The Fraser Valley real estate market is settling down. What does that mean for you if you are thinking of selling or buying a home?

If you have been a Fraser Valley homeowner for any length of time, you will have noticed that the real estate market in southern British Columbia is continually in a state of flux. The region’s reputation lately is that houses sell quickly and well over the asking price resulting in price growth that is astounding.

The Fraser Valley recently went through a time when there wasn’t enough supply of single-family homes and real estate in other categories. The demand was higher than the supply and homes sold quickly which created an increase in home prices.

House shopping

Finding the right property for you

As houses were selling fast there was a fear that prices would continue to go up. As a result, people were making quick decisions without doing a lot of due diligence. They also were making compromises instead of looking for the perfect home.

During the past year, it got a little bit more complicated to buy a home in some respects. People were buying on the spur of the moment and not necessarily finding the right investment for them. Throughout 2021 home buyers were competing against multiple bids, no protection clauses, making cash offers, and many times had to pay much higher than asking.

Now that the pace of the market has slowed down it feels like a very large shift. You are now in a place where you can write an offer on a property that has subjects. Amazingly,  we couldn’t do this in the recent market.

Fraser Valley Real Estate Marketing Report

The October 2022 Fraser Valley Real Estate Board Market Report*

On October 5th, 2022 the Fraser Valley Real Estate Board released a report with the headline “Fraser Valley real estate market continues to stabilize heading into the fall season.” They said, “Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.”

According to this report, a good portion of the listings were taken up in September 2021. In comparison, in September 2022, we have a similar number of listings but a lower percentage of property sales. The absorption rate has dropped a little and the market is entering a more balanced state.

Interest rate hikes and new rules

“There’s no question that interest rates continue to be a primary factor in the market trends over the past six months or so,” said Sandra Benz, President of the FREB (Fraser Valley Real Estate Board.) “The sales slowdown we’re seeing reflects a level of caution exercised by buyers, who are likely waiting for the market to settle further before jumping in. In the meantime, we anticipate prices may continue to decline across all categories.”

In addition to interest rates rising, there are new rules coming into effect in the new year around foreign property investment and that will have an impact on real estate in certain areas of the region.

Moving for lifestyle reasons

Another continuing factor in the market is that people move for lifestyle reasons. Maybe their family grows and they need a larger home, or they want to move to a quieter location, or downsize. Now there are some great opportunities that weren’t available to buyers six months ago because of the fast pace of the market and high prices. It sounds crazy, but buyers can now actually look at several homes that might suit their needs and actually negotiate rather than simply agreeing on what the seller’s requests or requirements were.

House Shopping

“Better Shop Around”

Another positive change is that buyers can shop around for financing. For a period of time during the last year brokerages and banks were so busy that it took 2 to 3 weeks to do the financing. That has changed. It’s now back to about 48 hours. This makes the financing process and buying and selling process smoother. Compared to the hypermarkets that we had in the last year, as a buyer you will now start to get greater value for your real estate investment for most property types because prices are decreasing.

I sit a good time to buy or sell a home?

Is it a good time for you to buy or sell a home?

It seems like everybody wants to know if it is a good time to buy a new home or sell your current one. the answer is, everyone’s situation is different and that’s why you are encouraged to get some of this critical advice from real estate professionals.

Real estate professional Mike Wilson is here to answer your questions, get detailed information about your unique property situation, and help you create a plan that will work best for your real estate dollar. See his contact information below and contact him today.

Listen to Mike’s Fraser Valley Real Estate Update for October 2022 on the FV Lifestyle podcast. CLICK HERE

_ _ _ _ _

MLS® HPI Benchmark Price Activity*

FVREB Single-Family Detached: At $1,462,000, the Benchmark price for an FVREB single-family detached home decreased 3.4 per cent compared to August 2022 and increased 4.1 per cent compared to September 2021.
FVREB Townhome: At $822,400, the Benchmark price for an FVREB townhome decreased 2.3 per cent compared to August 2022 and increased 11.6 per cent compared to September 2021.
FVREB Apartment: At $530,400 the Benchmark price for an FVREB apartment/condo decreased 2.1 per cent compared to August 2022 and increased 14.5 per cent compared to September 2021.

