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According to the Centers for Disease Control and Prevention (CDC), 90% of exposures to poisons occur inside the home. Almost all are preventable, if you follow some simple guidelines.

 

  • Look for the poison label on products you buy. Visually, it’s a skull and cross bones, often (but not always) with the word POISON above it.


  • Don’t make assumptions. Sometimes a seemingly innocuous product, like a shampoo, can contain poison or other ingredients which are harmful if swallowed.


  • Avoid mixing different cleaning products together. When chemicals are combined, they change. Combining some cleaning products can even create toxic fumes.


  • Keep all medication, even the non-prescription kind, out of reach of children. Never leave medicine on the bathroom counter.


  • Never use pesticides inside the home unless the product is clearly labeled for indoor use. Then, use only as directed.


  • Never use a charcoal grill or barbeque indoors, no matter how well ventilated you think you’ve made it. Doing so can easily cause carbon monoxide poisoning.


    One final tip. Pay attention to the expiry date of products, especially cosmetics and cleaning liquids. As chemicals age, they change and can emit harmful fumes. 

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BC Housing Demand Remains Mixed in October


The British Columbia Real Estate Association (BCREA) reports that 7,272 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, down 16.7 per cent from the same month last year. Total sales dollar volume was $4.4 billion in October, down 24.2 per cent compared to the previous year. The average MLS® residential price in the province was $606,787, a decline of 9.1 per cent compared to the same month last year.

 

"Housing demand remained mixed across the province in October," said Cameron Muir, BCREA Chief Economist. "Home sales across the Lower Mainland were down from the elevated levels of one year ago, but stabilized on a month to month basis. In contrast, home sales on Vancouver Island and in the interior of the province continue to post strong year-over-year gains."

 

"The decline in the average residential price reflects a smaller proportion of transactions in the province originating in Vancouver," added Muir. Home sales through the Real Estate Board of Greater Vancouver fell to 31.4 percent of BC transactions last month, compared to 42.6 per cent a year ago.

 

Year-to-date, BC residential sales dollar volume increased 27.4 per cent to $70.4 billion, when compared with the same period in 2015. Residential unit sales climbed by 15 per cent to 101,069 units, while the average MLS® residential price was up 10.8 per cent to $696,992.

 

If you would like statistics for your area, contact The Holmes Team for more information.

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When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?”

 

Fortunately, there are many proven strategies for standing out in a sea of For Sale signs.


First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial.


Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible.


In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet.


Finally, be as flexible as you can be when scheduling viewings and open houses. Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighbourhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers.


Looking for help selling your home quickly and for the best price? Call today! 

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SURREY, BC – September housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.

 

The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.

 

“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.

 

Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.

 

The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.

 

“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.

 

“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.

 

The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year.

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When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.

 

However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well.


For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again.


In that circumstance, accepting the lower offer may be your best move.


The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.


As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, we will guide you toward making the right decision. 

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Creating a Pantry, when You Don’t Have One!


A pantry is the ideal nook for storing extra food and other items ordinarily crammed into the kitchen. It’s also a nice design feature, as it harkens back to the days of country kitchens with spacious pantries.


You might be thinking, “That’s nice, but our home doesn’t have a pantry.”


That’s okay. These days, there are many ways to create a pantry in your home – even if it doesn’t have one! Here are just a few suggestions:


  • Add shelves to the laundry room. If you have the space, this is the ideal place to create a mini-pantry.

  • Purchase a portable pantry. There are many available on the market. Some are even disguised as cabinets you’d expect to see in living and dining rooms.

  • Purchase a movable pantry. These units are on wheels and can slide in and out of the kitchen with ease. Some are short enough to slide conveniently under a kitchen table.

  • Make use of an unused closet. These are rare in most homes, but if you have a closet that isn’t being used, it can easily be converted into a pantry.

    As you can see, there are plenty of options available. You don’t necessarily need to build an extra room! 

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Finding an Honest Home Improvement Contractor


You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable

one is so difficult. Here are some tips:

 

  • Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.
  • Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.
  • Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.
  • Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.
  • Ask for references. Then, call at least one.

Finally, the best contractors are those that get recommended by people you trust.


Looking for a contractor recommendation? Call today. 

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SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

 

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

 

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

 

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

 

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

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Finding the List Price “Tipping Points”


Setting the right list price for a home is a mystery for many sellers. How do you begin to determine what buyers are likely to pay for your property? After all, no two homes are exactly alike.


Yet, setting the right price is crucial. You need to avoid the two price “tipping points” that, if crossed, can cause you a lot of problems.


