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Easter Bunny is coming to Morgan Crossing

Mar. 9th, 2017

 

Join us on Saturday, April 8th as we welcome the Easter Bunny here at The Shops at Morgan Crossing. There will be complimentary photos with the Easter Bunny, Easter treats, hot chocolate, tea, arts & craft and more. Time:1-4pm

Location: Unit 110 – 15850 26th Ave (Across from Starbucks)

Plus be sure to post and share you photo with the Easter Bunny for a chance to be entered to win a $50 gift card to The Shops at Morgan Crossing. * Must share and tag on The Shops at Morgan Crossing Twitter,

Facebook or Instagram page

If you would like more information please call: 778-294-2925

 


Easter Fair

Petting a lamb at Easter Fair

Location:
Surrey Museum, 17710 56a Ave

Date & Time:
April 15, 2017
1:00 PM - 4:00 PM

Contact:
604-592-6956

Bunnies and Other Farm Friends!

Animals and Easter go hand in hand. Join us at the Surrey Museum as we ring in Spring with local rescue animals.  Celebrate their new beginnings and take part in family friendly Easter festivities by donation.

Local animal rescue groups will be onsite teaching children and their parents about respectful treatment and care for animals. Families can get up close and personal with rescue animals, from rabbits to cats and dogs to birds.

Other Easter activities include:

  • Spring crafts and an Easter Egg Scavenger Hunt in the exhibit gallery.
  • A special guest appearance by the Vancouver Rabbit Agility Club which will be showing off their athletic bunnies at 2pm and 3pm in the Museum’s plaza, weather permitting.
  • The Easter Bunny himself.
  • Storytelling in the Museum theatre

Easter at Knapps

Location: 4391 King George Blvd.

Date: 11am-3pm, Apr 17, 2017

Event Details

Screen Shot 2017-03-29 at 4.00.48 PM (1).png

Spend Easter Monday with us at Art Knapp on April 1st, 2017 from 11am to 3pm!
FREE TRAIN RIDES from 11am-3pm
Meet the EASTER BUNNY!!
Complimentary face painting
Enjoy complimentary snacks and coffee
This is a great event for those with small kids! For the older ones, we have mini golf and lots of cool things to look at! Come and join the fun :)


Farm Tots: Potter’s Bunnies

Crafts in the kitchen

 

Farm Tots: Potter’s Bunnies (1-3yrs parent participation)
Little bunnies hop, hop, hop as they explore Beatrix Potter’s classic tales through rhymes and a craft, then take part in the “Great Bunny Hop-Off”.  1 session for $5.
Thursday, April 6 from 10:30am-11:30am – Register Online (#4519799)
Friday, April 7 from 10:30am-11:30am – Register Online (#4519800)

 


Morgan Creek Easter Brunch

  • Apr 16, 2017  -  10:30am and 1:30pm

Tickets are now on sale for our annual Easter Brunch Buffet on Sunday, April 16th.  Purchase your tickets early as this event sells out every year.  We will be offering two seating options of 10:30am and 1:30pm. Pricing includes all taxes and gratuity.

Adults – $43
Children 5 to 12 years – $25
Children 4 years and under – No charge

Easter Brunch Menu

Tickets are now on sale for our annual Easter Brunch Buffet on Sunday, April 16th.  Purchase your tickets early as this event sells out every year.  We will be offering two seating options of 10:30am and 1:30pm. Pricing includes all taxes and gratuity.

Adults - $43
Children 5 to 12 years - $25
Children 4 years and under - No charge

easterbrunch1030

easterbrunch130

 

  • Easter Event Image

Old Fashioned Easter

  • Apr 15, 201711:00am - 3:00pm

Do you have dreams of a family Easter egg hunt on the budding grounds of a heritage farmhouse? If so, we have the perfect experience for you. The free, all ages event is ideal for making memories and taking beautiful photos. Other family fun activities include:

  • Face painting
  • DIY rabbit ears
  • Bunny Olympic competitions
Event Information

Where: Historic Stewart Farm, 13723 Crescent Rd Surrey, BC
Phone: 604-592-6956
Website: http://www.surrey.ca/culture-recreation/22375.aspx

 


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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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Photo: Andrew Hudson

The biggest challenge Canada faces in creating affordable housing is getting people to and from home and work.

