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Jun. 1st, 2017

Delta Highrise - HudsonHomeTeam

The proposed development site on 120 Street and 75A Avenue. (James Smith photo)

 

If approved, it would be the second such development along Scott Road after the 37-story Delta Rise.

A potential 35-storey residential development on Scott Road is advancing to public consultation after approval from council on Monday, May 29.

The application is for a 35-storey residential building with limited commercial space at ground level and several three-storey townhouse units at the northwest corner of 75A Avenue and Scott Road. The building would have underground parking, accessible from 119A Street.

Council’s approval means the consultation process for the proposed development can begin; it does not necessarily mean the development will be approved for construction.

The public consultation process will include placing public notice signs along the properties on 120 Street, 75A Avenue and 119A street; sending notices to surround property owners; holding a public information meeting to introduce the proposed development; and holding a public hearing if the application proceeds past second reading.

 

 

Community planning and development director Jeff Day said the developers want “to move this forward as quickly as possible.”

“I anticipate the public information meeting would happen before true summer comes in,” he continued.

At the public information meeting, information on the building’s amenities will be brought forward. Currently, the development includes limited commercial spaces on the ground floor of the building, including a coffee shop and a business office because, Day said, “we don’t want to dilute the commercial along Scott Road.”

If the development is approved, the six properties covered by the development would be rezoned from multi-unit residential properties and medium density residential properties to mixed use properties.

“It’s just at the preliminary stage right now,” Day said. “There’s a lot of things we need to go through in terms of the form and the character of [the development].”

The development’s design will be brought forward during first and second readings, giving council members and the public a chance to weigh in on what the building would look like.

“At this point, we’re satisfied that it’s developed to a mark … that council would expect where we are able to take it out to the public,” Delta CAO George Harvie said during the May 29 council meeting. “But we always come back with some good additions and modifications based on public consultation.”

If approved, this would be the second high rise along that stretch of Scott Road. Delta Rise, which was officially completed on May 6, 2017, is a 37-storey residential building on 120 Street and 80 Avenue.

The new proposed development is located within the area covered by the Scott Road revitalization bylaw, which has established reduced municipal fees and taxes to encourage commercial and high density residential development along the Delta/Surrey border.

However, the proposed development would not automatically qualify for those bylaw incentives: eligibility has to be determined first.

The application for the building was put forward by developers Arzone Real Estate Investment Ltd. and Hari Homes Incorporated.

Both parties has been involved in other North Delta development proposals in the past, including a 20-unit townhouse development proposal on 84th Avenue and 115 Street.


Delta Highrise drawings  - HudsonHomeTeam


An application for a 35-storey high rise on 120th Street was approved by council on Monday, May 29. The proposed development will no go through several stages of public consultation. (Council report photo)

Delta Highrise drawings 2 - HudsonHomeTeam

An application for a 35-storey high rise on 120th Street was approved by council on Monday, May 29. The proposed development will no go through several stages of public consultation. (Council report photo)

 

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Is Fraser Valley the next big market in the B.C. housing sector?

 

 

Latest numbers from the Fraser Valley Real Estate Board (FVREB) revealed that B.C.’s southwestern region has experienced significant home price growth in February, indicating a possible companion to the red-hot Vancouver market in the near future. Last week, the Board revealed that the benchmark price for a single-family property in the Valley increased by 20.4 per cent year-over-year and 0.4 per cent compared to January, hitting $859,300.

 

 

 

 

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers,”

according to FVREB president Gopal Sahota, as quoted by CBC News.

 

 

“Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,”
Sahota stated, adding that the numbers are so far showing a “return to normal historical sales numbers.” Apartment prices also rose sharply by 26 per cent compared to February 2016 and 1.8 per cent month-over-month, up to $267,000. Meanwhile, average townhome costs grew by 25 per cent year-over-year and 0.5 per cent since January, reaching $422,400. Recently, Finance Minister Bill Morneau assured that the federal government is still closely monitoring the Canadian housing market, amid seemingly inexorable price growth in Vancouver and Toronto. 

 

“We continue to be very focused on thinking about how we can manage what is peoples’ most significant investment. And we do watch the level of indebtedness, in particular around housing,” Morneau stated, adding that “strong underlying markets” continue to drive the two cities’ outsized performance.  “So in Toronto and Vancouver, unemployment is lower in those two places than it is in some other places. Incomes are higher. The economy is doing better. So there are underlying reasons for the housing markets to do better and we’ll continue to monitor, to work with provinces and municipalities who have an important role to play here to manage what we see [as] a challenge, but not one that isn’t manageable.”

