Your Fraser Valley Real Estate Market Update
  
Fueled by the consumer response to the COVID‐19 pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.
In 2021, the FVREB received 35,629 new listings – the second highest on record (second only to 2008 at 35,651); and 12.4 per cent more than in 2020.
Here is the summary of the market for December, 2021
Total Sales Processed - 1,808
Total New Listings - 1,278
Total Active Listings - 1,957 (Lowest in 41 years)
For the Fraser Valley region, the average number of days to sell an:
Single Family Detached - 24 Days
Townhomes - 14 Days
Apartment (Condos) -20 Days
Of the total transactions Fraser Valley Real Estate Board processed:
635 were Single Family Detached
414 were Townhouses
544 were Apartments (Condos)
HPI Benchmark Price Activity
Single Family Detached
Benchmark Price - $1,500,000
Price increased 39.0% compared to December 2020
Price increased 3.6% compared to November 2021
Townhomes
Benchmark Price - $765,800
Price increased 32.9% compared to December 2020
Price increased 3.5% compared to November 2021
Apartments/Condos
Benchmark Price - $549,200
Price increased 25.3% compared to December 2020
Price increased 3.5% compared to November 2021
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.
7 Insurance Policies Landlords Should Discuss With Their Providers
lf you own rental properties then you need to make sure you and your investments are properly protected. Certainly, these types of issues have been on top-of-mind for many of us lately with natural disasters where homes have been destroyed by wildfires in the Northern BC areas last summer. These events bring to light the importance of the right insurance policy, particularly for investors.
The right protection means finding an insurance policy that will cover property damage, liability, and lost rent if the property becomes uninhabitable. As a landlord, your insurance is a bit different than homeowners insurance and typically includes two types of coverage: property and liability protection.
It’s especially important to remember to make the change from a homeowner’s policy to a landlord policy if you previously occupied the property and are transitioning it into a rental property.
To better understand the options available to landlords, here is a breakdown of landlord insurance policy options to discuss with your provider.
1. Property Protection
Insurance policies designed for rental dwellings provide property insurance coverage for damage to the home from fire, lightning, wind, hail, ice, snow, and other types of covered incidents.
It’s important to note that property protection is often referred to as “dwelling coverage” by insurance policy providers.
2. Personal Property Protection
Landlord policies cover personal property left on-site for maintenance or tenant use, such as appliances and lawnmowers. Landlord policies do not cover tenant property; your tenants will need to have their own renters insurance policy to cover damaged tenant property.
Landlords can require that their tenants get renter’s insurance as a condition of the lease. One of the major benefits of renter’s insurance is avoiding disputes about who will replace a renter’s personal property if damage occurs.
3. Liability Protection
Landlord policies can include liability coverage. If one of your tenants or a guest gets hurt on the property, liability protection covers legal fees and medical expenses.
4. Rent Loss Protection
If your property is damaged to the point where it is uninhabitable, your landlord policy will cover the lost rent and pay you the amount of money you would have made in rental income. Rent loss insurance helps you continue to make mortgage payments when a tenant cannot occupy the home.
5. Flood Protection
Your flood insurance policy can include coverage for the building, contents, and replacement costs.
6. Acts of Nature Protection
Your dwelling coverage might be limited to certain types of damage—and exclude other types of peril. Earthquakes, hurricanes, and tornadoes are acts of nature that are not always covered by your standard landlord insurance policy. If you live in an area at risk for earthquakes, hurricanes, or tornadoes, talk to your provider to add additional peril protections.
7. Cash Value vs. Replacement Cost
When you design your landlord insurance policy, you need to consider cash value versus replacement cost when filing a claim.
When repairing or rebuilding damaged property, an actual cost value policy will pay you the actual cost minus the depreciation value of damaged items.
Replacement value will pay you the value equal to replacing a damaged item. Compared to actual cash value, replacement value will get a new item at no out-of-pocket cost to you. If you are willing to pay the difference out of pocket, actual cost coverage will be fine. But if you would rather have insurance take care of everything, replacement cost coverage is the way to go. Understandably, replacement cost coverage will cost more than actual cost coverage.
As you can see, there are many things that must be considered when choosing your landlord insurance policy. It is important to read the policy carefully, discuss options with your agent and ensure that you are fully protected. As we’ve all seen recently, just about anything can happen, so it’s a good idea to be prepared with the proper insurance policy to cover your investment and meet your needs.
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