get into the nicer months, we usually see more and more inventory coming to market, so it will be interesting to see what is to come in May/June. As always, I will keep everyone informed!
Take away: From a monetary perspective we do know one thing, there has never been a better time to sell!
If you have any questions about your home value or your market. Reach out to me anytime! – Garry
127 5655 210A Street – Welcome to CORNERSTONE! RARE to find 1 Bedroom plus den, GROUND floor with a large patio & PRIVATE FULLY FENCED YARD facing a GREENBELT. Perfect for pets, & entertaining! This 711 sq/ ft home is well laid out in fantastic condition with 9′ ceilings, quartz counters, stainless steel appliances, soft closing cabinets & laminate flooring. Extra windows in the living room flood the home with natural light. Wood feature wall with fireplace is a great focal point. Bathroom acts as ensuite from master bedroom and is a perfect guest bathroom. Full size, front loading Washer/Dryer & large walk-in closet. Master bed overlooks the back yard. BONUS den with barn door for added space & privacy. Close to Langley City, parks and recreation. 2 PETS & RENTALS ALLOWED! This one checks all your boxes!
Offered at $424,800
For more information contact Garry Voigt firstname.lastname@example.org – 604 789 2140
Location, Location, Location! Welcome to D’COR, where you can literally walk to everything, NO CAR NEEDED! This 1 bed 1 bath condo is about as central as you can get! Walking distance to the beautiful Holland Park, minutes from S.F.U, walk to Surrey Central Mall, Surrey Rec Centre and Sky Train, bus loop and big box stores. The functional, open plan layout has 9 ft ceilings, cheater ensuite, in suite laundry and spacious patio off the living room. Amenities in the building include bike storage, exercise facility and club house with kitchen! Rentals are allowed, making this home the perfect investment or call this your first home. Pets are allowed with restrictions. Comes with a secure underground parking space as well as the all-important storage locker! Don’t wait on this one!
For more information call Garry Voigt 604 789 2140 or email email@example.com
Welcome to the prestigious “Hudson Bay Street” in Fort Langley, rarely do homes come for sale on this quiet street! This charming FARMHOUSE inspired rancher w/basement features an open concept main floor with a large bright kitchen, wood block island, barn door pantry, engineered hardwood & S/S appliances. Family/dining room has a gas fireplace vaulted ceiling & skylights for natural light & Separate living room with cozy wood burning fireplace. Master bed features a stunning ensuite with heated floors and antique vanity full of character + 1 more bedroom with family bath. Fully finished basement, perfect for teens with 2 bedrooms, large rec room, wet bar, office & full bath. The back yard is an entertainer’s dream with large deck, detached shop w/220V and additional flex space/man cave. Build your dream home!
For more information, call Garry Voigt 604 789 2140 or email firstname.lastname@example.org
Welcome to CALERA, one of the best locations in Clayton! This 2 bed, 2 bath condo has MANY great features, including a HUGE, partly covered, fenced patio. Feels like the ground floor with no downstairs neighbours but with all the security of being on the 2nd floor. Bright airy & open with 9ft ceilings, kitchen has stainless appliances and quartz counters, plenty of cabinet space & opens to living/dining room. Bonus office area with built in upper cabinets. Master suite with his & hers closets + good size 2nd bed with custom wood wall & 2nd full bath. Conveniently located on the same floor as the gym & rec room. Bring your fur babies, very pet friendly building & minutes to Clayton off leash dog. Ample street and visitor parking and an unbeatable location, walk to stores & restaurants!
For more information call Garry Voigt 604 789 2140 or email email@example.com
The good news is, we are starting to see a shift in the number of homes that are being listed for sale. The Fraser Valley Real Estate Board received 5087 new listings which is a 56% more than February. Although this means there is more selection for buyers, it has not yet had the effect of slowing down price increases and we are still seeing homes sell for way over list price and in multiple offers.
For more information contact Garry Voigt – 604 789 2140 or firstname.lastname@example.org
303 20068 Fraser Highway. Welcome to VARSITY, one of the best condo buildings in Langley! This 2 bed, 2 bath CORNER unit has tons of natural light flooding in from wrap around windows. Beautifully maintained home with a great open layout. The large kitchen boasts elegant, soft close shaker cabinets, lots of quartz counter space, stainless appliances, including gas range & eat up breakfast bar. Laminate floors throughout the open living/dining room & bedrooms separated for extra privacy. Large master with spa like en suite and walk-in closet with custom organizers & great size 2nd bedroom. Dining room leads to patio with amazing mountain views & GAS BBQ hook up. BONUS storage locker on the same floor. Well maintained and secure building. Centrally located in downtown Langley. Pets and rentals allowed. Don’t wait!
On the heels of the busiest, most unexpected December in our Board’s history and half a year of the market out-performing all expectations during COVID-19, we turned to one of the most in-demand, economists in our province for insight for you to share with your clients.