 

 

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In all the excitement and packing, buying & selling, many people forget to take care of some essential items before they move.  Don’t look past these 5 things you need to take care of, or it could cost you $$$.

moving -boxes -HudsonHomeTeam

  1. 1. Take care of all subscriptions: Magazines, memberships, recurring orders, gym memberships.  Get a head start on updating your address or cancelling memberships before charges mount on your credit card.  We suggest you take care of this at least 30 days prior to your move, as many gyms, clubs, and mail subscriptions require this much time for cancellation or updates.
  1. 2. Change your address at the post office: For a small fee Canada Post will allow you to register your new address to ensure all your mail finds its way to your new home.  Leaving bills or an outstanding balance behind, may impact your credit score, as well as lead to accumulated interest charges -–neither of which you are likely o want.
  1. 3. Call utility providers: Cable, internet, electricity, gas, etc…These are all services that you should be making contact BEFORE you move. Many of these services can pivot on a dime so not much notice is required, but we do recommend making contact at least 1 week prior to your move date.  Make a list of required utility providers & check it twice!  Or, you could wind up paying for someone else’s electric bill!

movingbycar - HudsonHomeTeam

4. Manage your motor vehicle insurance: If you are new to British Columbia here is what you need to know; ICBC allows up to 90 days to switch over your license, and 30 days to register, license and insure your vehicle.

If you are moving within the Province, you must update your address within 30 days of moving.  Your auto-insurance policy must always show your current home address and vehicle use, so do not forget to update this information!

5. Get a ‘To-Go’ box ready: Whether you are moving across the country, province, or just down the street, make sure that you have a go-to box ready. This should contain items you will need as soon as you get to your new home; cleaning products, toilet paper, garbage bags, paper towels, clean sheets, fresh towels, paper plates and eating utensils and maybe even a bottle of bubbly to celebrate.


Celebrate - HudsonHomeTeam


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Slimy Salesman

 

 

We felt it was important to share this post we read in a private Realtors Professional group.
There are plenty of those in our world who are willing to take advantage of anyone possible. And it's everywhere, not just in the Valley.
Understand, using a professional to market your home isn't just about the marketing, knowledge, negotiation skills and understanding of the transaction. It's also for the protection of the Principal (you).

Please read:

Well - this is officially a first for me. My seller had a knock on her door this afternoon. Outside was a couple offering to buy her home if she agreed to do it without me. She gave them my card and told them to call me if they wanted to buy it. They said - no, we want to work with you.... don't you want to sell your home? Don't you want to make more money? What if we paid you $50,000 more than you're asking? Thank goodness she told them to F* off and closed the door in their face. She was furious when she phoned me to tell me. They apparently got angry and left. The nerve of some people!!
UPDATE: Seller phoned the police and was told that they've had numerous reports of this happening over the holidays. It's sometimes a young couple. Sometimes 2 guys. All in the Aldergrove area. When talking to your sellers make sure to tell them to never let anyone in who isn't expected and with a Realtor... I always do and I'm sure glad I did this time!

The speculation, through the conversation in this thread, was that these people were potentially attempting to access the interior of this senior's home.


 

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courtesy of Business Insider

It turns out homebuyers are really into barn doors.


Screen Shot 2016 04 13 at 8.26.06 AM

 

 


When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that feature topped the list. 

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium. 

 

Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016 and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.  

Here are the top 15 design features:

Outdoor kitchen


Outdoor kitchen

Percent of homes that sell for above expected values: 3.7%

How many days faster than expected the home sells: 19

 

Tankless water heater


Tankless water heater

Percent of homes that sell for above expected values: 4%

How many days faster than expected the home sells: 43

 


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Backsplash

 


Backsplash


Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 46

Granite


granite
Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 38

 

Stainless Steel

stainless-steel HudsonHomeTeam

Percent of homes that sell for above expected values: 4.2%

How many days faster than expected the home sells: 42

 

Heated floors


heated-floors HudsonHomeTeam
Percent of homes that sell for above expected values: 4.3%

How many days faster than expected the home sells: 28

 

Frameless shower


frameless-shower HudsonHomeTeam
Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 38

 

