August 2022 Newsletter
Andy Schildhorn • August 22, 2022
HELLO EVERYONE AND WELCOME TO OUR AUGUST NEWSLETTER!
Uncharted territory:
What does rising interest rates mean for home-buyers. It is a whole new market out thereLooking for a roof top patio in the heart of Willoughby with a great walk score? Check out 12 – 20852 78B Ave.
This home is immaculate
In this month’s Facebook Live we went into depth on our changing market. Took a look at our market statistics and discussed how affordability is changing.
Michael and Pearl Berry were very interesting clients who brought a whole new perspective on how to sell a home. I appreciated their insights. All the best to you both.
Our Langley Market Report is showing detached home prices are up 16.2% from last year with listings down by 123.6% and sales volume down by 52.0% year over year. The same could be said for Condos and Townhomes in the Langley area. I should add pricing is down by about 8% from last month July of this year.
The Fort Gallery is presenting a summer art auction fundraiser. This local Fort Langley Gallery, a mainstay in the Village, supports local artists with public outreach and education.
Rita Cousins Mortgage Broker explains some of the terminology when buying a home.
CMHC has come out with a report that government fees impact the cost of new home construction by up to 24%
Well, that’s it for this month. Want to talk Real Estate? Let my 25 plus years help guide you through these changing market conditions? Text, Email or Call and we can set up a time to discuss your plans.
Thanks for dropping by, have a great day and I look forward to meeting you soon.
The Township of Langley Traffic Cameras for up to date traffic information. Click here
Developers in British Columbia are offering steep discounts as new inventory keeps stacking up, fuelling competition for buyers who can afford to shop around. In Kelowna, Mission Group had a one-day flash sale on Saturday on all vacant inventory at its Alma on Abbott development, a boutique lakefront community located in Pandosy Village that was completed in October. Mission Group president Luke Turri said half of Alma’s 87 units – ranging from studios to three-bedrooms – need to be sold. With the discount, one- and two-bedroom units will be roughly $425,000 to $505,000. “We realize that we have to meet the market where it’s at,” said Turri, who’s been in the field for 20 years. He said today’s buyers are highly informed and cautious. “Buyers are seeing price corrections, incentive programs, construction delays, interest rates swinging, and they need certainty, they need credibility, and so for us the focus is, how do we create that momentum?” Turri said Alma had a successful pre-sale launch, and Mission Group had always anticipated having available inventory after completion due to its target audience of end users, rather than investors. In its latest monthly report, the Association of Interior Realtors said the market maintained a “gradual and steady pace” in October. Still, inventory levels are elevated compared to historical norms. Interior Realtors reported 8,938 active listings at the end of last month, comparable to fall 2024 levels, but well above the 10-year average. 👉 Read the Article Here
Holiday magic is happening all across the Fraser Valley this season. From tree lighting ceremonies and festive markets to concerts, parades, and family-friendly celebrations, there's no shortage of ways to embrace the spirit of the season. 👉 Guide Here
