surrey bc

Despite Covid-19, housing prices and new listings move upwards

What a difference a month can make! As every sector of our economy is trying to cope with COVID-19 disruptions, there are many sources of pressure on the housing market. At the beginning of March, we were beginning to see a resurgence in demand for residential properties in Greater Vancouver. A stifled market after a lengthy period of onerous mortgage rules that had reduced demand had come to end. Buyers who had been waiting to see how low prices would go were now rapidly making offers in an optimal period of low interest and eased mortgage lending requirements. In the first two weeks of March, before the full COVID-19 effect was felt, residential sales across Metro Vancouver jumped over 17 per cent from the preceding month, reaching over 46 per cent higher than one year earlier. Then, just as quickly, a decline set in for the last half of the month – undoubtedly attributable to the precautions necessitated by the epidemic. At present, this unprecedented situation can only be monitored for its impact on the real estate market in the short term. While sophisticated statistical models can provide us with best- and worst-case scenarios, the spread of the virus is ultimately dependent on the behavior of people. However, there is optimism across our region that we are making progress in slowing the rate of infections through social distancing and other safety measures. Of course, this has impacted the ability of home seekers to attend open houses but there is still much you can do online and by phone. For this reason, I want to provide you with information that is useful during this challenging time.

If we are to consider the effect of the coronavirus on our housing market, we must focus on the timing of events. With the surge in demand in early March, we can see some larger than usual price increases beginning to take place. There was also a close to an 11 per cent increase in new listings in Metro Vancouver in March compared with February. This may be interpreted as a shift from a lengthy period of being a “buyers’ market” now transitioning to a “sellers’ market.” What this means is that the underlying demand of housing is pushing upwards and encouraging more people to put their property up for sale as prices rise. I have been advising home buyers to move quickly for the past couple of months, and I still encourage you to keep this market shift in mind. While Covid-19 may slow a rapid increasedue to the practical problems of visiting properties, it will not eliminate the underlying demand which has been pent up for a couple of years. Even with the slowing effect in the last half of March, the composite benchmark price for all residential properties in Metro Vancouver at the beginning of March was $1,033,700, a 1.3 per cent increase from February.  Broken down to each property type, there month-over-month increase across the board: 1.2 per cent increase for detached homes; 0.9 per cent increase for townhouses; and 1.4 per cent increase for condominiums. In the comparative benchmarks below, you can see that prices in the past month far exceed the number of decreases.  

 Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of March was $1,450,700, an increase of 1.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,942,200 and Maple Ridge at $835,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,453,100 an increase of 2.4 per cent from the preceding month; Burnaby South at $1,493,500, an increase of 1.1 per cent from the preceding month; and Richmond at $1,522,800, an increase of 0.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,426,500, an increase of 1.3 per cent from the preceding month; Port Moody at $1,420,300, an increase of 0.6 per cent from the preceding month; and Vancouver East at $1,225,300, an increase of 2.5 per cent from the preceding month.  

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of March was $791,800 an increase of 0.9 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,133,500 and Maple Ridge at $535,100.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $795,000 an increase of 1.4 per cent from the preceding month; Vancouver East at $893,300, a decrease of 1.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,133,500, an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $768,400, a decrease of 0.6 per cent from the preceding month; New Westminster at $749,000, an increase of 0.7 per cent from the preceding month; and Burnaby North at $727,700, no change from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $687,000, an increase of 1.4 per cent from the preceding month.  The extremities of this average were West Vancouver at $1,027,600 and Maple Ridge at $359,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $678,900, an increase of 4.8 per cent from the preceding month; Vancouver West (not West Vancouver) at $810,800, an increase of 1.9 per cent from the preceding month; and West Vancouver at $1,027,600, an increase of 1.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $674,900, a decrease of 0.5 per cent from the preceding month; Port Moody at $671,900, an increase of 3.8 per cent from the preceding month; and Richmond at $655,200, an increase of 2.3 per cent from the preceding month.   

Let me help

I am working hard to help my clients during this challenging time. I know many of you want to find a home while prices are still within your budget; if you need help navigating the new rules for eased mortgage stress testing; or if you are looking for the best mortgage for your financial capacity, please give me call. There is a lot we can do online and by telephone. I encourage you to visit my website for an extensive list of properties, prices, and areas. Together we can meet the challenges we are facing with COVID-19 and still manage your housing needs.   