Pendant light

 


pendant-light HudsonHomeTeam


Percent of homes that sell for above expected values: 4.6%

How many days faster than expected the home sells: 48

 

Exposed brick

exposed-brick HudsonHomeTeam

Percent of homes that sell for above expected values: 4.9%

How many days faster than expected the home sells: 36

 

Craftsman

craftsman HudsonHomeTeam

Percent of homes that sell for above expected values: 5.4%

How many days faster than expected the home sells: 14

 

Quartz

quartz HudsonHomeTeam

 

Percent of homes that sell for above expected values: 6.0%

How many days faster than expected the home sells: 50

 

Subway tile

subway-tile hudsonHomeTeam

 

Percent of homes that sell for above expected values: 6.9%

How many days faster than expected the home sells: 63

 

Farmhouse sink

farmhouse-sink HudsonHomeTeam


Percent of homes that sell for above expected values: 7.9%

How many days faster than expected the home sells: 58

 

Shaker cabinet

shaker-cabinet HudsonHomeTeam

 

Percent of homes that sell for above expected values: 9.6%

How many days faster than expected the home sells: 45

 

Barn door

 


barn-door HudsonHomeTeam


Percent of homes that sell for above expected values: 13.4%

How many days faster than expected the home sells: 57

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Broker fears were confirmed Tuesday, with one big bank raising its prime rate less than a month following new mortgage rules.
TD Canada Trust announced in a note to brokers Tuesday that it is changing its mortgage rates, including increasing its prime rate to 2.85%.
The prime rate has been held at 2.70% for more than a year, according to the broker who shared the announcement with MortgageBrokerNews.ca on condition of anonymity.

485824532


 


“When a bank changes their ‘version’ of bank prime it also serves as an invitation for the other banks to join in and do the same,” the broker said. “Naturally if they all change the public is screwed and all the banks make more profit.
“You see by effectively changing the goal posts on the rate the bank can continue to say: ‘we are prime less 0.50% which is a good deal.’  So as you can see this a clever move if it works.”
See the new rate sheet below.



The announcement also confirms what one economist speculated – that big banks could influence the market by altering its posted rates.
The new mortgage rate stress test, which forces all holders of insured mortgages to qualify at the Bank of Canada’s benchmark five-year rate.
The Bank of Canada’s benchmark rate is closely tied to big bank posted rates. And that relationship could allow lenders to tinker with their posted rates in a bid to influence the BoC’s, thereby allowing them to also influence the ease with which homebuyers can qualify for an insured mortgage.

Contact us for advice and information

 


Logo 2016 HD


“Another possible solution is that posted rates could fall, reducing the impacts of the stress tests. Since they are not set by the market, lenders could decide to lower them if, for example, they find that they are saying “no” to too much good business,” Will Dunning, chief economist of Mortgage Professionals Canada, wrote in a research paper entitled Slamming on the Brakes: Assessing the Impact of Changed Criteria for Mortgage Qualification. “The posted rates are set administratively by the lenders, based on their assessments of what is in their best interests, and their assessments could change.”

 

 

Courtesy of REPMAG.ca

 

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Caring for our neighbours

November 14 - 21, 2016

Each year our volunteers collect donations of blankets and warm clothing for those in need throughout the Lower Mainland.

Since we began 22 years ago, more than 290,000 disadvantaged people have been helped by the REALTORS Care® Blanket Drive.

How you can help

Please donate the following items for all ages:
  • gently used or new blankets or sleeping bags
  • warm clothing, coats
  • hats, gloves, scarves
  • new socks and underwear

 

 

Here's where to drop off your donations: real estate offices

 

 


 

Realtors Care - HudsonHomeTeam


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Foreign buyer tax has resulted in “policy shock,” but market will quickly recover to see prices higher than they are now, predicts Central 1 Credit Union chief economist

     Courtesy of  Joannah Connolly REW.ca September 20, 2016


Davidoff Pastrick Sommerville and Dachner UDI lunch Sept 16 Foreign Buyer Tax

 


Left to right: Tom Davidoff of UBC, Helmut Pastrick of Central 1 Credit Union and Tsur Sommerville of UBC listen to Arnon Dachner of Dentons at the UDI's September16 lunch panel on the Foreign Buyer Tax — Ryan Broda Photography

 

 

The “policy shock” of the new foreign buyer tax has created a “temporary market disruption” that will play out over the next three to six months, after which “market fundamentals” will mean the market recovers, according to a leading economist.

