"Location, location, location" has been the mantra of the real estate industry for as long as anyone can remember. Still, as the North American economy transforms in the wake of the economic crisis, the power of place will prove to be ever more important for a broad range of small businesses.
Most demographic and market indicators suggest that growth and development across, for example, the United States, are moving away from the suburban and exurban fringe and toward centre-cities and close-in suburbs.
Financial Post: Think global, sell local Nov 3 2009
Monday, November 09, 2009
Wednesday, November 04, 2009
October Sales Brisk in the Fraser Valley
OCTOBER HOME SALES BRISK IN THE FRASER VALLEY
(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.
“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade,” said FVREB President, Paul Penner.
“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”
Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago.
The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983.
The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009.
“We expect to see prices remain competitive in the Fraser Valley,” added Penner. “Even during our unusually busy summer, prices were sensitive to location and property type.”
Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.
(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.
“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade,” said FVREB President, Paul Penner.
“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”
Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago.
The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983.
The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009.
“We expect to see prices remain competitive in the Fraser Valley,” added Penner. “Even during our unusually busy summer, prices were sensitive to location and property type.”
Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.
Tuesday, November 03, 2009
Fraser Valley Wine Tasting Festival
Presented by the Rotary Club of Langley Central
Saturday Nov 7 2009
7-930pm
Fraser Valley Wine Tasting Festival - Willowbrook Shopping Centre
For a great cause. The Rotarians in our communities work hard for our communities. Besides, there's wine involved!
Monday, September 28, 2009
New Listing - South Surrey - Crescent Beach area
Saturday, September 19, 2009
....an interesting take on the HST ......
Economist Benjamin Tal, of CIBC World Markets, predicts the tax will have an impact on housing sales. "It's not like something you can brush under the carpet," says Mr. Tal. "There will be reduced demand."
He predicts the industry will build more houses without all the finishings. That will leave the consumer to do work on the black market with contractors to avoid the HST. That's what happened in the Maritimes, where the HST has been in play for years, said Mr. Tal.
"This will give a boost to the under-the-table transactions. Is that an optimum thing?" says Mr. Tal.
It's no wonder British Columbia's housing industry is fighting the HST tooth and nail. It's not interested in the Ontario compromise of an exemption on the first $400,000 of a home. B.C will provide a $20,000 tax break on the first $400,000 of a purchase, the amount being lower because the province has a 7% sales tax.
"There is no single family home here you can buy at that price," says Peter Simpson, chief executive of the Greater Vancouver Home Builders' Association. "They've taken what happened in Ontario and thought it would fly here. They underestimated the pushback on HST out here."
He predicts the industry will build more houses without all the finishings. That will leave the consumer to do work on the black market with contractors to avoid the HST. That's what happened in the Maritimes, where the HST has been in play for years, said Mr. Tal.
"This will give a boost to the under-the-table transactions. Is that an optimum thing?" says Mr. Tal.
It's no wonder British Columbia's housing industry is fighting the HST tooth and nail. It's not interested in the Ontario compromise of an exemption on the first $400,000 of a home. B.C will provide a $20,000 tax break on the first $400,000 of a purchase, the amount being lower because the province has a 7% sales tax.
"There is no single family home here you can buy at that price," says Peter Simpson, chief executive of the Greater Vancouver Home Builders' Association. "They've taken what happened in Ontario and thought it would fly here. They underestimated the pushback on HST out here."
Thursday, September 03, 2009
'move-up buyers return..."
‘MOVE-UP’ BUYERS RETURN TO FRASER VALLEY REAL ESTATE IN AUGUST
The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.
“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.
The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.
The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive.
“Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.
The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.
Wednesday, August 19, 2009
Tuesday, August 11, 2009
Arts Alive - Langley City
16th Annual Arts Alive - Downtown Langley City
Saturday August 15 10am - 5pm
Fraser Highway between 204 & 206th
If visual and performing arts are your pleasure, Downtown Langley is the place to be! The streets of Downtown Langley come alive with over 100 participants including the fine arts, artisans and crafters, multicultural displays and an exciting children’s activity area. See artists demonstrate their techniques and talented musicians being featured on three entertainment stages.