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®


One particular constant in Metro Vancouver’s residential market

There’s a single constant in the Greater Vancouver housing market that everyone should keep in mind. It can be expressed as simply as this: people want to live here. This includes families, singles, young people starting out in life, mid-career people with children, and retired seniors. Our region continues to grow in population size; not, however, in geographical size. It is to be expected, therefore, that residential housing will continue to rise in price over the long term. I think most people understand this, and those who see their lives as average and middle class are happy with a regulatory system that keeps prices to a moderate and somewhat predictable rate of increase. That is what we have been experiencing for several months now. What is a bit worrisome is that the supply side is not keeping pace, and if it continues to slow, as I have reporting here for the past few months, there is the looming fear that prices could we suddenly rise more rapidly than they are at present. The supply of housing can only increase with more listings from current owners, or from more residential building, which by necessity must be either with densification or with more towers. Let’s look at what the market statistics tell us now.

The composite benchmark price for all residential properties in Metro Vancouver at the end of January 2020 was $1,008,700. This was 0.8 per cent higher than the preceding month, and 1.4 per cent higher that six months ago. The average monthly increase has been relatively small but steady. It is possible that some homeowners may be using this rate to gauge when they will list their home for sale. And of course, if there is surge in prices, this may also trigger more listings, but the actual psychology of homeowners cannot be determined by this alone. It would be reasonable to guess that new listings may come from a market segment where age is an important determinant of selling one’s home. In the meantime, we must contend with currently low new listings, Last month’s new listings were over 17 per cent below the 10-year average. The total number of homes listed for sale in Metro Vancouver at the end of January was 8,617. This was a 20.3 per cent decrease compared with the same month one year ago. From these figures you can see that decreasing supply is occurring in the Metro Vancouver market place. In actual numbers, however, there is still an ample supply and at very good prices at present. Sales of detached homes and townhouses both increased by 0.5 per cent in the past month; and condominium sales increased 1.0 per cent in the same period. It’s an excellent time to make an offer on home. Check out the property types and areas below for comparative benchmark changes in the past month.

Detached Homes The benchmark price for a single-family detached home in Greater Vancouver at the end of January 2020 was $1,431,200, an increase of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,929,600 and Sunshine Coast at $564,900. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is too far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,493,500, an decrease of 0.1 per cent from the preceding month; Richmond at $1,503,100, a decrease of 0.5 per cent from the preceding month; and North Vancouver at $1,536,800, an increase of 1.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,407,700, an increase of 1.3 per cent from the preceding month; and Port Moody at $1,399,800, no change from the preceding month.

Townhouses The benchmark price for a townhouse in Greater Vancouver at the end of January 2020 was $782,500, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,147,200 and Maple Ridge at $522,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $903,600, an increase of 2.6 per cent from the preceding month; North Vancouver at $478,400, an increase of 0.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,147,200, an increase of 1.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond, at $775,500, an increase of 0.7 per cent from the preceding month; Burnaby South at $768,100, an increase of 0.7 per cent from the preceding month; and New Westminster at $732,900, an increase of 1.2 per cent from the preceding month.

Condominiums The benchmark price for a condominium in Greater Vancouver at the end of January 2020 was $663,200, an increase of 1.0 per cent from the preceding month. The extremities of this average were West Vancouver at $996,600 and Maple Ridge at $342,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $714,500, a decrease of 0.1 per cent from the preceding month; Vancouver West at $775,700, an increase of 2.0 per cent from the preceding month; and West Vancouver at $996,600 a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $661,700, an increase of 1.5 per cent from the preceding month; Port Moody at $640,700, a decrease of 2.2 per cent from the preceding month; and Richmond at $634,100, an increase of 0.6 per cent from the preceding month.

How can I help? I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning. And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me to help you.

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®

Sales increase while prices still below one year ago; signs of prices now inching upward monthly.

November ushered in lots of sunshine for Vancouverites. And that wasn’t the only bright spot. For home hunters the more than 4,000 new listings in October makes for a great selection across all detached homes, townhouses and condominiums. Added to the existing supply, the total inventory of available properties rose to well over 12,000 in Metro Vancouver. October also saw a significant increase in home sales: over 22 per cent higher than September. This current upward movement in sales activity is a very positive indicator of buyer confidence in the Greater Vancouver market. Compared to sales one year ago, the volume is more than a 45 per cent increase. Prices overall can be described as stable, allowing sales transactions to take place without undue stress for both seller and buyer. Over the past six months, prices have decreased 1.7 per cent on average. But there are signs that prices may have begun inching upwards. For anyone wanting the current monthly comparison, take a look at the detailed comparisons I make for each of the property type below.


