There is NO CRYSTAL BALL, but predictions are pretty good!

Lots of excitement in the media surrounding the interest rate increases and inflation. Several mortgage lenders/brokers tell me that we can expect another increase on October 26th or Dec 7th of around .75 percentage points or the .75 could be split between those 2 dates. We don’t know if the rates will drop next fall and we cannot predict how much home prices might decrease.

Many of you are excited to purchase, but a lot of you are waiting to see what the market does in October. I think lower prices can be anticipated for the upcoming months however, no one knows for certain. It may still be a good time to purchase, especially if you are buying a holding property or plan to live in your home for 5 years +. If your intention is to flip, you could consider holding off to see what happens. We have just come off of a season of record-breaking sales with extremely low mortgage rates. Now the rates are going up a few points but remember, the price of homes is coming down.

Be reassured, our situations are always changing, and home ownership will continue despite market changes. There are still lots of people looking to buy and sell out there.

Even in the 1980's, when the interest rates skyrocketed to 18%+, people were still out there, buying and selling properties.

I'm seeing the price to rent increase slightly as the demand for rental properties increases. This could be appealing for investors.

Many people are curious about whether they should sell now, rent and then purchase later. It could be a good idea, depending on your circumstance however, the cost to rent could surpass the cost savings you anticipate receiving by purchasing at a lower price. If in doubt, it's always best to speak with your lender and/or financial advisor before making that decision.

I work with a team of fantastic people who can provide the support you need to help you with your home- lenders, lawyers, notaries, tradespeople, insurance companies, cleaners, stagers, landscapers, movers...the list goes on.

(Source: Fraser Valley Real Estate Board & Real Estate Board of Greater Vancouver, September, 2022, www.fvreb.bc.ca and www.rebgv.bc.ca).

CHECK THIS OUT:

Sales Ratio % Market Type Guide
Sellers Market 21% +  |  Balanced Market 12 to 20%  |  Buyers Market up to 11%

When you click below to compare the cities in the Lower Mainland, you need to know what market you are buying and selling in.

Here is the map of the Lower Mainland for Detached Homes: Click here 

Here is the map of the Lower Mainland for the Attached Homes:  Click here

The latest news focuses on increasing interest rates (several more are anticipated for 2022), inflation and economic uncertainty with indications that our economy could be heading into recession. This has a significant impact on the housing market. Source: https://capital.com/amp/bank-of-canada-interest

Despite market changes, try to keep in mind that when most people purchase property, they are in it for the long game. If it’s a long term purchase you plan to make, historically things balance out over time Source: Is Buying A House During A Recession A Good Idea? (advisorstream.com) If you are planning to sell, it is not a bad time either, as you could sell and buy at the tipping point. I’ve made my best real estate investments by paying attention to market shifts. It would be great to share my thoughts with you.

My thoughts- interest rate increases mean there are less people able to qualify for mortgages. Typically, less demand leads to:

1) a balanced market or buyers’ market. We are starting to see the re-entry of ‘subject to sale’ clauses in offers. Last year these were close to non-existent because it was a sellers’ market.

2) a decrease in sale prices

3) increased demand for rental units

July year-over-year sales in Greater Vancouver decreased 36.4% (condo market) and 43.3% (detached home market). Why? This is because homebuyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns. Over the last three months, this has resulted in the selection of homes for sale to increase and prices to trend downwards. Keep in mind that listings compared to July 2021 have increased. “After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision.” (Source: Metro Vancouver Market Highlights, JULY 2022, REBGV) :

What type of market are you in?

BUYERS MARKET: 0-11% SR BALANCED MARKET 12-20% SR SELLERS MARKET: 21%+ SR

Sales Ratio (SR) = Sales to Active Listing Ratios ie. 110% SR means that there is not enough inventory to satisfy buyer demand (this was the market in 2021).