The first tipping point is a price that’s low enough for buyers to begin thinking something is wrong. They wonder, “Why is your price so low? What are you not telling us about your property?”


But that’s not even the worst problem with this tipping point. If you do get offers at that low price, you’ll have a bigger issue – leaving thousands of dollars on the table.


The other tipping point is setting your price so high it discourages buyers from giving your listing a second look. When your price is that high, you’ll get few enquiries and even fewer people coming to see your property.


Of course, you can lower your price later, if necessary. But experience shows that reduced prices make potential buyers skeptical. Most sellers who price high in the hopes of getting a windfall actually end up selling for much less than they would have if they had priced their properties correctly in the first place.


So what’s the right price to list your property? The answer is somewhere in- between those two tipping points.


Call today for help determining the right price for your property. 

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Fraser Valley housing market remains hectic


SURREY, BC – Consistent with the preceding two months, June saw a record-setting number of sales for the month historically, but continued easing off since this year’s sales peak in March.

 

The Fraser Valley Real Estate Board processed 2,864 sales of all property types on its Multiple Listing Service® (MLS®) in June, an increase of 18.7 per cent compared to June 2015. The previous record for sales processed in a June was set in 2005 at 2,517. However, when compared to May 2016, sales dipped 1.5 per cent.

 

With 1,281 sales of single family detached homes, demand for greater space and land remained consistent. However, nearly matching that was the combined total of June’s 656 townhome sales and 604 apartment sales, a rare feat for the Fraser Valley region.

 

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight leveling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

 

The Board received 3,705 new listings in June, an increase of 11.7 per cent compared to June of last year, and a 0.8 per cent increase from May 2016. The total active inventory for June was 5,612, down 30.8 per cent from last year’s 8,105 active listings at this time.

 

Across Fraser Valley, the average number of days to sell a single family detached home in June 2016 was 17 days, compared to 35 days in June 2015.

 

"Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS® in June; our market is truly in the hands of hopeful sellers,” added Wiebe.

 

“If you're a struggling buyer, or someone thinking of selling but on-the-fence, talk to a REALTOR® and find your best path through this complex environment.”

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in June was $861,600, an increase of 41.3 per cent compared to June 2015 when it was $609,900.

 

In June, the benchmark price of townhouses was $387,100, an increase of 27.9 per cent compared to $302,600 in June 2015. The benchmark price of apartments also increased year-over-year by 20.8 per cent, going from $191,900 in June 2015 to $231,900 in June 2016.

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Record Home Sales Creates Wave of New Home Construction


Vancouver, BC – June 15, 2016. 

 

The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.

 

“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“

 

“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."

 

Year-to-date, BC residential sales dollar volume increased 62 per cent to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS® residential price was up 19 per cent to $752,105.

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Can New Kitchen Appliances Increase the Value of Your Home?


Next to a major kitchen renovation, replacing appliances is the most expensive way to upgrade the space. So if you’re purchasing a new refrigerator, stove or dishwasher in order to make your home more attractive to buyers, you want to make wise purchasing decisions.


The most important consideration is how the appliances will look in the kitchen. Ideally, they should match in colour and style. They should also be the right size for the space. The last thing you want is a fridge that’s so large it dominates the room, or a stove that’s a completely different style and looks out-of-place.


Appearance is important, but so are the features. Buyers viewing your home will scrutinize the appliances. They’ll notice if the fridge has a cold water and ice dispenser. They’ll ask if the dishwasher has noise-reduction features. Double ovens and quick-heating burners (which are now available on electric stoves) will also get a buyer’s attention.


Power consumption is also a big issue these days. Increasingly, buyers are interested in the energy efficient features of a home — appliances included. So, as your REALTOR®, we would point out appliances with energy-saving features, such as a dishwasher with a slow-run cycle that saves power.


Kitchen appliances may seem minor compared to the overall appeal of your property, but they do make a difference. Purchase wisely! 

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DEMAND IN THE FRASER VALLEY EXTENDS TO TOWNHOMES AND APARTMENTS


SURREY, BC – Consumer demand for real estate in the Fraser Valley continued through May, with overall sales once again reaching record-breaking numbers for the month historically.

 

The Fraser Valley Real Estate Board processed 2,911 sales on its Multiple Listing Service® (MLS®) in May, an increase of 47.8 per cent compared to May 2015. The previous record for sales processed in a May was set in 2006 at 2,245. However, sales dropped two per cent when compared to April 2016, continuing a slight trend of easing off since sales peaked this spring at 3,006 sales in March.