The composite benchmark price for all residential properties in Metro Vancouver at the end of October was $992,900, up slightly by 0.2 per cent above September. It is still 6.4 per cent below the benchmark price at this time one year ago so I still strongly recommend making an offer on a home now , especially if you have been waiting for an opportune time. With the recent increase in sales volume, we may begin to see prices edge upwards in the coming months, even though they have dropped below price levels one year ago. Take a look at the comparisons across the property types below and you will notice that there are more increases than decreases in the last one-month comparison. This cannot be construed as a trend yet, but I suggest market watchers take notice of the short-term variations each month. For example, each of the benchmark prices for detached homes, townhouses, and condominiums in Metro Vancouver this month has increased slightly over the preceding month. If you want a deeper dive into these benchmarks for prices in different municipalities, I have selected six areas for each property type. This allows you to watch the monthly change for any area, and you can stay abreast of the monthly changes in this newsletter.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of October was $1,410,500, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,912,000 and Sunshine Coast at $598,300. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,465,700, an increase of 0.2 per cent from the preceding month; Burnaby South at $1,473,100, an increase of 1.0 per cent from the preceding month; and Richmond at $1,501,600, an increase of 1.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,394,300, a decrease of 1.0 per cent from the preceding month; Burnaby North at $1,366,200, an increase of 1.6 per cent from the preceding month; and Vancouver East at $1,360,500, an increase of 0.1 per cent from the preceding month.

Townhouses
The benchmark price for a townhouse in Greater Vancouver at the end of October was $$771,600, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,113,400 and Maple Ridge at $528,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $773,400, an increase of 0.8 per cent from the preceding month; Burnaby South at $776,600, an increase of 2.6 per cent from the preceding month; and Vancouver East at $852,800, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: New Westminster at $724,800, and increase of 2.6 per cent from the preceding month; Burnaby North at $723,900, a decrease of 0.8 per cent from the preceding month; and Burnaby East at $653,000, an increase of 1.1 per cent from the preceding month.


Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of October was $652,500, an increase of 0.2 per cent from the preceding month. The extremities of the average were West Vancouver at $1,048,800 and Maple Ridge at $350,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $711,300, a decrease of 0.4 per cent from the preceding month; Vancouver West at $754,100, a decrease of 0.1 per cent from the preceding month; and West Vancouver at $1,048,800, an increase of 2.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $645,300, a decrease of 1.4 per cent from the preceding month; Port Moody at $630,600, an increase of 0.6 per cent from the preceding month; and Richmond at $625,500, a decrease of 0.3 per cent from the preceding month.


I can help in many ways
I bring extensive experience in banking and finance so let me know how I can help. I am happy to share my expertise with you for mortgage planning or determining the optimal listing pricing for your property. If you are thinking of adding value to their home with renovations, I can also recommend reliable tradespeople who provide quality work at reasonable rates. Please don’t hesitate to ask. It gives me great pleasure to help my clients.

Thanks for reading!

Sibo Zhang, REALTOR®

Stable market conditions across all property types as summer draws to an end

METRO VANCOUVER

Where’s the market at now? That’s a question I’ve been hearing lately. It tells me people are aware of the dramatic price drop on homes for over a year. Whether someone has been waiting to list or buy, they seem to have sense that it’s now time to act – and I have to agree! I’ve been tracking the monthly price changes for you here in a period of market cooling since the all-time high in 2017. Of course, prospective buyers were reluctant to make an offer while the price trend has been downward. They are always wondering if the bottom has arrived, and will prices start moving up again?

It’s easy to fall into this kind of attitude, but it’s important to remember that there are multiple factors that make up price movements. To be practical, we can narrow our considerations to the assumptions that the downward trend we’ve seen in the past 15 months was due to stricter mortgage rules, with additional taxes also playing a role. However, the real estate market is made up of buyers and sellers who want to – indeed, need to – have transactions. And in a mature market area like Metro Vancouver, we can reasonably expect to return to what we call typical market activity.

Our two past summer months reflect what I would call this kind of typical activity, and even with some monthly decline in both sales and listings last month, I would venture to say that over the past two summer months, activity across Metro Vancouver appears to have returned to normal.

The combined benchmark price for a residential property in Greater Vancouver at the end of August was $990,300, a decrease of 0.2 per cent from July. This is too small a decrease to suggest an ongoing downward trend, and it should be noted that this benchmark is still below the $1-million mark which surpassed by the majority of single-family detached homes in Metro Vancouver’s various areas. Looking at the total inventory of homes on the market at the end of August, we have a plentiful supply at 13,396, which is over 13 per cent higher than one year ago. While the total sales in August were down 5.9 per cent compared with July, this cannot itself be construed as ongoing downward movement. It’s important to note that the number of August sales was actually close to 16 per cent higher than they were for the same month a year ago.