 

"If you think housing prices are high now - just wait."  - Heino Molls, REMonline

 

 

"Census Canada figures show that Canada’s population has rocketed past 35 million. In fact, that number is going to be 36 million before the ink is dry on this most recent report and it will, without a doubt, be going at light speed past 40 million way before 2020. That means a huge boost in housing demand. It means that the privilege of living in a home in Canada, not to mention an actual house in Canada is going to come with a high cost. You think the cost of a house in Toronto, Vancouver or Ottawa is high now, just wait.


Do the math on your own. Not the math of the naysayers, the doom and gloom crowd, the people who will show you diagrams and charts with circles and arrows that pinpoint the exact time and date of the collapse of the real estate market. Rather look around, see what is going on and add it up for yourself.


We are facing many problems in our country. There is not enough time and space here to discuss all the challenges of health care, especially mental health care, as well as housing for the poor and marginalized people in our society. Another major challenge that should be mentioned in the same conversation as housing and property value is public transit.

Our governments are scrambling to build new transit ways and highways to accommodate all the people who will be travelling to and from our inner cities for business, health care, restaurants and entertainment.


How Much is YOUR Home Worth?

 

 


Our biggest problem is going to be building transit, not just within our cities but also from the towns and satellite communities that will have even higher population growth in the coming years. Communities like Chilliwack and Abbotsford in B.C. and cities like Kitchener-Waterloo not far from Toronto. The same for all other cities in the country. Transit is going to be our biggest problem.

 

Falling house prices. Yeah, not so much."

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It's that time of year again!


Homelife Golf - HudsonHomeTeam


Get ready to dust off your clubs and support Canuck Place Children's Hospice at the 16th Annual HomeLife Charity Golf Classic!
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Updated CMHC homebuying guide encourages long-term thinking

Feb. 28th, 2017

Canada Mortgage and Housing Corp., has updated its free guide to the process of buying a home, with an emphasis on encouraging Canadians to think long term about what kind of home they should buy — or whether they would be better off renting.

The national housing agency first released the guide, called Homebuying Step by Step, in 1998, but has updated it over the years. The latest version streamlines the document, splitting off workbook content and making it available online as a series of interactive printable checklists and questionnaires.


Homebuying - HudsonHomeTeam


The previous iteration of the guide received almost eight million unique page views in 2016 alone, according to CMHC.

The guide is meant for any prospective homebuyer, but first-time buyers could particularly benefit from reading it, said Ina Wielinga, a consultant at CMHC who updated the guide. She said the new version puts a greater focus on calculating the true cost of owning a home over time, emphasizing costs like taxes, utilities and repairs.

"This used to be peppered through the document, but we're bringing it up front because people often get focused on acquisition," said Wielinga.

The new guide also encourages readers to reflect on what kind of home suits their lifestyle, and whether or not homeownership is a better financial choice than renting.

"It's not just buying that house that's brick and mortar," said Wielinga. "There's a lifestyle that goes with it also."

By asking would-be homeowners to consider how a home will fit into their lives over the long term, Wielinga said, the guide could help users feel more confident about their purchase.

Key concepts to consider

The most confusing concept in the guide is also one of the most important ideas to understand before buying a home, according to Wielinga: calculating your gross debt service ratio (also known as the gross debt-to-income ratio) and total debt service ratio (also known as the total debt-to-income ratio).

Click on image below for your copy:


 


The CMHC guide for homebuyers is available for free online. (CMHC)

The gross debt service ratio includes total monthly housing costs, which CMHC says should be no more than 32 per cent of average gross monthly income. The total debt service ratio covers all monthly debt payments, including housing costs. CMHC recommends that ratio not exceed 40 per cent of average gross monthly income.