 

Speaking to a sold-out audience at the Urban Development Institute’s Foreign Buyer Tax luncheon and panel debate September 16, Helmut Pastrick, chief economist at Central 1 Credit Union, said that he expects house prices to recover so that they are higher this time next year than they are today.

 


 

 


Pastrick said, “I fully expect September’s sales to be down again, year-over-year, probably by 30 or 35 per cent compared with last September. The average price will probably fall again, relative to August, and this will play out over the next three to six months – it’s a temporary market disruption.

“After the market has absorbed this new tax regime, we will begin to see other market fundamentals come into effect. Prices will then continue to rise, and they will be higher this time next year.”

Pastrick’s fellow panellist at the UDI lunch, Tsur Sommerville, associate professor at UBC’s Centre for Urban Economics and Real Estate, added, “In other markets where a foreign buyer tax was introduced, such as Hong Kong and Singapore, in both those markets, prices continued to rise.”

Pastrick said later in the discussion, “I think home prices will begin to increase again, but at a slower rate. I expect to see higher prices until this economic cycle comes to an end, as all cycles do… But recessions only last a short while, and the cycle begins again. And in the long term, I would expect that over the next two or three decades, [Vancouver real estate] prices will double again, if not more than double. But there will be more economic cycles between now and then.”

He added, “Right now we don’t see any signs of an economic recession due to a shock event – we’re in a strong economic cycle.”

Sommerville added, “In terms of the demand side, you’ve got the combination of the strong economic cycle, low interest rates, and a demographic profile where you’ve got a large number of young people ramping up into home ownership. There are more Millennials than any other group, so you’re going to have a huge increase in housing demand, in a market where the ability to respond on the supply side is securely constrained.”

Sommerville’s colleague Tom Davidoff, associate professor at UBC’s Sauder School of Business, who was also on the luncheon panel, said that despite the strength of the economy and demand, there was still a significant risk of a sharp correction in home prices due to the foreign buyer tax.

He said, “A potential collapse in foreign buyer demand… could result in a less-bad version of what happened in the United States [in the sub-prime crisis of 2008]. There is a significant risk of an over-correction in prices – but I wouldn’t say that is the most likely outcome.”

The fourth member of the panel was lawyer Arnon Dachner, a partner at Dentons LLP, who warned delegates that tactics to avoid paying the foreign buyer tax – even seemingly legal approaches, such as contract reassignment – could be defined as an “avoidance transaction” that could leave the party still liable for the payable tax or other monies lost to the BC government.

 

The panel debate was moderated by Neil Chrystal, president and CEO of Polygon Homes, who recently told REW.ca that that he thought the overseas buyers’ tax was “morally and ethically wrong” and added, “I wouldn't be surprised if it was challenged legally.”

 


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Joannah Connolly

 

Joannah Connolly

Joannah Connolly is the editor and content manager of REW.ca and Real Estate Weekly newspaper, and editor-in-chief of Western Investor and West Coast Condominium. She also moonlights as the host of the Real Estate Therapist call-in show on Roundhouse Radio 98.3FM every Saturday, 9-10am. A dual Canadian-British citizen, Joannah has 20 years of media experience in Vancouver and London, with a background in construction, architecture and business media. Like many of the residents of her newly adopted town, Joannah has a decidedly unhealthy passion for Vancouver real estate and is often to be found scouring property listings well above her pay grade.

© Copyright 2016

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Renting out property to get easier as CMHC changes rules

by Steve Randall28 Jul 2015

The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing.
The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.

 

That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure.
Qualifying units must have sustainable income, proven by two years of rental rent payments. These payments will be averaged to assess the unit’s income. Applicants will also need a credit rating of at least 680.
Properties with more than a single rental unit will have slightly different rules and this change is most positive for homeowners with one rental unit. 

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Good Morning!

 

Looks a bit cloudy this AM but it should be nicer later on.

 

Watch for a schwack (not a real word) of Neighbourhood Garage Sales coming up over the next coupe of months.
So far we have confirmed South Meridian, Bayridge and Rosemary Heights school catchments for Spring.

 

 

Look for our new logo’s signs  in coming weeks as well!

 

Click below, on our (complimentary for your use) directional sign to go to this weekend’s map.

 

 

 


 



Click our new logo below to take you to the latest Open Houses and listings in South Surrey & White Rock.



 

 


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