In the Fraser Valley the market has SHIFTED to a BALANCED MARKET (18% sales ratio)! The number of listings rose from 3581 in July 2021 to 5024 in July 2022 HOWEVER, sales decreased from 1801 in July 2021 to 887 in July 2022. Overall, sale prices still increased 8%. (Source: Fraser Valley Real Estate Board, August, 2022).

In Greater Vancouver the market has changed however, it REMAINS a SELLER’S MARKET (26% sales ratio)! The number of listings rose from 2562 in July 2021 to 2752 in July 2022. Sales decreased from 1254 in July 2021 to 705 in July 2022. Overall, sale prices still increased 8%. (Source: REBGV, August, 2022).

**Curious how your city is performing? Click on the links below**

The Condo & Townhome market is holding stronger than the detached housing market as more people can afford to purchase. The best markets to be selling in now are New West, POCO & N. Van, whereas the best deals for buying are in Mission, Vancouver, W. Van, Surrey & Ladner. Many people are choosing to wait a while longer before they purchase and that is helping to drive up the demand for rentals. Click here to see the attached housing market.

The detached housing market has changed immensely. The best markets to be selling in now are POCO, Port Moody, Burnaby or North Van, whereas the best buys should be in S. Surrey, Mission, W. Vancouver and Eastside Vancouver.  Click here to see the detached housing market.

There’s a reason why I offer my Sellers a Complimentary Home Staging Consultation. In my experience, if I put 2 very similar properties together and they are listed at the same price, the staged home usually sells for more, and faster. The fact remains- many Sellers aren’t sure if they should hire a home stager. Home staging is about showing a home in its best possible light. It can also help potential buyers imagine themselves in the space. Buyers like it to see what a room really looks like, without the Sellers' personal effects. 

In a Seller’s market, your home will probably sell- but what will it sell for? “The Real Estate Staging Association study revealed that 85 per cent of homes analyzed sold for five per cent to 25 per cent above listing price. It isn’t always black and white, as the final selling price can depend on a number of factors, including buyer demand, competition and the condition of the property. With all else being equal, a staged home is more likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch higher offers”*. Although there are upfront costs attached to professional home staging, you should be able to recoup those costs in your sale price. 

Are you ready to list? Let’s get a home stager in to talk to you today!

Check out Blitz Home Stagging    

*Reference https://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548

This is one of the biggest concerns I get from friends, family and clients. With the prices having escalated as quickly as they have, I understand the concern. There are options. Whether you have teens or adult children, there is always the option of purchasing a pre-sale condo, buying a property with your children or helping them enter the market (Bank of Mom & Dad).

Pre-Construction: Essentially, you are entering into a contract with a developer. You will need to put a deposit down (usually between 10-20%) and then wait until the project is complete before you pay the down payment and incur a mortgage. This is FANTASTIC for people who need a little more time to get their finances in order.

If the developer allows you to ‘assign’ your contract to another buyer (you are selling your contract), there may be an assignment fee (a % of the price) that you pay to the developer. If you chose to go this route, you won’t be paying PTT (Property Transfer Tax) or incurring a mortgage. If the property has increased in value, you would profit (the current price less the original contract price). This could be used as a down payment for another home or cash in pocket. One of the risks involved with this is that if the property was to decrease in value versus when you bought it, you would lose money. You might be subject to financial penalties, such as capital gains. It is always best to consult with an accountant before jumping in. As it isn’t always easy to predict the future of real estate and of interest rates, and most projects take between 3-4 years to complete, this may not be right for everyone. 

Alternatively, you can purchase the assignment from someone else and not have to wait as long to move in versus if you had purchased the pre-construction condo.

Bank of Mom & Dad: I hear from many downsizers that they gave some of the profits, from the sale of their home, to their kids so that they could ‘get into the market’. Other parents have pulled out some of the equity in their current home to gift their children a deposit.  Many lenders will help you find a strategy that works for you and your family. I suggest checking out Reverse Annuity Mortgages (RAMs). These seem to be growing in popularity with the way the current market is. I work closely with several lenders.