"You have to understand that, even if you're the best person in the world and you know you can afford it, you have to follow that kind of guideline," said Wielinga.

Financial axioms like these are often left unexplained to potential homebuyers, said Wielinga.

"Honestly, it's not talked about enough," she said. "I think when we do explain it to people, then they do get it."

 

Tighter rules

The rules for Canadian homebuyers have been changing quickly, especially as the government tries different policies to mitigate risk in the real estate market.

For that reason, the guide avoids getting into the details of certain aspects of homebuying, like calculating mortgage loan insurance. Instead, it refers readers to the CMHC website, where the details of mortgage rules can be quickly updated as the government changes them.

Lauren Haw, CEO of an online real estate brokerage, lauded CMHC for its interactive workbook for prospective homebuyers, although she's skeptical that many people will actually take the time to sit down and read the guide in full.

"People like to have it and hold it, but most first-time homebuyers don't seem to ingest the information in this format very well," said Haw. "Because even if you give them these documents, very few people are the personality type that will read it and really truly understand it."

Haw said real estate brokers often end up explaining these concepts to their clients as they go through the buying process.

​"If everybody would sit down and read one of these things, I think we'd have much more informed buyers," she said.

 

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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.


 

Logo 2016 HD

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Wednesday, December 28, 2016

Registration begins Jan. 16 for children entering kindergarten in September 2017.

Children who turn five before Jan. 1, 2018 are eligible to start school in the fall.

 


Kindergarten children 2.jpg


Kindergarten registration must be done in-person at your neighbourhood school or school of preference (if space is available). For a map of school catchment boundaries, check here and for a list of all schools, check here.

The following documents are required at the school when registering:

* proof of birth date for the students (eg. birth certificate or passport)

* proof of guardianship (eg. birth certificate or other legal documentation)

* proof of citizenship (eg. birth certificate, passport, citizenship card, landed immigrant document, permanent resident card)

* proof of address (eg. rental agreement, utility bill, driver's license)

Please note that enrolment at several schools in Surrey is already at, or over, capacity and they are therefore unable to accept out-of-catchment registrations.

Specialty and choice programs are also available. Some (French Immersion, Intensive Fine Arts, Traditional and Montessori) require online/lottery application, which begins Jan. 30. For more information or to learn about information evenings being held in January 2017, check here.

Find #SouthSurrey & #WhiteRock homes by School Catchment:


 

Logo 2016 HD


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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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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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April 2, 2016

Plants on Farm Grounds

Start your garden with heritage seeds

Get a great start on this year’s garden at the Historic Stewart Farm’s annual seed and plant sale and seed exchange.

 

 

  • Shop for rare heirloom vegetable, herb and flower seeds grown in the Stewart Farm’s heritage gardens. Find seeds for centuries-old varieties such as echinacea, stately hollyhocks, wildflowers, 200-year old pole beans, and rare peas.

  • Get tips from the heritage garden volunteers about the historic varieties they grow and how to save seeds.

  • Master Gardeners and other experts will be on site to answer your gardening questions.

  • Visit the heritage flower and vegetable gardens.

  • Tour the beautifully restored 1894 farmhouse with costumed guides, and sample fresh baked goods from the woodstove.

  • Kids get a start on their gardening skills through "seedy" crafts and activities.

 



FREE
Drop in, all ages

Location: Historic Stewart Farm, 13723 Crescent Rd

Time: 11:00 AM - 3:00 PM

Contact: 604-592-6956

Category: Heritage Kids and Family

Town Centre: South Surrey

 


 

 

 


 

 

Heritage South Surrey farm hosts Seedy Saturday - Peace Arch News

 

Connect with Us Community Heritage South Surrey farm hosts Seedy Saturday Garden enthusiasts line up to buy Chinese chives from Gail Hall (left) during Historic Stewart Farm’s Seedy Saturday. — image...

