Is Fraser Valley the next big market in the B.C. housing sector?
Our Biggest Housing Challenge
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."
Always Be Cautious of People with "Too Good to be True" Offers! #WhiteRock #SouthSurrey #TrustaGoodRealtor
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).
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.
Time to register for kindergarten – #SouthSurrey #Surrey #WhiteRock
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 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:
15 Features That Sell Homes Fastest & at Best Price
courtesy of Business Insider
It turns out homebuyers are really into barn doors.
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:
Percent of homes that sell for above expected values: 3.7%
How many days faster than expected the home sells: 19
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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Percent of homes that sell for above expected values: 4.1%
How many days faster than expected the home sells: 46
How many days faster than expected the home sells: 38
Percent of homes that sell for above expected values: 4.2%
How many days faster than expected the home sells: 42
How many days faster than expected the home sells: 28
How many days faster than expected the home sells: 38
How many days faster than expected the home sells: 48
Percent of homes that sell for above expected values: 4.9%
How many days faster than expected the home sells: 36
Percent of homes that sell for above expected values: 5.4%
How many days faster than expected the home sells: 14
Percent of homes that sell for above expected values: 6.0%
How many days faster than expected the home sells: 50
Percent of homes that sell for above expected values: 6.9%
How many days faster than expected the home sells: 63
How many days faster than expected the home sells: 58
Percent of homes that sell for above expected values: 9.6%
How many days faster than expected the home sells: 45
Percent of homes that sell for above expected values: 13.4%
How many days faster than expected the home sells: 57
Public Responsibility During Snow and Ice Conditions - #Surrey, BC
Residents and businesses are responsible under City Bylaws to clear any accumulated snow from sidewalks located adjacent to their property as soon as possible to make sure pedestrians are safe.
Residents and businesses are responsible under City Bylaws to clear any accumulated snow from sidewalks located adjacent to their property as soon as possible to make sure pedestrians are safe.
- Report un-shovelled sidewalks by email firstname.lastname@example.org or by calling 604-591-4370 with specific details of the location.
- Report a snow or ice problem, or ask any questions about our snow and ice control operations by submitting your inquiry online or calling us at 604-591-4152.
Tips for Snow:
Shovel snow onto your lawn, adjacent snow piles or onto your lawn, not the street
During snow removal operations, the snow is ploughed toward the road-edge. Accordingly, this may result in some driveways and/or sidewalks being blocked by the ploughed snow where snow plough operations occur. We apologize for this inconvenience; however, in some cases this is unavoidable. Should this occur along your property frontage, please do not shovel snow from your driveway onto roadways as this may result in snowploughs pushing the snow back into your driveway and may contribute to vehicle access problems along your street. We recommend that you place snow onto your lawn or onto adjacent snow piles or onto your lawn. This may also present a hazard to motorists or cause vehicle access issues. In an effort to minimize these challenges, consider hiring a snow and ice removal contractor.
Park your vehicle along the curb during snowfall events
This ensures snow and ice operations are conducted in the most effective and efficient manner. If this is not possible, we ask that you please make an attempt at coordinating efforts with your neighbours to park vehicles along the same side of the street within your neighbourhood.
Keep garbage and recycling bins off roadways where snow ploughing may take place
Prolonged snowfall combined with icy conditions may result in delayed garbage and recycling collection. Should this occur, the City will make every effort to resume collection the following day, or allow residents to place double their weekly limit at curb-side the following week.
Keep catch basins free of debris, especially during melting conditions
Contact us to get your home sold in 2017
If you are aware that a catch basin exists in front of your property, please help us by ensuring to keep it clear especially during melting conditions. Blocked catch basins may result in excess accumulation of water along the road area, a situation that could become dangerous if it subsequently freezes. It may also result in flooding of adjacently properties depending on the extent of the blockage and the amount of melting snow.