_ _ _ _ _

You Are Important to Me

I want to make sure you know how much I value you as a client. My primary source
of new business is referrals from people who already know and respect me, and I want
to build my business by working with great people like you. My goal is that you will be
so impressed that you can’t wait to tell your friends and family about me and the
fantastic service you received.

Oh, by the way®… I’d be delighted
to help your friends and family, too.

Whenever one of your friends or family
members are looking to buy or sell a home,
I’d be happy to help.

Warmest Regards,

p. 604-538-2125

_ _ _ _ _

*Source: FRVEB Report


Here is a transcript of this conversation. It has only been lightly edited.

Rod Janz: Welcome to the Fraser Valley Lifestyle Podcast. My guest today is Mike Wilson. Mike’s actually the publisher of Fraser Valley Lifestyle. It’s one of the services that he offers to his clients and so yeah, We’ll be chatting about the state of the real estate market here in the Fraser Valley, British Columbia. I’m sure it’s a question that you get so often. What’s going on in the market? What’s happening with home prices? Are we finally going to see a balanced market? So many questions!

Mike Wilson: Yeah. The best way to talk about it is to publish and be your own guest. That’s the best way to do this. Anyways, Rod, I appreciate your time. Yeah. You had a little headliner there. You were gonna run.

Rod Janz: Exactly. I was, I was doing some of my own research about what’s going on in the market and wondering what’s going on. Are we in a more balanced state? What’s happening with property sales? Is the number of real estate listings up or down? And I came across this, article by the Fraser Valley Real Estate Board that quotes the president of the fvreb Sandra Benz. Of course, they are always publishing statistics, and their recent headline is, “The Fraser Valley housing market signals further settling as sales continue to stall in response to interest rates.”

And I’m just wondering what you thought about that as we, as we were talking about beforehand.

Interpreting the headlines

Mike Wilson: Yeah. You know, it’s interesting cuz there are headlines like that and then there are other headlines that say that you know, we’re gonna have a five per cent decrease compared to last month. And then there’s another headline that says there’s a 20% decline in values. And you know, everybody’s a prognosticator when they get into these kinds of things. Inevitably we have a settling after a hypermarket, and this past market was beyond the typical extreme markets that we’d seen.

History of my history in the business, which is, you know, I’m a fairly new realtor of 34 or five years, so, you know, I, I’ve seen a couple of these cycles. But it’s interesting because the conversations inevitably are very similar and, you know, there’s always a new generation that comes through. Whether it be a buyer or a seller, or realtors or professionals, it’s always a new generation that comes through and it’s a bit of a shock to them when we see these kinds of changes and interest rate hikes, but it’s, it’s really not a shocking development in real estate.

You have your ups and your downs, like any business, stocks, or whatever the business is. Sometimes you’re in the ebb and sometimes you’re in the flow. You know, the statistical aspect of. Subject to bean counters moving around you. You can manipulate numbers if you like. I think the general consensus is pretty obvious out there.

Supply and Demand

We had a Fraser Valley market where we were we didn’t have enough supply of single-family homes and real estate in other categories for quite some time. And so the demand was way, way outstripping that supply, which was creating an increase in pricing. And the pace of the market and the fear of possible further hikes in price were such that people were making decisions quicker and quicker without a lot of due diligence and not necessarily finding the perfect home either.

So it got a little bit dangerous in some respects. People were buying a new home really on the spur of the moment, and not necessarily the right property for them on the foot of the car. Price gains were happening super fast. So that is one of the challenges that we had. That marketplace and price growth and with the swing, it feels very, very large this swing because we, we stopped that. Now you can write an offer on a property that’s subject to financing, subject to inspections, you know, subject to a number of things which you couldn’t do in the other market. And so it makes that swing feel even more pronounced. And numbers statistically wise, you’re seeing, you know, pretty substantial changes. So for the same time last year, we would’ve had about 1500 listings with about a thousand or 1100 sales. So, you know, a good portion of those listings were being taken up last September.

