Posted on
July 1, 2022
by
Ben Truscott - Realtor
Welcome Summer!
As the Bank of Canada continues to talk about future interest rate hikes, the market continues to adjust downwards with some more significant average price drops across the board.
People are expecting things to continue in this direction as the banks intend to continue interest rate hikes for the time being to combat inflation.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Go out there and enjoy the sun!
Posted on
May 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
Active listings in Chilliwack are up by 21% compared to last month and up 47.1% compared to May of 2021. With 218 homes sold in the month of May the sales-to-active-listings ratio is at approximately 18%. It looks like we've finally hit a balanced market!
The Fraser Valley isn't quite what you would consider a balanced market just yet, however, we are a lot closer than we have been since pre-pandemic conditions in early 2020. Total active listings were 5,387 for the month of May with 1,637 homes sold which brings us to a ratio of approximately 22%.
The sales-to-active-listings ratio is used to indicate whether it is a buyers market (less than 12%), balanced market (12% to 20%) or a sellers market (greater than 20%).
Prices continue to decrease in Chilliwack and the Fraser Valley. Compared to last month the price of Chilliwack detached homes has gone down by 5.6% and 4.8% in the Fraser Valley. Townhomes have gone down 5.8% in Chilliwack and 5% in the Fraser Valley and condos have dropped 13% here in Chilliwack and 7% across the Fraser Valley.
Although prices are decreasing comparing to the more recent months they are still up compared to May of 2021.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Posted on
April 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
Active listings have increased by 14.9% in Chilliwack compared to last month and increased 25% compared to April of last year, however, total home sales are down 26.1% compared to last month and down 47.8% compared to April 2021.
With active listings increasing and sales slowing down it could potentially help restore a semblance of balance to the market if this trend continues.
The median price of a Detached Homes in Chilliwack have come down significantly since the beginning of the year. In January the median price of a Detached Home was $1,100,000 which has gone down by approximately 9% to 1,000,000 in April.
Townhomes have gone down as well with a median price of $695,000 in April compared to $775,000 at it's peak in February. That is a 10% decrease.
Condos on the other-hand have risen by 19% since the beginning of the year at $452,500 compared to $380,000 in January. If you own a condo and are thinking about selling, now may be the time!
Fraser Valley Real Estate Board:
"Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March. "
“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”
Source:
www.fvreb.bc.ca Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
In other news
Some great information from our partners over at Thrive!
3 Things You NEED to know right now
1. The Bank of Canada increased rates by .50%
• This is what happened: The bank of Canada increased the over night rate yet again by .50%
•
CLICK HERE for a complete and thorough breakdown of all things Variable rates and a summary of what happened
• Still not sure? Check out this Fixed vs. Variable Chart over 25 years
Click Here • Consider increasing your variable rate payment to match fixed rate payments to protect against inflation.
2. Will rising interest rates mean the market drops?
• More listings = more opportunities, which is incredible news as a buyer.
• Generally for every 1% increase in interest rates there is a 10% requirement for increase of income, which means you will qualify for less and there is no guarantee house prices decrease by 10% even if they do come down.
• If you WAIT for housing to come down, remember that it is likely because rates rise, which means your cost would be actually higher if you were to wait to the prices to come down.
3. New Federal BUDGET for 2022 is out!
• There was a lot of buzz, whether that buzz translates into any noticeable impact on the housing market will be yet to be seen, our vote is no.
• Some highlights include:
o New First Time Buyer Tax Savings Account
o Increased Tax Credit & Family Tax Credit
o Taxes on Assignments & House "flippers"
o More money allocated for building
o
Click Here to Listen to the ENTIRE summary
o
Click Here to watch the episode
Source:
Thrive Mortgage Broker
Posted on
March 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
New listings continued to climb throughout March giving buyers a lot more options to choose from. Currently the average price of homes is showing the effects of this market shift with Chilliwack detached homes dropping 4.8%, and townhomes dropping 5.9% from February's peak. In the Fraser Valley board, we see similar drops with -5.9% on detached homes, and -2.2% on condos. On the other hand, the more affordable condos are continuing to rise in price with a 3.75% increase from the previous month. We are hoping that the influx of new listings will contribute to slowing down the price growth. This is good news for buyers, and sellers who want a little more variety to choose from before committing to a sale.
Chilliwack had a total of 861 active listings in March which is an increase of 49.2% since February's 577 active listings. When we compare the active listings to last year we are seeing a 13.7% increase at 861 active listings in March 2022 compared to 757 in March 2021.