In short, if you want to make a sale or a purchase, there’s no time like the present. Take a look at the price comparisons I have selected for you below.

Detached Homes 

The benchmark price for a single-family detached home in Greater Vancouver at the end of August was $$1,406,700, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,880,800 and Sunshine Coast at $584,600. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is too far away for my clients.) The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,420,900, a decrease of 1.5 per cent form the preceding month; Richmond at $1,458,800, a decrease of 1.5 per cent from the preceding month; and Burnaby South at $1,467,900, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on lower side of the average were: Burnaby North at $1,375,500, an increase of 0.2 per cent from the preceding month; Vancouver East at $1,346,500, a decrease of 0.5 per cent from the preceding month; and Burnaby East at $1,165,800, a decrease of 1.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of August was $771,900, an increase of 0.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,115,100 and Maple Ridge at $522,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $774,900, an increase of 0.5 per cent from the preceding month; Vancouver East at $838,100, a decrease of 1.1 per cent from the preceding month; and North Vancouver at $960, 200, an increase of 1.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $767,000, an increase of 0.8 per cent from the preceding month; Burnaby North at $721,500, a decrease of 0.2 per cent from the preceding month; and New Westminster at $713,000, a decrease of 0.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of August was $654,000, an increase of 0.1 per cent from the preceding month. The extremities of the average were West Vancouver at $1,062,100 and Maple Ridge at $351,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $700,700, a decrease of 2.9 per cent from the preceding month; Vancouver West at $756,000, an increase of 0.5 per cent from the preceding month; and West Vancouver at $1,062,100, a decrease of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $648,500, a decrease of 0.8 per cent from the preceding month; Richmond at $626,700, an increase of 0.7 per cent from the preceding month; and Port Moody at $622,200, a decrease of 1.0 per cent from the preceding month.

Other ways I can help

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can provide a comparative analysis on properties in your neighborhood. I can also recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me at (604) 779-7992. It gives me great pleasure to help my clients.

Thanks for reading!

Sibo Zhang, REALTOR®

Government measures cited for lowest sales levels in 33 years

I have been showing you the dramatic effect since the middle of last year of government measures which began three years ago to cool the Vancouver residential market. There can be no doubt that the various taxes and stricter mortgage rules have been achieving their intended purpose, which was to reverse the market’s rapidly escalating prices in order to maintain a more affordable level of home ownership. As regular readers of this newsletter have seen, prices have been declining across for all residential property types typically about 0.5 to 1.0 per cent each month since last July.

At the same time, new monthly listings have continued to be quite plentiful, and the combined effect has created a strong buyer’s market. However, whenever social policy, no matter how well intended, alters market activity, other consequences can follow. This was the case raised this month by the Real Estate Board of Greater Vancouver. The number of home purchases has reached a low not seen for over three decades. At the end of March, home sales were down 31.4 per cent from one year earlier; down 46.3 per cent from ten years ago; and down 16.4 per cent from one month ago.

The concern raised by the Real Estate Board is that demand has been suppressed, not eliminated, and the bigger problem is that demand is not aligning with our economy as expected. In other words, it is thought that many prospective buyers are not buying at this time. Certainly, the statistics are correct, but I am not attributing this phenomenon entirely to social policy measures. Most of my clients are still focused on affordability, and I would encourage prospective buyers to take advantage of the many excellent opportunities in the current market. Below is my monthly selection of comparative benchmarks in areas across Metro Vancouver where you can see the monthly price change for whatever property type you are seeking.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of March was $1,437,100, a decrease of 0.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3.026,300 and the Sunshine Coast at $604,600. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,502,600, an increase of 0.7 per cent from the preceding month; Burnaby South at $1,545,200, an increase of 0.2 per cent from the preceding month; and Richmond at $1,546,500, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,411,700, an increase of 0.8 per cent from the preceding month; Port Moody at $1,402,500, a decrease of 0.1 per cent from the preceding month; and Vancouver East at $1,390,700, a decrease of 1.6 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of March was $783,600, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,184,500 and Maple Ridge at $534,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $791,500, a decrease of 0.6 per cent from the preceding month; Vancouver East at $821,300, a decrease of 0.3 per cent from the preceding month; and North Vancouver at $952,700, a decrease of 0.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $779,500, a decrease of 3.5 per cent from the preceding month; Ladner at $732,700, an increase of 0.7 per cent from the preceding month; and Tsawwassen at $705,000, an increase of 0.3 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $656,900, a decrease of 0.5 per cent from the preceding month. The extremities of this average were West Vancouver at $1,116,200 and Maple Ridge at $352,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $681,400, a decrease of 1.2 per cent from the preceding month; Burnaby East at $722,500, an increase of 0.5 per cent from the preceding month; and Vancouver West (not West Vancouver) at $769,200, a decrease of 1.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $653,400, a decrease of 1.0 per cent from the preceding month; Port Moody at $635,200, an increase of 2.0 per cent from the preceding month; and Burnaby North at $603,900, an increase of 0.5 per cent from the preceding month.