If you need a few recommendations, I’m happy to help!

Want to know more? Thinking about selling your investment property? I’d love to be interviewed!

*disclaimer- Information is always changing. Please consult with your lawyer, accountant and financial advisor before purchasing a property.

People are curious about the real estate market, especially over the last year. The soaring prices have paralyzed some in making the decision to move, while others have embraced the opportunity and have sold for record prices. HOPE IS HERE!

Metro Vancouver's housing market is seeing significant changes. The Fraser Valley Real Estate Board reported an increase of 75.3% in new listings compared to January while the Greater Vancouver Real Estate Board reported a 49.7% increase.**

What does this mean for you? While inventory is increasing, it is still not enough to meet Buyer demand. Although sale prices remain heightened compared to previous years, we are moving towards a balanced market in many areas.** Find out if YOUR area is shifting by clicking below.

Real Estate professionals from across BC have observed the number of offers coming in for a home in the detached home market has lessened over the last month, and we are seeing less ‘subject-free’ offers than a few months ago. It is still a great time to sell and it is GREAT NEWS FOR BUYERS!

• Detached Homes: with the exception of POCO & Pitt Meadows, it appears that we are moving towards a more balanced market. West Vancouver & Westside Vancouver are already in a balanced market. Check out the map: Click here 

• Attached homes: it’s still a pretty ‘hot’ Seller's Market out there. More people can afford to purchase condos & townhomes so the pot of people looking for these properties is higher. This can lead to more multiple offers which can drive up the prices. The hottest areas (highest sales ratios) for February were Maple Ridge, Pitt Meadows, South Delta, Port Moody & POCO. See where your city is at: Click here 

SALES RATIO (HOME SELLING RATE) CHEAT SHEET: 

SELLERS MARKET =  >20%   BALANCED MARKET =  12-20%   BUYERS MARKET = <12%

Want more specifics on YOUR neighbourhood? Call me.

Like most of Canada (click here to see Canada’s Housing Snapshot), the Greater Vancouver and Fraser Valley Real Estate Board stats* show the continuance of soaring prices thanks to record lows in housing inventory. The cost of the single family detached home is beyond many peoples’ reach. There are still a few of these types of homes for under 1 million as you head towards Maple Ridge, Aldergrove & into the East Valley. Like other major urban centers around the world, people are shifting their paradigmatic thinking away from the standard house with a yard.  Recent stats show trending towards a demand for townhomes & condos in both Greater Vancouver and Fraser Valley regions. More developers are starting to break ground in the Tri-Cities & Fraser Valley as land isn’t a pricey, making housing a bit more within reach. Here, newer two-bedroom condo prices continue to hover around the mid 500’s to high 600’s depending on where you buy, but how long will that last? 

So why does our market continue to stay HOT???* 

• Interest rates are expected to show modest increases yet they are still at record lows, meaning that more buyers are able to purchase. People may be scrambling to purchase before interest rates rise.

• New Millennials are purchasing whereas many were content to rent before. Their family units are increasing in size and they are outgrowing their space, hence the spike in First Time Home Buyers. Check out this recent article that compares renting to owning: Rent vs. Buy Summary

• Many First Time Home Buyers (FTHB) saved up their CERB payments and have applied this to their 5% down payment, making home ownership feasible. FTHB Info

• With Covid isolation/restrictions & employers being more open to staff working remotely, the Fraser Valley Real Estate Board is seeing more movement to the valley**. Could suburban life be becoming more appealing?

• Investors, national and foreign, despite the high down payments, are looking for ways to diversify & increase revenue streams & are purchasing pre-sale units, increasing condo demand.

Trending: Opportunities with Moving & Downsizing

Of the hundreds of people I’ve met over the last year, I’ve noticed a trend. Many are thinking of packing their bags, SELLING HIGH and moving to a more affordable community. Some say the Okanagan. Others say the Island, Interior or elsewhere in Canada! I’d love to help you.

