Office: 604-530-4141 |

The First-Time Home Buyer Incentive makes it easier for you to buy a home and lower your monthly mortgage payments. This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window.

It works like this:

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

Just as the name implies, this incentive is for first-time homebuyers. You’re considered a first-time homebuyer if:

  • you have never purchased a home before
  • you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
  • you have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)

 

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Hello, Everyone. This is a Update Email from Chad Dreyer. If you need A Mortgage Chad is happy to help to you. 


Well it looks like CMHC has seen a dramatic decrease in file submission after their rule changes last year and effective immediately returned to their old underwriting policy’s regarding GDS/TDS & beacon scorers.


This is great news for your clients looking for insured mortgages as we are seeing a drop in beacon score from 680 to 600 and GDS/TSD returning to 39/44.


Please see the official press release below and let me how if you have any questions.


Effective July 5, 2021, we are returning to our pre-July 2020 underwriting practices for homeowner mortgage loan insurance, specifically:


CMHC will consider a Gross Debt Service (GDS) ratio up to 39% and Total Debt Service (TDS) ratio up to 44% for borrowers who have a strong history of managing their payment obligations.


At least one borrower (or guarantor) must have a credit score that is greater than or equal to 600 at the time of the request for insurance.


As always, CMHC will consider the overall strength of the mortgage loan insurance application, including alternative methods of establishing creditworthiness for borrowers without a credit history.


While we are making these changes, we continue to apply rigorous underwriting principles to the business we do to ensure potential homebuyers can meet their financial obligations.



Have a great afternoon.


Thanks

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca

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If you have driven down 208 St  in Langley, you will be amazed how the country landscape has now been transformed to new construction of apartments and townhomes appearing everywhere..........and yet prices continue to climb.  As quickly as units come available there is a line up of buyers just waiting to buy.


The housing demand, fuelled by the lowest interest rates ever offered in my lifetime and record low levels of inventory,  adds to our current soaring house prices. Many developers held back, thus creating even more of an inventory shortage.


For the time being, prices will continue to climb. Recently I had the privilege of selling a Gorgeous end unit Townhome in Homestead.  Just as the last few townhomes were being released for sale, the prices jumped up $50K and still there were line ups of people trying to secure their next home in a price range now over $800,000.



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Inward Migration


Canada will dramatically increase immigration to more than 400,000 per Year!!


This is meant to boost its economic recovery from the covid -19 virus by welcoming 


1.2 million newcomers between 2021 abd 2023.


Prior to the coronavirus pandemic, which has significantly reduced immigration during 2020, the previous plan set targets of 351,000 in 2021 and 361,000 in 2022.


The above information is courtesy of Ozzie Jurock.

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Despite world wide pandemic, house sales and prices continue to rise.


Budapest is up 16%


Frank Knight of London tracked 150 cities ( by the latest Global Residential Cities index) and the average increase is 5.6%.... well over the stated government inflation rates.


The Top 20 Cities all show over 10% INCREASE.


The monied elite is pounding into real estate from Athens to London, from Manila to Toronto.


Toronto reported the highest price EVER achieved in a month.


According to the CREA, the HPI Benchmark Price for Ontario for January 2021 was up 27%  compared to the previous year. $629,080 in 2020 and $796,884 in 2021.


The largest year over year gains were in Lakelands region of Ontario Cottage Country, Northumberland hills, Quinte and District, Tillsonburg Dist. and Woodstock Ingersoll ..............up 30%!


The above information is courtesy of Ozzie Jurock.

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FEBRUARY 2021 IN BC.. 

  • A  Total of 10,918 residential units for sale in February which is an increase of 89.1 % over February 2020 and over a thousand sales higher than the previous February record set in 2016
  • The average price ws $889,584 A 17.3 % increase from $758,382 recorded in February 2020
  • The total active residential listings were down 28.7% TO 20,185 units in February, the lowest level of provincial active listings on record going back to 2000.