I am here to help you! Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning. In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates.

Thanks for reading!

Please contact me for more information.

604-779-7992 

sibo.zhang@gmail.com

Sibo Zhang

Umbrella Etiquette

The rainy season has returned. For the next six months we will once again see many days with grey skies and wet weather as we go about our daily business, as we residents in the Greater Vancouver area are used to doing every year. Aside from having to be more careful when we are driving through puddles and across roadside streams so we don’t unnecessarily splash pedestrians, I would like to recommend some practical tips in managing that other ubiquitous item that helps us stay dry (or a least a bit drier) at this time of year. I am talking of course about the Umbrella, a wonderful invention to provide us with some portable cover when it’s pouring rain. But without some common Umbrella Etiquette, these personal canopies can be socially frustrating and even dangerous when everyone is paying attention only to their own comfort. With scores of people holding an expanded umbrella overhead as they walk along any city block, it can almost feel confrontational without some agreed social protocols to follow. Let’s start first with the size of umbrella that is necessary.

Size is a consideration

I see more and more extremely large umbrellas used for typical rainy-day walking. One that I measured was a full four feet-wide when fully open. This is typical of what you might see on golf course, but on a crowded city sidewalk it takes up a lot more than most of the others vying for their fair share of space. On many streets a four-foot span is the entire width of the pedestrian sidewalk. Others have to fold their umbrellas or turn them sideways just to pass. Of course, that raises the issue of how high to hold your umbrella, and this is determined by the height of the person holding the umbrella. If you are six feet tall, you can hold a very large umbrella high enough to allow others to pass under, as long as you are the only person underneath. If you are shielding a second person from the rain, you will need to be careful not to block traffic behind you. On a narrow sidewalk it can back up a long way.

Take care on stairs and escalators

A time to be especially careful is when you are walking on stairs or standing on an escalator while carrying a long umbrella at your side while it is still closed. Here it’s important to remember not to allow your umbrella to swing forwards or backwards with your arm as you walk. On a staircase in particular, this action is quite dangerous. Often people grasp their closed umbrella with their fist around the top end and let the remaining length shoot backwards in a horizontal manner with each arm swing, oblivious to the thrust directly into a person’s face on a lower step.

Broken umbrellas can be dangerous

Another danger to avoid is using an broken umbrella with an exposed metal end protruding from the covering. On a busy sidewalk, this can easily scratch another person’s ace or worse, their eye. Like a car, an umbrella needs to be in good repair when it’s moving in traffic. A new umbrella is not so expensive that you can’t replace it when it’s worn out. You will feel better too, knowing that it’s not a danger to others.

Offer some cover to another

Not everything in umbrella etiquette has to be a negative thing. There are lots of times when an umbrella can be source of assistance with a kind gesture on your part. Have you ever arrived a street corner waiting in the rain for light to change, when someone comes alongside side and is getting soaked? This is a perfect time to extend a portion of your umbrella to cover them as well, and to help them to keep the rain off until they are across the intersection and under an awning again. And of course, walking in the rain can be most romantic thing for a couple, and sharing an umbrella makes it even more so. So, as annual rain rituals begin again, let’s try to think of others when we are under our umbrellas.

Thanks for reading!

Sibo Zhang, REALTOR®

Halloween Events in Surrey

Halloween is nothing if not popular. Last year in this blog space I wrote about the history of this annual celebration, which is a favourite time for scary costumes and “trick or treating” kids collecting candy with door to door visits in their neighbourhoods. As mentioned before, I like this event because it has adapted to new customs throughout many countries since its origin in ancient times. It is now a mix of popular themes from the many ideas that make up the Canadian cultural mosaic. For families with children there are special events on Halloween in areas throughout Metro Vancouver. Whatever your favourite Halloween costume or party theme might be, I’m sure you will be able to find some fun for your whole family this October 31. Here is selection of some of Surrey events to choose from:

Bear Creek Park Train

Children can enjoy the Pumpkin Express at Bear Creek Park. This little train offers a thrilling ride through a forest decorated specially for Halloween. And kids will get a small pumpkin as a treat on the platform to remember the event. If you can’t make it on Halloween, or if you want to keep that day for your own door-to-door trick or treating, you can still catch Woo Woo the train on days leading up to Halloween. enjoy. Here are dates and address: Each day leading to and including Halloween from 10:00 am to 4:30 pm at Bear Creek Park. There is a ticket price of $10. (Address below)

There is also a more frightening train ride for older children called the Scream Train at Bear Creek. On this ride you will experience Chain Saw Charlie and other ghoulish characters. The special effects and sounds along the route through the forest will be just what a thrill-seeking person is looking for on Halloween, but it’s too much for younger kids so keep in mind you have choice depending on the age of your children. Tickets for the Scream Train are $13 per person. The Scream train runs between 6:30 pm and 10 om each day leading up to and including Halloween. Bear Creek Part is at 13759 88th Avenue in Surrey. For more information online: www.bctrains.com/halloween

Potter Houses of Horror

Another Surrey favorite is Potter’s House of Horrors. Once again, these will be two haunted houses to explore. The long-time favorite, Monstrosity 2.0 will be open again with its gothic scariness. This can be a lot of fun for older kids and adults, but I wouldn’t recommend it for young toddlers who could be too frightened by the creatures inside. For youngsters under 10 years old I would recommend the L’il Haunters. However, for the very young even this might be a bit too spooky so I suggest you check it out first before taking in your very young children.

The second haunted house at Potter’s is Devil’s Descent, which opened for the first time last year. This is a more rugged design into mine shafts with rotting wood and machines, along with zombies and other scary monsters. You will need separate tickets for both haunted houses. These are available online which is recommended to avoid line-ups. The Potter Haunted Houses are also open on days leading up to and including Halloween. They are open each day from 4:00 pm to 6:30 pm (this time is recommended for younger kids as it is less scary) and from 7:00 pm to 10:00 pm (for the full frightening version). Located at Potters House, 12530 72nd Avenue, Surrey. You can find more details online at www.pottershouseofhorrors.com.

Not everything on Surrey’s Halloween agenda is just for kids. For teenagers and even adults there are great activities to enjoy on October 31.

Halloween for Teens

At the Surrey Centre Library from 3:30 pm to 5:30 pm teens from 13 to 18 years of age are invited to the free workshop where you can explore the spooky history of Halloween’s ancient origins. This is a free event so teens can enjoy learning about Halloween before they head out for an evening’s fun on October 31.

Halloween for Adults

For older adults 55 and older, there is a Halloween Tea at the Guildford Recreation Centre on October 31 from 1:00 pm to 2:30 pm The cost is only $15 and will get you tea and a light lunch of soup, sandwich and treats complete with live entertainment. And don’t be shy about coming in a costume. There will be prizes for the best ones. Register online at Guildford Recreation Centre with the registration code: 4632039.

Also in the afternoon on October 31, adults 55 and older are invited to the Fleetwood Community Centre for a Halloween Costume Party. This is a costume contest so get your best ideas on and show up between noon and 2:00 pm. There will be lots of fun with halloween music, games and entertainment as well as light food and refreshments. Tickets are $20 and can be purchased online at Fleetwood Community Centre with registration code 4626683.

However, you choose to enjoy Halloween this year, remember that there will be young children on our streets and we need to be extra careful as we drive on October 31. Wishing everyone a safe and fun Halloween 2018.

Thanks for reading!

Sibo Zhang, REALTOR®

Prices continue down, inventory up

The trend I have been reporting for several months is continuing. Residential prices are continuing their overall decline across the lower mainland. With the astronomical price increases prior to this current period, even a relatively small price drop of 1.0 per cent can be attractive to a buyer who would surely enjoy a $10,000 savings on a $1-million property with just one month’s change. Nonetheless, many prospective buyers are holding off as they hope to see the downward trend continue. This may prove beneficial or not; it’s still a guessing game how long the trend will continue. There could be quick change in buyer psychology that creates a spurt in demand any time, which would send prices upward again. From the seller’s point of view, it is important to note that new listings are actually increasing at this time. While this might be seen as seller concern that prices will continue to drop, it is also providing a high supply of available properties on the market, which has a further dampening effect on prices. In short, it’s a buyer’s market right now so if you are seriously wanting to get into a home this is a good time to make an offer. The combined benchmark price for all property types in the Lower Mainland at the end of September was $1,003,500, a decrease of 1.2 per cent from the preceding month. Below is my monthly review of benchmark prices for each property type.