Now you’re getting into a similar number or more listings, and you’re getting down in the four or 500 range as far as sales. So you can see the absorption is dropped. Mm. So now a person asks to take a look at that and say, Well, how does that affect me individually and what are my needs? And so there’s always gonna be people that are investing for speculative reasons.

There are also people moving for lifestyle reasons, and then their growth of family, those sorts of things. There are some great opportunities out there that weren’t available to the buyer six months ago because of the highs of recent months. Opportunities like being able to actually use several homes that may suit your needs are opportunities of being able to actually make a negotiation, doing a negotiation with a seller rather than just simply agreeing to what the seller’s requests or requirements were.

And also shopping around as far as finance goes. So finance. For a period of time there, when we were selling all these homes in the supermarket, the brokerages and the banks were looking at a necessity of two to three weeks to do financing. And so we’ve changed that. It’s back to about 48 hours. So your financing ability is a lot smoother now than it was during these hypermarkets and you will start to get greater value for your real estate investment as a buyer as prices decrease.

The negatives of the current market and how to deal with them

I guess the negative to the market if you’re gonna look at it right now, as a buyer, the concern is the interest rates have risen, which is a, it’s a fact. There’s no question that they’ve risen. So the actual stress test level has gotten higher. If you’re not sure what the stress test is, that’s a great opportunity for either you and your realtor or a real estate professional or your mortgage broker or your bank and discuss it.

So it’s a little bit more involved than just what we’re doing right now. But in essence, it’s the qualifying mark. For a mortgage for a buyer. So tho that rate has gone up, which makes it a little bit more challenging for some people to qualify. It also affects how much a person might qualify for, and so that has to be considered. But on the flip side of that is that from six months ago, you may be looking at a fvreb single-family home, for example, that may be three or $400,000 less, obviously, depending on the type of property and the type of valuation, but some substantial drops in. Those drops in price are better or they’re more advantageous than paying a little bit higher interest rate.

So we know that the interest rate you’re gonna get on your mortgage is going to be for a term, which could be anywhere from six months to five years to 10 years. And in that period of time, you’re gonna see some adjustments on those rates. So those could come back down at some point where your affordability gets better. But what will definitely happen is you’re gonna see as a cycle solidifies, you’re gonna start to see property values get firm again, and you’re gonna start to see some gradual increases. So, great opportunity for people that have not been in the market or people that are looking for an additional property that was maybe too expensive before.

So there is some great opportunity out there. It’s just a matter of having the finances in comparison to the purchase price and having that perspective of what, how much am I saving on the purchase that may outweigh what you’re paying a little bit extra in the interest rates. I’m obviously biased about this, but real estate agents and mortgage brokers can definitely help with this so make sure you talk to one and create a plan.

We inevitably go through a reevaluation period when we see the market change and people really reevaluate what their needs are. And that’s a pretty important thing. Again, you need to be working with a real estate professional to help you identify the timing of your next move.

Creating A Game Plan is Essential

There are lots of things to be considered and lots of detailed information to be gathered and used in your listings as a seller and to consider as a buyer. Lots of things to be considered in a game plan so that you can move forward in such a way where you’re not overburdened, but you are put in a place where you’re living the lifestyle that you’d like to live and within your needs. So that’s what the real estate professionals can do to help you as far as that part of the plan.

And brokers obviously for financing are a great help as far as affordability. So, so stopping there, just going back to the conversation within the real estate profession, you know, inevitably when we see a change in the market, we have lots of conversation about what’s going on in the market, new listings, and all the different property types. A good portion of real estate professionals will help you find solutions, and a portion of real estate professionals will be more looking at what the negatives are. So you need to find yourself a real estate agent that believes in solutions and opportunities for single family homes and all other categories of real estate, and I think that will help that buyer and seller. To move into the market where we are right now, I need to say we’re just in a transitional period of time, but that doesn’t last for long in our real estate industry out in BC anyways.

