June 2020 Newsletter
Andy Schildhorn • June 15, 2020
Hello and Welcome to our June Newsletter.
Summer is approaching and we are all coming out of COVID hibernation. It's wonderful, we are getting slowly back to normal however it is still advised to be cautious and maintain our 6’ protocols.
Our Market Update states Mortgage rates are at an all-time low. Money might be cheap however Buyers are cautious about economic uncertainty.
Our Featured Listing
is 20931 45A Avenue located in the Langley Uplands. This home boasts a 12,000sq.ft lot with plenty of room to raise your family. A bit of a treasure.
Our Langley Infographic
shows us pricing still went up last month with sales volume low. Again this is brought about due to a lack of inventory.
Every Saturday morning our family heads over to the Fort Langley Farmer’s Market. Lots of local fresh farm produce. Right now a special treat are the live spotted prawns.
Rita Cousins, Mortgage Broker talks about the 20% down payment requirements
and how this affects insured and non-insured Buyers
Irina Bartnik Notary Public, asks the question. Do you know you may be able to defer your Property Taxes this year?
Lastly and just recently announced, CMHC has new restrictions for insured buyers. This could lower purchasing power by up to 11%. Interestingly Genworth and Canada Guaranty, the two other home insurers, will not adopt these new rules.
Well, that is it for this month. In all this confusion and uncertainty, real estate is recovering. Plans which were put on hold are now becoming a reality. As always I welcome your call to put your plans into reality.
Thanks for dropping by, Have a Great Day and I look forward to hearing from you soon!
SURREY, BC – Market conditions are ideal for Fraser Valley home buyers this summer, but the persistent gap between buyers’ and sellers’ price expectations continues to suppress sales. The Fraser Valley Real Estate Board recorded 1,190 sales on its Multiple Listing Service® (MLS®) in July, down half a per cent from June and down three per cent year-over-year. July sales were 23 per cent below the 10-year average. The supply of homes for sale dipped slightly in July, down two per cent from June to 10,650, nearly 50 per cent above the 10-year seasonal average. New listings declined five per cent over June to 3,453. The Fraser Valley remains in a buyer’s market with an overall sales-to-active listings ratio of 11 per cent; the market is considered balanced when the ratio is between 12 per cent and 20 per cent.
I'm going to be honest with you, I almost forgot to write this email this week. Got caught up with Fort Langley Jazz Festival. and almost ran out of time. Barely got this in under the wire. I think its a great edition of the newsletter. Performance under pressure! haha LAPS is here. 📣 "Success is not in what you have, but who you are." - Bo Bennett
The Township of Langley Traffic Cameras for up to date traffic information. Click here