A LOOK AT HOME PRICES AROUND THE PROVINCE FOR FEBRUARY 2021

  • Fraser valley                           Avg Price $953,374      UP 23%       Sales 2692   UP 114.2%
  • Chilliwack                               Avg Price $677,410      UP 24.5 %    Sales 533     UP 183.5 %
  • Greater Vancouver                    Avg Price  $1,139,068   UP 13.1 %    Sales 3,852  UP 76.3%
  • BC Northern                               Avg Price    $358,536       UP 19.1%       Sales   344    UP 63%
  • Kamloops                                   Avg Price    $515,293       UP 20.7%        Sales   283    UP 49.7%
  • Kootenay                                    Avg Price    $427,812        UP 24.8%       Sales   279    UP  59.4%
  • Interior                                        Avg Price     $636,856       UP 19.8%       Sales  1,174   UP 14.2%
  • Vancouver Island                       Avg Price     $606,904       UP 20.9%       Sales   891     UP 96.3%
  • Victoria                                        Avg Price     $865,235       UP 22.8%       Sales   805     UP 51.3%
  • British Columbia.                       Avg Price     $889,584       UP 17.3%        Sales 10,918  UP 89.1% !!
These stats are courtesy of Ozzie Jurock.
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Today March 17, 2021 we had the privilege of Ozzie Jurock joining us for a zoom market update meeting.


As always Ozzie is very entertaining and extremely informative concering global market real estate and financial market updates.


Last year Canada was in 5th place and this year is now in 3rd place with USA as number # 1 and Germany #2

for the most stable and secure in the world.


House prices in Canada up 17%

  • 2020 was the busiest year ever, even though a pandemic led to a record high unemployment
  • December sales were up 47% Compared with December 2019, the largest year-over- year gain in monthly sales in 11 year
  • Fewer than 100,000 homes listed for sale to start 2021.
  • 5 Yrs ago, there were about 250,000 listings, the lowest level in 30 yrs!
  • 30 Yrs ago we had half the population we do now.
  • Detached homes lead the way, especially in areas outside of urban cores.

HPI Benchmark prices for January 2021 from CREA


B.C         2021   $843,839     2020  $728,269     UP 16%

Canada  2021    $624,525     2020  $506,306     UP 23%


FEBRUARY 2021 IN BC

  • A  Total of 10,918 residential units for sale in February which is an increase of 89.1 % over February 2020 and over a thousand sales higher than the previous February record set in 2016
  • The average price ws $889,584 A 17.3 % increase from $758,382 recorded in February 2020
  • The total active residential listings were down 28.7% TO 20,185 units in February, the lowest level of provincial active listings on record going back to 2000.

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These are challenging times for everyone. We will get through it and come out before than before.


I often think of the story of how diamonds look like pieces of coal and then after all the pressure that is applied to them,  they come out as sparkling diamonds.


The planet is healing and restoring itself. We now have blue sky in China and India that has never been seen.


We have cleaner water and for the first time fish can be seen in the Venice Canals.


We now have vaccines with more coming.


At the end of 2020, in December it was report for the 1st time in my lifetime, the OZONE LAYER WAS CLOSED AFTER REACHING A RECORD DANGEROUS SIZE. AMAZING!!



I posted this in April 2020. I think it is a good time to revist and know this is all temporary and better times are coming.


JUST AS THE SUN RISES EVERY MORNING........

SUMMER WILL COMESmile


WE'VE GOT THIS!




5 Great tips to keep you going strong until then.


1. Maintain a routine. Get up & shower every morning and dress Like you would do if you were going to work. 


2. Have a to do list. You will feel great satisfaction when you accomplish your tasks. Laughing There has never been a better time to tackle those closets, cupboards, garages, that messy drawer that we all have.


3. Get fresh air / go outside if possible. Fresh air really does heal the soul and invigorates us, especially lately with this cold air mass.


4. Schedule fun time in your day. It is okay to binge watch.... or do nothing, or read that great book you have been wanting to. Now is the time to schedule whatever you deem to be fun. Let that inner artist free inside of you and refer back to #1 and get out of your PJS. Lol.


5. Learn to be more mindful. Each day/night write down 10 things you are grateful for. Big or small it doesn't matter, what matters is you do it.

 

If you follow these simple suggestions, before you know it, you will be feeling happier, more motivated and your place will be looking great!!Cool


I wish you all great health and soon this will be behind us. Together we can do it. 


Marleane


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Unrelenting demand for Fraser Valley detached and townhomes continued in November


SURREY, BC – For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record.  Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high. 

The Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 54.7 per cent compared to the 1,405 sales in November of last year, and an 8.3 per cent decrease month-over-month compared to the 2,370 sales in October.

The Board received 2,217 new listings in November, a 28.0 per cent decrease compared to October’s intake and an 18.1 per cent decrease compared to the 1,877 new listings received during the same month last year. For November, it was the second highest volume of new inventory in the last decade.

Chris Shields, President of the Board, observes, “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99-year history specifically for single-family detached and townhomes."




"For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling."
 



November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October and a decrease of 13.2 per cent year-over-year. November’s total inventory was the fourth lowest for the month in the last decade.
 



