Sales, Listings continue to pick up heading into spring ..
In February, the Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®), showing a 32% increase from January. But these numbers are still 21% lower than the average sales over the past decade. At the same time, new listings increased to 2,797 in February, up by 18% from January and 4% above the average for the past 10 years.
Active listings reached 5,561, marking a 14% increase from the previous month and a significant 26% rise compared to February 2023 signaling a growing inventory With a sales-to-active listings ratio of 22%, the market is leaning towards becoming a seller’s market.
Anticipated decrease in the Bank of Canada’s overnight rate mid-year is expected to further stimulate market activity and is encouraging for buyers and seller’s.
The amount of time homes are sitting on the market is decreasing, with single-family detached homes now at 35 days, down from 44 days in January. Apartments spend 29 days, down from 41 days, and townhomes move faster at 28 days, down from 33 days in January.
After a six-month decline, overall Benchmark prices saw a slight increase in February, rising by 0.9% from January and marking a 4.8% increase over February 2023.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
Townhomes: At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
In the dynamic landscape of British Columbia’s real estate, a new game-changing player has entered the scene – Bill 44. This legislation, set to reshape the housing market across towns and districts in BC, opens the door to increased density and innovative housing solutions.
Watch this video to get the inside scoop!
Here is how this new law can be a benefit for Investors and Landowners:
➡️Increased Density
At its core, Bill 44 is poised to revolutionize the housing market by allowing for additional dwelling units in every community in British Columbia. For starters, it permits the creation of one extra living space, such as a secondary suite or accessory dwelling unit, in all towns and districts.
➡️ Urban Boundary Expansion
For towns with populations exceeding 5000 and situated within specific urban boundaries, the game-changing potential becomes even more evident. Property owners in these areas can now unlock the potential for 3-4 units on lots originally intended for single-family homes or duplexes. If the properties are sizable and strategically located near public transit stops, the density allowance can extend to an impressive 6 units.
➡️ Small-Scale, Multi-Unit Housing
Perhaps the most exciting aspect of Bill 44 is its introduction of Small-Scale, Multi-Unit housing without the need for a protracted rezoning process. Here’s how it works: for lots smaller than 280 square meters, property owners can develop up to 3 units. Larger lots, exceeding 280 square meters, can accommodate 4 units. If a property surpasses 280 square meters and is within 400 meters of a designated bus stop, the density allowance extends to 6 units.
➡️ No Lengthy Rezoning Process
Bill 44 also streamlines the development process by limiting local governments’ ability to hold public hearings solely for updating zoning laws in line with this bill. Additionally, they cannot unreasonably restrict property use in accordance with the legislation. This change not only facilitates quicker decision-making but also encourages a more responsive and adaptable approach to housing development.
➡️ Opportunities for Investment
Change breeds opportunity, and Bill 44 is no exception. Whether you’re an investor or an existing landowner, understanding how to capitalize on this legislation is crucial. Working with a Realtor who comprehends the nuances of development can make a significant difference in navigating the evolving real estate landscape.
For more insights and information, feel free give us a call!
We express our gratitude for being acknowledged as the Top 1% Team in the Fraser Valley! 🙌
Our clients are our priority, and we’re dedicated to providing them with superior real estate services and expertise, assisting them in navigating the real estate industry.
A heartfelt thank you to all our clients for entrusting our team! ✨
Cheers to another year of achieving excellence and experiencing growth! 🏆
3 reasons why Presales are a HOT opportunity TODAY:
1 – You’re back in the driver’s seat
With us, not only do you get early access to the best projects through our relationships with developers – but today the developer is offering YOU the incentives. We’ve seen markets when a 300 unit tower has over 2,000 requests – well now the tables have turned. Let us negotiate you the best incentives which could include pricing, parking, upgrades and selection to the best floor plans and location!
2 – Delayed Financing
We all know TODAY rates are high, but we also know they will eventually be lower! What better opportunity then to buy now ON YOUR TERMS, and not worry about a mortgage payment until the project is complete. In many cases this is 4+ years for high rises. You have more time carefully plan your finances – and as we’ve seen many parents are setting up their kids for future home ownership by locking in today!
