Rosemary Papp

With over 36 Years Local Experience to Serve You

778-834-8021

 

The New Year is within sight. If your New Year's resolution is to make a housing move in 2017, now's the time to start working on it!

Current homeowners need to know that because of a lack of housing inventory in many areas, their home may sell faster and perhaps for more money than they expect. But as all real estate is local, you'll want to get the latest updates on sales activity in your immediate area to get the best understanding of what to expect for your own real estate activities.

"National sales and price trends continue to be heavily influenced by a handful of places in Ontario and British Columbia and mask significant variations in local housing market trends and conditions across Canada," notes Canadian Real Estate Association (CREA) President Cliff Iverson.

CREA Chief Economist Gregory Klump gave an example from this summer's real estate activity in western Canada: "Home sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia." He added, "This suggests that sales are being reined in by a lack of inventory and a further deterioration in affordability." Successful real estate transactions require the steady guidance of an experienced real estate sales professional. Please call today so we can review your current housing situation in relation to your plans for 2017.

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From, Bjorn Rygg, Pillar to Post

You may not want to admit it, but the days are getting shorter, the temperature is dropping, and winter is on its way. No matter what the season means to you whether that’s embracing the snow, avoiding the outdoors altogether, or taking off for a sunny destination - winter-proofing your home should be at the top of your list.

Roof: Before it’s covered in snow be sure to have it checked for any damaged shingles, replacing them if necessary. Also have your gutters cleared to ensure drainage will flow smoothly when the snow melts.

Furnace: It’s no secret your furnace will be of paramount importance as temperatures continue to drop, so prevent a breakdown by making sure its service and maintenance is up to date.

Windows: Double check that all windows are tightly sealed and water isn’t collecting in the sills. Ensuring windows with multiple sliding panels are in the closed position is important to avoid drafts.

Doors: Similar to windows, it’s important to check door frames are securely sealed without any cracks. Consider sealing or insulating mail slots or doggy doors.

Floors: Check for gaps between exposed floorboards, especially in any unfinished rooms in the house. If you have central heating, it’s important to ensure ducts connected to floor vents are well insulated.

Everything else: When setting your home up for seasonal success, it makes sense to take a look at your current insurance policy as well. Winter often means extreme weather that can result in damage to your property.

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Source: Fraser Valley Real Estate Board

SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.

The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.

“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition,” says Charles Wiebe, Board President.

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings.

“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market – and REALTORS® can certainly help with this,” explains Wiebe. “I’m pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region.”

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

HPI® Benchmark Price Activity

  • Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.
  • Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.
  • Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.

Find the November Statistics Package here.

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Direct: 778-834-8021
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Rosemary's Email: rosemary@homesinlangley.ca
RE/MAX Treeland Realty
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Langley BC V2Y 2E3
www.HomesinLangley.ca