 

Of the 2,911 sales processed in May, 615 were townhouses and 557 were apartments, representing a significant portion of May’s market activity and a large increase when compared to May 2015. Townhome transactions increased 56.1 per cent when compared to last year, and apartments reached even higher levels seeing a 112.6 per cent gain.

 

Charles Wiebe, President of the Board, said of this month’s market data, “Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is leveling off.

 

"However, we’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

 

The Board received 3,674 new listings in May, an increase of 22.9 per cent compared to May of last year, and a 6.8 per cent decrease from April 2016. The total active inventory for May was 5,752, down 32.4 per cent from last year’s 8,512 active listings.

 

Across Fraser Valley, the average number of days to sell a single family detached home in May 2016 was 16 days, compared to 31 days in May 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in May was $834,200, an increase of 38.3 per cent compared to May 2015 when it was $603,100.

 

In May, the benchmark price of townhouses was $365,000, an increase of 20.4 per cent compared to $303,100 in May 2015. The benchmark price of apartments also increased year-over-year by 17 per cent, going from $192,500 in May 2015 to $225,200 in May 2016.

 

Thinking of making a move? Call The Holmes Team today!

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Low-Cost Storage Hacks for Creating More Space


Comedian George Carlin’s most memorable routine was, “A place for my stuff.” In it, he talked about dealing with the increasing quantity of items we accumulate throughout life.


George was funny. The problem is not. Here are some low-cost ideas for quickly creating storage space for your stuff.


  • Attach a cloth pouch or thin plastic basket to the inside of cupboard doors. This is a great way to store Tupperware lids, cosmetics, etc.

  • Install hooks inside the foyer closet for loose items such as hats and scarfs.

  • Use egg cartons to make effective storage inserts in drawers.

  • Fashion stores often put purchases in stiff, high-quality boxes. Placed on their sides, these make effective storage compartments. (Especially shoeboxes.)

  • Consider using suitcases for out-of-season clothing. In addition to storage, they also provide protection.

  • Never throw out an old wine rack. There are numerous ways these can be used for storage. (Example: for tools.)

    By thinking creatively, you can probably come up with many other simple ideas for creating more storage. The reward is a home that looks neater and more spacious. 

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Making “Neighbourhood Targeting” Work for You


Imagine if you dreamed of owning a special limited edition vehicle. What would you do to ensure that your dream vehicle would someday be parked in your driveway — with your name on the ownership papers?


You would probably start by doing some research. You’d find out how much that vehicle would cost, what features are available, and so forth. You would likely visit a local dealership and take a test drive if a model is available on site. You would keep an eye on the market for any that come up and let the dealer know you’re looking for just that car.


If you did, then, some day, you’d probably be the proud owner of the limited edition car of your dreams.


What does this have to do with real estate?


Well, you can take the same approach when there’s a neighbourhood you’d love to live in someday. You can target it, learn what homes typically cost in that area, and keep your eye on that market in case a property becomes available that meets your criteria.


By focusing on a specific neighbourhood, you increase your chances of someday living there, simply because you’re focusing on it.


Of course, neighbourhood targeting isn’t as simple as aiming to own a specific car someday. That’s why you need a great REALTOR® who can keep an eye on that neighbourhood on your behalf and alert you to opportunities that become available.


Then, when there is a listing that’s a good fit, you can decide whether or not to make a move.


Is there a dream neighbourhood you’d like to live in some day? Call us today to start making it happen. 

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FOUR-FOR-FOUR IN RECORD-SETTING MONTHS FOR FRASER VALLEY REAL ESTATE

 

SURREY, BC – Once again Fraser Valley real estate saw record-breaking numbers with April sales reaching higher than any previous April historically.

 

Last month, the Fraser Valley Real Estate Board processed 2,969 sales on its Multiple Listing Service® (MLS®), an increase of 47.8 per cent compared to April 2015. The previous record for sales processed in an April was set in 1991 at 2,513. However, sales did drop 1.2 per cent compared to the all-time Board record set in March 2016 at 3,006 sales processed.

 

Charles Wiebe, President of the Board, said of this month’s market data, “Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley.

 

“There’s no ‘one thing’ that can take credit for the unprecedented pace of this market. With low interest rates, a strong provincial economy, and much of the Fraser Valley remaining quite affordable, there are many factors that continue to drive the level of demand we’re seeing.”