Snow Clearing Contractor:
Snow Removal & Landscaping (<- click)
Snow clearing services for commercial and large residential properties
Residents or businesses using this list will be advised that the City of Surrey has not negotiated any pricing with any of the contractors listed. In addition, the City does not warrant the work nor does it endorse any one of the contractors on the list. The cost of any service provided is to be established between the contractor and the customer. The customer will be responsible for providing payment directly to the contractor for any snow clearing service performed. The City will not act as an intermediary for any disputes relating to non paying customers or complaints of unsatisfactory work performed by the contractor. Also, the burden of risk shall be borne by the contractor with respect to carrying out services to residents. All contractors must also ensure appropriate levels of insurance coverage and required licensed.
Will This Help First-Time Home Buyers in BC?
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.
Moving To The Vancouver Suburbs is HoT!
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).
January 2016 Real Estate Stats for Fraser Valley
Here is some information on the January Real Estate market in #SouthSurrey #Whiterock (and the rest of the #FraserValley).
Look for the link at the top to visit our website. And below the video for links to this months stat documents.
|Month to Month Variance||Year to Year Variance|
|MAP DET Monthly 2016 Jan||MAP DET Annual 2016 Jan|
|MAP ATT Monthly 2016 Jan||MAP ATT Annual 2016 Jan|
Property developers bullish on Metro Vancouver real estate market
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
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.
Fraser Valley Real Estate Statistics–Dec 2014
STEADY HOME SALES IN DECEMBER CAP SOLID YEAR FOR FRASER VALLEY REAL ESTATE
(Surrey, BC) – Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single family detached homes leading the way.
Ray Werger, President of the Board, says, “It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10-year average.”
The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014.
According to Werger, sales during the month of December followed the same trend as every month in 2014 with sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.
“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas.”
In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.
Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500.
The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year-over-year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.
The Fraser Valley Real Estate Board is an association of 2,757 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.
Garage Sale Maps for #SouthSurrey & #WhiteRock – Jun 7th
Fraser Valley, South Surrey/White Rock Real Estate Stats–May ‘14
SURREY, BC – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April.
Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.
Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”
Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.
“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”
The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.
In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014.
In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.
(Because we are HudsonHomeTeam)
Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.”
Find the May Statistics Package here
Fraser Valley Real Estate Stats–Apr 2014
BALANCED MARKET CONDITIONS IN THE FRASER VALLEY
(Surrey, BC) – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new inventory in April, propelling the market into solid balanced conditions.
In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent increase compared to the previous month.
Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.
“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”
Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the community and the age and quality of the condo.”
In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.
In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and 1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6 per cent fewer than were available during April of last year.
In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.
The Fraser Valley Real Estate Board is an association of 2,800 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
Garage Sale Maps for White Rock, South Surrey, Cloverdale, Clayton, Newton – April 26
As the weather starts to get just that much nicer, there are just that many more Garage Sales starting to happen on the weekends.
If you think it’s time to get your stuff organized and rid of those unwanted items, contact us to setup a neighbourhood event for you. Complimentary.
Click the bulging Garage for maps.
First Garage Sale Maps of the Year!
Single Family Detached was it in March!
BUYERS SEE VALUE IN SINGLE FAMILY DETACHED HOMES IN THE FRASER VALLEY
(Surrey, BC) – In March, the Fraser Valley Real Estate Board (FVREB) processed 1,259 sales on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,128 sales during March of last year, and a 14 per cent increase compared to February’s 1,102 sales.
Ray Werger, President of the Board, says, “We did see activity pick up last month with an increase in demand in particular for single family detached homes. Sales were noticeably higher in North Delta, Mission and Langley compared to last year.
“Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses.”
Click on image to see full Fraser Valley stats package.
“Our main buyers are families looking
for the best value possible by taking advantage
of continuing low interest rates
and stable home prices.”
The most popular price range for single family detached homes in the Fraser Valley last month was between $500,000 and $600,000. The benchmark price of a typical detached home was $563,400, an increase of 3.5 per cent compared to $544,300 during the same month last year.
For townhouses, the benchmark price in March was $297,100, a decrease of 0.4 per cent compared to $298,200 in March 2013 and the benchmark price of apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in March 2013.
