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.
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 email@example.com
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, firstname.lastname@example.org
Welcome to UPTOWN, located in the very family friendly neighborhood of Clayton Heights. This 3 bed, 3 bath Townhome has a bright open plan feel on the main floor. Kitchen has SS appliances, quartz counters & large eat up island. Adjacent family room leads to sunny south facing deck & also has cozy fireplace & built in TV unit. Large living/dining room, with elegant chandelier & tucked away powder room complete the main floor. Upstairs are 3 spacious bedrooms including the master that easily fits a king size bed. Ensuite has oversized rain shower head and quartz counter and soaker tub in the family bath, below is a large tandem garage with tons of storage space, leading to your fully fenced south facing covered patio & grass area, perfect for kids & pets! WALK TO BRAND NEW MADDAUGH ELEMENTARY!
For More information contact Garry Voigt – email@example.com
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.
SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.
In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.
The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.
In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.
For more info on the current market call Garry Voigt 604 789 2140 or email firstname.lastname@example.org!
242 5660 201a Street. Welcome to PADDINGTON STATION, this bright, open, junior 2 bed condo (2nd bed has a closet but no window) faces south for tons of natural sunlight. Kitchen with stainless steel appliances and granite counters, opens to airy dining and living room. Newer laminate floor installed throughout. Cozy up in front of the fireplace or drink your coffee on the south facing deck. Large master bedroom has his & hers closets, cheater door to bathroom plus bonus AIR CONDITIONING! Excellent building amenities, bike storage, gym, amenity room with kitchen, kids craft room and a guest suite. Convenient in suite laundry and essential storage room! Very family friendly building in the heart of Langley, walk to shopping, parks, schools & a short drive to box stores. Pets and rentals allowed (dogs up to 22″).
For more information call Garry Voigt 604 789 2140 or email email@example.com
October continued to be a record breaking month for sales in the Fraser Valley and we continue to see a rise in demand and a lack of inventory, make this a ‘sellers market’ for another month. Check out the video and contact Garry Voigt for more information.
info@garry Voigt.com – 604 789 2140