 

Real Estate News and Views In Alberta: MAKE GARDENING A FAMILY AFFAIR

 

MAKE GARDENING A FAMILY AFFAIR Now that Spring has finally arrived, it's time to get outdoors and into your garden. But don't forget to bring your family along! As adults, we often assume that garden...

 

Seeds to Start in August

 

Seeds to Start in August Here’s our list of seeds to start in August for fall and winter harvests. These fast-growing seeds are cold hardy, and will thrive as the nights get cooler in late August and ...

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In times of great potential, there arises great potential for unethical and untrustworthy elements.

 

Here’s another reason to use a local Realtor (like our Team) when dealing with a Real Estate transaction.


 

 


 

 

HHT 2016

 

 

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Yesterday our Monthly Real Estate Stats post noted the hot hot suburban markets in #WhiteRock & #SouthSurrey.

 

Well it seems the media agree with us!

Check out this GlobalBC report (then check out the January stats post below).


 

http://Home%20prices%20also%20rising%20dramatically%20in%20suburbs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Fraser Valley Real Estate Statistics – January 2016 (click on image)

 

 

Logo 2016 HD

 

 

 

 

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WHAT YOU NEED TO KNOW

More fires start in the kitchen than in any other room.

 

Those fires can be expensive; since even a minor incident, with no injuries, can result in significant damage.

That’s why it’s important to keep up with the latest in fire prevention.

 

The most recent research tells us:

  • Never leave cooking food unattended. Doing so is the number one cause of kitchen fires.
  • Make sure cooking appliances, especially deep fryers, are safety certified by the appropriate government agency.
  • When using oil in a frying pan, always heat slowly at no more than a medium heat setting.
  • Always turn off stove burners and other cooking appliances immediately after cooking.
  • Never attempt to put out a grease fire with water. Use baking soda or a fire extinguisher.
  • Never remove or cover up a smoke detector due to nuisance alarms. The one alarm that isn’t a nuisance may save your life.

Finally, experts say that if you can’t put out a fire immediately, get everyone out of the home and call emergency services.


Get more useful tips and learn what makes HudsonHomeTeam better when you are looking to sell your #SouthSurrey #WhiteRock home.

 

Logo 2016 LD

 

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  The Bank of Canada will maintain its target for the overnight rate at 1/2%.


The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017.

 


In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 

 

For more information, please contact:

Andrew Hudson
Realtor
Direct: 604.773.3940
Office: 604.531.1111

Email: andrew@hudsonhometeam.com


 
 
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This article is designed for home owners with 3 years or less on their mortgage term. If this does not apply to you today, feel free to pass it on to friends and family.

It's the holiday season and thinking about your mortgage is likely that last thing on your mind. However, if you're sitting with a lot of equity in your home yet can't seem to manage your debt payments, perhaps thinking about your mortgage is the best thing you can do. With credit card interest rates often pushing the 20% range, five-year fixed-rate mortgages at 2.69% to 2.89% range and variable rates even lower, you may want to consider paying off high-interest debts. Like many financial decisions, you need to look at the big picture. Here's what you need to know.

A refinance alters the terms and conditions of your mortgage; specifically you are increasing the amount of your mortgage to pay off debt. Your mortgage payment may or may not increase, depending on a number of factors, and you may incur a penalty to break your existing mortgage if you are refinancing mid term, but you will be paying off the refinanced debt at a much lower interest rate, which could save you thousands of dollars in interest in the long run.  Here are some reasons to refinance:

- Decrease your overall monthly debt payments by using your equity to pay off those high-interest credit cards or unsecured loans, which can help you better manage your budget.
- You can refinance to purchase another property. Using the existing equity in your home can be a great way to buy a rental property which, if done right, can also make the interest you pay tax deductible.
- You could also take out some of the equity for investment purposes -- an option that many homeowners consider this time of year as they look ahead to the new year
- And there are more uses for your equity such as helping putting your kids through school.