3 – Building Equity
If we’ve learned anything living in BC, it’s that just saving your money will not get you ahead or build wealth! You need to invest and with our advise we only recommend the best projects in strategic locations which are guaranteed to build wealth in the long term. By the time your home is ready, not only have you secured a beautiful living space, but you’ve also laid the groundwork for financial gains and financial freedom!
Ready to make your move? Contact us and let’s turn your homeownership dreams into reality!
Thank you to our clients, partners & the entire team for being a cornerstone of our business and all your support!
We are grateful for the opportunity to help families and sell over $70M worth of Real Estate in 2023! 🙌 It’s truly an honor to be recognized as the Top 1% Real Estate Team in the Fraser Valley!
In 2023, the Fraser Valley experienced its lowest annual sales in a decade, with 14,713 transactions, down 4% from 2022 and 23% below the 10-year average. Contributing factors were high-interest rates, limiting both sales and listings.
For December 2023, 837 sales were recorded, a 6% drop from November but 17% higher than December 2022. New listings decreased by 54% to 942, but this was still a 17% increase compared to December 2022. The total active listings for December were 4,670, a 25% decrease from the previous month but 19% higher year-over-year.
Despite challenges, the region’s composite Benchmark home price closed at $988,900, marking a 5% increase for the year. However, this was a 6% decline from its peak in July 2023. Mid-year interest rate hikes slowed the market, resulting in overall balance for the latter part of the year.
The market closed out the year in balance. With month’s of inventory at 6.1 Months for detached homes determining a balanced market, 3.4 months for townhomes and 3.8 months for condos determining a seller’s market for both respectively.
On average, properties spent approximately 41 days on the market. Single-family detached homes spent 40 days, while townhomes and apartments moved more quickly at 32 and 33 days, respectively.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,471,500, the Benchmark price for an FVREB single-family detached home decreased 1.2% compared to November 2023 and increased 7.1% compared to December 2022.
Townhomes: At $826,400, the Benchmark price for an FVREB townhome decreased 1.3% compared to November 2023 and increased 5.3% compared to December 2022.
Apartments: At $537,600, the Benchmark price for an FVREB apartment/condo decreased 1.4% compared to November 2023 and increased 6.9% compared to December 2022.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
BC Assessment has just released the 2024 property values, and here’s the scoop: homes, condos, and townhomes in Abbotsford have seen a 3% drop in assessed values. For example, the average assessed value for a single-family home went from $1.172 million in July 2022 to $1.139 million in July 2023. Condos and townhomes also dropped from $495,000 to $480,000.
If you own a property in the Lower Mainland, keep an eye out for your 2024 assessment notice based on market values as of July 1, 2023. The housing market seems to be leveling out, with most homeowners expecting modest changes between -5% and +5%.
New construction, subdivisions, and rezoning contribute around $27.2 billion to the updated assessments.
Looking at the numbers, the average value of a single-family home in the City of Vancouver has risen by 4% in the past year, hitting $2.209 million. Little change in average property values in big communities across B.C. Graph below shows change in “Assessed value” from 2023 to 2024 as of July 1 of 2023.
If you feel you’ve been unfairly assessed compared to neighboring properties, you can submit an appeal for review by January 31, 2024.
Assessment Value vs. Market Value
Watch this video to learn whether your home’s assessed value is the same as its market value!
First of all, your assessment value is like a snapshot in time, specifically from July 1st of the previous year. We all know how much our market can change in 6 months’ time. Since most of the assessment process is done online, an appraiser rarely, if ever, visits a home to assess it in person, meaning assessment values don’t always factor in all those amazing renovations, unique interior layouts, or any modifications you’ve made. Your home is unique and its Market value reflects that.
BC assessment is essential for property tax purposes, it likely doesn’t tell you the true value if you wanted to sell it today.
How do Property Taxes correlate with the Assessed Value?