Over the Fraser Valley the total active inventory was 4,699 this month, a decrease of 6.2% compared to last years 5,012 active listings, however, 24% higher than last month.
If you've been waiting to sell your home, sooner may be better. With the rise in inventory and the recent rise in interest rates there is a possibility prices could soften.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
In other newsInterest RatesOn March 2nd, the Bank of Canada increased the overnight rate from .25% to .50%.
This has caused a lot of stress for home owners and new buyers trying to get into the market. Here is a few key points to ease any concerns you may have about getting a mortgage!
1. Your qualification does not change!
2. If you have a mortgage right now with a variable rate payment, for every $100,000 borrowed right now your payment will only go up by $12.
3. If you have frozen payments there will be no change at all.
4. If you are a seller you can still sell! Buyers still qualify the exact same as they did before, the stress test has not changed.
Source:
Thrivemortgage.caBC Cooling Off PeriodThe BC Government has announced the intent to introduce a "cooling off" period during the Summer of 2022.
A cooling off period would give buyers the right to withdraw from a purchase agreement within a specific period of time after an accepted offer with zero consequences. Currently the only way to withdraw after an accepted offer is if specific subject conditions are not met that were agreed upon on the contract.
The government's goal with the cooling off period is to reduce the amount of rushed first-day-on-the-market multiple offers, and give everybody the chance to do their due diligence and get the home inspected, and seek mortgage approvals. However, something to be considered is the effect it may have on home sellers. If the cooling off period is implemented, there is nothing stopping buyers from putting offers on multiple homes knowing that they have plenty of time to think about it to back out if needed. This could potentially tie up homes for sale for weeks at a time.
In order to secure a purchase and sale at the same time you need the dates to line up perfectly. In cases where there are sometimes 4-6 homes in a row being sold at the same time, it sounds disastrous if no one can even be sure they have a firm sale for weeks after they have accepted an offer to sell.
I for one am hoping the Government releases more information on this bill before implementing it. I have a hard time imagining this will help with the affordability crisis, it just seems like a good way to introduce a lot of stress and uncertainty in to the process of selling a home.
I'll be sure to keep you all posted on the updates regarding this bill.Source:
BCrea
Posted on
February 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
Active listings are on the rise! If you have been thinking of selling, but waiting for the right moment, this could be it.
When market conditions shift they tend to shift extremely fast, and the fast paced market can be over before you know it.
Over the last month we have seen FAR more listings than previously, while the amount of sales has stayed the same, or even decreased, which means the market conditions are starting to shift away from being a "seller's market" to a "balanced market".
This means that there will be more choices for home buyers and they will not need to write a large amount over the asking price in order to win, and with interest rates rising as well it's possible we could start to see prices lower soon.
If you are thinking of selling, right now you can still get record high prices but that might change soon!
The Fraser Valley is following the same trend with record volume of new listings.
By the end of February the total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared February 2021, however, 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Posted on
January 1, 2022
by
Ben Truscott - Realtor
Hi Everyone!
As we start off the new year we are slowly seeing an increase in active listings.
Although active listings are still down by 31.6% at 381 in January 2022 compared to January 2021's 577 active listings, we have seen an increase from last month by 34.6% in the Chilliwack.
The Fraser Valley is following the same trend with 2,332 active listings in January 2022 compared to 4,210 in January 2021 which is a decrease of 44.6%. However compared to last month the active listings have increased by 19.2%.
Although it is still early in the year, this is a good sign for buyers. If active listings continue to increase we could see an easing of the supply and demand issue the Fraser Valley has been facing. We still have a long way to go to replenish our housing stock and bring balance to the market, however this is a step in the right direction.
The average days on market continues to decrease from last year at 29 days In January 2022 compared to 38 days in January 2021. That is a decrease of 23.7% for the Chilliwack.
The Fraser Valleys average days on market has decreased by 42.8% with 20 days in January 2022 compared to 35 days in January 2021.
Have you been thinking of buying or selling but you're not sure if now is the right time? Give me a call or text at 604-798-3960, I am happy to look into your current situation and provide you will all the details you need in order to make an informed decision!
Posted on
December 1, 2021
by
Ben Truscott - Realtor
Hi Everyone!
As the year comes to an end we are still facing extremely low inventory with only 1,541 active listings in the Fraser Valley down 58% compared to the 3,692 active listings in December 2020.
