Your Fraser Valley Real Estate Market Update
  
Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history. This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.
Here is the summary of the market for October
Total Sales Processed - 2,370 (Increase of 48.9 % over October 2019)
Total New Listings - 3,081
Total Active Listings - 6,872
For the Fraser Valley region, the average number of days to sell an:
Apartment (Condos) -36 Days
Townhomes - 27 Days
Single Family Detached - 30 Days
Of the total transactions Fraser Valley Real Estate Board processed:
611 were Townhouses
502 were Apartments (Condos)
979 were Single Family Detached
HPI Benchmark Price Activity
Apartments/Condos
Benchmark Price - $434.600
Price decreased 0.5% compared to September 2020
Price increased 4.2% compared to October 2019
Townhomes
Benchmark Price - $569,200
Price increased 0.3% compared to September 2020
Price increased 5.0% compared to October 2019
Single Family Detached
Benchmark Price - $1,046,900
Price increased 1.4% compared to September 2020
Price increased 9.9% compared to October 2019
For the most updated market information on what is happening in your neighborhood, give me a call at 604 308 6404 or e mail at RealtorNischal@gmail.com.
The support of a real estate expert goes a long way when navigating a busy market in the Fraser Valley..
Reminder: As you know that I am in real estate investment and sales and my passion is to bring buyers/sellers together. Who have you talked to in past couple days that might be thinking about buying/selling in British Columbia or anywhere in Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit.
Also, we offer a $500.00 referral fee to anyone that leads to successful completion of a sale.
Things You Didn’t Know About Airbnb
Airbnb is one of the most successful short-term rental businesses in the world today. Since its formation in 2008, it has experienced massive growth, starting out with just a few friends renting extra space in their home to an international multibillion-dollar corporation.
Airbnb and other companies like it have completely disrupted the hotel and recreation industry. Despite taking a hit due to the coronavirus pandemic, Airbnb has been one of the first to bounce back and even announced its intention to become a publicly-traded company in 2020.
Below are several interesting tidbits about Airbnb that you might not have known before.
1) Valuation
* As of 2019, Airbnb’s private valuation was $35 billion.
* This puts Airbnb’s value at a higher number than many well-known brands in the hotel industry that have been around much longer.
* However, it’s value decreased post-COVID to $18B.
2) Host Protection Insurance
* Airbnb provides each host a $1 million liability insurance policy for their rental business.
* This policy applies for each incident that occurs in their property. If they have multiple properties, they are covered just as well.
3) Total Listings
* Airbnb currently has more than 7 million listings all across the world.
* On any given day, Airbnb provides lodging services for 2 million guests.
* The United States controls the majority of this market share.
* Airbnb listings are available in over 100,000 cities spanning 220 countries.
4) Affordability
* On average, Airbnb rentals are 21% to 49% cheaper than hotel rooms.
* More and more people every year are using Airbnb and other short-term rental platforms for business travel, vacation, etc.
5) Booking Trends
* The majority of Airbnb bookings are for 2-4 people per stay.
* This means that making your property compatible for multiple guests will guarantee you make more money every month.
6) Airbnb Arbitrage
* With Airbnb arbitrage, you don't even need to own a home to start an Airbnb business. This is a business strategy where a wannabe host rents a property from a landlord and then lists it on the platform.
* Hosts can make $1,000+ per month of positive cash flow for each property when acquired with rental arbitrage.
7) Airbnb Experiences
* Airbnb doesn't just offer homes and rooms for rent. They also offer Airbnb Experiences such as tours, social events, online experiences, and other adventures.
8) Popularity
* The most popular locations for Airbnb in 2019 were in China, Mexico, and New Zealand.
* Each year Airbnb acquires more and more of the international market share.
* This trend is not only serving guests but also allowing everyday people to create successful businesses out of their homes.
9) Host Demographics
* More and more people over the age of 55 are taking up Airbnb hosting as a source of income.
* This may be a result of the fact that most homeowners are older, giving them a lower barrier to entry.
* Creating a reliable source of passive income could allow you to retire early and get more out of life while you’re young.
10) Guest Demographics
* The majority of bookings on Airbnb are by people who are between the ages of 22 and 37.
* This younger generation of users is paving the way for new and alternative technologies that provide age-old services.
* This likely means that this trend will continue into the future, thereby securing the financial success of those who choose to get into hosting.
How COVID-19 Changed the Property Management Business
The COVID-19 pandemic has severely impacted nearly all businesses, including property management. For property managers, the coronavirus crisis brings unique challenges. Social distancing, shelter-at-home mandates, travel restrictions, rent collection, and property maintenance are just some of the challenges impacting landlords.
Landlords need to adapt quickly to the changes that COVID-19 has brought. Because many technological advances in the property management sector help streamline operations, many will change the industry forever. What must landlords do?
3 ways property management has changed due to the coronavirus pandemic. Many of these changes are new measures that landlords are taking to adapt their business strategies.
1. Landlords are going virtual
Due to social distancing mandates, landlords are now conducting much of their business virtually. No longer do landlords meet new tenants at the property, show them around, and then sign a paper lease. Most work is now done online.
Cloud-based technology has made it possible to do most property management tasks remotely. Digital technology will transform the way landlords operate even after the coronavirus has passed.
2. Landlords are communicating proactively with tenants
Apart from using digital tools for rent collection and lease signing, successful landlords see the need to communicate frequently with tenants. The majority of renters face financial uncertainty during the coronavirus. Landlords who are proactive in communication find that it’s easier to work out solutions to rent payment issues.
Many rental property owners who use property manager apps also find it easier to communicate with tenants.
3. Rental property maintenance
The COVID-19 health crisis meant that landlords had to rethink how they carry out essential and non-essential property repairs. Laws mandating social distancing and concerns about the virus mean that tenants want to limit in-person interactions.
Of course, there’s no question that it’s crucial to carry out emergency repairs quickly. But landlords are coming up with intuitive ways to care for non-essential maintenance and repairs.
Beginning in March, landlords had to quickly and utterly rethink the way they operate. But thankfully, digital technology provides property managers new and exciting opportunities to transform their business.
While some tenants will want to visit apartments after the pandemic is over, virtual tours will still be an option for many. Other technologies such as online rent collection, e-signing documents, and property management apps look set to stay.
Due to COVID-19, the way property managers and landlords operate has changed forever.
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