Rod Janz: Yeah. And that’s what I’ve always appreciated about you is you’re really good at coming up with a plan, and, and sometimes you’ve even said to your clients, this isn’t the time for you to buy or sell.


Mike Wilson: Yeah. I mean, it’s a challenge for all of us. We’re just people. So there’s a challenge that happens when we see a transitional market as a person. You know, we go through that period of not mourning, but we go through that period of real indecision and feeling very. You know, taken aback by what’s happening in the market. But I think experience helps some agents, and I’m not alone, but I think experience helps us to sort of go, Okay, but our job right now is to find solutions. So what are the solutions? And we’re not here to fabricate a solution. What we’re just here to do is help you take advantage of it and, and know what’s gonna work for you. But there are times when it’s best for people not to make a move. I hate to say that because it puts me out of business, but the reality is sometimes it’s not the right time and you need to know that too. I think, again, what your real estate professional can help you to identify, is this the right time? Is my motivation for the right reasons? And in this marketplace, does it make sense or do I, does it make sense for me too.

Housing Prices

Rod Janz: You went and looked at a fvreb apartment or condo development recently and I think it was, it’s a great example of what’s going on in the market. Why don’t you just tell people what’s happening there? It really is the epitome of what’s, what’s happening.

Mike Wilson: Sure. Well, of course, developments when you’re speaking about, is a development in the White Rock area, and they had a reception, so over the inflated market period of. You know, anything that was being developed was being snapped up pretty quickly. But there’s al always that turning point where a development doesn’t get snapped up in time, and then the market softens and they have to become a little more aggressive in their marketing. So I, I just happened to visit a project locally that’s in the White Rock area, a beautiful development, and they didn’t quite get all their units sold, So now they’re having to make some adjustments, and some of those new projects, if you’re in the market for.

They may not do a major rollback on pricing because they wanna maintain their prices for anybody that’s purchased in the building. What they do instead of dropping prices is that’ll do promotions in a lot of cases. You know, whether it’s a decorating promotion or whether it’s a, you know, A number of options or promotions they have, and that allows them to maintain the integrity of their pricing rather than having to say they drop their prices. But inevitably, at the end of the day, these are promotions that make those units more appealing. Sometimes the GST will now be included in the purchase price. Sometimes as they say it may be a package. So we’re seeing that now. And we’re gonna continue to see that. The other thing we’re gonna see is less development in speed, I guess speed would be not the right way to put it, but developers are gonna take a breath. They’re not gonna rush to develop some of the land. The ones that are developing and are at a point of nowhere not turning it off or no shutting it down. No, they’re gonna have to just adjust their pricing. So again, great opportunity for a buyer to come in on some of these projects.

And they may pay a hundred thousand dollars or $200,000 less than they would’ve paid six months ago if the market had kept going. So, I’m throwing around a number. You know, we’re certainly seeing certain sectors of the market that are maintaining their price a little more, but we’re seeing some areas of the market where there’s a pretty substantial adjustment and price and what you can get for your real estate dollar.

And you know, it’s interesting too, the median price or the benchmark price for a home. And Langley is a great example of the Brookwood Langley area. You, your pricing right now sits at about $1.5 million for a home, and that means condos. Their medium price is sitting at over $850,000. So it’s a, it’s interesting the numbers, how astronomical they are, even from 10 to 15 years ago. And it’ll continue. You know, I’ve, since I’ve been in the. Sort of on a 10-year average, you see property values double and you know, with the growing population and certainly with the popularity of bc, you know that’s not gonna be ending in the foreseeable decades.

