Vancouver, BC – June 15, 2015. 

The British Columbia Real Estate Association (BCREA) reports that a total of 10,174 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 16.6 per cent from the same month last year. Total sales dollar volume was $6.4 billion, a 30.4 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $632,182, an 11.8 per cent increase since last May.

“Home sales for the month were at an eight year high for the month of May,” said Cameron Muir, BCREA Chief Economist. “Strong consumer demand is pushing home sales up in most of the large urban areas of the province.”

“A dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions, with the single-detached market segment experiencing most of the gains. We haven’t experienced inventories this low since prior to the financial crisis,” added Muir.

Year-to-date, BC residential sales dollar volume increased 35.5 per cent to $25.5 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.4 per cent to 40,265 units, while the average MLS® residential price rose 10.5 per cent to $631,941.

For detailed information and statistics: www.bcrea.bc.ca

June 2, 2015

From the FVREB

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April. 

There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year. 

Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased. 

“The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”

In May, the total number of active listings on the MLS® was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased 7 per cent compared to April, and was also down 7 per cent compared to May of last year.

Maisey continues, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single family detached.

“What buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes and a balanced or buyers’ market depending on the location, for apartments. In either situation, you can benefit a tremendous amount from the experience and advice of your local REALTOR®.”

In May, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $566,400.

The benchmark price of townhouses in May was $303,100, an increase of 2 per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year-over-year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.

From Cameron Muir, Chief Economist of BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 9,952 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 28.7 per cent from the same month last year. Total sales dollar volume was $6.3 billion, a 45.5 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $634,744, a 13 per cent increase since last May.

“Last month was the strongest April for home sales in a decade,” said Cameron Muir, BCREA Chief Economist. “The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest level since 2007.”

“Consumers are taking full advantage of rock bottom interest rates and are demonstrating significant confidence in the housing market,” added Muir. “However, dwindling inventories combined with competition for detached homes in the province`s large urban markets is pushing home prices higher.”

During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, when compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, while the average MLS® residential price rose 10.1 per cent to $631,860.

For the complete news release including statistics: http://www.bcrea.bc.ca/docs/news-2015/2015-04.pdf

SURREY, BC – In February, sales of all property types in the Fraser Valley increased by 21 per cent in one year with demand for two property types in particular - single family detached homes and townhomes - outpacing supply. 

Last month, the Fraser Valley Real Estate Board processed 1,337 sales on the Multiple Listing Service® compared to 1,102 sales in February of last year. New listings in February totaled 2,610 which added up to 7,864 active listings, up from January’s 7,307 but a decrease of 4 per cent compared to February 2014’s 8,210 active listings.

“It was our busiest February since 2007,” says newly elected Board President Jorda Maisey. “In my community of Langley, the average number of days to sell a detached home is now less than one month and it’s a challenge finding the right product for some of our buyers, however every area is different. To understand the market for your home in your neighbourhood, talk to your REALTOR®.” 

A measurement the real estate industry relies on to gauge the health of the housing market is the ratio between sales and active listings. For the Lower Mainland, the balanced range is between 12 and 20 per cent; which means when it’s less than 12 it favours buyers and greater than 20 it favours sellers. The ratio in February for single family detached homes was 26 per cent; townhomes 22 per cent and apartments 12 per cent.

Maisey adds, “Our best seller in the Fraser Valley remains the single family detached home, followed by townhomes in part because almost half our buyers are families with children, but also because these products are so much more affordable in the Fraser Valley. With a typical townhome costing less than $300,000 and interest rates so low, many first-time buyers are finding they can get more for their money here.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in February was $581,400, an increase of 4.2 per cent compared to February 2014 when it was $558,100.

In February, the benchmark price of townhouses was $297,200, a decrease of 0.6 per cent compared to $298,900 in February 2014. The benchmark price of apartments also decreased year-over-year by 1.8 per cent, going from $193,200 in February 2014 to $189,700 in February 2015.

Across Fraser Valley, the average number of days to sell a single family detached home in February was 41 days, ten days faster than last year. Townhouses on average took 55 days to sell; one day faster than last February, while Fraser Valley apartments sold on average in 70 days, on par with February 2014. 

Find the February Statistics Package here.

Are you planning on buying your first home? Or are you moving and will be refinancing your mortgage? We met with one of our mobile mortgage specialists recently and she gave us some tips on improving your chances of getting a good mortgage. We also checked online and found some advice, so here's a compilation of top mistakes that hurt your credit score.

1. Paying bills late. Even paying just one day late can hurt your score. Mark your calendar or set up an automatic payment plan with your bank.

2. Not checking your credit reports. You really should try to do this once a year. Apparently there can be some mistakes on there or unfortunately, identity fraud, so it's prudent to do this. Check out www.equifax.ca or www.transunion.ca for more info.

3. Maxing out your credit cards. If you do that, it shows that you are using too much of your available credit. Try to give that credit card a break and use another one... but try to keep it at less than half of your available credit.

4. Using cash over credit. If you use cash, you can't show your lenders how well you handle debt. So then you don't have much of a credit history.

5. Applying for extra cards. Not a good idea as it may look like you are desperate for credit. Closing credit cards on the other hand is not a good sign either. You are ultimately shrinking your amount you are allowed to borrow. However, if you are concerned about identity theft, annual fees,etc, then by all means close the account.

