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Food for Thought on Real Estate – December

  • Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
  • Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
  • Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
    • a seller’s market is represented by a ratio of 20% or higher
    • a buyer’s market is represented by a ratio of 11% or lower
    • a balanced market rests between 12-19

January 2024 Newsletter Introduction

WELCOME 2024!! How’s the first couple of days into the new year? Have you already planned your next getaway already? I had originally and anticipated to be a single parent for 2 weeks this January when the hubs was suppose to go overseas for a solo trip. However, he decided in wanting a family trip later in the year instead. I am a little disappointed – as I was really wanting him to enjoy his solo trip as he hasn’t had one in such a long time!

As for the market and rates, most people are anticipating to see how the rates are holding up and whether there will be any changes for the next rate announcement happening on January 24th. From December till now, there has been some uptick in activity in the market as more buyers are confident in jumping into the market as fix rates have dropped significantly due the holding rates. Will we see more rates to continue dropping which can impact the variable to drop as well? Time can only time.  

– Sam

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Baum Kuchen Studio – Hachiya

Baum Kuchen Studio – Hachiya – Caught my eye as being this unique and modern pastry shop that stood against the older feel of Kinugawa-Onsen station circle stop. Also, it’s also a popular spot for souvenir purchases. Baumkuchen a type of cake from Germany which I assume was brought over to Japan. The unique rings that appear in its slices resemble tree rings, and give the cake its German name, Baumkuchen, which translates to “tree cake” or “log cake”. I was tempted to purchase a few as souvenir myself but I was hesitate on whether it would taste good or not. Luckily, they had a cafe next door where you purchase their sampler size. I was glad I tried it. It was too dense for my liking and it wasn’t anything to in particular special enough for me to consider purchasing. 
 
@foodblogprec

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Song (by Kin Kao)

Song (by Kin Kao) – I was excited to try this place out! It’s been a while since I have had Thai cuisine. There were numerous positive raves about the place and each dish were beautifully platted to get your appetite going. First off – order the tasting menu family style. It’s the only way to enjoy the restaurant at it’s best. Asian food in general is always better when you get a large group of people and share the food. The harmony and enjoyment is what makes the food so enjoyable. The food itself – it was incredible! Every dish was a bomb sensation in my mouth of textures and flavours. I couldn’t decide which one was better. Their own original cocktails truly compliment the family portions meals. I give this a solid YES! Can’t wait to go back.  
 
@foodblogprec

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Highlights From the Real Estate Board November 2023

“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years. When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said.

“You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

Sales of detached homes in November 2023 reached 523, a seven per cent increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8 per cent increase from November 2022 and a 0.9 per cent decrease compared to October 2023.

Sales of apartment homes reached 850 in November 2023, a 0.4 per cent increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2 per cent increase from November 2022 and a one per cent decrease compared to October 2023.

“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”

Download The Real Estate Board of Greater Vancouver’s November statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s November Statistics Package. Click Here

Food for Thought on Real Estate – November

  • Seller’s market – A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher
  • Buyer’s market – In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to-active listings ratio below 12%.e
  • Balanced market – A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.Summary Over a sustained period of time:
    • a seller’s market is represented by a ratio of 20% or higher
    • a buyer’s market is represented by a ratio of 11% or lower
    • a balanced market rests between 12-19

December 2023 Newsletter Introduction

OMG – who is ready for the Christmas Festivities? I can’t believe in less than 15 days it will be Christmas Day and we’ll be ringing the new year soon! To get into the holiday mood, I got a chance to take a weekend getaway to visit Leavenworth WA. The iconic German Village that has adorned itself over hundred of thousands of Christmas lights along with the white snowy background makes it the ideal Winter Wonderland! It was a great opportunity to relive a bit of my childhood, and to share it along with my little one as well! I’ve also been scrambling in chicken scratching up Christmas cards which has left my hand cramped out. I’m clearly out of practice in actually writing!

In the last rate announcement of early December, the Bank of Canada has decided to end the year off by holding the rates again. As a result of this continue holding rate, many banks are using this a gauge and feeling optimistic on the long term horizon that rates will be dropping. Banks are now dropping their long term fix rates at an average of 5.49% or even as low as 4.99% depending on different conditions and which financial institution. So there may be a surge of buyers coming thru in early 2024 as banks provide a sense of confidence and encouragement for buyers to start looking again. However, the rate be steady for now, but the chance of rates to continue rising is very much possible so we’ll have to see what the next rate announcement will be on January 24, 2024. 

– Sam

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San-Sada – Tempura

San-Sada – On my food travel in Japan – stumbled on to San Sada that is located in Asakusa. A well respected tempura restaurant that has been opened since 1837 so I was very excited to out this historical gem! I will say that the portions were so huge yet it wasn’t as crispy as I had imagined it but it’s definitely more light and airy. Their style of tempura focuses on that along with the drizzle of sauce that comes with it. The rice and sauce that melds together with the tempura is so delightful! So a definite try!

 
@foodblogprec

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Highlights From the Real Estate Board October 2023

With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market we’ve been watching this fall. Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023.

Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

“NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.”

Download The Real Estate Board of Greater Vancouver’s October statistics Package. Click Here

Download Fraser Valley’s Real Estate Board’s October Statistics Package. Click Here

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