Chilliwack currently has the lowest inventory it's ever had on record with only 283 active listings down 49% Compared to 555 active listings in December 2020.
Total sales year-to-date are still on the rise up 40.9% with 26,420 sold compared to last year's 18,746 in the Fraser Valley and up 37.5% in Chilliwack with 4,793 sold compared to the 3,484 sold last year.
It is a difficult market especially for new buyers, the average number of days on market is down 57.9% at only 8 days compared to 19 days last year in the Fraser Valley and down 37.8% at 23 days on market compared to 37 last year in Chilliwack.
With such low inventory and quick sales, homes are selling so fast that it leaves little room for negotiation while competing against subject-free offers.
One of the best steps you can take before shopping for a home is getting in touch with a mortgage broker and getting a pre-approval put into place. Once you know your buying power you will have a better chance of putting an offer in before it's too late.
If you don't have a mortgage broker and would like me to refer you to one or if you have any other questions give me a call or text at 604-798-3960.
Posted on
November 1, 2021
by
Ben Truscott - Realtor
Total sales year to date are up 45.1% at 25,885 compared to 17,845 last year in the Fraser Valley, and up 42% at 4,557 sales year to date compared to 3,208 last year in Chilliwack.
Average home prices are still on the rise in the Fraser Valley with a 38.2% increase on detached homes compared to last year. Chilliwack has gone up 36.9% in the last year for detached homes as well.
Low inventory continues to be the biggest factor impacting the market. Buyers and Sellers are facing difficulties with the lack of supply, quick turn-around times and multiple offer situations and are relying on the experience of their Realtor to navigate the situation.
The Fraser Valley has 47.9% less active listings at 3,048 compared to 5,847 in November last year.
Chilliwack has also decreased 50.6% in active listings at 383 compared to 776 in November 2020.
If you or someone you know is thinking of selling, now is a great time to get maximum profit on listings.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960.
Posted on
October 31, 2021
by
Ben Truscott - Realtor
Hi Everyone!
The market remains strong in the Fraser Valley with a total of 23,917 sales year to date compared to 15,680 last year, which is a 52.5% increase!
Chillliwack is following the same trend as the Fraser Valley at a total of 4,253 sales year to date compared to 2,838 last year which is an increase of 49.9%
We are seeing a combination of above-average sales with below-average new listings which is putting pressure on home prices.
This is creating a challenging time for buyers who not only are dealing with lower than average inventory but are also facing above-average prices that are continuing to rise.
The Fraser Valley is in need of more listings with only 3,447 active listings in October 2021 compared to 6,872 in October 2020. That is a decrease of 49.8%.
Chilliwack has also decreased 46.9% in October 2021 with only 495 active listings as opposed to 932 in October 2020.
If you or someone you know is thinking of selling, now is a great time to get maximum profit on listing their homes.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
September 1, 2021
by
Ben Truscott - Realtor
With summer over and the kids back in school, the market continues to pick up!
We are starting to see an increase in listings compared to last month, however, it is not enough to keep up with the current demand for residential homes.
Total active listings in the Fraser Valley for the month of September in 2021 is 3,812 compared to 7,377 in September 2020. That is a total decrease of 48% in one year.
Total sales year-to-date are up 65% totalling $21,984 compared to $13,316 last year.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
August 1, 2021
by
Ben Truscott - Realtor
Although sales are remaining high, home buyers are still facing one of the worst housing supply shortages in history. In fact our housing stock levels have not been this low since the early 80's.
To put this in perspective, for every 100 Townhomes on the market in August, 94 were sold.
The total active listings across the Fraser Valley board have dropped by 44.9% compared to August last year, however, total home sales are still up 2.4% compared to August 2020. This leaves us with insufficient supply to meet our growing population.
This leaves the market condition still heavily favouring the seller. If inventory stays this low than it looks like September will still be a strong sellers market.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
July 1, 2021
by
Ben Truscott - Realtor
As the market continues to soften we are seeing a lot more buyers than sellers, in fact, it is the lowest inventory we've seen in forty years.
Demand for homes has remained above average which leaves us with a lot of buyers and not enough listings to keep up!
If you have ever thought about selling now is a great time seeing as there are a lot of buyers just waiting for the perfect place to call home.
If you have any questions about listing your home or if you would like a free, no-commitment evaluation please feel free to call or text me anytime at 604-798-3960
Posted on
June 30, 2021
by
Ben Truscott - Realtor
As the market continues to settle down, we are still in a very strong seller's market.