Thursday, August 06, 2009
July Sales Reach Record Level in Fraser Valley
News Release: August 5, 2009
JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY
(Surrey, BC) - Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.
"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market.
"In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up."
Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."
The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.
JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY
(Surrey, BC) - Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.
"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market.
"In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up."
Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."
The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.
Thursday, July 23, 2009
Western Champs U19 - Valley Ball Hockey Ass
A group of young men from Langley hit the road to Alberta last week to challenge for the Western Challenge Cup - BallHockey. These 18-19 year olds have all been playing together and against each other for years now and have became a true 'Team' as it is defined.
Battling well fought games and using skills honed from years playing against and with each other they were able to take the Championship for the first time in the Junior Division.
Well done Boys....your families and friends and proud of ya! Way to represent Valley and Langley.
Wednesday, July 22, 2009
Langley Farmers' Market
Every Wednesday 3-7pm @ Kwantlen University: Glover Road Parking Lot
(20901 Langley Bypass)
Tuesday, July 07, 2009
Summer time
....it must be summer, the posts are infrequent and of a lighter nature. Couple of reasons for that: summertime and the market is very, very busy.
After closing a number of deals this past month in the Brookswood/South Langley area alone, a couple of trends have become apparent. This late Spring/early summer market has seen a flurry of sales in the <500k price range. Which leads one to assume the 1st time and upgrade buyers are active and ready to jump off that fence.... they sure are...!
I closed a deal this week for a 2 level 3 bed split with pool, hotub and an stunning updated kitchen in the mid 500k range. Also handed keys off to my clients for a well cared-for Brookswood basment entry, and sold a 4 bedroom in the brydon lagoon area.....there were others outside of Langley but that's for another blog......
enjoy your summer, be safe and make sure to take some time off to just remind yourself why we do what we do and why we live where we live.
Cheers and Fins Up.......the blenders blendin'!!
Monday, June 15, 2009
a new perspective on our north/south
The Golden Ears Bridge opened this past weekend for pedestrians. Could not attend as we were in downtown vancouver for the day but by all accounts the opening was a smash success....
Langley Times
Web Cams
Monday, June 08, 2009
May Housing Starts
MAY HOUSING STARTS IN VANCOUVER
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity in May.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to
help Canadians access a variety of quality, environmentally sustainable, and affordable
homes — homes that will continue to create vibrant and healthy communities and cities
across the country
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity in May.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to
help Canadians access a variety of quality, environmentally sustainable, and affordable
homes — homes that will continue to create vibrant and healthy communities and cities
across the country
Thursday, June 04, 2009
Cooking Class...?....um, ok...
Both myself and my wife (from this point forward to be referred to as Liane) attended a cooking class at Well Seasoned on the by-pass Tues night.
Given a gift certificate for her birthday, Liane asked me to go with her..... with a tentative "sure" and not really knowing what I was getting into we booked. Just so happens the class would be Halibut dishes with Karen Barnaby, the executive chef from The Fish House in Stanley Park and we had just ordered a full Halibut from 1 Fish 2 Fish in downtown Langley City.
What a great time.
The food was excellent, the wine a perfect match and interacting and discussing many different topics with a top west coast chef, some a little "weird" (as Karen would say) and some a little out of the ordinary, only added to a great night.
A 'little out of the ordinary" as when Rhue (hope that's correct spelling) Karen's apprentice described some traditional Korean food specialties. Something about small swimming fish and tofu and a little story about boiling water, a fish and a slow sleepy death.
I thought it was fascinating, Karen said it was a "little weird". Just a part of the banter over the cooking area while we watched the chef do her magic and we the audience get to enjoy the final benefit.
Will be back for more.
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