Langley BC Real Estate | Condominums And Town Homes

For immediate release

VANCOUVER, B.C. – January 4, 2012 – The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten-year average for annual Multiple Listing Service® (MLS®) property listings in the region.

“It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below,” Rosario Setticasi, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.

More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.

The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others,” Setticasi said. “For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.

For Immediate Release: Jan. 4, 2012

SURREY, BC – Overall, Fraser Valley’s real estate market in 2011 was below the 10‐year average in property sales and above average in the number of new listings received, however, according to the president of the Fraser Valley Real Estate Board, results varied widely depending on the community and property type.

Sukh Sidhu observes, “I can’t remember a year that illustrates better how local real estate is and the importance of talking to your REALTOR® before making a decision to buy or sell. For example, in my community of Abbotsford, sales of single family homes dropped by almost 7 per cent compared to 2010, pushing prices down slightly, while in South Surrey/White Rock sales increased year over year by 45 per cent resulting in double‐digit price increases.”

The Board’s Multiple Listing Service® processed 15,529 sales in 2011 compared to 14,891 the previous year, an increase of 4 per cent, while the number of new listings remained about the same – 31,592 in 2011 compared to 31,437 in 2010. Over the year, the number of active listings for buyers to choose from dropped by 9 per cent going from 8,139 properties in December 2010 to 7,399 in December 2011.

Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 per cent less than the 10‐year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent more than the 10‐year average of 29,867 new listings, placing last year third in ranking since 2002.

Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November.

Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to $559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in 2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from $223,910 in 2010 to $225,976 in 2011.

Down payment on a home is an investment for the future. It is probably the biggest investment you will ever make. Saving money for a down payment is a slow and steady process. Start early, even if you are only putting away a small amount at a time. We have listed a few tips to help you realize a future dream of being a home owner.

Determine how much you need
The size of your down payment affects the amount of your monthly mortgage payments. Although a smaller down payment would mean high monthly mortgage payments, it would allow you to buy sooner. Ideally, you should be able to put down 20% of the purchase price or more. If you plan to make a down payment of less than 20%, you would also have pay private mortgage insurance.

Put Your Savings to Work
Most saving accounts offer very low interest rates. Grow your money safely in a high-interest savings account. Avoid investing in stock market, where you may end up losing all your money.

Create a separate account
Stash the down payment is a separate account to avoid tapping it for other expenses. It would be a good idea to automatically transfer a certain amount each month. You can’t spend it if you can’t see it.

Slash large expenses
Skip vacation for a year or two. It typically costs family thousands of dollars. Skip or cut down on vacations and you would end up saving a sizable amount of the down payment. Reduce monthly expenses like credit cards and auto loans. Not only would it free up more cash, but would also reduce debt-to-income ratio, an important factor in calculating mortgage rates.

First Time Buyer Programs
There are several programs that help first time buyers get into the housing market. Canadian Mortgage and Housing Corporation (CMHC) offers a 5% down payment program for first-time buyers. You can also take advantage of the Home Buyers’ Plan that allows you to withdraw up to $20,000 from your registered retirement savings plan (RRSPs). The BC provincial government’s First Time Home Buyer’s Program offers Property Transfer Tax Exemption for First-Time Buyers.

There is nothing more stressful than selling a home in winter. Not everyone has the luxury of waiting for spring to sell the house. Follow our tips to ensure that your home is in top condition for selling this winter.

Clean the gutters
Remove all fall debris from the gutters to ensure water flows smoothly. Clogged gutters increase the chance of ice dams that may damage the roof, and even the ceilings and walls.

Foundation
Rake away fall debris and seal up entry points for small animals to crawl under the house. Check the foundation for proper drainage.

Prevent plumbing freeze
Burst pipes are the biggest expense in winters. Insulate the outdoor pipes, turn off the sprinklers, and drain the hoses.

Check the furnace
Inspect the furnace, replace the filters and clean the ducts to save on huge electricity bills later. It is a good idea to have it serviced to ensure its not emitting carbon monoxide

Smoke and Carbon Monoxide Detectors
Test those alarms and change the batteries to prepare for a safe winter. It would pay to invest in a carbon monoxide detector near the furnace.

Block the leaks
Caulk joints and minor cracks on exterior walls and siding. Apply it around your windows and doors to prevent drafts.

Insulation
Check the attic to see if insulation needs to be added or replaced. Now is a great time to take down the window screens and put up storm windows for an added layer of insulation.

