May 2020 Newsletter
Andy Schildhorn • May 19, 2020
Hello and Welcome to our May Newsletter.
It’s been about 6 weeks of self-isolation. How are you doing? Together as a community we are all doing our part and starting to see results. Our economy is still on hold and we wonder what is in store for us. I am hearing we will have a quick rebound and on the other hand a deep collapse. I think you will find our Market update
well balanced and thought out.
Langley Infographic
is telling us pricing is unticking with sales volume down over 50%
For quite a while now I wanted to tell you about Langley Volunteers. If you are looking to help out, this is the place to go. They have some new tech which matches volunteer interests and skills to the right organization.
Rita Cousins mortgage broker talks about the need for an annual mortgage review. Always important. It's like a tuneup.
Irina Bartnik updates us about property tax deferment
if you are over 55 or have children this maybe for you.
In the News: Our numbers are good or should I say our lack of numbers. In the next week we can have social gatherings of up to 6 people. Some businesses will open. Please read for details.
Saying this we should start to see Buyers entering back into the market place. The market was strong before Covid 19 hit. I can see a bit of a surge in sales coming. There are not enough homes for sale. As always a plan is needed. Let’s talk and discuss.
So that’s it for this month. Stay Safe, Stay Home and Stay Sane.
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
The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Major economies around the world continue to show resilience to US trade protectionism, but uncertainty is still high. In the United States, economic growth is being supported by strong consumption and a surge in AI investment. The US government shutdown caused volatility in quarterly growth and delayed the release of some key economic data. Tariffs are causing some upward pressure on US inflation. In the euro area, economic growth has been stronger than expected, with the services sector showing particular resilience. In China, soft domestic demand, including more weakness in the housing market, is weighing on growth. Global financial conditions, oil prices, and the Canadian dollar are all roughly unchanged since the Bank’s October Monetary Policy Report (MPR). 👉 Read the Article Here
