March home sales growth off last month’s pace, but supply still building in the Fraser Valley

April 3, 2024

SURREY, BC — Home buyers in the Fraser Valley have more choice heading into the spring market with inventory levels for March at the highest they’ve been in the past five years.

However, March sales were slower than anticipated with 1,395 transactions recorded on the Fraser Valley Real Estate Board’s Multiple Listings Service® (MLS®), a 13 per cent increase over February, but still 31 per cent below the 10-year average. Sales were the second lowest recorded for a March in a decade. Active listings were 6,197, up by 11 per cent over last month and by 37 per cent over March 2023.

“With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.”

New listings increased 7 per cent in March, to 2,986 but remain 12 per cent below the 10-year average. With a sales-to-active listings ratio of 23 per cent, overall market conditions remain in seller’s market territory. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Despite slower than anticipated sales in March, sellers who draw on the knowledge and expertise of a professional REALTOR® to help price their property appropriately, are, in some cases, getting multiple offers and are seeing their property move quickly,” said FVREB CEO Baldev Gill. “That’s why we always encourage buyers and sellers to work with their local REALTOR® who understands the changing market conditions and can protect their interests.”

The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 27 days on the market, down from 35 days in February, apartments spending 26 days on the market, down from 29 days in February and townhomes moving more quickly at 20 days, down from 28 days on the market in February.

Overall Benchmark prices edged up again in March, by 1.4 per cent from February and up 4.6 per cent over March 2023.

MLS® HPI Benchmark Price Activity

Single Family Detached: 

At $1,517,100, the Benchmark price for an FVREB single-family detached home increased 2.1 per cent compared to February 2024 and increased 8.8 per cent compared to March 2023.

Townhomes:

At $846,900, the Benchmark price for an FVREB townhome increased 1.9 per cent compared to February 2024 and increased 7.2 per cent compared to March 2023.

Apartments: 

At $555,000, the Benchmark price for an FVREB apartment/condo increased 1.6 per cent compared to February 2024 and increased 6.9 per cent compared to March 2023.

To view the complete package:                   

Stats Package (fvreb.bc.ca)

              

Spruce Up the Bathrooms Before You Sell: Affordable DIY Tips

When potential buyers tour a home, bathrooms can have a big impact on them. An outdated or neglected bathroom can quickly sour their impression of your property overall. The good news is, you can spruce it up without breaking the bank. 

Here's how:

  • Modern Hardware:  Switching out old cabinet knobs, drawer pulls, or faucets can instantly modernize the room. Sleek metallic finishes such as brushed nickel or matte black are current favourites and easy to install.

  • Grout and Caulking Touch-ups:  Over time, grout can discolour and caulking can peel. Cleaning the grout and re-caulking areas around the tub and sink can make the bathroom look well-maintained and fresh.  

  • Revive Lighting: Good lighting is paramount in a bathroom. Swap outdated fixtures for contemporary ones. If you're not up for rewiring, even just updating the bulbs to bright, energy-efficient options can create a warm, welcoming ambiance.  

  • Shower Curtain and Mats: Replace old or worn-out shower curtains and bathmats. Opt for light-coloured or clear shower curtains to make the room feel more expansive. Fresh mats in neutral tones can tie the space together. 

  • Accessorize Thoughtfully: Consider a new soap dish, toothbrush holder, or a stylish tray for toiletries. Fresh, white towels displayed neatly or a couple of decorative items like potted plants can elevate the look without overwhelming the space. 

  • Mirrors: If your mirror is plain or showing signs of wear, consider framing it. A simple wooden frame, which you can stain or paint, adds character and finishes the look. 

Small tweaks can lead to significant returns when selling your home. By investing a bit of time and creativity, your bathroom can be transformed into a space that potential buyers will notice. 

I can help you make the right decisions. Call me today!    