A big change in your property’s assessed value doesn’t necessarily mean a big change in your taxes. What matters is how your property’s value compares to the community/neighboring properties average. How your assessment changes relative to the average change in your community is what may affect your property taxes.
This year the City of Abbotsford is looking at a 5.12% increase in property taxes – the highest its been in the recent years.
Since property taxes are based on a home’s assessed value, only those properties with values that rise (or fall) exactly in line with the city average will see the average tax increase.
Residents whose property values drop, compared to the city average, will see a smaller increase – or even a decrease. Meanwhile, those whose home’s value increases more than the city average will end up paying more in tax.
Should you appeal?
If you believe your property was assessed inaccurately there is no harm in appealing for review.
How to Appeal?
Gather evidence that shows the comparison between the assessed value of your home to the neighboring properties. Establish a good point of comparison, such as price per sq.ft. of house or price per sq.ft. of land and put together a persuasive argument. You can use this website, to compare your assessment to neighboring properties
Contact BC Assessment (1-866-825-8322) to speak with an appraiser addressing your concerns about your assessment. If you and the appraiser agree there is an error, the assessment can be corrected without an independent review.
Appeal for review: If your request was not satisfied you are able to submit an appeal. To request a review, you must submit your written request to your local BC Assessment office no later than January 31.
Submit Appeal and Request a Review: January 31, 2024
Hearings: Between February 1 and March 15
Panel Decisions: All decisions must be rendered before March 16. In either case, you will receive a formal Decision Notice which BC Assessment is required to mail to you by April 7.
If you have any further questions or would like to chat about your assessment, feel free to reach out to us!
Thanks to all our clients’ unwavering support, Sat Swaich achieved the honor of being recognized as the #1 Real Estate Agent in Abbotsford on Rate-My-Agent.com. As the top realtor in Abbotsford, he has also earned a spot among the Top 100 Canada Agents!
Our client’s positive reviews and encouragement have been the driving force behind this success, and for that, we are truly grateful. Stepping into the new year with the confidence to continue serving with excellence!”
If you’re looking for the best realtor near you who knows Abbotsford real estate with confidence, don’t hesitate to reach out! We’re always here to help and guide you with our real estate expertise.
In 2023, Canadian homeowners faced challenges with rising interest rates, but many stood strong. Now, there’s hope for relief in 2024. The Bank of Canada raised rates, and more hikes are coming. Some mortgage holders already paid more, but the real test is ahead with $251 billion in mortgages up for renewal in 2024.
Good news: interest rates might drop, easing the payment pinch. The Bank of Canada predicts 8 in 10 might face higher payments by 2025, but relief is in sight.
On the housing front, experts predict a rebound in 2024. The Canadian Real Estate Association expects a 9% jump in home sales and a 1.5% rise in the average home price to $690,916.
Forecasts from most of the Big 6 banks see the overnight target rate falling back to at least 4.00% by the end of 2024 from its current rate of 5.00%.
The following are the latest interest rate forecasts from the Big 6 banks:
As we head into the holiday season as buyers and sellers maintain the holding pattern seen over the latter half of this year. FVREB processed 891 sales on MLS. A 8.1% decrease compared to last month and a 6.2% increase compared to November of last year.
The Board received 2,030 new listings in November, decreasing by 20% from last month. Active listings in November were 6,254, down by 5% over last month and up by 17% from November 2022. The sales-to-active listings ratio was 14%, creating balanced conditions in the overall market.
For detached homes, benchmark prices are up by 6.2% compared to last year, while townhomes and apartments are up by 5.1% and 5.6%.
Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 % compared to October.
The months of inventory for detached homes indicates we are in a buyer’s market, and townhomes and condos indicate a seller’s market heading towards a balanced.
The average number of days spent on the market before selling a single detached home was 36 days, townhomes and apartments moving more quickly at 29 days.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94% compared to October 2023 and increased 6.22% compared to November 2022.
Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95% compared to October 2023 and increased 5.08% compared to November 2022.
Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02% compared to October 2023 and increased 5.60% compared to November 2022.
If you have any further questions or would like more information about these Stats, feel free to reach out to us!