METRO VANCOUVER

Detached homes

The benchmark price for a single family detached home in Metro Vancouver at the end of September was $1,540,900, a decrease of 1.3 per cent from the preceding month. This average had the extremities of Vancouver West (not West Vancouver) at $3,254,200 and Maple Ridge at $864,500. The three municipalities with benchmark prices closest on the higher side of the Metro average were: South Burnaby at $1,589,600, a decline of 1.9 per cent from the preceding month; North Vancouver at $1,620,300, a decline of 1.8 per cent from the preceding month; and Richmond at $1,662,600, a decline of 0.4 per cent from the preceding month. Closest to the Metro Benchmark on the lower side of the average were: Port Moody at $1,504,300, a decline of 1.9 per cent from the preceding month; Vancouver East at $1,502,900, a decline of 1.7 per cent from the preceding month; and North Burnaby at $1,498,100, a decline of 0.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of September was $837,600, a decrease of 1.0 per cent from the preceding month. This average had the extremities of Vancouver West (not West Vancouver) at $1,229,300 and Maple Ridge at $558,800. The three municipalities with benchmark prices closest to the higher side of the Metro average were: Richmond at $862,400, a decrease of 0.4 per cent from the preceding month; Vancouver East at $873,400, a decrease of 2.3 per cent from the preceding month; and North Vancouver at $1,021,900, a decrease of 0.8 per cent from the preceding month. Closest to the Metro benchmark on the lower side of the average were: South Burnaby at $822,700, a decrease of 2.2 per cent from the preceding month; Ladner at $786,300, a decrease of 3.9 per cent from the preceding month; and Tsawwassen at $770,500, a decrease of 2.9 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Metro Vancouver at the end of September was $687,300, a decrease of 1.2 per cent from the preceding month. This average had the extremities of West Vancouver at $1,213,900 and Maple Ridge at $364,100. The three municipalities with benchmark prices closest to the higher side of the Metro average were: Richmond at $690,600, a decrease of 0.7 per cent from the preceding month; South Burnaby at $709,800, a decrease of 1.1 per cent from the preceding month; and Vancouver West (not West Vancouver) at $804,800, a decrease of 2.5 per cent from the preceding month. Closest to the Metro benchmark on the lower side of the average were: Port Moody at $666,400, a decrease of 0.4 per cent from the preceding month; North Burnaby at $644,600, a decrease of 1.0 per cent from the preceding month; and North Vancouver at $595,700, a decrease of 0.1 per cent from the preceding month.

 FRASER VALLEY

The trend in declining prices across the lower mainland is in all respects very much the same in the Fraser Valley. As in Metro Vancouver buyers are exercising the same hesitation as they watch monthly price declines, unsure when demand may suddenly surge again. My sense is that there is considerable pent-up demand by prospective buyers, so it’s likely going to be some price point in each property type that triggers a resurgent buying spree. In the mean time, as in Metro Vancouver, the inventory of Fraser Valley properties continues to grow, a sign that more sellers are wanting to get the best price possible in the current downward price trend. In fact, the overall supply at present is at its highest point for the year, so there’s a good choice for buyers right now. New Fraser Valley listings during the month of September reached nearly 3,000, which was more than a 14 per cent increase from the number of listings made in August. This brings the end of September inventory of properties on the market in the Fraser Valley to a total of 7,647. The combined benchmark price for all Valley-listed properties at the end of September was $860,300, a decrease of 1.3 per cent from the preceding month. Below is my monthly review of Fraser Valley benchmark prices in each property type at the end of September.

Detached homes

The benchmark price for a single family detached home in the Fraser Valley at the end of September was 988,900, a decrease of 2.0 per cent from the preceding month. This average had the extremities of South Surrey/White Rock at $1,397,400 and Mission at $668,300. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: Cloverdale at $1,004,500, a decrease of 0.6 per cent from the preceding month; Langley at $1,027,000, a decrease of 2.2 per cent from the preceding month; and Surrey at $1,035,600, a decrease of 0.9 per cent from the preceding month. Closest to the Valley benchmark on the lower side of the average were: North Surrey at $969,300, a decrease of 2.7 per cent from the preceding month; North Delta at $931,000, a decrease of 2.0 per cent from the preceding month; and Abbotsford at $810,800, a decrease of 2.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $546,100, decrease of 0.1 per cent from the preceding month. This average had the extremities of South Surrey/White Rock at $679,900 and Abbotsford at $407,300. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: North Delta at $571,900, a decrease of 4.5 per cent from the preceding month; Surrey at $583,500, a decrease of $583,500, a decrease of 0.9 per cent; and Cloverdale at $593,000, a decrease of 0.5 per cent from the preceding month. Closest to the Valley benchmark on the lower side of the average were: Langley at $509,100, a decrease of 1.7 per cent from the preceding month; Mission at $444,100, a decrease of 0.4 per cent from the preceding month; and Abbotsford at $407,300, a decrease of 1.0 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $438,700, a decrease of 1.0 per cent from the preceding month. This average had the extremities South Surrey/White Rock at $502,700 and Abbotsford at $333,200. The three municipalities with benchmark prices closest to the higher side of the Valley benchmark were: Surrey at $456,100, a decrease of 2.0 per cent from the preceding month; Cloverdale at $494,900, a decrease of 2.4 per cent from the preceding month; and South Surrey/White Rock at $502,700, a decrease of 0.7 per cent from the preceding month. Closest to the Valley benchmark of the lower side of the average were: Langley at $431,900, a decrease of 1.6 per cent from the preceding month; North Surrey also at $431,900, a decrease of 0.3 per cent from the preceding month; and North Delta at $429,700, a decrease of 0.6 per cent from the preceding month.

