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
©2020 SnapStats Publishing Co. *All data sourced from the FVREB MLS®. Market Speed is based on the Sales-to-Active Listing ratio and the Fraser Valley Real Estate Board’s market types (ie Balanced Market 12 to 20%.) All data reported is Median and
represents Single Family Homes and Condo/Townhomes in the following areas: Surrey, South Surrey/White Rock, North Delta, Cloverdale, Langley, Abbotsford and Mission. Market Speed is best defined over several months. Refer to our YTD reports for
sustained periods of the Sales Ratio %. This communication is not intended to cause or induce breach of an existing agency agreement. More info at Snap-Stats.com.
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
MORE INVENTORY FOR MARCH
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
411 6866 Nicholson Street – Welcome to Nicholson Green in Sunshine Hills! This 1906 sq ft 3 bed, 3 bath, 2 storey home feels nothing like a typical townhouse! Wide foyer with conveniently located powder leads through to large dining/living room with access to back patio. Adjacent, is even more living space with the great size family room & kitchen. Choose between 2 cozy gas fire-places. The large kitchen boasts tons of cabinets, ample quartz counter tops, updated pot lights & under cabinet lighting. The oversize laundry/storage room completes this floor. Upstairs you will find a huge master bedroom with updated ensuite with separate shower & tub + 2 additional large bedrooms & family bathroom. Bonus side by side garage. Walk to stores, restaurants, Cougar Canyon Elementary & Seaquam Secondary! Don’t wait on this one!
Offered at $699,900 Call or email garry Voigt for more information 604 789 2140, email@example.com
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!
The current situation with strata insurance in BC has seen a huge hike, not only in strata insurance premiums but also in the amount of deductibles now payable by strata corporations in the event of a claim. It is not unheard of to have a deductible that was previously $10,000 rise to $100,000 for claims such as flooding/water damage. It is the responsibility of the strata corporation to find the funds to pay for the rise in premiums, but it is up to the individual strata lot owner to ensure they are insured to cover the deductible amounts in the event of a claim.
When you purchase a strata property you should ask for a copy of the strata “Summary of Coverage’ and take this to your insurance broker. They will be able to take a look at the coverage and deductible amounts for the strata corporation and quote for your personal insurance accordingly.
If you already live in a strata, make yourself aware of when your insurance is renewed each year and be sure to reach out to your strata manager for a copy of the summary at least a week before renewal. That way, you can be adequately prepared if there is any adjustment to the previous years policy. Be pro-active, do not rely on your strata corporation to reach out to you.
It is not only deductibles that need to be covered, you should also consider purchasing insurance for items below.
- Personal Property – Although the common property and limited common property is covered by strata insurance, the interior of your strata lot is not and it is your responsibility to get personal insurance to cover household contents such as furniture, clothing, household goods, electronics, etc.
- Personal liability – for any bodily injury or property damage unintentionally caused to others whilst on your strata lot.
- Improvements (“betterments”). If you make improvements to your strata lot, such as new flooring, finishing a basement etc. you need to let your insurance company know. These are considered ‘betterments’ and may need additional coverage. If you don not and you make an insurance claim, you run the risk of only being covered for original fixtures and all your improvements will not be covered.
- Additional living expenses. If there were an event such as a flood in your strata lot and it becomes uninhabitable for a period of time, you would need to be covered for expenses such as alternative accommodation and living expenses.
- Additional coverage (deductibles) In the past year we have seen deductibles rise to as much as $100,000. What this means is, if you have a flood or other damage to your property, or an event originates in your strata lot and damages another strata lot, the deductible would be charged back to you. If you do not have adequate coverage for strata deductibles you could be liable to pay 10’s of thousands of dollars.
- Fixtures installed by the owner-developer if, as per Strata Property Regulation 9.1 (1), these can be moved without damaging the building such as fridges, ovens, microwaves and other items.
- Losses to common property or other owners’ units – As with deductibles, if an event that causes damage to another strata lot, originates in your strata lot, you may be liable for the costs of repairs to the other damaged unit.
Recent court cases have determined that responsibility for an insurance claim does not mean that the strata owner must be at fault in order to be responsible for paying the corporation’s insurance deductible.
For example, a dishwasher overflows in a strata unit and causes water damage to common property and other strata lots. The strata owner is responsible and the strata corporation can sue the strata owner for the cost of the strata corporation’s insurance deductible even if the strata owner was not “at fault.”
Stay informed, be pro-active in knowing what changes there are, each year to your strata corporation’s insurance. Talk to your insurance broker and be sure you are fully covered for every eventuality.
A new look for Langley City, I have always been a huge advocate of the area and look forward to the transformation.