What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions
By Catherine Musgrove Jan 15, 2020

2020 BC ASSESSEMENT

What Does it Mean for Current Homeowners?
It is natural to be concerned with decreases in assessed property values, your home is not worth as much you might have paid for it, or you may not get the return on investment you hoped. Your property assessment may not affect your market value.

Homeowners may also wonder if it will affect their ability to renew their mortgages if they owe more than their home’s current assessed value. Rest assured, in most cases, mortgage renewal should not be an issue. If you are renewing with the same lender and your credit standing has not deteriorated, then the process should be smooth.

The challenge may arise if you are changing lenders, trying to access more funds, suffer from poor credit, or trying to negotiate a new mortgage. If it is a straightforward renewal, don’t worry, you won’t be kicked out of your home because the assessed value has decreased.

Overall, the housing marketing across BC remains moderate, and Real Estate Agents are already anticipating a busy spring as buyers and sellers negotiate their dream home. Be aware of the assessment and what it means to your community, look at what you can afford, and then negotiate based on the market value for your neighbourhood.

READ MORE:

https://www.rew.ca/news/what-the-2020-bc-real-estate-assessment-report-is-telling-you?utm_source=Agents%3A+Market+Insights&utm_campaign=216106b530-EMAIL_CAMPAIGN_2019_08_22_06_44_COPY_01&utm_medium=email&utm_term=0_14f9ba90ce-216106b530-87362887&fbclid=IwAR2465DH_aaTdmKunBnPnqBL_q4ZQ0Z2HIgS8AS41EPI71khQuYz_idzHaQ

Curious What Your Home is Worth? I would love to hear from you…give me a call to discuss your properties value and options.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
http://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
Join me on Facebook: https://www.facebook.com/shannonbsells/
President’s Club Award Winner 2008-2018

BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

REW.CA
What the 2020 BC Real Estate Assessment Report is Telling You
BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

THANKS FOR PUTTING YOUR TRUST IN ME ONCE AGAIN! Here’s what Dale & Sandy of Sardis, Chilliwack have to say about working with me! Shannon Babcock Century 21 Creekside Realty

Dale & Sandy Whitehead Sardis, Chilliwack

Real Estate Testimonial – January, 2020

“This is our second time using Shannon to sell and buy a new home. She is a Super hardworking Realtor who goes above and beyond for her clients . We are moving to what is hopefully going to be our forever retirement home but if that changed Shannon would be our first call . We love Shannon” ❤️

Shannon Babcock Personal Real Estate Corporation
Cell: 604-795-1081
Toll Free: 1-888-427-3496
Email: shannonbsells@gmail.com
Twitter: @shannonbsells

With her High Standard of Performance since 2005, Market Savvy and Proven Track Record in Sales & Service, Shannon can provide you the expertise and personalized attention you expect & deserve.

Make a GREAT MOVE… Call Shannon today! She looks forward to hearing from you.

Good News for the Chilliwack Real Estate Market…the only real estate market in Lower Mainland with price increase in 2019

The average sale price of a home in the Chilliwack and District Real Estate Board in 2019 was $522,776, up 1.1 per cent year-over-year. (Paul Henderson/ Progress file)

Chilliwack the only real estate market in Lower Mainland with price increase in 2019

Average home price saw slight increase to $522,776 last year

  • Chilliwack and the surrounding area is the only real estate market in the Lower Mainland that didn’t see a decline in sale prices in 2019.

With an average sale price of $522,776 in the Chilliwack and District Real Estate Board (CADREB) area last year, that’s a 1.1 per cent increase from the average of $516,843 in 2018.

• READ MORE: Year ends with solid real estate sales in Chilliwack region

• RELATED: Chilliwack condo sales up 153%

The average sale prices in the Greater Vancouver Real Estate Board (GVREB) and the Fraser Valley Real Estate Board (FVREB) areas declined 5.9 per cent and 3.5 per cent respectively, according to the British Columbia Real Estate Association (BCREA).

Both boards, however, had much more room to fall with the average sale price in the FVREB at $721,775 last year and GVREB at $986,797.

And while the Lower Mainland saw prices drop or, at best, flatten in 2019, some other markets saw increases, pointing to signs that some Vancouver buyers are looking farther afield.