Baldev Gill, Chief Executive Officer of the Board, adds, "It’s impressive how consumers – in very high numbers, the highest ever – have adapted to the shifting realities and appreciate our industry’s adherence to strict safety measures. REALTORS® are working very hard currently serving their buyers and sellers using technology and innovation and the numbers clearly show that it’s working."
 



For the Fraser Valley region, the average number of days to sell an apartment in October was 34 days, and 25 days for townhomes. Single family detached homes remained on market for an average of 32 days before selling.


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,061,500 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.
  • Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.
  • Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019.



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Cool

July sizzled for FVREB Real Estate! Cool


We saw the second-busiest July ever for both property Sales and New Listings. Sales were also 25.5% above the 10-year average for the month. Most Areas showing a strong SELLER'S MARKET. Call me today, for a Free Market Evaluation to find out if you area is in a Seller's Market.

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THIS IS VERY CONCERNING AND A MUST READ !!
 
published below by Ozzie Jurock.





HOME EQUITY TAX ‘RESEARCH’ ORDERED BY CMHC


As you know, one of the most cherished things in Canada is NO CAPITAL GAINS TAX on your personal residence (PR). Canadian homeowners currently don’t pay tax when they sell their primary residence.


When the Liberals – out of the blue – brought in a ‘registration’ system in the tax year 2017, that was an eyebrow raiser. Now suddenly, we were required to report basic information (date of acquisition, proceeds of disposition and description of the property) on our income tax and benefit return when we sold our principal residence to claim the full principal residence exemption.



I mused then as to ‘why’ in my weekly ‘Facts by Email’. I speculated then that the government would come after the home offices (you make business in your home, right?) and thus would have to know when you sold (PR) and check what you claimed for home office expenses … Bang. 


You lose capital gain exemption on that portion the office represents in your PR home, I thought. We also discussed this possibility at length on the great Michal Campbell Money Talks show (CKNW 980). When the “Laneway craze” started a few years ago, I was at pains to write in my newsletter and again discuss with Michael the fact that building a laneway house for extra income, loses you that portion of the PR that is used to generate income (ergo Laneway house). I concluded that to put one on a 33 foot lot on a house you owned for 20 years (with a million in profit) and possibly lose 33 percent of your exemption may be foolish.


Then 4 weeks ago Michael Campbell again raised the spectre of “Government will need taxes and real estate is in the crosshairs”. He and I discussed the possibility that government (now having a base of knowing when, what and how much for you sold) may plan to take away the capital gain exemption. The Conservatives were accused in the fall of 2019 for “misleading claims about a ‘secret’ Liberal housing tax” (by the liberals). This was supposed to be a staggered tax on the gain: First year 50%, 35% second year, etc., etc. The Liberals said then it does not exist. I took what was for me considerable flak for making the statement: “…if you want to be sure analyze a trust or sell and re-buy another house….”  Lock in the gain. I mean if you have $500,000 or more in gain … keep it tax free if you can. Some (not subscribers to OzBuzz) called it ‘fearmongering’.


Well, on Friday the 17th July it was announced that (from a report in the Toronto SUN) CMHC was spending a quarter-million having UBC do “federal home equity tax research”.

That makes it clear, it is now in the open – they are analyzing it! They need UBC to tell them how best to implement it! Its funny (actually not!) that the economic forecast from the (CMHC) includes the ‘potential for falling real-estate prices’ and ‘increases in household debt.’ But yet they analyze taxing the gain!? Huh? In any case:

“The objective is to identify solutions that could level the playing field between renters and owners,” said CMHC spokesperson Audrey-Anne Coulombe. It’s being called the first CMHC-sponsored project via cabinet’s National Housing Strategy. 


The UBC project Generation Squeeze: “…many Canadians bank on profits from home ownership to secure their financial future and gain wealth. This bound us to a catch-22: The more we made home ownership profitable, the more we made housing unaffordable. If we want a future where all Canadians can afford a good home, including our kids and grandkids, we must unravel this pre-existing catch-22. We need to make it so that no Canadian relies on gains in housing wealth to feel secure, and we need to rethink policies that by encouraging the financialization of housing push the cost to buy or rent a home even further out of reach.”

It’s estimated a national home sales tax would raise at least $6 billion a year for the federal treasury (Toronto Sun). I would very much like to know – how they arrive at that figure. But dear Reader, the real burning question is – will this include some retroactivity of some sort. Retroactivity you say? No government ever would be so dastardly as to nilly willy change the rules backward?