604-309-5453  or email:  bonetti@telus.net








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How to Select the Right Long-Distance Mover

You don’t want to have issues with the moving company you’ve chosen — especially when relocating to a distant area. That’s why taking the steps necessary to ensure you’re making the best decision is crucial. 

Here’s just a sampling of what to look for: 

Recommendations 

Ask for recommendations from trusted friends, family, or real estate professionals. Once you've compiled a shortlist, delve into online reviews to get a broader sense of customer satisfaction. 

Credentials 

For moves in the U.S., interstate movers must possess a valid U.S. DOT (Department of Transportation) number. If you’re moving within Canada, look for affiliations with the Canadian Association of Movers (CAM). These credentials are a mark of quality and professionalism in the industry.

Attention to Detail 

A hallmark of a reputable mover is their meticulous approach. They'll ask detailed questions about your household items and do an exhaustive walkthrough. If they don’t, that’s a red flag. 

Fees and Insurance

Inquire about any additional fees. Some movers might add charges for moving larger items (i.e. a piano), accessing stairs, or overnight storage. On the insurance front, while basic coverage is standard, it’s likely minimal. If you're transporting valuable items, consider opting for enhanced protection.


















“Winter’s done, and April’s in the skies. Earth, look up with laughter in your eyes!”

— Charles G.D. Roberts




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REAL ESTATE NEWS

Wednesday, April 10  2024

The Bank of Canada holds key interest rate at 5%, but acknowledges a June rate cut in 'realm of possibilities' 

The annual rate of inflation dropped in February to finish at 2.8%, with the central bank signaling for inflation to cool to 2.2% by the end of 2024.

The consensus from the Bank of Canada is they are 'encouraged' by the progress to date, but policymakers want to be confident the recent easing in core inflation is not a 'temporary dip'. 

"Inflation will continue to come down gradually even as economic activity strengthens", remarked Governor Tiff Macklem, Bank of Canada. " Our key indicators of inflation have all moved in the right direction".

 With most economists still predicting a June/July interest rate cut, greater clarity from the Bank of Canada will be provided with fresh forecasts for inflation and economic growth, and hopefully, a timeline  on when we may see the rates drop.

To read the full article:

For any questions you may have on the latest news and how it effects you, give us a call at 604-309-5453


























Upsizing or Downsizing? Don't Overdo It!

Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.

Well, that would be upsizing a bit too much – unless you have a really huge family! 

That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable. This often occurs in the real estate world. 

For example, homeowners might decide to sell their home and find a smaller one. But, if they go  too far, they end up with a property so small they feel claustrophobic. How do you avoid a similar scenario happening  to you? 

If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas?     Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living and family rooms, etc.? 

Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you. 

So, whether you’re upsizing or downsizing, carefully decide what type of new home you need. Be as specific as possible. Consider criteria such as the number of bedrooms, entertaining space, bathrooms, driveway size, etc., that you need. Doing that will help ensure your upsizing or downsizing move will be successful.

I can help you make an informed decision. 

Call today.  604-309-5453













                      

Get to Know...

Joanne Bonetti


Joanne's formal education and training allows her to excel at every step of the real estate selling or buying process.

Joanne has always lived in the Langley area  and is very knowledgeable of the Fraser Valley market.

Choosing a Real Estate Career over 15 years ago, she has seen the many changes this industry has had. Following the trends and staying informed is crucial to this business. 

Outside of her career in real estate, Joanne enjoys an active lifestyle with crossfit, neighbourhood walks and spending time with family and friends.  

Known by clients and colleagues for her honesty, dedication and reliability, Joanne also has a reputation for timely and focused responses to each of her client’s needs and concerns. She is a skilled negotiator and goes the extra mile for her clients. Always included is quality after-care from start to finish.

A Full-time Realtor who is committed to providing expertise tailored to your needs and learning what is important to you to reach your real estate goals, Joanne is a clear choice for anyone thinking of buying or selling their home.

A big Thank you to all her clients, friends, and family for their continued support.






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