Chimneys
Chimneys are often neglected all summer. Cap or screen the chimneys to keep the birds and rodents out.

Buyers insist on a professional home inspection in winters. Surprise problems uncovered by the buyer’s inspector can cause delays in closing, last minute repairs or a lower price. Although you would have fewer buyers, you would also have lesser competition from other sellers. Put in a little effort to ensure that the winter selling is smooth.

For immediate release

VANCOUVER, B.C. – December 2, 2011 – The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.

Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.

Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.

For Immediate Release: Dec. 2, 2011

SURREY, BC – November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month‐over‐month seasonal decline.

The Fraser Valley Real Estate Board processed 1,120 sales in November on its Multiple Listing Service® (MLS®), an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 per cent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November.

Board president, Sukh Sidhu says, “Given the time of year, Fraser Valley is experiencing steady buying activity with notable month‐over‐month increases in the sale of homes with an attractive price point.

“For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.” Sidhu adds, “Fraser Valley offers buyers the key value of affordability. Currently, over half of our townhomes and condos are listed for $289,000 or less.”

While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings.

Sidhu says, “Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types.” Prices for a typical Fraser Valley apartment are down year‐over‐year and month‐over‐month, while both single family detached and townhomes are still showing positive price gains compared to November last year and remain stable compared to October.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.

When is the right time to buy a home in Langley, BC? This is a question that so many people ask time and time again. The fact of the matter is that there is no right or wrong answer to this question. The right time to buy a home is when you are ready to do so. This is different for each person, so you will have to make your own mind up. But luckily, there are a few things that you can look at if you are thinking about buying a home. They may not point you in the right direction, but they should at least be able to get you thinking about the decision that you are about to make.

One thing to remember is that it is not the right time to buy a home if you do not have the money. So many people get excited about buying a home that they forget about the costs that are associated with it. Not only do you have to buy the home itself, but then you have to pay the bills associated with it. While this is something that you may be able to handle eventually, if you do not have the money now you should not even think about buying a home.

Additionally, you should only buy the home in Langley, BC that you are sure you want. Are you wondering what this means? Generally speaking, since there are so many homes in Langley, BC to choose from you may have a tough time making a decision as to which one is right for you. If you want to buy a home you have to take your time when searching for the right one. Getting so excited that you buy something that does not suit your needs is never a good idea. Instead, you should only buy a home that you are 100 percent sure about. Remember, this may very well be the largest purchase that you ever make. If you do not take your time you could end up with a large mistake on your hands.

All in all, the right time to buy a home in Langley, BC is when you are ready. This is different for each buyer, so make sure that you take your time and listen to what you know best.

There is a lot of free information available to you about buying, selling or investing in Langley, BC real estate. For complete information about the Langley, BC real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Langley BC Real Estate or please feel free to contact me on my cell phone 778.862.5542

Staging a home is a detailed and intricate process. You’re going through the process of making your home as nice as possible to get the highest price possible. When it comes to staging, there are many things most real estate agents to right. However, based on my years of experience in the Langley, BC market, I’ve found that most agents tend to leave out these three important factors.

Factor #1  Scent

Scent plays a big part in staging a home. Remember that a home purchase is an emotional decision. The sense of smell plays a big part in influencing one’s emotions.

Having any odors, stale air, muskiness or strange smells will kill your chances of making the sale. It’s absolutely critical that your house smell at least neutral, if not good.

There are many ways to change the scent of your house. You could burn incense an hour before showing the house. You could install some air fresheners. You could even use essential oils that are used in aromatherapy to truly create a luxurious feel.

Factor #2 Lighting

Lighting is another very important factor that many agents overlook. The lighting in the house literally colors everything else. A house that appears bright will feel vibrant, happy and alive to the buyer. A house that’s dim will feel gloomy, dark and dead.

Natural lighting is the optimal source of lighting. If you can’t get natural lighting to work or to be well lit enough, the get some artistic indoor lighting. Avoid hard lights and avoid fluorescent lights.

Factor #3 Furnishing

It’s very common for agents to show an empty house. While this does create a clean and open look, the reality is that most people don’t have a very strong ability to imagine what a house will look like with furnishing.

It’s important to have good furnishing in the house when you’re staging it so that the buyer can really get a feel for what the house will feel like when it’s furnished. Pick just a few key pieces to help the buyer do that.

There is a lot of free information available to you about buying, selling or investing in Langley, BC real estate. For complete information about the Langley, BC real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to Langley BC Real Estate. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions at 778.862.5542.