Tuesday, October 21, 2014

Rotary Book Sale 2014 - Chilliwack Mall October


Sunday morning was the start of the week long Chilliwack Rotary Book Sale at the Chilliwack Mall.  This event is the Fraser Valley's best used book sale and I wanted to get there early.  Maybe not like some of the people that lined up in the dark at 6 a.m. - but close to the opening.

Chilliwack Rotarians 4©
By 7:30 a.m., I was there the doors had only been open for a half hour and already a steady stream of people were scooping up $2 used book deals.  A huge selection of recent titles that is so well organized by hundreds of people from Canada's third largest Rotary Club, it's volunteers and students.

So...I could not believe it when I heard one woman say "It's too bad they don't arrange them alphabetically. They could sell 10 times as many books".  All I could think was that despite the effort that has gone into arranging them by topic, grouping the works of prolific authors together, providing waist high viewing at bargain prices there will always be someone that has to complain.  Human nature I guess - hold on - there is probably a book on that! A book that is easy to find because of the stellar organizational job this group does.

This literacy fund raising project succeeds on the individual, local community and even global levels.

The Rotarians 4, Bob, Debra, Dennis and, fellow Royal LePage Wheeler Cheam agent, Ian were nice enough to pose and take some cash from me.

I got some great buys but left lots more.

Imagine living here...and get out to the sale this week, on until October 25th!


Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

Real Estate Foundation Land Awards Gala 2014 - Meeting Peter Mansbridge


On Friday night, I had a chance once again to wear my used rental tuxedo and attend the prestigious Real Estate Foundation of British Columbia Land Awards gala. While there I  met and briefly chatted with CBC "The National" anchorman Peter Mansbridge.  Turns out he is a super cool guy to talk to. Wouldn't you know it.

Real Estate Foundation BC Land Awards 2014 © REFBC

I'll admit I was looking for a local angle to our eastern Fraser Valley communities and I had always wondered if Peter Mansbridge had ever lived on our Canadian Forces Base Chilliwack; now called Garrison Crossing. Sadly no, although he did say that he was in the Canadian Forces for a time in the late 60s and had been posted to Esquimalt B.C.  There he became well acquainted with every hill in the town as they had to run up them as part of their training.

Later, Peter Mansbridge spoke to a sold out audience about, what it is to be Canadian, from his personal perspective and experiences from around the world.  It was so quiet as he spoke and he touched the hearts of all present.

The Real Estate Foundation of British Columbia has since its creation by the Provincial Government in 1985 awarded over 68 million dollars in grants to communities throughout BC.

This was the 5th gala awards event which recognizes Best British Columbia land use practises both on public and private levels as well as leadership in the form of Land Awards and a very a prestigious Land Champion award.

It was amazing to see some of the exciting initiatives in this province and celebrate with the nominees and winners.  Fortunately, short videos have been made showing the creativity and pluck of these groups, available at this link on Land Award Videos. Enjoy.

If you are wondering about my connection. How does a small town Chilliwack/Agassiz real estate agent wind up in a used rental tux at such an event?  How does he did get a chance to talk to Peter Mansbridge?  I could tell you luck, and in part it is, I fortunate enough to serve as the Real Estate Institute of British Columbia representative to the as a Foundation Governor for a 6 year period.  I am thankful that REFBC still remembers its former Governors invites us to take part in its continuing good works.


Imagine living here....


Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

Wednesday, October 15, 2014

Royal LePage Canada - A Culture of Giving


Celebrating a moment of giving with the Ann Davis Transition Society.




This past Thursday, the real estate agents of Royal LePage Wheeler Cheam gathered for a cheque presentation to the Chilliwack Ann Davis Transition House.  It was a beautiful day and I was barely in time (second from the left) for the photo.  The sunshine and a sense of doing one of the "right things" in life cheered us greatly.

Our office is only part of a chain of good works spread across the country through Royal LePage. We are, in fact, the only Canadian real estate company with its' own branded charity.  The Royal LePage Shelter Foundation has raised over $18,000,000 in support of funding for Canadian women's shelter, violence prevention and education programs.

Helping You Is What We Do is something that is practised by Royal LePage real estate agents coast to coast.  It's as true now as it was 101 years ago when our Canadian company was founded.  I am sure this same philosophy will drive us forward in the years and decades ahead.

Make an online, secure and tax-deductible donation at  Royal LePage Shelter Foundation


Helping you is what we do...



Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.
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Monday, October 6, 2014

It's Bright - Urban Future's predicts Chilliwack's Future Growth to 2040


Last Friday, I spent the day listening to speakers at the "Chilliwack Moving Forward 2014 - 2040" educational event.  This event was hosted by the Chilliwack Economic Partners Corporation (CEPCO) and the Chilliwack Real Estate Board's Commercial Division of which I am a member.

"Visions" Chilliwack Cultural Centre


It seemed appropriate that I passed by the recently installed sculpture "Visions" on my way in.  The artist explains that each rectangle is supposed to give the viewer pause for thought about the past, present and future.  This sculpture, was a gift to the City of Chilliwack by the Chilliwack and District Real Estate Board of which I am a past president.