On Vancouver Island, the average sale prices rose 5.1 per cent from $465,124 in 2018 to $488,847 in 2019. B.C. Northern saw the same percentage rise from $295,428 to $310,548.

The Kamloops and Kelowna markets each both rose 7.2 per cent up to $418,846 and $344,351 respectively.

Unit sales in the CADREB area were flat year-over-year with 2,809 last year compared to 2,829 a year prior. There is, however, not much to buy right now with just 696 active listings at the end of 2019 down from 987 year-over-year.

Provincewide the BCREA calls 2019 “flat” overall after a strong second half of the year.

“Housing markets across the province staged a strong recovery in the second half of 2019,” BCREA chief economist Brendon Ogmundson said in a press release.“This sets up 2020 to be a much more typical year than what markets have experienced recently.”

BCREA reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service (MLS) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS residential price in B.C. was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year.

Total sales dollar volume was $54.2 billion, a three per cent decline from 2018.

Let Shannon help you find your best buy! Whether you are buying or selling a home, Shannon has the experience and expertise to guide you to properties or buyers you wish to connect with. And invites you to contact her as she’d be happy to assist you with this important transaction. Shannon can provide you with reports and important local real estate information or an email snapshot of what is currently listed or recently sold in certain areas.

With her High Standard of Performance since 2005, Market Savvy and Proven Track Record in Sales & Service, Shannon can provide you the expertise and personalized attention you expect & deserve.
Make a GREAT MOVE… Call Shannon today! She looks forward to hearing from you.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
http://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
Join me on Facebook: https://www.facebook.com/shannonbsells/
President’s Club Award Winner 2008-2018

The Chilliwack & District Real Estate Market went out like a bull in 2019 with hot sales in a month that is typically cold

Year ends with solid real estate sales in Chilliwack region.

The Chilliwack & District real estate market went out like a bull in 2019 with hot sales in a month that is typically cold.

The 217 sales in the Chilliwack and District Real Estate Board (CADREB) in December 2019 compares to the 118 one year ago and is 29 per cent higher than the 10-year average of 155 sales for the month.

“CADREB ended 2019 with a better than projected year as far as unit sales go,” board president Kyle Nason said in a press release. “Although the Canadian economy took a slight dip, the B.C. economy is still increasing at 1.5 per cent according to the latest figures.”

In addition to the strong B.C. economy, local Realtors credit low mortgage interest rates and continued migration from the Vancouver for a strong December and a strong year overall.

“Increased consumer confidence helps push those from more metro areas looking for retirement options and affordable family homes out to our area,” Nason said.

The average residential home sale price in December 2019 in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $530,152.

Of the 217 homes sold, 112 were single family homes at an average price of $606,324. Of the 58 townhouses sold last month, the average selling price was $407,495, and the 30 apartments sold for an average of $273,135.

Eleven homes sold over the $1 million mark, including one for more than $2 million.

The highest number (27) sold were in the $400,000-to-$449,000 range, followed by 26 sales in the $450,000-to-$499,999 range.

Of particular note to the local economy, according to CADREB, is the dollar value that December sales garnered at just over $115 million compared to $57.3 million in December a year earlier.

While sales remain steady, there isn’t much out there to buy. With fewer than 700 homes on the market, that is the second lowest number for month over the last.

Let Shannon help you find your best buy! Whether you are buying or selling a home, Shannon has the experience and expertise to guide you to properties or buyers you wish to connect with. And invites you to contact her as she’d be happy to assist you with this important transaction. Shannon can provide you with reports and important local real estate information or an email snapshot of what is currently listed or recently sold in certain areas.

With her High Standard of Performance since 2005, Market Savvy and Proven Track Record in Sales & Service, Shannon can provide you the expertise and personalized attention you expect & deserve.
Make a GREAT MOVE… Call Shannon today! She looks forward to hearing from you.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
http://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2018

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

Strong finish for mediocre year in Fraser Valley real estate

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

SURREY, BC – After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.

In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773.  Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board.  “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels.”

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
  • Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

hannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
http://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsellsJoin me on Facebook: https://www.facebook.com/shannonbsells/President’s Club Award Winner 2008-2018