The big winners…

Rod Janz: I have a relative that I was just talking to who lives in the Cloverdale area, who bought a townhome for around $350,000. This was 10 or 15 years ago. Yeah. And one was just listed in there for 1.2 million. A townhome,

Mike Wilson: Well, you know, one of the big winners in the marketplace that escalates as it did is for a buyer who’s been in the market on a, with a property for several years. Obviously, this is a great example of Cloverdale, the other buyer that really benefits from the big bump in values is that buyer that got in on the marketplace with a very minimal down payment. So we’re, we’re gonna say 5%. So, you know, throwing out a hypothetical, a person that maybe bought a condo for four and five down, well, with that condo went up to $600,000. That extra hundred and $50,000 or increase in value becomes an equity stake for them. It’s all equity at that point. So that’s where you see a lot of those people being able to make that move to the next level. And that was one of the benefits of this market is that people that you know, maybe had 10 or $15,000 down on the condo instantly, they had $215,000 down. So there were some real benefits to that. It doesn’t eliminate qualifications based on your work. You still have to qualify for the payments, but you’re now going to your next property with a pretty substantial down payment. And that was one of the big benefits of this market for a lot of that first-time buyer group. They were able to jump up to the next level and invest in a townhouse or a house. So good opportunity again, bonus, to have that equity growth for sure.

Back to Interest Rates

Rod Janz: I just want to go back to, and, and maybe we can close with this unless you have something else to share, but I mean, interest rates aren’t terrible, you know, comparatively, we, we’ve been used to them being so low, but they’re still, you know, compared to what geezers like us are used to. For a long time. For a long time, there was a long stretch where you were. Be 4, 5, 6, 7%,

Mike Wilson: Yeah. It’s very, very interesting. You know, again, the young, the young generation that’s come into the marketplace, you know, they can’t fathom that we would’ve paid 15 or 16%. Yeah, so back in those days you paid, you bought a home based on how much paid for the home. Now you buy a home on the basis of how much your monthly mortgage cost. So it’s a real change in the mentality. But if you go back to it, it is interesting how it’s reversed itself. If you go back to the days when you paid 15% or 20%, Well, if you paid, if you bought a home for $300,000, you still paid a huge amount of money. Now that home has gone up to $600,000 and your interest rates are less, but sort of the numbers have sort of leveled off where you didn’t pay as much for the house back then, but you paid a huge interest rate. Now you’re paying way less interest rate, but you’re paying a huge amount for the house. So again, it’s an interesting way. To move the beans around, but you’re absolutely right. One of the dangers for today’s marketplace is that with the interest rates if they did actually escalate to a number in the higher numbers, higher single digits a lot of people that got into the marketplace would struggle with those numbers because we do have a society that tends to leverage their money on a payment plan. So there is some concern about that.

If people are concerned about interest rates, putting them in a position where they can’t afford to hold onto their home at some point my suggestion, again, first and foremost, talk to your broker, but it’s wise to look at the longer term locked-in rates. At that point, you could potentially put yourself in a position where you may get a longer-term rate that may be a little bit higher rate now, but it may be an affordable number if you gamble on the interest rates and they go too. It may become unaffordable for you or for you to maintain your home. So you’re gonna have to balance that. Again, a good broker or bank will be able to give you an idea, and you have to look at your own finances. What’s your debt load and how much can you afford to keep paying on your mortgage? So lots of, again, these are, these are why you have professionals that are out there that can help you with sort of looking at your plan and saying what makes the most sense for you and your family or yourself and take advantage of that. Take advantage. The brokers that are available, they’re, they’re worth your weight in gold in helping you answer those questions. Realtors are, we are worth our weight in gold if we’re, if we’re given an opportunity to sit down with you and talk about your motivations and, and what the market’s doing. So there’s some really good professional help out there and people need to open up to allowing those people to come in and choosing someone that they can trust and then working with them.

_ _ _ _ _

You Are Important to Me

I want to make sure you know how much I value you as a client. My primary source
of new business is referrals from people who already know and respect me, and I want
to build my business by working with great people like you. My goal is that you will be
so impressed that you can’t wait to tell your friends and family about me and the
fantastic service you received.

Oh, by the way®… I’d be delighted
to help your friends and family, too.

Whenever one of your friends or family
members are looking to buy or sell a home,
I’d be happy to help.