I am here to help

I hope my review of residential prices this month is helpful to both buyers and sellers across the lower mainland. As I mentioned above, the trending decline in prices across all property types is being accompanied by a trend in the opposite direction, namely an increasing number of new listings each month. This current market is therefore a buyers’ market. With the high number of listed properties at this time, making an offer is much less likely to create a bidding war driving up the price. This makes your financial planning more predictable and less stressful, particularly when you have negotiated a mortgage ahead of time and know what monthly payments can be managed within your budget. I highly recommend for these reasons that if you really want to get into a home, this is an excellent time to make the move. Please feel free to give me call to ask for any further information for any area you are thinking about. I am happy to help in any way I can.

Thanks for reading!

Sibo Zhang, REALTOR®

Labour Day and the Start of the School Year

Our Labour Day holiday this year is on the third day of September. For some reason I’m used to our annual Labour Day holiday coming about week later. It’s a bit of a shock to me, because the Labour Day holiday weekend is a family’s signal that summer vacation is over, and school is about to start. Some are returning to the city after a vacation at their summer cabin, while others are navigating the traffic in the city streets chasing about the stores and malls for all things their kids will need to start the school year. It’s a busy weekend for everyone each year, and when it arrives so suddenly after the end of August, I guess I just miss a longer transition week into September. That allows me mentally to prepare for the resumption of another schedule that revolves around our children’s education, a kind a week when we can all take a deep breath and say, “another year has gone by. Wow.” It comes with that mixed emotion of sadness at summer’s end and excitement about the new season coming along. It’s curious how family life ties its real year-end to the school year. But still, I like it starting about a week later than it does this year.

Labour Day itself is a federal holiday set by law as the first Monday in September each year. Obviously, that means it moves to different date each year, but if there’s any politician out there who might be willing to make a change, he or she will have my support. I would rewrite the Labour Day holiday to be observed as: the first Monday in September, except when the first Monday is one of the first six days of the month, in which case the holiday will be observed on the closest weekday to the seventh day of the month. There, not too complicated. I think that should ensure that we get a week at the beginning of each September to transition from the summer vacation to school year mode of activity. And just in case you’re wondering, next year Labour Day falls on September 2nd so it will arrive with even greater abruptness than this year. By 2020, however, it’s back to a reasonable date of September 7th, just where I like to see it.

Of course, Labour Day doesn’t have to be the holiday that ends our summer vacation period. In fact, I wonder how many people can actually name the holiday. I think a lot of folks would just refer to it as the September long weekend before school starts. That might not be very good citizenship because Labour Day is an important tradition not just in Canada but around the world. It recognizes the hard-working people of all countries who for many years in another age were under-represented in their rights and under recognized for their contribution to the economic life of society. But in many countries the annual Labour Day holiday is May 1st, which is known around the world as International Workers Day. This might cause some commotion though, because May Day, as it is also known, has its historical roots as a celebration in some communist countries. It could come across as a revision of the 19th Century revolutionary slogan of the philosopher Karl Marx: “Workers of the World Unite” – updated now to “Worker’s Holiday of the World Align.” I don’t really think there’s much chance of that, and besides, Canada has its current Labour Day holiday aligned with the same holiday weekend in the United States, so that also makes it possible for family members living in the neighbouring countries to get together at the end of the summer. But I’m will bet that a lot of families in the United States would agree with me that when the holiday arrives so early in September, they would also like to delay it for a few more days. Maybe I can get an international movement going to support my cause!

In any event, I want to wish all of you, my friends, clients, and casual readers, a happy start to the real new year for families with school age children. It all changes after the Labour Day long weekend.

Thanks for reading!

Sibo Zhang, REALTOR®