Predicting the Future

When it comes to predicting the future, there are certain factors that cannot be ignored. The first of these is demographics.  Since 1976, B.C. has seen its population swell from 2.53 to 4.58 million people in 2013, is there any surprise that increased demand has led to higher real estate values.

The Fraser Valley, despite the vast size of the province mainland, should be considered as being more like an island. The constraints of the Canada- USA border to the south, the Coastal and Cascade Mountains to the north and east and the ocean to the west make this a very confined location indeed. Further complicating land use is the Agricultural Land Reserve (ALR) which removes properties from development that might otherwise be broken down into residential purposes.

The morning began with a presentation by demographer Ryan Berlin of the Urban Futures Institute.
With respect to the current British Columbian population of 4.58 million (2013) by 2040 the Urban Futures people expect that there will be 6.41 million people.  In other words,  in the 26 years between now and  2040 they are anticipating another 1.83 million people to call BC home.  A 40% increase from 2014 - 2040; at a pace 122% higher than that previously achieved in the 1976-2013 period.

How many people will Chilliwack attract by 2040?

Ryan Berlin, expects that the Chilliwack area, which includes Agassiz, Harrison Hot Springs and Hope should see another 30,000 people by 2032 on its current base population of 107,000 and 40,000 by 2040.

Where are these people coming from?  

As the typical BC family is having only 1.41 children (2013), which is below replacement levels, people coming into BC from other locations are the trend and the engine behind future population gains.  Inter-provincial migration will add about 27% and immigration from other parts of the world about 73%.

Where will our new residents live in Chilliwack?

Hillside development possibilities will accommodate about 15 percent and then more compact housing will have to be developed.   To some degree, with carriage homes and basement suites becoming more prevalent, this is already taking place in Chilliwack. Likely specialized housing designed around another demographic juggernaut - "the aging boomer" will occur.  These boomers can expect to live longer than the current averages of 83.7 years for women and 79.7 for men.

I believe, we will see more Indian Reserve land developed given the size of the demand and constraints of the ALR.

Summary

The future for real estate in Chilliwack looks healthy, especially as younger families and, "cashed out seniors/boomers" in communities to the west, will likely target Chilliwack as it gives the "best in the Valley pricing".

As I left, once again, I walked past the "Visions" sculpture this time with a little clearer picture of what the future here in Chilliwack will look like.  It was bright.


Imagine living here...


Stephen Mullock
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

Wednesday, October 1, 2014

Chilliwack* Real Estate Sales Review and Analysis September 2014


It has been awhile since we have seen a year as strong as 2014 in the sale of Chilliwack* real estate.  In fact, you have to go back to 2007 to find comparable sale volumes.  A welcomed relief for many homeowners and would be sellers. Buyers too must be pleased with relatively stable housing prices and low mortgage rates. 

The Chilliwack* real estate board area (CADREB) which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Fraser Cascade Regional District recorded 146 sales of single family houses and 64 sales of strata homes such as townhouses, and apartments in September 2014.  A total of 210 for all housing types.

The sale of single family houses remains in solid territory 5% higher than the 10-year average for September.   Strata home sales are likewise showing strength - 2% above the 10-year average for the month.

Prices are for the most part are unchanged this year and remain very competitive.  Low mortgage rates and a recovery in the economy are the driving forces behind the strength in the market. Inventory levels are currently dropping due to an increase in demand and seasonal factors. 

Some of the best buys can be found in the Agassiz community a 20 minute drive from Chilliwack.

OPEN HOUSE 1596 Canterbury Drive, Agassiz


This report divides Chilliwack* residential properties into two classifications; single family detached and strata.  There is often a significant difference in market vigour between the two classifications and for this reason I like to view them separately.




Sales of Single Family Detached Houses



The Chilliwack* real estate board area (CADREB) which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Fraser Cascade Regional District recorded a total of 146 sales of single family houses in September 2014. This was down a little from the August total of 163 sales of Chilliwack single family homes but we anticipate fewer sales in September compared to August.  Based on a 10-year average for September we should expect about 133 sales - so the 146 sales were above the "norm".
  
A list to sale ratio of 15.5% is down from the 16.7% of last month but it is still indicating that there is a balanced competitive market for Chilliwack* single family detached homes.

MONTHSales/Average Sale Price/Days on Market/Active Listings
Sept 2014146$354,00064924
Aug 2014163$334,00063956
Sept 2013140$331,00075n/a




As "average sale prices" can be impacted in a disproportionate manner by the sale of high-end properties the "median" is often considered a better measure of where values are, as follows:  


Median SALE Price of Chilliwack* Single Family Detached Homes (SFD)
  • September 2014 - $338,500
  • August 2014 - $339,500
  • July 2014 - $346,000
  • June 2014 - $337,500
  • May 2014 - $349,000
  • April 2014 - $341,500
  • March 2014 - $347,500
  • February 2014 - $339,000
  • January 2014 - $348,000
  • December 2013 - $334,500
  • November  2013 - $334,000
  • October 2013 - $321,000
  • September 2013 - $336,000
  • August 2013 - $309,500
  • July 2013 - $347,500
  • June 2013 - $349,500
  • May 2013 - $339,500
  • April 2013 - $338,000
  • March 2013 - $364,000
  • February 2013 - $315,000

