Market Update: February 2018


With the announcement of the 2018 BC Budget, the NDP is working to ‘moderate the market’. Some of the changes outlined in the budget relating to housing include:

1. Moving to stop tax evasion in pre-sale condo reassignments.
2. taking action to end hidden ownership.
3. strengthen provincial auditing and enforcement powers.

With that in mind, the market over the next few months will be in the perfect position to place a home on the market.  Below is a quick overview of the market by area in the Fraser Valley:


If you are interested in finding out the snapstats for you area, get in touch with me, I would be happy to send them to you!


4 Ways to Get Your Listing Noticed!

Curb Appeal. It is one of those terms you hear all the time in real estate.  Essentially, it’s a buyer’s first impression of the outside of your home.  Curb appeal is absolutely key to getting you a top dollar SOLD price.  Here are 4 simple ways to make your home stand out from the rest in its curb appeal!

  1. Fresh Coat of Paint 

Nothing compares to the fresh look and feel of new paint. Consider painting your front door, trim, shutters, etc. to liven up and freshen up the exterior of your home. A simple touch up job can do wonders to the overall look and feel.  Ask your realtor about colours that buyers love.

  1. Update Fixtures

It is powerful to update the fixtures in your home, but you can also upgrade and change the fixtures on the outside of your home to good effect. Updating house numbers, replacing outdated door-knobs, and changing your mailbox can often make you money.

  1. Add a Bit of Light

Buyers need to be able to see your home, especially in winter months! Highlight the entrance and create a warm and inviting atmosphere by adding some simple lights around the entrance of your home. This will help create the emotional response in the buyer that you want.

  1. Landscaping and Yard 

It can be easy in the winter months to let yard work and maintenance slide, but when you are preparing to list your home it’s so important.  Make sure your yard is well tended. Simple fixes like planting new greenery, adding fresh soil, and clearing away leaves and debris can instantly increase your home’s appeal to buyers.

Are you getting ready to list your home? Give us a call today and we will show you what we do so differently that is proven to get homes is SOLD for better prices…guaranteed.

Al Young

Cell: 604-720-5353

Top 1% of BC Realtors

Market Update: January 2018



Another month has come and gone–and that means it’s time for a market update! This month was a strong month for sales in real estate. The market speed was listed as 41%  making it a seller’s market, however, the market speed is down slightly from the previous month. The Greater Vancouver Real Estate Board states that:

“High prices, increasing interest rates and new mortgage rules are all expected to reduce housing demand in 2018.”

With that in mind, let’s take a look at the stats for this month.

Total listings: 2,579 (down from 2,882 the previous year)

Total Sales: 1065 (up 847 from previous year)

Sale Price: 17% increase from the previous year

So what does this mean moving forward? Homes are still selling at an above average rate and at an above average price. This is the perfect time to list your home because the full effect of the mortgage guideline changes have not taken full effect.

Are you or someone you know thinking of selling? Give me a call today: 1.604.720.5353 or

What These New Mortgage Rules Mean For You


If you are one of the 37% of Canadians who are not aware of the new mortgage rules, then this article is for you!

On January 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) made significant changes to the B-20 guidelines that have significant impact on those looking to purchase a home.

These new changes indicate that all uninsured mortgage borrowers (those with down payments of 20% or more) must now qualify against the Bank of Canada’s five-year benchmark rate (currently sitting at 4.99%) or at their contractual mortgage rate + 2% additional. For example, if your contract rate is 3.34% you must qualify at 5.34%. The purpose of this is to ensure that borrowers can service their mortgage debts as interest rates rise (as they are predicted to do so in 2018).

As some of you may recall, similar measure were issued in October of 2016. The stress-testing regulations at the time only applies to those with an uninsured mortgage (those with less than 20% down). These new rules and updates to B-20 essentially mean that ALL mortgages will have to abide by stress testing.


To better understand how this will specifically affect buyers, we spoke with Mortgage Expert, Geoff Lee of GLM Mortgage Group and he broke it down for us in the table below*

Picture1*based on a dual income family making a combined annual income of $85,000

As you can see, your borrowing power is drastically changed. You are able to borrow $105,000 less with these new changes, meaning you qualify to purchase a home worth $105,000 LESS than before these new rules were introduced.