If you find out that your credit score isn't very good, some mortgage specialists will work with you to improve your score. It may take 6 months to a year, but that is well worth it to get your financing in order to ultimately get the home you want.

If you have any questions about applying for a mortgage to buy a home or finding a good mortgage broker, feel free to contact us info@holmesteam.ca.

* Please note, this is general information only and should not be taken as specialist advice. If you need more specific information, contact your mortgage specialist/broker.

Cheers,

Greg & Liz

Are you planning on going on holidays soon? Now that the weather is finally sunny (sort of) and warm, and school is out for the kids, tis the summer season! Here are some tips to protect your home and save money (in the long run).

To decrease any chances of water damage from a running toilet, or leaky faucet, you may want to consider shutting off your water supply while you go away. If you have a fridge that has an ice maker, it might be a good idea to disconnect it, especially if you are going away for a long period of time. Sometimes the ice builds up and may potentially cause a problem with your fridge working efficiently and correctly. Don't leave your washing machine or dishwasher running when you leave - again you just never know if something happens.

Turn off any alarm clocks so that you don't annoy your neighbours! Turn off and disconnect computers, printers, iPOD docks and other items that continue to suck up your electricity and could potentially cause a fire. Check that the batteries in your smoke detectors are working or are replaced.

Cancel your newspaper delivery during your holidays. If you are expecting a package from canada post or fedex you may want to have a neighbour be a contact person for that delivery so that the package doesn't sit at your front door too long and acts as an indicator to potential thieves.

Ask a neighbour, family member or friend to check your home if you are going away for more than a few days. Have them check for any gas smells, water leakage, anything out of the ordinary. Another option is to have someone you know house sit. It will give you relief knowing your home is being looked after.

These are just a few things to do to make your home safe while you are on holidays. Now go relax and enjoy your trip!

If you have any questions about real estate or are thinking of buying or selling a home, feel free to contact us at info@holmesteam.ca or 778.834.9929.

Bathroom and kitchen fans are an important part of your home's ventilation system. They remove odours from your home, which improves indoor air quality. Most importantly, they also remove moisture, which decreases the level of humidity in your home. High humidity can damage building materials, therefore the diligent use of these exhaust fans is essential.

In order to avoid lint build-up in the dryer vents, homeowners can clean the dryer's lint trap after each individual load. In addition, the dryer should be run for ten more minutes after clothes are removed and traps cleaned in order to dry out any moisture in the ducts.

In the winter months, it is a good practise to open a window and allow moist warm air to escape and cold dry air to take its place.

Ensure that window coverings and interior doors are left open for the greater part of the day and don't keep interior doors closed for extended periods of time.

If you have any questions about your property, feel free to contact us at info@holmesteam.ca or call us at 778.834.9929. We would be happy to help.

Nobody likes to move...but it's a necessary evil to get to a new home. Being organized can help a lot:

About a month before moving day:
- as a client of ours, you will receive a "Holmes Team After the Sale/Moving Checklist"
- call a moving company and book moving date
- notify post office for change of address
- notify school(s) of change of address
- contact your home insurance company to update info
- notify bank of change of address

A couple of weeks before moving day:
- contact your lawyer/notary to ensure they have all the information needed regarding the sale/purchase of your home
- arrange to have utilities disconnected at current home and connected at new home
- hold a garage sale to sell unwanted items
- arrange for transportation and care of your pets
- start packing and labeling boxes
- discontinue newspaper delivery
- plan to carry valuable documents/jewelery with you on moving day
- take down curtain rods, drapes and shelves

A day or two before moving day:
- confirm with Greg and Liz what time you will be leaving your home and moving to your new home
- clean fridge and oven
- finish packing personal items
- set aside items to go into your vehicle with you
- confirm contact information, address and moving time with movers
- verify that utilities have been/will be connected at new home

Moving day:
- have vacuum ready
- empty and clean out your fridge and freezer
- make a final inspection of house before leaving
- check all rooms, closets, cupboards and drawers
- get keys from Greg and Liz for your new place
- enjoy your new home!

If you have any questions about moving, feel free to contact us at info@holmesteam.ca or call us at 778.834.9929. We would be happy to help. 

You never expect it to happen but sometimes your belongings may be stolen or destroyed. To protect your possessions in your home from theft or a fire or some sort of disaster, putting together a household inventory would be very useful. When it's time to provide your home insurance company with a record of your items to make your claim, this will reduce your stress, anxiety and time during this process.

You probably received some nice gifts at Christmas, and now is just the time to record these items and put them into a list if not done already.

I'd suggest starting one room at a time, otherwise it's just too overwhelming. And don't try to do it all in one day. Also remember to include items in your garage, attic, basement or storage facility.

You can find lists online that you can print out or make your own spreadsheet and include the item's serial and model numbers, purchase date, cost, where you bought it and attach any receipts you may have.

Take photos of the items, sometimes it's good to have a family member in the photo to show ownership (if it's an expensive item). Video is great too. You may also want to include copies of wills, passports, birth certificates and credit card info with the inventory list.

Once you are done with the list, keep a copy and put another copy in a safety deposit box. If you don't have one, give a copy to a relative or friend to keep. It's good to update this list every six months or so.

I hope you never have to go through this painful process of theft or a disaster in your home, but thought I'd bring this up, as it's a new year, and a good time to protect your possessions.

For all your real estate needs, contact Greg and Liz Holmes - The Holmes Team to help you buy and/or sell your home! Call us at 778.834.9929 or email us at info@holmesteam.ca .