• If you’re in a position to sell and move out of town, I’m connected to a network of great Realtors throughout Canada and can refer you to them. 

• If you’re thinking of ‘right-sizing’ into a smaller home with less maintenance, now is a fantastic time as it’s still a Seller’s Market (for the 17th consecutive month). Depending on your situation, you could stand to make a significant amount of profit. 

Don’t be fooled!!! 

Many people are saying that there is no point in upsizing as the homes they’d like to buy are selling for too much & they fear multiple offer situations. Please remember that you are likely buying into the SAME market therefore, it’s all relative (usually). I can help you develop a strategy. I can also refer you to amazing mortgage brokers/lenders who can advise you on what you can do and give you a more accurate idea of interest rates/payment options.

I am always here to help if you or anyone you know are considering buying or selling or just need some advice. Referrals are very much appreciated.

• Check for air leaks: On a day when it's windy outside, close your windows/doors and feel for air leaks. Typically, leaks will be found at the edges where the window is hinged, slides, or meets another unit. You can tape plastic over windows to seal them, but this can be expensive and rather unattractive. A better and easier solution is to use inexpensive rope caulk to seal leaks. Press the rope to caulk into all the joints where the air is leaking.
• Inspect the outside window moldings: Look around windows for damaged or missing caulking. Use a good quality exterior caulk to seal any gaps you find. 
• Inspect window tracks: Clean the tracks of any debris that might be interfering with seals. 
• Inspect the locking mechanisms & caulking: Make sure they work adequately. You will want to lock them securely once winter sets in. 
• Inspect door caulking: Look around the outside moldings of door frames, and add new exterior-grade caulking if necessary.
• Inspect and replace any failed weather stripping: Check the weather stripping around windows and doors, including the door  sweep attached to the bottom of the door. This will help to minimize draughts

Do a quick check of the roof to prepare for winter. Either hire someone to inspect it if you are not comfortable doing this yourself, or inspect it yourself wearing well-fastened shoes with nonskid soles.

• Inspect the shingles: Check the roof for missing or damaged shingles, and have them replaced. If you can’t get up to the roof, consider using a drone.
• If roof access isn’t feasible: consider taking a flashlight and inspecting the attic space, making sure there are no signs of moisture and that there is enough insulation up there.
• Inspect the flashing: Check flashing around chimneys and other roof projections, which are often the source of leaks. Have repairs made if necessary. 
• Inspect the gutters: Make sure gutters and downspouts are clean with no leaves or debris clogging them. Wet leaves remaining in the gutters over winter add significant weight and volume when frozen, increasing the risk of damage, not to mention water getting in behind the siding. Also, make sure downspouts are solidly attached.

I am always here to help if you or anyone you know are considering buying or selling or just need some advice. Referrals are very much appreciated.

*Sourced from The Spruce, taken November 13, 2021.

The 26^th annual Fort Langley Cranberry Festival is back Saturday, October 9^th. This is one of the communities’ largest events of the year, and a favorite amongst locals. Each year, the festival is held the Saturday before Thanksgiving. Supported by local the community and, with its success, has grown to become a much loved and anticipated event. Celebrating and recognizing the cranberry’s role in the local history, going back thousands of years.

One of the many highlights of the event is always the market, which features over 70 vendors selling everything from fresh locally grown produce, cranberries, baked goods, wines, and so much more.

Be sure to stock up on fresh cranberries, as baking season is upon us. Support local, and visit Fort Langley's Cranberry Festival starting at 9am with a pancake breakfast. Below, I have a few of my favorite recipes that are perfect for Thanksgiving.