However, this is not all bad news for first-time buyers. This can effectively cool a relatively hot market here in the Fraser Valley and Vancouver. It can also limit the competition and allow for more buying options for buyers who are able to put the 20% down and pass the stress test.

This announcement also comes at a time when condo and townhome development is at an all-time high, providing affordable, accessible housing options for many buyers.

Buyers can also look to accommodate these changes by laying out a budget and sticking to it! Re/Max has a great layout for this:

  1. Maintain a financial buffer of at least three to six months, to soften the blow of interest rate increases and unexpected bumps in the road.
  2. The mortgage you qualify for and what you can actually afford are two very different things. Look at your lifestyle, now and in the future, and consider how your mortgage payments and ongoing home costs will impact you. When buying a home, you might have to make some compromises on lifestyle in the interest of homeownership.
  3. Buying a home involves more than just mortgage payments. Ongoing expenses include maintenance, home insurance, property taxes, and utilities.

Entering the market in 2018, or looking to purchase a new home need not be a stressful or worrisome experience. We work with some fantastic brokers who can help you get a sharper rate and we can help you find your next home well within your budget. Give us a call today and let us help you: 604-533-3491.

Market Update: December 2017 Stats

Happy New Year Everyone! This year is quickly shaping up to be one of the best ones in real estate yet. The projections are for the Fraser Valley to remain in a seller’s market for the month of January and well into 2018. If you haven’t seen the projections yet, click here to view the Re/Max real estate market outlook.

So what did the market do in December? View the table below to see the month over month and year over year comparison. We have also included the stats for each individual area below.

December 2017 November 2017 December 2016
Number of Listings 2453 3410 2403
Sale Price $701,000 $675,000 $600,000
Total Sales 1205 1532 854
Days on Market 18 16 29


If you are interested in learning more about the stats for your specific area/location, please give me an email or call and we would be happy to send them your way.

RE/Max 2018 Housing Market Outlook

2018 is almost here, and with it comes many questions regarding the 2018 Housing Market. The following is an excerpt from RE/Max Canada’s 2018 Housing Market Outlook report. If you would like to discuss more, I would be happy to sit down with you! My email is and phone: 604-533-3491

Read through the report and get in touch with us if you have further questions!

RE/Max Report


The trend is expected to continue into 2018 as a mix of relative affordability for condo units and price appreciation for detached homes in recent years, combined with government policy changes in both markets, has helped push an influx of buyers toward condo ownership.

In Greater Vancouver, demand for condos continues to outpace supply, resulting in the average price of a condo rising an estimated 16 per cent year-over-year, from $553,604 in 2016 to $643,778 in 2017. The GTA’s condo market also saw price appreciation of 22 per cent in 2017, as the average sale price for a condo rose to an estimated $523,437, up from $429,241 in 2016. As condo prices rose, sales for single-family detached homes declined 25 per cent in Greater Vancouver and 22 per cent in the GTA year-over-year between January and the end of October 2017.

The RE/MAX 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials.”

Click HERE to read the full report and summary

Market Update: November Stats

The November Fraser Valley Real Estate Stats are in! This November saw a steady stream of listings and the price-points of homes remained stable from October. The market remains to be a SELLERS MARKET with a 45% Home Selling Ratio.

The stats for this month were:

  November 2017 Stats October 2017 Stats November 2017 Stats
Number of Listings 3410 3674 3692
Sale Price 675, 000 668, 000 586, 000
Total Sales 1523 1642 1111
Days on Market 16 16 26


The BC Real Estate Association was quoted as saying “The combination of weakening consumer demand and a surge in new home completions next year is expected to induce  more balanced market conditions, producing less upwards pressure on home prices.”

As stated above, a more balanced market is expected to occur in 2018-essentially having prices level off and inventory become more readily available. This is excellent news for buyers wanting to break into the market.

One final consideration for December and 2018: The new mortgage regulations. These new regulations will effect many by reducing their borrowing power up to 20%! They come into full effect as of January 1, making now an advisable time to buy or sell a home!

If you are interested in learning more about the stats for your specific area/location, please give me an email or call and we would be happy to send them your way.