Fraser Valley home sales fall despite Bank of Canada rate cut

July 3, 2024

SURREY, BC — The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month.

The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average

While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent

“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell.

Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023

MLS® HPI Benchmark Price Activity

Single Family Detached:  At $1,528,900, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to May 2024 and increased 0.5 per cent compared to June 2023.

Townhomes:  At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to May 2024 and increased 0.8 per cent compared to June 2023.

Apartments:   At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 per cent compared to May 2024 and increased 0.4 per cent compared to June 2023.

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3 Not-So-Obvious Reasons It's Time to Sell

There are many good reasons to put your property on the market. Some examples include a relocation, the kids leaving the nest, the need to downsize or upsize, and the list goes on. Beyond the obvious reasons, there may be more subtle signs that the time to sell is near, such as:  

1. Your Property Is No Longer a Good “Fit”    Your home may have been perfect for you when you bought it. But things change. Families grow. Needs evolve. For any number of reasons, your property may no longer be a good fit for you. If that's the case, it makes sense to at least see what's available on the market. Who knows? Your next "perfect" home may be for sale right now — and within your price range!

2. The Neighbourhood Is Changing     You may have been in love with the neighbourhood when you first moved in. But, over time, the characteristics of any area can change. Those changes don’t necessarily mean the neighbourhood is getting worse. It may be changing in a positive way - perhaps becoming more urban. But “more urban” may not be what you want. So, look at the direction your neighbourhood is heading. Ask yourself, "Do I still want to be living here in 2 years?" 

 3. You're Ready for Your Dream Home   Remember when you purchased your current property? Did it have every feature you wanted? Was it really your dream home? Or did you have to compromise on a few things, such as the size of the kitchen? If you had to make some tough choices back then, it might be time for you to finally get the home of your dreams. 

Of course, there are many other reasons it may be time to make a move. If you think now might be that time, call me today for your complimentary Seller's Guide. We are here if you need more help, or want to talk about your decision. 

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








 

5 Reasons to Replace Your Windows


With the warmer weather here, now is the ideal time to replace your windows, so here are five great reasons why you should: 


1.  Boost the “Wow” Factor   Brand new windows have a huge impact on the overall look of a home, inside and out— an important element when you sell a home.

2.  Save on Energy Costs    Modern windows are packed with technologies that lower heating and cooling bills. From Low-E Argon, to special spacer bars, to high insulating construction, these technologies can provide savings and comfort you'll notice (bye-bye drafts), especially if you're replacing very old windows.

3. Cut the Noise     New windows will reduce noise pollution, allowing a more peaceful and restful living environment. Studies have shown noise pollution to be linked with poor health (i.e., stress-related illness, high blood pressure, speech interference, hearing loss, sleep disruption, and lost productivity). 

4. Dust Defenders    If you replace your windows with ones that have the between-the-glass blinds you won’t have to worry about your window coverings becoming dust collectors. 

5. A More Secure Home  New windows have enhanced security features, such as advanced locking mechanisms and security sensors.  

Will new windows boost the resale value of your home? They might, at least a little. But there's one thing for certain: upgraded windows definitely make your home look more appealing to buyers.





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“July, with its days of blue skies and time that seemingly stands still, holds a special place in my heart.”

~Daisaku Ikeda














                                                   



REAL ESTATE NEWS
                    
Wednesday, June 5  2024
 

The Bank of Canada lowers key interest rate to 4.75%
 
The Bank of Canada cut its benchmark interest rate by 25 basis points, delivering its first rate decrease since March 2020.
 

Homeowners renewing their mortgages, or those with existing variable-rate loans tied to the central bank’s policy rate will immediately see their interest rates drop. "

Bank of Canada governor Tiff Macklem said that if inflation continues to ease, “it is reasonable to expect further cuts to our policy interest rate.” But he added that the central bank would take its decisions “one meeting at a time.”

Economists weighing in on the first round of cuts were split on what path The Bank of Canada will take next with BMO and TD Bank economists predicting a pause on cuts in July, resuming in September, and RBC and CIBC predicting another 25 basis point decrease in July.

When asked by reporters on Wednesday whether he was prepared to further cut rates at the next meeting, Macklem reiterated that the timing of future cuts is dependent on the data they receive, and "Let's just enjoy the moment for a little bit."


The Bank of Canada's next interest rate decision comes on July 24


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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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