We were fortunate to get exclusive, in-depth market intelligence – specific to our Fraser Valley region – from BCREA’s Brendon Ogmundson, who as you can imagine is currently busier than a snow-making machine at local mountains due to 2020’s astounding market numbers.
He details: What happened in Fraser Valley’s market last year, and answers the million-dollar question, can it sustain in 2021?
This is part one of two with the second installment coming in next week’s NewsReal. First, we look back at a year like no other and next week, we look at what’s ahead.
FVREB Communications in conversation with Brendon Ogmundson, BCREA Chief Economist:
Q: How would you describe Fraser Valley’s real estate market in 2020? Walk us through what happened starting from what looked like a decent start of the year…?
After two years of demand being stifled by various government policies – principally the B-20 stress test – and new taxes on housing, the Fraser Valley market was set to continue to recover and record an average, typical year. However, as members know, that return to normal was swiftly upended by a worldwide pandemic that threw a blanket of uncertainty over the entire global economy.
With the industry and society in lockdown during the spring months, the housing market slowed dramatically. Sales in the early spring fell to unprecedented lows and it was anticipated that sales would remain below normal through the summer months and possibly beyond. No one knew.
Then the unexpected happened. Home sales in the Fraser Valley began to climb in the early summer, eventually setting or nearly setting monthly sales records through the fall and winter.
By year’s end, in the midst of a global pandemic, with BC facing a jump in the unemployment rate to a 30-year high, with borders closed, and with immigration halted, sales in the Fraser Valley finished the year up over 28 per cent while benchmark home prices were up over 13 per cent.
“The housing market in 2020 was nothing short of remarkable.”
Q: No one knows BC’s economy and the housing market like you, how unusual was this post-lockdown response?
The performance of the housing market in 2020 was nothing short of remarkable. The COVID-19 recession battered many sectors of BC’s economy, but looking at the housing market, it would be difficult to tell that there was a recession at all.
In a typical recession, housing sales decline as job losses and heightened uncertainty prompt potential buyers to pull back from the market. At the same time, the supply of listings accumulates as some households are forced to sell due to rising unemployment and falling incomes. The COVID-19 recession, however, has been anything but typical. Instead, this recession has seen a remarkably swift rebound in home sales and prices, not only to pre-COVID-19 levels but to historic highs.
Hindsight is indeed 2020 when it comes to 2020
Q: Did the rebound surprise even you?
A: The speed and strength of the recovery was absolutely surprising, but with the benefit of hindsight we can see clear factors that propelled the market forward.
First, the real estate industry did an excellent job in ensuring that transactions could continue without undue risk to the public. Secondly, the impact of the COVID-19 recession on the provincial labour market was not equal across sectors. Most job losses afflicted low wage sectors of the economy, like front-line service sector jobs, while employment in above-average wage sectors that tend to drive the ownership market has risen about 5 per cent above pre-COVID-19 levels.
Most importantly, a swift and overwhelming policy reponse from the Bank of Canada pushed mortgage rates to new record lows. All of those factors, along with a surge of pent-up demand after the initial crisis phase of the pandemic, meant that demand for housing returned with vigour.
Homes became all things to all people all the time
Q: We saw some specific home sale trends in the Fraser Valley due to COVID-19 – can you delve into those more?
A: There’s no question COVID-19 altered the needs of BC families as homes suddenly became a workplace, a school, an entertainment centre, and a refuge. We’ve seen a pronounced shift towards demand for larger homes and for those working from home, a commute becomes less relevant.
The extra space afforded by a single-family detached home that fulfills those needs, along with record-low borrowing costs, resulted in the sales numbers we’ve seen. In the Fraser Valley, sales of detached homes almost doubled in December, rose over 40 per cent in 2020 compared to 2019 and approached 50 per cent of total sales for the first time since 2017. So, it’s no surprise that prices for detached homes closed the year up with double-digit increases.
Sales of townhouses, a close substitute for single-detached, were up over 30 per cent in 2020, with more modest price gains of around 5 per cent year over year.
And how about apartments? How did Fraser Valley condos fare in a pandemic year?
A: Apartments began the year with challenges due to strata insurance, and as an investment vehicle or entry-level home for first-time buyers, apartments were clearly held back by the pandemic’s impact on younger workers and renters. Still, even with those challenges, apartment sales across the Fraser Valley finished the year higher and prices appreciated close to 5 per cent.
In terms of the condo sector as a whole, as vaccinations progress, the economy heals, and borders open to tourism and immigration, we anticipate demand for apartments will post a strong recovery in 2021.
Thank you, Brendon! That wraps up the first part of our two-part series on Fraser Valley’s real estate market in 2020 and 2021. Don’t miss part two next week, when Brendon Ogmundson, Senior Economist, BCREA, forecasts what’s in store for hopefully a pandemic-recovery year.