BAKED BRIE WITH HONEY CRANBERRY-ORANGE RELIS

Original recepie is from Our Best Bites

1 8-ounce wheel of Brie (in the rind)
1 cup fresh cranberries

¼ cup honey, plus more for drizzling

Zest of 1 orange

3-4 tbsp pecan halves

Preheat oven to 350 F. Place the wheel of Brie in a small oven-safe skillet or on a parchment-lined baking sheet. Set aside.

Place the cranberries in the jar of a blender or food processor and pulse until chopped. Transfer to a small bowl and mix with 1/4 cup honey and orange zest. Place this mixture on top of the Brie, then top with pecan halves.

Bake for 12-15 minutes or until cheese is oozing but not completely melted. Serve with sliced bread, crackers, and fresh fruit. Add another drizzle of honey if desired.

CRANBERRY CHICKEN

Original recepie is from Cotter Crunch 

MARINADE

1/3 cup cranberries

2 tbsp olive oil

2 tbsp maple syrup

¼ cup balsamic vinegar

¼ tsp sea salt

¼ tsp black pepper

2 garlic cloves

CHICKEN

4-6 chicken thighs or breast with Skin

3-5 sprigs of thyme

½ cup of cranberries

1 tbsp maple syrup

1 tbsp balsamic vinegar

Blend all the balsamic chicken marinade ingredients listed above in a food processor or blender until liquified and smooth.

Pour marinade over the chicken thighs, coating evenly.

Cover and place in fridge to marinate for 30 minutes or up to 24 hrs. (overnight creates great flavor!)

Once marinated, preheat oven to 375 F. Remove chicken from fridge.

Add extra 1/3 c to 1/2 cup cranberries, 2 – 3 sprigs of thyme or a sprinkle of dried Italian herbs to the dish. Spread it out evenly on and around the chicken.

Bake skin side down first for 25-35 minutes depending on the size of chicken thighs.

Remove and turn skin side up. Check for doneness. Then brush each chicken skin with the maple syrup/balsamic vinegar combo.

Add more seasoning (like dried herbs, salt, pepper) to the top if desired. NOTE: If using fresh herbs, wait to add until after you remove the chicken from the oven.

Depending on the thickness of your chicken thighs, either bake a little longer skin side up, then broil. Or if chicken is almost done and not pink, then skip extra baking and just broil for about 3-4 minutes or until skin is crispy and chicken is cooked evenly inside. Check to make sure the internal temperature of the thickest chicken thigh reaches 165F.

NOTE: If using boneless chicken, cooking time will vary on thickness of chicken breast. Check around 35 minutes total.

After thoroughly cooked, remove from oven. Spoon the sauce from the pan onto each chicken thigh/breast and a pinch of black pepper or cracked pepper.

Serve with the roasted cranberries on top and any extra fresh herbs desired.

FAMILY FAVORITE CRANBERRY SAUCE

Original recepie is from Once Upon a Chef

½ cup fresh orange juice – 2 oranges

½ cup water

¾ cups + 2 tbsp sugar

1 bag cranberries fresh or frozen

Zest of 1 orange

2 pinches salt

In a medium sauce pan over high heat, bring the orange juice, water and sugar to a boil. Add the cranberries, orange zest, and salt and return to a boil. Reduce the heat to medium and boil gently for 10 to 12 minutes, until most of cranberries have burst open. (You may need to mash them a bit with a spoon.)

Transfer sauce to a serving bowl. Cover and chill until ready to serve.

Make-Ahead/Freezing Instructions: Cranberry sauce will keep for 10 days in a covered container in the refrigerator. It can also be frozen for up to two months. Thaw overnight in the refrigerator before using.

Summer is almost over, and fall is practically here. You enjoyed your garden all season long, now it’s time to focus on transitioning it for autumn. Below are some helpful tips to keep your garden healthy throughout the changing temperatures.

Remove your summer annuals

Annuals are only good for one gardening season and then die away. This means you’ll want to remove them and replace them with fall friendly plants. Remember to turn the soil and add fresh mulch.