Warmest Regards,

p. 604-538-2125

_ _ _ _ _

Photo by Spacejoy on Unsplash

Langley Real Estate

From Realtor Mike Wilson,

A message to my friends and clients…

I’m committed to serving you.

Working by referral is the commitment I have made to provide my clients with
unsurpassed service whenever they need me. This includes building long-term
relationships with my great clients.

Here Are Some Ways I Can Serve You:

Trade and Service People When you need referrals to competent trade and service professionals you can trust such as lenders,
legal professionals, handymen, roofers, etc., just give me a call. I’m happy to help.


Want up-to-date information about the local housing market?
I make it a point to stay on top of key trends and local market statistics.


Interested in knowing your property’s resale value and suggestions for upgrades
that will increase its value? I’ll be your trusted advisor for all things
related to the value of your home.

You Are Important to Me

I want to make sure you know how much I value you as a client. My primary source
of new business is referrals from people who already know and respect me, and I want
to build my business by working with great people like you. My goal is that you will be
so impressed that you can’t wait to tell your friends and family about me and the
fantastic service you received.

Oh, by the way®… I’d be delighted
to help your friends and family, too.

Whenever one of your friends or family
members is looking to buy or sell a home,
I’d be happy to help.

Warmest Regards,

p. 604-538-2125


It’s not exactly storm season right now (August 2022), but you can never be too prepared. Having to evacuate your house suddenly for an emergency can be terrifying. The information below provides tips to help you to prepare ahead of time so you will be able to grab what you need and go.

Preparing Your Home

Taking the time to prepare ahead of time can help keep your family safe
as well as reduce possible damage to your property.


  • Trim any branches that could fall on your home. Move any outdoor furniture and potted plants to a dIe
    won’t become airborne.
  • If you have a generator, test it ahead of time. Have enough fuel for extended use
  • Check windows to make sure they are closed or prepared for severe weather.
  • To avoid possible flooding, check that downspout extensions are attached to drainpipes.


  • Have a flashlight (and extra batteries) for each member of the family and in their rooms
  • Charge cell phones and have extra chargers on nane
  • Have water and non-perishable food in case the power goes out
  • Have a room set up with supplies (food water. blankets) that your family can shelter in If needed
  • Pack a week’s worth of clothing for each family member
Preparing Your Vehicle

In case of an unexpected emergency (such as a breakdown) or an anticipated one (such as an evacuation due to a weather emergency), it’s important to make sure your car is In good shape and that you have the right supplies on hand.

Basics to Always Have in Your Car

• First aid kit.
• Banket.
• Non-perishable snacks

If You Live in a Cold Climate
• Cat litter or sand (for extra traction).
• Shovel.
• Ice scraper/brush
• Cell phone charger.
• Bottled water
• Window hammer
• Flares or reflective triangle
• Jumper cables
• Spare tire

During an Evacuation
• Full tank of gas.
• Check o and wiper fluid.

© 2022 Buffini & Company. All Rights Reserved. RMMK AUGUST EREPORT C
Photos: Unsplash

Upgrade your home the smart way! Check out these top home technology trends to get started.

Kitchen Appliances
Managing your kitchen has never been easier. Smart appliances to consider include WiFi-enabled slow cookers, voice-controlled microwaves or refrigerators with tablet screens and interior cameras.

Pet Products
With pet ownership on the rise, gadgets for pets are increasing. From treat-tossing cameras and automatic dog doors to smart crates and litter boxes, the high-tech pet products are endless.

Decorative Televisions
Who says technology can’t be aesthetically pleasing? Known as frame TVs, these decorative television sets display beautiful artwork when not in use.

Cutting-Edge Cleaning
Make cleaning a breeze with gadgets like smart toilet bowl cleaners, robot mops, and robot window cleaners.

Smart Home fraser ValleyIntegrate your home with a smart hub.
A hub unifies all your devices
and appliances under one system,
so you don’t have to rely on multiple apps.