Overall sales have decreased 24% compared to May, however they still increased 31% compared to June of last year. We're definitely seeing less subject-free offers and bidding wars and for the first time in months we're starting to see price reductions on active listings.
Effective July 1st, as part of BC's Restart Plan, open houses are once again allowed due to the Covid-19 restrictions lightening up, however, we will continue to adhere to public safety recommendations.
If you have any questions at all feel free to give me a call or text at 604-798-3960
Posted on
May 31, 2021
by
Ben Truscott - Realtor
Detached home prices are finally starting to fade, with average prices settling down $60k compared to last month.
However - we are still seeing huge demand for townhomes and condos with the average price of a condo climbing another $25k from last month.
I personally think the entry level price ranges of $500k and under are going to be extremely competitive for a while yet!
Give me a call if you have any questions about the market conditions or if you are thinking of buying or selling a home!
Posted on
April 30, 2021
by
Ben Truscott - Realtor
We might be starting to see the signs of the market slowing down to catch it's breath after many months of record-setting prices and activity.
April has brought more listings, and less sales compared to March. Prices haven't eased up much yet, but we are seeing less multiple offer situations and less homes selling for over asking price, so it's possible prices will soften if that keeps up.
I suspect detached homes will start to soften but townhomes remain very competitive, and I suspect condos will be the next hot product, two-to-6 months ago condo prices were remaining steady with a 5-10% year-over-year increase, but in these last two months we've seen that shoot up to 20%
If you've been thinking about buying a condo, it's possible that now might be the best shot you get before prices go up!
Give me a call at 604-798-3960 with any questions.
Posted on
March 31, 2021
by
Ben Truscott - Realtor
Hello everyone!
Hope everyone is excited for the sunny weather coming up! (Supposed to hit highs of 22c next week)
We saw a couple hundred more homes listed this month compared to last, but then the amount of sales went up just as much so still nearly 100% of the homes listed are selling in record time.
Unbelievably, year-over-year average prices for a single family home in Chilliwack are up 40%
Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
Posted on
February 28, 2021
by
Ben Truscott - Realtor
Just when I thought nothing could surprise me anymore, February hit the real estate market like a hammer.
This last month saw unbelievable activity with townhomes and single family homes shooting up faster than I've ever seen before. Just this last month or two homes are selling for anywhere from $50,000 to $200,000 more than they previously were, with large lots that have subdivision potential or homes with a basement suite being worth the most right now.
There are currently less listings on the market than there were homes sold this month which means the market conditions favor the seller more than any other time that I'm aware of.
Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
Posted on
January 31, 2021
by
Ben Truscott - Realtor
There's still extremely low inventory and a lot of buyers. We're seeing lots of bidding wars on townhomes and detached homes.
The best way to capitalize on current market conditions are those who are considering selling a single-family home and downsizing to a townhome or condo.
Those who are considering moving in to an age restricted community can benefit as well since they are not selling quite as fast as freehold non-strata land.
Make sure you talk to a mortgage broker early to get your financing 100% ready before shopping since you might not have the time before your favorite listings sell.
Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
Posted on
December 31, 2020
by
Ben Truscott - Realtor
What a year! Even though the real estate market was at a standstill for months due to COVID-19, total annual sales in the Chilliwack-Hope District still finished 18.8 per cent above the 10-year average due to intense pent-up consumer demand during the second half of 2020.
Current inventory is still extremely low making the market very competitive with many homes selling on day one, often with multiple offers.
With low interest rates sticking around, prices are expected to continue to rise. If you are thinking of buying or upsizing now is a great time to consider doing so!
Make sure you talk to a mortgage broker early to get your financing 100% ready before shopping since you might not have the time before your favorite listings sell.
Give me a call or text at 604-798-3960 if you ever have more questions about the market conditions.
Posted on
November 30, 2020
by
Ben Truscott - Realtor
Of the 699 active listings in November, 371 of them sold. There are still a surprising amount of buyers out there rushing to get a home before prices climb any further.
For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record. Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high.
Interest rates are at a record low and banks have indicated they intend to keep rates low for at least a few years longer so we can expect this kind of action to keep up!
We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes.
Just this month I had two townhomes listed that received multiple above-list price offers on the very first day. If you know anyone tossing around the idea of selling, it could be the best chance they get to upsize in to a detached home right now.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.