Repayment
Remember that borrowing against your property is not free money. You still own the home so the mortgage loan has to be repaid.
Spending Habits
While using the equity in your home to pay off debt certainly eases financial stress, there may still be challenges. However, some people have experienced a job lay-off or an illness that contributed to their unmanageable debt loads. Make sure you understand what got you into your current situation.

 




 

Real Estate Market
Equity measures the fair market value of your property against the balance owing on your mortgage. If you borrow against your property, you may worry that the market will drop and your home value with it. However, the government added a few safeguards over the last few years with respect to refinancing: where once you could refinance up to 95% of the value of your home,  that percentage has dropped to 80% of the value of your home.  By making that change, the government is basically saying it is somewhat confident that house prices will not likely fall far enough for you to lose equity.
Speak to a Professional to Understand Your Options
As you can see there are many factors to consider before deciding to refinance. Each individual's financial situation is different. Let's talk about your unique situation and the options available to you.

Contact us today to put you in touch with John Charbonneau, one of our best Mortgage Specialists

Info@HudsonHomeTeam.com

604-773-3940

 

 

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Happy Independence day to our friends south of our border!

 

Similar to the last oh… few months, the weather should be extreme (extremely awesome!).

 

Again, STAY HYDRATED!!! 

Similar to the weather, our Real Estate Marketing Services are a welcome change from the same old same old.

Ask us what make us so balmy.

 

Click on the picture for today’s map.

 

 

 


 

strawberry US flag

 

 


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Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015

BY BARBARA YAFFE, VANCOUVER SUN COLUMNIST JANUARY 26, 2015


 

 

Barbara Yaffe: Property developers bullish on Metro Vancouver real estate market

Photograph by: ian lindsay , Vancouver Sun

 


Residential construction, and densification, in the Lower Mainland will keep rolling along in 2015.



VANCOUVER — Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015 for the Lower Mainland’s property development industry. But it also means pricing will continue to pose a challenge.

Three of B.C.’s biggest developers used adjectives like “great” and “incredibly positive” as they delivered a forecast last week to more than 1,100 industry insiders and politicians attending an Urban Development Institute luncheon.

“Vancouver is going to do well, everyone wants to be here,” declared David Negrin, president of Aquilini Development.

He said a recent crackdown on democracy protesters in Hong Kong is likely to enhance Vancouver’s prospects. “We’re very positive on Vancouver, and it’s going to continue for some time.”

Added Neil Chrystal, CEO of Polygon Homes: “We’re picturesque, have a healthy environment, we’re a clean, safe city offering excellent health care and educational opportunities. We are politically stable and close to Asia.



“I see no sign of the residential market slowing down. ... The market will remain balanced and stable in the year ahead.”

B.C. will experience net immigration in 2015 of some 34,600 immigrants and 2,600 provincial migrants, according to research by Mac Marketing Solutions, a company that plans and markets housing projects.

Mac, with offices in Vancouver and Calgary, forecasts that in subsequent years even larger numbers of both immigrants and Canadians will arrive, noting Alberta’s economic slowdown will make heading further west all the more attractive.

So, while a total of 37,200 newcomers are expected this year, the number should grow to 53,200 by 2018.

Combine that trend with low interest rates and a low vacancy rate in the region, and you have a recipe for continuing strong growth in the property development and real estate sectors. Unfortunately, that does not augur well for affordability.

Between 2006 and 2014, benchmark prices for all types of real estate in Metro Vancouver saw significant price jumps, according to Mac research, with the greatest increase — 46 per cent — recorded in Vancouver’s east side. West Vancouver and Vancouver’s west side both saw increases of 41 per cent.

Referencing the retail sector, Kevin Layden, CEO of Wesbild, said North American stores are downsizing as they move online. But even here, Vancouver is well positioned, never having enthusiastically adopted a big-box retail model.