Well, then of course BC brought in the foreign buyer’s tax (no problem from me here) but brought it in retroactively. No, I do not believe anything they state, analyze, research, promise or report. In a 2019 report, UBC researchers called homeowners lottery winners with an unfair tax advantage. I believe that the same researchers advised to bring in the foreign buyer tax retroactively.

Major Point: What to do? Well, it is not law yet, it may even never be law (not likely), they may not bring it in retroactively, they may exempt some people. In any case… LOOK at your situation. In the last 7 years we have seen a lot of gains. If you are sitting on $500,000, a million or two – think about how long it would take you to earn this tax free?

They may also like to capture ALL capital gain but let you carry it forward (Harper had that on his platform) – but then you must continue to buy stuff … eventually you lose a good portion to tax anyway.

So, look at your options:

  • Do nothing and hope for the best and trust they won’t do it… hahahahahahaha!
  • Analyze a possible sale to a trust (but be darn sure its works).
  • Sell your house, trigger the gain tax free and buy another house in the same area, or build one and have the gain start on it. You would actually be a true participant in Canada’s economy … you are creating employment for scores of lawyers, realtors, bankers and if building … carpenters, furniture makers etc. well, you get the point.

Look up the original article here: https://torontosun.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research


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Update for Thursday July 23, 2020

California now has 425,616 confirmed cases of COVID-19, resulting in 8,027 deaths


There were 12,040 new confirmed cases Wednesday. Numbers may not represent true day-over-day change as reporting of test results can be delayed. The total number of deaths is 8,027, an increase of 157 from Tuesday. 


California recorded its largest daily increase in COVID-19 cases on Tuesday and surpassed New York as the state with the highest number of cases.

 

As of Wednesday, the state’s total number of cases stood at more than 422,000, eclipsing the 413,000 cases recorded in New York, the early epicenter of the pandemic. California also counted a record 12,807 new cases of the virus on Tuesday, Governor Gavin Newsom said.

 

New York still surpasses California in deaths from the virus, however, with more than 32,200 deaths since the state’s outbreak began compared to California’s 8,000 deaths. California’s population of 40 million residents is about twice New York’s 19 million residents.

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DR. BONNIE HENRY AND HEALTH MINISTER ADRIAN DIX ARE BOTH VERY CONCERNED WITH THE RISING NUMBER OF COVID- 19 CASES.


FRIDAY JULY 17/2020 WE HAD THE HIGHEST SINGLE DAY NUMBER FOR NEW CASES SINCE MAY 8,2020.


ON THIS DAY BC HAD 21 NEW CASES FOR A TOTAL OF 3170 IN BC, 0 DEATHS, TOTAL DEATHS 189, 15 PEOPLE IN HOSPITAL, 3 IN ICU, 192 ACTIVE CASES 2789 RECOVERED.


JULY 15 2020 CANADA HAS 331 NEW CASES AND 8800 DEATHS COMPARED TO

THE USA WITH 77,000 NEW CASES & OVER 100,000 DEATHS


MAJORITY OF CANADIANS WANT THE BORDERS TO REMAIN CLOSED. 

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BC ENJOYING  SINGLE DIGITS FOR NEW COVID-19 CASES.

ONLY 4 NEW CASES TODAY

BC TOTAL COVID CASE STAND AT 2601

BC DEATHS 165


TODAYS COVID-19 WORLDWIDE CASES 7053,093

                                                        DEATHS  409,886

                     

USA  TOTAL COVID-19 CASES 1 946,555

                                      DEATHS  116,933


CANADA TOTAL COVID-19 CASES 92,748

                                              DEATHS 7414

                           RECOVERY CASES 50,684

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ON MAY 19TH OUR HEALTH MINISTER ADRIAN DIX SAID THE FIRST COV-19 STATEMENT FROM THE PROVINCE WAS MADE 17 WEEKS AGO. "WE HAVE BENT OUR CURVE." ALL OF US HAVE MADE A DIFFERENCE.


"WE WOULD NOT BE EASING THE RESTRICTIONS IF WE DID NOT BELIEVE WE COULD DO IT SAFELY."


"WE HAVE FLATTEN OUR CURVE AND CAN SAFELY REOPEN OUR PROVINCE".

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BIG DAY FOR BC AS WE START TO REOPENSmile


DR. Bonnie Henry says safety of British Columbia is the Top priority as the gradual reopening gets underway


AS OF MAY 19, ONLY 2 NEW CASES!! THE LOWEST SINCE THIS ALL BEGAN BACK IN MARCH.



1975 BC Covid patients have recovered, 81 precent of those diagnosed. Death total 146 and 325 active cases


Total number of COVID-19 CASES IN BC STANDS AT 2446

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.