Inspect your perennials

Be sure to check on your perennials, trim any bushes and prune what needs maintenance. If they seem to be getting too large, consider splitting them in half and replanting elsewhere.

Add mulch

One way to help prevent weeds, keep moisture, and insulate your garden, is to add mulch. This is also a great way to extend the growing season of your garden.

Layer your compost

If you have a compost or keep a rot pot, layering organics into your soil is a great way to fertilize your garden. A great mixture of compost includes kitchen scraps, leaves, and spent plants. Your compost mixture should consist of old and new material.

Start planning for spring

Fall hasn’t even arrived yet; however, you should be thinking ahead for spring. Fall is a great time to start prepping for spring as most bulbs need a pre-chilling period before they bloom. Planting these now, will save you a lot of time. The best time to plant bulbs would be 6-weeks prior to our first frost.

Bring your outdoor plants in

Plants that thrived in hotter temperatures, now won’t be able to withstand the cold. A great tip to help transition these plants, is to place them in a shadier spot in your yard so that they can get used to the dimmer indoor light. When you bring them inside, be sure to give them plenty of light and fertilizer to keep them healthy.

If you and your family are those people with a junk drawer or basket overflowing with school notices, menus, and artwork, then creating a dedicated “command center” would probably make your back-to-school routine a lot smoother. Let’s be honest, when kids get home, they typically drop everything and leave. By creating a designated area for everything to go, paperwork, backpacks, umbrellas – everything, your need to rush around the next morning will be minimal. Here are a few tip if you are wanting to create your own “drop zone”.

What is the goal of your "Command Center"?

What is the purpose of your drop zone?

1. What do you need this space to be? Drop zone vs. storage vs. paper management.
2. What kinds of things are constantly piling up around the house? What things are needing a dedicated home? What things are you always rummaging around for?

The next step is to figure out where to put it. Sometimes a home has an obvious location, like a built-in nook, separate room, or even a mud room. Other times though, you may have to be creative in finding space.  Look around your house for closets, empty expanses of wall, un-used built-ins, awkward nooks, landings, or unused sections of counter space. As you think about potential spaces, keep this in mind: the amount of space available must be considered in conjunction with where that space is located. There is no point in creating a drop zone near the back entrance you never use. Likewise, you shouldn’t squeeze in a command center near your front entrance if there isn’t an inch of free space to spare.

Now that you have a good sense for what you need and where it will go, it’s time for the fun part: Putting it all together! If you have a dedicated desk, mudroom, or built-in, you can likely skip ahead to adding in functional storage. However, if you’re starting with an open wall, you may need to bring in foundation pieces to help the space look and function how you envision it. There are no set rules on what you need to use, and your decision may be heavily influenced by where in the house your command center is.

Try and resist the urge to add any storage you think you might need or that matches the pictures you find. Instead, look back at where you started, what’s your goal? Think about the items you want and need to store and find functional storage items for those items. If you need to store coats and bags, you likely need hooks. If you need a place for shoes, cubbies or baskets may be in order. If you want to catch mail, some sort of wall pouches or files should be brought in.

• Baskets – They can be found in any size and shape you need and are best for shoes, hats, gloves/scarves, lotions and sprays, pet supplies, reusable grocery bags, etc
• Paper File Systems – From desktop to wall mounted, a single catch-all to a multi-pocket system, they are best used for mail, coupons, receipts, school papers, schedules, etc.
• Hooks – They can be decorative or peel-and-stick, one for every family member or a row for anyone to use. They are ideal for coats, hats and bags of any kind.
• Memo Boards – They can be dry-erase, cork, or magnetic, and can be blank, have a calendar, or labeled sections for each family member. They are best for jotting down reminders and pinning up things that are needed soon or can’t be lost.
• Other fun things: charging station, trays, key hooks, clocks, and mini drawers.

 No matter what your "command center" turns into, we're sure that it will help with the day-to-day orginization of your family once school rolls back into session.