The city has 13 square feet of retail space per capita, compared to a Canadian per capita rate of 19 square feet and the U.S.’s 30 square feet.

Commenting on Vancouver’s affordability crisis, Negrin cited the high cost of land and remarked: “Everyone is frustrated.” The only way to keep prices down is to increase density, he said.

Yet a Demographia study released last week on housing affordability argues density and urban land containment boost housing prices by restricting development of cheaper perimeter lands.

Chrystal argued development is being constrained by an overly complex and time-consuming municipal approval process. At UBC, he reported, the development approval process takes six months, compared to 12 to 30 months elsewhere in the region.



Added Negrin: “We have to find a way to streamline the process. Anything over one year is too long.”

Chrystal pointed to another challenge for Lower Mainland developers — offshore buyers are starting to purchase land for development that he said could lead to oversupply in certain markets.

They are also posing a challenge in terms of what they are prepared to pay for land acquisitions. “They may be parking money from offshore. We can’t compete on price.”

The developers complained of increasing costs for building materials and a stronger U.S. dollar, forcing higher costs. Prices for drywall, windows and steel were cited.

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(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June, an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May. In terms of historical comparison, last month’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010. 

Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level.


 

Canada Day in White Rock


“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.”

In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005. 

The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.

 

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Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell. Talk to your REALTOR® to find out where you fit.”

The Board’s MLS® received 13 per cent more new listings in June, 2,974

compared to the 2,625 new listings received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared to the 10,515 active listings available during June of last year.

 

 

The Fraser Valley Real Estate Board is an association of 2,780 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.  The FVREB marked its 90-year anniversary in 2011.

 

Full package HERE

 


 

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6 things to remember when choosing a closing date

 

Summer means more people signing real estate deals. Besides the price to be offered, you also need to think carefully when choosing your closing date, so that your deal will close smoothly.


Here are 6 things to remember:

 

1. Do not choose a Friday at the end of a month….or any Friday for that matter! This is typically the busiest day in most real estate law offices, especially in the summer. This results in many deals not being able to close until late in the day, close to 5 or 6 pm. Worse, if the deal has to be extended, you don't get keys until the following Monday, or maybe Tuesday if it is over a long weekend.

2. Close your deal on a Wednesday, if possible. If there are delays, it is much easier to manage a one day extension than an extension over a weekend.

3. Sellers, plan to be out of your home early, not necessarily days early, just be sure to leave time and room for things to not go as planned with your move, movers, schedule, things can happen. We at HudsonHomeTeam strive to negotiate a possession time that is as convenient for our client as possible(whether Buyer or Seller).  In normal practice, when the closing is not at the end of a month on a Friday, the deal will likely be registered by 2 - 3 pm. Completion and possession are not usually the same thing. A property transfer will complete on one day and possession will most often be on a future date, whether it's the next day or several days down the road.

4. If you are buying and selling a home in the same time period, close your purchase 2 days early and get bridge financing to assist you. You will close your deal without pressure and have a few days to move in while you wait until your sale closes. This will also make it much easier to negotiate an extension, if you have to, as you will not be dependent on the money from your sale to close your purchase. If you are going from a rental to a purchase, we suggest arranging the dates so you have an decent overlap to move over several days.

5. Sellers, a good Realtor will have added a cleanliness clause obliging you to leave the property in a clean state. Buyers, ensure your Realtor included a clause in the contract allowing for a scheduled final visit before closing to make sure that the seller is properly cleaning up.

 



 

6. Upon possession, be sure to perform a walk-through to ensure the property is left as expected and agreed upon. Your Realtor will walk through with you to document any deficiencies.

By doing your homework before choosing a closing date, you should be able to avoid pitfalls later. However, a Reputable Realtor will be aware of your needs and have good knowledge and experience ensuring the transfer goes smoothly and with little stress for you.


Click here to view and/or print a PDF copy of this article.

 


 

 

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