 

The Board received 3,942 new listings in April, an increase of 22.5 per cent compared to April of last year, and a 2.8 per cent decrease from March 2016. The total active inventory for April was 5,697, down 32 per cent from last year’s 8,384 active listings.

 

Wiebe added, “While it may seem daunting, I must emphasize that it is still very possible to enter this market. However, working with a REALTOR® is essential for both home buyers and sellers; a professional will help you navigate what you need and what’s out there. Whether it’s a buyer or a home that you’re looking for, we’ll help you find it.”

 

Across Fraser Valley, the average number of days to sell a single family detached home in April 2016 was 17 days, compared to 38 days in April 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in April was $776,500, an increase of 30 per cent compared to April 2015 when it was $595,500.

 

In April, the benchmark price of townhouses was $353,300, an increase of 17.6 per cent compared to $300,400 in April 2015. The benchmark price of apartments also increased year-over-year by 15 per cent, going from $191,200 in April 2015 to $219,900 in April 2016.

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How to Reduce the Chance of a Burglary by 90%


No one wants to deal with a burglary. How do you reduce the chances of one happening?


Fortunately, burglaries are a well-studied phenomenon — especially by law enforcement. These studies have identified specific things you can do to cut the risk dramatically. Here are some ideas:


  • 34% of home break-ins occur through the front door. Experts recommend investing in a door with a top-quality locking mechanism. (The best are those that lock at three points of contact.)


  • 50% of burglars will be deterred if your home has some sort of video monitoring system. A thief doesn’t want his face on YouTube!


  • Unfortunately, signs and window stickers warning of an alarm system do not deter thieves. However, 62% of burglars will immediately run away when an alarm goes off. Always turn on your alarm system when you’re not home!


  • 22% of burglaries occur through a sliding glass door or patio door. Make sure it’s locked and also use a solid metal jammer.


  • Some thieves use frequency scanners to gain access to garages. Police recommend changing your remote entry code regularly and putting blinds or curtains on garage windows so thieves can’t see (and be tempted by) any valuables inside.


    As you can see, there are many simple things you can do to reduce your chances of a burglary dramatically. The effort is worth it. 

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Should You Move or Renovate? Three Things to Consider


Determining if you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama they make reality TV shows about it!


So if you’re considering whether to move or improve, here are three things to consider.


1. Will a renovation truly fix what you don’t like about your property?


If you’re tired of a small kitchen, for example, it might not be possible, given the layout, to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cosy fireplace then a renovation could make that happen.

Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.


2. How much will a renovation cost? How does that compare to the cost of moving to a new home?


It’s important to get accurate estimates of each so you can make a smart decision. This is where a good REALTOR® can help.


Keep in mind that renovations have a habit of costing more than you originally anticipate. As mentioned earlier, the final result should be a home you want to stay in for quite some time.


3. Beware of compromising versus settling.


Whichever decision you make — renovate or sell — you can expect to have to make at least some compromises. That’s normal.


For example, consider adding an extension to your house. That’s a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home designed to include the space you need?

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Yes, it’s a tough decision. If you’re in the midst of making it, call today, to get the facts you need to make the best choice for you. 

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MARCH SEES HIGHEST MONTHLY SALES ON RECORD FOR FRASER VALLEY

 

SURREY, BC – Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921. .

 

In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February. The previous record of 2,720 processed sales was set in March of 1991.

 

Charles Wiebe, President of the Board, said of this month’s statistics, “This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”

 

“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition. Talk to a local REALTOR®, and discuss what you want and what’s possible for you. We can help you get there.”

 

The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.

 

Wiebe commented, “This is typically a busy time of year to buy and sell real estate, and those seeking homes are hungry to purchase. Unfortunately, inventory is struggling to keep up. With that said, if you’re thinking of selling your home, I encourage you to talk to a REALTOR® and consider your current opportunities. The market is in your favor.”

Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.

 

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.

 

In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.

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BC Home Sales Sizzle at Record Pace


Vancouver, BC – March 14, 2016. 

 

The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year. This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to the previous year. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

 

“Housing demand is now at a break-neck pace,” said Cameron Muir, BCREA Chief Economist. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province.”

 

“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley,” added Muir. “While home builders have responded with a record pace of housing starts for BC last month, the supply isn’t expected alleviate the imbalance in these markets in the near term."

 

The year-to-date, BC residential sales dollar volume increased 73.6 per cent to $11.9 billion, when compared with the same period in 2015. Residential unit sales climbed by 40.1 per cent to 15,468 units, while the average MLS® residential price was up 23.9 per cent to $769,424.

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