by Macrealty Marketing Team | Nov 3, 2023 | Market Updates
Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.
The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.
At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.
“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we
start to see some downward movement in the policy rate.”
Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”
Find all the infographics related to the October Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
by Macrealty Marketing Team | Nov 3, 2023 | Market Updates
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in October 2023.
Find all the infographics related to the October Market Statistics by visiting the Facebook Album.
Whistler
In October 2023, there were 9 sales of detached homes and 87 active listings. The benchmark sale price was $2,423,200.
The condo market had 37 sales and 61 active listings at the end of the month. The benchmark sale price was $730,000.
The townhome market had 8 sales and the active listings were 64. The benchmark sale price was $1,545,400.
It’s a seller’s market for condos in Whistler.
Squamish
In October 2023, there were 8 sales of detached homes and 102 active listings. The benchmark sale price was $1,571,300.
The condo market had 8 sales and 40 active listings at the end of the month. The benchmark sale price was $629,000.
The townhome market had 12 sales and the active listings were 41. The benchmark sale price was $1,064,400.
It’s a seller’s market for townhomes in Squamish.
Sunshine Coast
In October 2023, there were 22 sales of detached homes and 349 active listings. The benchmark sale price was $880,400.
The condo market had 4 sales and 34 active listings at the end of the month. The townhome market had 2 sales and the active listings were 26.
It’s a buyer’s market in Sunshine Coast.
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
by Macrealty Marketing Team | Nov 2, 2023 | Market Updates
November 2023 – Lower Mainland Monthly Update
At 6.1 Months of Inventory, Prices are expected to Remain Flat.
The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
- 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
- 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
- Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Visit this link to learn more about house prices and inventory.
Sales
Sales (2,966) were 5% higher than a year ago (2,804), and were 30% below the 10-year average (4,082).
Cumulative Year-to-date Sales
2023 continues to be slower as sales (36,163) remain below the 10-year average (45,215).
Inventory
Inventory (18,179 active listings) increased slightly from the previous month, and are now above the 10-year average for the first time since Nov 2020 (19,041 average).
Sales to Active Listings
Low sales but modest inventory kept the Sales to Active Listing Ratio at 16%, indicating flat prices.
Months of Inventory
Similarly, Months of Inventory rose to 6.1 MOI, indicating a balanced market and flat prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
Check out careersinbcrealestate.com to connect today!
by Macrealty Marketing Team | Oct 18, 2023 | Company
10 Questions With Tore Jacobsen
Managing Broker, Eastern Region
Get to know Tore Jacobsen, Managing Broker of Macdonald Realty’s Eastern Region, in this 10 Questions interview.
How did you get into the real estate industry? I had been working as a territorial sales rep for a national food wholesaler and realized that I was approaching the ceiling of growth. It was in a conversation with my dad that he suggested I pursue real estate with my abilities in communicating, connecting, and selling, and my comfort with it (given our family business of commercial real estate). So I ended up getting my license and joined another brokerage for a year in the Vancouver board, then ultimately transferred to Macdonald Realty in Surrey in 2010.
What led to you to become a managing broker? I went into Drew McLean’s office (he was my managing broker at the time and later became my mentor and broker partner) to get advice on a contract I was dealing with. After that conversation, he asked if I had ever given any thought to management due to the fact that I grew up in a business-oriented household and studied business in university. We started talking about it over the following three months and, as they say, the rest is history. I am so glad I said yes because I truly love what I do. The agents I get to serve each day are second to none, they’re inspiring, and I just find it so easy to get motivated to work each day.
What is one thing you wish you knew when you first got into real estate? I wish I would have known how valuable good managerial support and a collaborative office environment really is to setting one up for success. I had an amazing manager when I started, and then came to Drew, who was absolutely fantastic. But before joining Macdonald, there was a lot of time spent in the trenches on my own and unfortunately, there weren’t a lot of experienced agents who were willing to share their experiences with me and guide me. I had to figure out my own way and while it turned out great, it certainly made it more of a challenge.
Above: Tore with long-term mentor, colleague and friend, Drew McLean.
What is your advice to someone who wants to become an agent? I would really take the time and do the research to make sure the business is for you. A lot of people incorrectly assume you get your license and the next day you are starring on “Million Dollar Listing” on HGTV. The truth is: you see the glamourous part of the business but you do not see the hours and hours invested in doing the little things each day over and over and over before there is a transaction and ultimately a paycheck. Then you need to consider the commission nature of the job and the (often) irregular paycheck and being able to balance that with your personal financial needs. Ultimately this business is all about your ability and willingness to connect with people and it is surprising how many folks really struggle in this aspect. I think the reason is: when we are meeting new people or old friends with no “agenda” it is easy, but when we add the aspect of asking for business in the mix, then people get uncomfortable, hesitant, and unable to close and that often leads to an exit from the business.
What is the best piece of advice you’ve received (related to real estate industry)? “You have to earn their respect (clients, agents, etc.) over time through consistent action and commitment to what you do. It is not just going to be given.” – Drew McLean.
Why do you enjoy working in the real estate industry? No day is ever the same and there is constantly something new to navigate through and/or learn. I love how important an agent’s role is in the home ownership cycle and I love being there to help guide and assist them as they navigate through that with their clients. I also love the opportunity to give back whether it’s by volunteering at the [Fraser Valley Real Estate Board] or by sharing my experiences and educating all of our agents through Macdonald Realty’s Connected Learning programs.
What is your favorite thing about working at Macdonald Realty? Ownership is second to none, my manager, colleagues and all the support staff are outstanding, and I tell everyone we have the best agents in the business in our company. They are dedicated to this business and are extremely professional, which makes what I do a lot more enjoyable. This really is a family and we care about each other and it shows in how we and our agents operate. I am proud to bleed blue and white!
Above: Tore volunteers on the FVREB’s Government Relations Committee.
What is a fun fact about yourself? I try not to take myself too seriously so I love to sing and dance and also make silly voices for my kids’ stuffed animals at bedtime.
What is your favorite quote? “Everything you’ve ever wanted is on the other side of fear.” – George Addair
What is a book that everyone should read? Power of 1 More by Ed Mylett. I am a huge believer in personal growth and the need to make it part of your daily routine. In order to be the best husband, dad, managing broker, friend, colleague, FVREB director, etc., I need to be the best version of me so I work at it and make it a priority. Ed Mylett is an individual I follow and listen to religiously and his latest book is so powerful, as often, the line between success and giving up is 1 more call, 1 more appointment, 1 more email, 1 more “I love you” and so on. It is amazing what you can achieve if you are willing to do 1 more than others might be.
by Macrealty Marketing Team | Oct 12, 2023 | Company
Macdonald Realty Social
10.3.2023
Thank you to everyone who joined us last week at Honey Salt for the Macdonald Realty Social – we hope you had a wonderful time! If you weren’t able to make it to this event, we hope to see you at the next one!