The Board posted 2,799 new listings last month, an increase of 2 per cent compared to the 2,736 posted during March of last year bringing the total number of active listings in March to 8,763 – 8 per cent less than were available during March 2013.
Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”
In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of sales and inventory that measures the health of the market – was 14 per cent for all property types (residential and commercial combined); and, 18 per cent for the three main residential property types indicating stability in the marketplace.
The Fraser Valley Real Estate Board is an association of 2,792 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
As a Home Buyer, Here are some Rules (yes, Rules!)
When you are considering buying Real Estate, there are, in fact, some rules that you NEED to impose on yourself.
Let me tell you a little story.
Several years ago, we had a buyer we’ll call him Ted…. no Alex… no Jim.
Jim and his wife were looking to buy their first home. They were preapproved with a Mortgage Broker for X amount of credit based on their debts, savings, etc. Of course, the Mortgage Broker step is crucial. You don’t go shoe shopping without knowing how much you have to spend on shoes. Likewise with your first (or subsequent) home, you need to know what your limit is before you get serious.
So, where was I? Oh yeah, Jim and his wife Tina… no Carol… no Alice.. yeah… Alice…. they were preapproved.
Several times we went out together (‘cause good Realtors take their buying clients out to see properties) and looked at properties of interest to them.
One day, we met up to see some properties and Jim apologized for them being late. He was very excited. Jim had just gone a bought a brand new motorcycle. In his mind, this was awesome. He couldn’t wait to get back from house hunting to take it for a spin.
What’s the issue with this scenario?
Well, first, take a look at the “Ten Commandments of Buying a Home”:
Yeah. Jim had gone and bought a toy and now, Jim and Alice no longer qualified for the same amount of home-buying credit they did yesterday. In fact, Jim and Alice now didn’t qualify for enough to actually buy a home.
Jim, as you can imagine, was no longer a happy home buyer. You can imagine how compounded the emotions were for Alice. And, let’s just say, after that, Jim spent a lot of time with the bike and not so much with Alice, (if you know what I mean).
To add insult to injury, the minute Jim drove the bike off the lot, it had depreciated in value. The home, went up in value. The rent payments they made for the next few years, went to an investors mortgage.
When they (eventually) were finally qualified again, the home they could have bought was now way out of their price range. The bike was worth about 75% of the purchase value and it will now take them, theoretically, approximately 10 years longer to pay off their home.
If you are planning to buy in the next 6 months, year, two years, call us. We can help you with advice that will de-stress and streamline the process (it’s part of our full-service mission.
Why you might want to get a head start on the Spring Market!
Canada Mortgage and Housing Corporation (CMHC) just announced an increase to their default insurance rates. Anyone purchasing their home with less than a 20% down payment is required to have their mortgage insured against default. The premium charged for that insurance has increased to as much as 3.15% of the amount borrowed from the current 2.75%. What this means is that on a mortgage of $250 000 the increase will amount to an additional $1000 on your mortgage which will increase in your monthly mortgage payment.
The good news is that this doesn’t come into effect until May 1, 2014. As long as you arrange your mortgage prior to May 1, 2014 (closing date can be after May 1, 2014) you won’t be subject to this increase. Click here to read the CMHC article.
Interest rates are still low and house prices continue to slowly move upwards even though sales have been down slightly over the last couple months. According to the latest announcement from Royal Lepage “housing has continued to maintain its momentum and expect a 3.7% increase in home prices this year”.
The Canadian mortgage landscape seems to change monthly. Having a mortgage professional who is not only knowledgeable but passionate about all things mortgages is your best bet when it comes to offering sound advice. If you know someone that has a question about buying a home or refinancing contact me anytime.
Information supplied by our friend:
South Surrey & White Rock Real Estate Stats–Feb 2014
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during February of last year.
Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer. It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”
Check out Local Garage Sales by Map – Coming Back this April.
“Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare.”
The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were available in January and 8 per cent less than were available during February 2013.
Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.
It won’t be long until we see these beauties again!!
“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”
In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.
In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.
Find the February Statistics Package here.
For more on your local Real Estate, contact HudsonHomeTeam