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REAL ESTATE June 11, 2020

Summer Real Estate Predictions Are Hard To Make

What’s happening in the Real Estate market?
By far, as a Realtor the question I get asked the most is, “what’s happening in the real estate market?” and then the next thing people want to know, especially during these uncertain times is, “what is going to happen in the real estate market next several months?”

The COVID-19 Factor
As you can imagine, it’s difficult to predict what is going to happen and opinions among real estate professionals vary right now almost week to week! A big reason is we just don’t know what’s going to happen with COVID-19. Is there going to be another wave? Are businesses going to be able to stay open and recover? What will the impact of the current protests, social unrest, and the November US election be? As you can see, there are a lot of unknowns right now.

CMHC predictions
In the midst of all this, the CMHC came out with quite a “dire prediction”* saying that housing prices will drop in BC. CMHC CEO Evan Siddall “told a parliamentary committee that Canadian house prices could drop by as much as 18%.”*

He also said that “20% of mortgage holders who are deferring payments could be in arrears at the end of September when the COVID-19 deferral period finishes if the economy doesn’t improve.”*

Adding insult to injury for those of us who live in Vancouver he mentioned that Vancouver along with Toronto and Alberta could be the hardest-hit places.

A bit of optimism
More optimistically there is still a demand for housing in Metro Vancouver and real estate is selling. There has been a healthy increase in listings and sales so far in June and we may be on pace to have more listings and sales than we did in June 2019. In June 2019 there were 913 listings and 397 sales and as of June 9, 2020, there are 863 listings and 380 sales. In all of May 2020, there were only 522 listings and 180 sales. This increase in June over May 2020 is probably due to pent up demand that occurred as a result of the shutdown, so it will be interesting to see what happens during the summer.

Travel restrictions
It’s going to be an unusual summer because of the continued restriction on travel. Immigration in Metro Vancouver is a driving factor in our housing market, but with the travel restrictions, immigration is reduced dramatically. If restrictions are lifted immigration can return, pushing the real estate market to pick up again.

On top of immigration and travel, people won’t be going away as much this summer which usually causes a bit of a seasonal lull in real estate sales. I’m curious to see what the impact will be on the housing market this summer with more people having to stay home rather than leave on vacation.

Mike’s current advice
My current advice is if you are a homeowner and you are needing or wanting to sell, this may be an opportune time to discuss your options with your real estate professional.

I want my clients to know, as challenging as it might be sometimes, that I am always open to discuss what is occurring in the housing market. If you have any questions about your property, please don’t hesitate to contact me.

Please take good care,

Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com

*Vancouver Sun https://vancouversun.com/news/local-news/cmhc-offers-dire-predictions-for-house-price-drops-in-b-c?utm_medium=Social&utm_source=Facebook#Echobox=1590622621
Photo: https://www.digitalmarketer.com/blog/marketing-predictions-2020/

COMMUNITY February 1, 2018

The Coldest Night of the Year in White Rock

My family and I are looking forward to participating in The Coldest Night of the Year in White Rock on February 24, 2018. CNOY is a super-fun, family-friendly fundraiser that raises money for local charities serving hungry, homeless and hurting families and youth in 120 communities across Canada. Since 2011, CNOY communities have raised over $16,500,00 and local
organization SOURCES is aiming to fundraise $100,000 this year alone.

COMMUNITY January 25, 2018

Start 2018 Off on The Right Foot – 7 of the Best Walks in Surrey and Langley to Get You Moving

The wind and rain may threaten to loom for a few more months before the sun and warmth returns to lure us outside. But that doesn’t mean that we need to stay hunkered indoors until Spring. With endless trails and unmatched natural beauty, there are hundreds of reasons to throw on your walking shoes and get some fresh air.

BUSINESS December 10, 2017

(White) Rocking in South Surrey: Jenny Bray of South Rock Buzz

I first stumbled across South Rock Buzz when I contemplating a move to South Surrey/ White Rock. Owned by Jenny Bray, its Instagram is full of family friendly events that helped to convince me that it was a great community to move to.

South Rock Buzz is an online community designed to connect and inform residents about all of the great things this community has to offer from highlighting local businesses, events, and other hidden gems throughout South Surrey and White Rock.

BUSINESS November 15, 2017

The Modern General Store: Bringing a Vancouver Vibe to South Surrey

It’s kind of an embarrassing story, but I first stumbled across The Modern General Store with my parents when
our GPS took us on a wild goose chase while we were looking for a place to get a snack. Once we finally found
our destination, we were struck by its unexpected warm and welcoming atmosphere and commitment to local
goods and provisions. I shared that it had an “urban-hipster” feel—which is a total a bonus in my books! Our
family has returned several times and are big fans of the Sunday brunch; my hubby loves the frittata, our kiddo
loves the waffles, and I love the trendy avocado toast.

BUSINESS November 1, 2017

Designed with a Purpose: Madeline Bee Home + Kids in White Rock

I’ve been drooling over Madeline Bee’s Instagram feed for quite some time and had to stop by to say hi and see the store in person. I loved the clean brightness & artfully eclectic mix of vintage and modern textures, furniture and gifts. My son and I were warmly welcomed, and I kept on saying “I can’t wait to own a house again so I have room for all of this amazing furniture & home décor!”

Madeline Bee is co-owned by mother & daughter team Jacqueline & Brianna Webb, who have lived inWhite Rock since 2010 and 2012. They said, “We love living in a seaside community- White Rock is one of the most beautiful cities we have ever seen and feel very privileged to live here”.

BUSINESS October 18, 2017

Stay Warm with West Coast Leslie Designs in South Surrey/ White Rock

The seasons have changed. I’m taking a close look at my closet and deciding how I’ll update my wardrobe from summer to fall. I’ve been streamlining my overwhelming mountain of clothes into a capsule wardrobe of good quality essentials, including my new West Coast Leslie Designs gray infinity scarf.

West Coast Leslie Designs aims to make an impact in the “fast fashion” world. Leslie Kuny makes products that are heirloom quality, meaning you can invest in a WCLD scarf or blanket and know you can use it for years without it falling apart.