Keeping Your Smart Home Secure

Use a Separate Network
Having a separate network for your smart devices to run on will provide better security and a more stable connection. This can be done without having to purchase another router by setting up a guest network

Stay on Top of Device Updates
Software updates often include improved security features, so keep your products up to date for better safety

Do Your Research
Review the privacy settings of each device to get a better understanding of the data to which the provider has access.

Use a VPN (Virtual Private Network)
When using public WiFi to access or control your smart devices, use a VPN service/app to establish a secure, encrypted connection.

© 2022 Buffini & Company. All Rights Reserved. Used by Permission. RMMK JULY C

Our guest today is Mike Wilson. Mike is the publisher of the Fraser Valley Lifestyle and a realtor here in the Fraser Valley.

Listen Here:

In today’s interview, we try to address the ongoing question of what’s going on in the real estate market. It’s probably one of the questions that Mike and most realtors get asked most often. So, we talk about:

  • what it takes to get into the market today
  • possible changes happening in interest rates and how that will affect purchasing or selling a home
  • government changes and regulations that are taking place
  • the importance of due diligence and how the opportunity to do that has returned
  • the importance of making a plan with your agent when you are looking to sell and buy a home.

Get in touch with Mike!

Mike Wilson
Royal LePage Northstar Realty
Web –

Spring is the most active season for home sales.1 Use this guide to stage your home in a way that complements the season to really let it shine! Even if you’re not planning on selling, use these tips to give your home a refresh.

DO burn a candle. Choose a spring scented candle with a subtle fragrance to avoid overwhelming potential buyers.

DO spring clean your closet. Give your closet more space by boxing up your bulky winter clothing.

fruit bowl
DO go fresh. Add some colour to your kitchen by placing a bowl of fresh, in-season fruit on the counter.

indoor plants
Don’t go overboard with florals. It’s easy to get carried away with flowers. Mix things up by adding small indoor plants to brighten your space.

open window
Don’t leave the windows closed. Opening the windows lets in fresh air and sunlight, which has been proven to boost moods.2

welcome mat
Don’t keep your winter welcome mat. Replace it with a clean, spring-themed one to help make a positive first impression.

Don’t go colour crazy. Bright colours can liven up your space but too much can be off-putting. Stick to just splashes of colour throughout your home.


© 2022 Buffini & Company. All Rights Reserved. RMMK APRIL EREPORT C
SOURCES: 1. Rocket Homes 2. Psychology Today
Photos – Unsplash

Mike Wilson is the publisher of the Fraser Valley Lifestyle website and he is also a real estate agent with Royal LePage Northstar. In this article, he discusses whether or not there is a particular segment in the real estate market for whom it might be a good time to consider selling and buying a new home.

Have a plan

Mike says… we have seen a lot of things going on in the market and the consensus is if you are going to move you need a well-thought-out plan. In today’s market, there’s not a lot of supply and that has created a market where prices have gone up and made it more competitive when you buy a home too. That can be a challenge, but if you have the right strategy that encompasses all of the steps involved in selling and buying a new home, your stress level can be greatly reduced and you can enter the market with confidence.

Is it a good time to think about moving?

Given the current real estate market conditions in the Fraser Valley, there is a specific group of buyers and sellers for whom this could be the time where they want to take a look at moving. That group of people may have gotten into the market over the last five to 10 years with a minimal amount of money as far as equity goes.

fraser valley real estate

An Example

Let’s use a young couple as an example. They moved into their first condo, and they put a minimum of 5% down. They both have good jobs and maybe want to start a family, or they feel like they need some more space. Often people that start in condos want to move to a townhouse or to a house for more space or because their family is growing. If you were selling in this scenario, you had a huge increase in equity because of the increases in the market over the last five-plus years.


Let’s say you bought a condo for $500,000 five years ago and you put 5% down and now your place is worth close to $1 million. That extra $500,000 in equity is non-taxable at this point because it is your primary residence. If you had a revenue property situation the tax would be handled differently.

