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Food for Thought on Real Estate – December 2022

 
  • 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 2023 Newsletter Introduction

Happy New Year!!! 2023 has arrived! I swear, as I get older I feel like time flies by way too quickly. The common phrases of “where has the time went?” “Time flies” “It seems like yesterday that we were just all here” etc. They are all so true. I can’t say the same for others, but I get that sense for myself. Due to weather conditions and being sick my Christmas this year was a little quiet but I don’t mind it one bit!

So what changes have happened that would impact the real estate market? Well, it’s been announced there is a ban for all foreign buyers to purchase real estate for 2 years. Honestly, this implementation doesn’t impact the market much as this seems more like a political move made by our government to show that they’re making changes to curb housing markets as there has been no indication of large amount of homes being bought by foreign buyers since 2017. The second change is a game change for buyers. The three day recession period is now a mandatory rule for all home purchases.

Buyers will have three business days to back out of a residential purchase after signing the contract. This applies to all contracts, regardless of subjects. We’re asking the government for clarity on what constitutes a “rescission” (cancellation). The period is mandatory and can’t be waived. Buyers who back out of a contract within this three-day period will have to pay a rescission fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500. The rescission fee is paid to the seller. 

– Sam

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Crab Hot Lau

Crab Hot Lau – This was a complete drive by. I love Vietnamese cuisine as it has tons of fresh herbs and greens along side your dish. I enjoying trying out more flavours beyond the typical pho, lemongrass chicken, spring rolls and banh mi. When I saw this place legit focuses on seafood and crab is their food base – I couldn’t resist giving this place a try. Guess what?! No regrets! The portions is well sized, and it’s pack full of earthy and fresh flavours that complements the crab meat and soup so well. there are herbs and ingredients I have never tasted and heard of before so it was a eye opener of of new experiences. Prices are a little on the higher side but note that all their dishes are seafood base, so you’re getting your value out of that. I can’t wait to go back again and try out their other items on the menu. 
@foodblogprec

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Egg Bomb

Egg Bomb – Langley has been getting a lot of attention in the food scene over the last few months, and I will say that this trend isn’t going to be stopping anytime soon. I was uber surprised and excited a Korean breakfast cafe opened up. One of the trendiest and popular items is the egg drop sandwich which I knew I had to try. It’s all the rage here and in Korea. It’s a perfect quick breakfast sandwich on the go! Drinks and food are both esthetically appealing and the taste is top notch. Can’t go wrong with any of the items here. Ordered the Italiano sandwich and the croffles which is croissant dough made into a waffle  – fruity. You’ll be fully satisfied and along with a few calories heavier! 
@foodblogprec

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Highlights From the Real Estate Board November 2022

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels. While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year.”

 

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

“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 Package. Click Here

Food for Thought on Real Estate – November 2022

 
  • 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 2022 Newsletter Introduction

Christmas has arrived! Have you gotten all your gift shopping done already, and all your events planned out? Over the years for me, the idea of gift shopping has been less exciting, to the point where I don’t even want to purchase anything since the gifts may be of something they don’t like. After the two years of Covid, I have been very slow in planning and getting into the spirit of Christmas. I’m still contemplating if I want to make gifts or just don’t bother all together. SORRY for sounding like a Debbie Downer. I enjoy the aesthetics of the season, but to me I rather just use this season to spend time with family and friends that means the most to me, and just not spend any money if possible. Since many people are tight on their finances, if I can save here and there, then it would be the ideal Christmas for me. Nay or yay?

In my last newsletter about the market, my insights are relativity the same.  The government has just announced this month’s interest rise and we’re still waiting on the one in late January. As a result, there is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. There has been some activity of investors taking a chance to purchase with aims of purchasing pre-sale as a way to park their money.  As for rates, The government may stop increasing the rates after January or may continue till Spring. Once rates have stabilized, a possibility of demand may arise as new buyers have the confidence to start looking again. If that is the case, it may be best to look now even if inventory is low.  

– Sam

November 2022 Newsletter Introduction

How well prepared are you for this Fall/Winter? I felt that we completely skipped Fall and went straight into Winter! The extreme weather conditions have left me unprepared for the flurry of snow instead of the expected heavy rain that usually is associated November. I had purposely bought a rain jacket to prepare myself for the heavy downpour. I haven’t even gotten a chance to break it in and now I’m in my heavy winter puffer jacket!! The drastic temperature have also impacted the health sector as well. We have seen a uptick of emergency admittance due to the storage of many over counter drugs for ie. Children Tylenol and cold medication. With no access to those medication, many families with young children with high fevers have to head to the hospital in hope to be given some. The strain of flus / colds is more prominent for this season, so make sure to implement the proper social distancing and hygienic etiquettes. 

The trend of the real estate market is still on track of being stable with not much activities being made as many buyers are holding out to see when the rates will stop raising. We still have two more rate announcements to be expected. How will this impact the market in the next few months? There is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. Prices will remain on a steady decline which would be closer to the price of early February /March of 2022 with a slight chance of further reduction in price.

– Sam

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Machi Machi

Machi Machi – I was attracted by their flask-like bottle for bubble tea – so decided to try it out. Unfortunately, not all the items were available in the flask due to the ingredients. I prefer to get fresh fruits – and the one item that caught my eye was the grapefruit slush. Sadly, they ran out of that. Since I was there for the flask experience – I opted for the fresh strawberry latte with Panna Cotta since it was one of their most popular items on the menu. It was definitely a very cute colour combination. The bottle itself was a little cheap. I was expecting it to be a little more sturdier. The drink itself was light, but very refreshing since they made their own strawberry puree mixed with fresh milk. The panna cotta was on the bottle so you needed to shake it in order to get the full flavour spectrum. If not, you’ll end up just having panna cotta at the end. The cotta was light, but it seemed more like a pudding than cotta since it was a little denser than what I had expected. The only complaint would be that it was hard to get the remaining cotta out due to the bottleneck being a little small. 
But I felt it was a cute marketing concept and I wouldn’t mind trying out their other items.
@foodblogprec

hangry_bunny

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Tendon Kohaku – Brentwood

Tendon Kohaku – Brentwood – I relish the fact that more Japanese cuisine is stepping into the Vancouver food scene that is beyond sushi. Tendon Kohaku – a tempura focused restaurant – Tempura is a craft which requires skill and the experience to ensure the batter is light, airy and crispy. I was pretty excited for this place. Ordered the seafood tendon with the udon noodles on the bottom. The udon was a limited time offer. The selection of seafood was nice. The tempura batter was nice and airy and not greasy at all. The crispiness when you bite into the vegetable or seafood retains the taste of the food itself and not just batter. The dipping sauce was a nice complement to the tempura. It added another level of taste to the food overall. It’s definitely done well but I know the most memorable tempura I had was still in Hawaii. The texture was incredibly light but amazingly delicious and seasoned so well that there is no need for sauce.
@foodblogprec

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