Ben Truscott Real Estate Report - February 2023
Ben Truscott Real Estate Report - January 2023
Ben Truscott Real Estate Report - December 2022
Ben Truscott Real Estate Report - November 2022
Ben Truscott Real Estate Report - October 2022
Ben Truscott Real Estate - September 2022
Ben Truscott Real Estate Report - August 2022
Ben Truscott Real Estate Report - July 2022
Ben Truscott Real Estate Report - June 2022
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!
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!
Ben Truscott Real Estate Report - May 2022
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!
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!
Ben Truscott Real Estate Report - April 2022
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
• 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
Ben Truscott Real Estate Report - March 2022
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!
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 news
Interest Rates
On 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.ca
BC Cooling Off Period
The 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
Interest Rates
On 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.ca
BC Cooling Off Period
The 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
Office Address:
#190-45428 Luckakuck Way
Chilliwack, BC, V2R 3S9