Meet with a mortgage broker

So what does this mean for the young couple in our example? In addition to the equity that they have built up, let’s say they also both have good jobs. In this case, they may want to sit down with their mortgage broker and establish what their monthly costs would be if they bought a larger more expensive home.

After sitting down with their broker the next question is, why do they want to move into a different property? One reason is that we all know that buying right now is a lifestyle decision because of the extreme cost. We’re spending a lot of money on housing. If we are making a lifestyle decision we want to live in homes that we enjoy because we’re spending a lot of money on it. Also if your family is growing you might need more space. So given these different scenarios; an equity bump, making a lifestyle decision, or needing more space they may want to sit down with a mortgage broker where the current interest rates are as historically low as they are.

Again, our young couple is going to have to pay a premium for their new home but they’re also selling for a premium. We are not talking about selling high and buying low. They are going to have to sell high and buy high, but because of the equity bump that allows them to qualify for a higher mortgage amount provided their jobs are solid.

fraser valley real estate

Location, location, location

Another consideration in this scenario is that location is paramount. In real estate, it always has been location location location, so bear in mind that homes in some locations will return more and they will return more quickly. So another thing to think about is the location of where you want to buy and what will potentially happen to home values over the next few years in that location.

Think long-term

It’s also a time to look long-term and not just short-term like some people are doing right now. Selling and buying a new home is going to involve some stress but we have to look at real estate investing on the basis of the prospect that we may have a home for seven or eight years and what potentially is going to happen to home values during that time instead of looking at the short term.

Do you have real estate questions? I have answers…

If you have real estate questions, I’m always here to provide you with an answer so feel free to give me a call or text at 604-889-7653. You can also email me at

Mike Wilson
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Whether you’re buying or selling a home this year, here are some questions to ask yourself when deciding on your next place to live:

What do you like or dislike about your current area? Determine what you want in your next neighbourhood by examining your current one. Knowing what traits you like and don’t like will help you choose a new location.

Do you want to be able to walk within your community? Walkable neighbourhoods are becoming increasingly popular, so if it’s important to you, make sure your new community is within walking distance from your must-have amenities, like restaurants, shopping or a gym.

Do you prefer a close-knit community or want some anonymity? Some people prefer the camaraderie of a tight-knit community where everyone knows the neighbours, while others prefer peace and privacy. Spend some time walking through the community to see if it’s the vibe you like.

What kind of commute do you want? Perhaps you don’t mind a longer commute and view it as personal time to reflect and listen to music, audiobooks or podcasts. Or maybe you need your commute to be as short as possible. Either way, you should factor it into your neighbourhood selection.

Are you considering buying or selling this year? Give me a call! I’ll help you through every step of the process.

Mike Wilson
Royal LePage Northstar Realty
Web –

SOURCES: 1. Storeys Editorial Team, “Canadian Housing Sales to Drop 20% in 2022, Price Gains to Slow: RBC,” 2. Robert Hogue, “Home price appreciation easing across Canada,” 3. PwC Canada, “Outlook for Canada’s housing market,”

Here’s a look at what’s happening in the market right now and what to keep an eye on over the coming months.

More Modest Home Price Gains
Prospective homebuyers may enjoy slightly favorable conditions. Inventory will likely remain tight, but prices — although still expected to rise — will be more tempered.1

Increased Desire for Separation
As people spent more time at home, the desire for a dedicated working space grew. More homeowners appreciate the benefits of closed-off, distraction-proof floor plans which may lead to a redesigning of open concept homes.

Still a Great Market for Sellers
While there’s been a slight increase in new listings, look for 2022 to still be a sellers’ market. More balanced conditions have recently emerged in some prairie markets, including Regina, Saskatoon, and Edmonton.2

Urbanization Trend Poised to Slow Down
If remote work continues to become a permanent option, some homeowners, especially those working from home in small spaces, might decide to look outside the city for more square footage and green space.3

Are you considering buying or selling this year? Give me a call! I’ll help you through every step of the process.

Mike Wilson
Royal LePage Northstar Realty
Web –

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