       
    Median LISTING Price of active Chilliwack* Single Family Detached Real Estate Homes:
    • October 1, 2014 - $364,000
    • September 2, 2014 - $358,500
    • August 1, 2014 - $359,900
    • July 1, 2014 - $359,900
    • June 2, 2014 - $359,900
    • May 2, 2014 - $364,900
    • April 8, 2014 - $359,900
    • March 3, 2014 - $354,900
    • February 1, 2014 - $349,900
    • December 3, 2013 - $359,900
    • November 1, 2013 - $359,000
    • October 1, 2013 - $364,900
    • September 3, 2014 - $358,000
    • August 1, 2013 - $349,900
    • July 2, 2013 $359,900
    • June 4, 2013 $365,000
    • May 2, 2013 $369,900
    • April 1, 2013 $359,900


      2013 - 2011 Market Strength for Chilliwack* Single Family Houses

      Single Family House Monthly Unit Sales as % of a 10-Year Monthly Sales Average

      MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
      2014 - %94%1008295100110104116105


      201397%68%60%75%82%83%82%87%105%79%83%80%
      201281%67%77%77%83%70%88%54%70%88%91%80%
      201185%91%75%70%68%93%74%86%86%70%86%92%

      Please remember to use the services of a Realtor© to maximize your chances for a successful purchase or sale. Give me a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.





      Sales of Strata Homes (Apartments, Townhouses etc.)


      Harrison 3 bedroom Beach Front Condo


      The Chilliwack* real estate board area (CADREB) which includes the outlying communities of Agassiz, Harrison Hot Springs, Hope and parts of the Fraser Cascade Regional District recorded a total of 64 sales of strata homes (apartments, townhouses) in September 2014.

      The 64, Chilliwack* real estate board strata sales were very similar to August's total when 65 sales were recorded. Based on a 10-year average for August we should expect about 62 sales.
        
      A list to sale ratio of 12.9% indicates that the market remains in Balanced territory calming fears that it was moving into a Seller's market for Chilliwack* strata homes. 

      
      MONTHSales/Average Sale Price/Days on Market/Active Listings
      Sept  2014 64$235,00059503
      Aug  2014 65$231,00084489
      Aug  2013 57$212,00094n/a


      Median SALE Price of Chilliwack* Strata Homes
      • September 2014 - $245,000
      • August 2014 - $234,500
      • July 2014 - $234,000
      • June 2014 - $219,500
      • May 2014 - $220,500
      • April 2014 - $220,500
      • March 2014 - $243,000
      • February 2014 - $239,000
      • January 2014 - $216,000
      • December 2013 - $232,500
      • November 2013 - $202,000
      • October 2013 - $199,500
      • September 2013 - $212,500
      • August 2013 - $209,900
      • July 2013 - $231,500
      • June 2013 - $211,000
      • May 2013 - $211,000
      • April 2013 - $204,000
      • March 2013 - $229,000
      • February 2013 - $208,000



        Median LISTING Price of active Chilliwack* Strata Real Estate Listings:
        • October 1, 2014 - $210,000
        • September 2, 2014 - $216,900
        • Aug 1, 2014 - $214,900
        • July 1, 2014 - $219,000
        • June 2, 2014 - $219,900
        • May 2, 2014 - $214,900
        • April 8, 2014 - $219,000
        • March 3, 2014 - $219,900
        • February 1, 2014 - $219,900
        • January 2, 2014 - $212,500
        • December 3, 2013 - $214,900
        • November 1, 2013 - $214,900
        • October 1, 2013 - $214,900
        • September 3, 2013 - $194,500
        • August 1, 2013 - $212,000
        • July 2, 2013 - $213,900
        • June 4, 2013 - $214,900
        • May 2, 2013 - $210,000
        • April 1, 2013 - $212,500
        • March 1, 2013 - $209,900
        • February 1, 2013 - $217,500


        2011 - 2013 Strata Market Strength

        Strata Home Monthly Unit Sales as % of a 10-Year Monthly Sales Average

        MonthJanFebMarAprMayJunJulyAugSeptOctNovDec
        2014 - %90%66721061051348697102


        2013100%81%89%73%87%99%84%85%79%10868%90%
        201293%78%96%70%87%85%97%67%89%76%11482%
        2011100%10585%86%84%66%66%91%

        Once again, please remember to use the services of a Realtor© to maximize your chances for a successful purchase or sale. Give me a call if you are looking for professional service in the Chilliwack, Agassiz, Kent or Harrison Hot Springs areas.

        The information presented in this post has been prepared by the author Stephen Mullock, using information from the Chilliwack and District Real Estate Board.  The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information are not guaranteed.

        In providing this information, neither Stephen Mullock nor the Chilliwack & District Real Estate Board assumes any responsibility or liability.

        Copyright © 2014 Stephen Mullock. All rights reserved. Reproduction in whole or part is prohibited without written permission.


        Imagine living here...

        Stephen Mullock
        is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.