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I have sold a property at 21 19789 55 AVE in Langley

I have sold a property at 21 19789 55 AVE in Langley on Dec 13, 2024. See details here

Welcome to the ever so popular Terraces! This END unit with extra windows features A/C, forced air heating & H/W on demand (new in 2024) for year-round comfort! A big foyer takes you to the main floor which features a bright OPEN floorplan w/9ft ceilings, large living room w/cozy electric fireplace open to the kitchen w/a double pantry, large eat up island, quartz counters, gas range & designated dining area which leads to an oversized patio with artificial turf & Gas hookup, perfect for entertaining, plus a bonus a powder room! Upstairs you will find a large primary bedroom w/storage & ensuite plus 2 more bedrooms & family bathroom. Large tandem garage allows for two car parking, EV charging plug & custom storage! Walking distance to schools, parks, shopping & the future new SkyTrain!

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Some recent changes made to help buyers and mortgages in BC!

New mortgage rules aim to provide relief for more homebuyers

Homeownership has long been a major milestone for Canadians – the “Canadian dream,” if you will. But in recent years, the dream has felt increasingly out of reach. With rising home prices and the high cost of mortgage payments, first-time home buyers in particular have been priced out of homeownership.

But there is good news for both those looking to enter the housing market, as well as homeowners ready to renew their mortgage.

New mortgage rules announced by the Canadian government are designed to help reduce the barriers that exist for first-time homebuyers. Here’s a rundown of the changes and the benefits they offer.

Reduced down payment for homes worth up to $1.5 million

Currently, someone buying a home that costs less than $1 million is allowed to make a down payment of less than 20 percent, provided they take out mortgage insurance. This insurance, which protects lenders from default, allows buyers to finance up to 95% of the home’s purchase price.

However, starting December 15, 2024, new mortgage rules will expand eligibility for mortgage insurance to homes valued at up to $1.5 million. Under these rules, buyers will need to put down a minimum of 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5 million. This means that on a $1 million home, the minimum down payment will drop to $75,000—significantly lower than the current requirement of $200,000.

This change acknowledges the realities of today’s housing market, particularly in high-cost areas such as Vancouver, Toronto and much of Southern Ontario, where homes often exceed $1 million.

More Canadians can quality for 30-year mortgages

Back in July 2024, the government announced that lenders could offer 30-year amortizations on insured mortgages for first-time homebuyers purchasing new builds. As of December 15, 2024, this measure will be extended to all first-time homebuyers, and all buyers of new builds, including condos. By stretching mortgage payments over a longer period of time (30 years instead of the current maximum of 25), homeowners can benefit from lower regular mortgage payments.

Stress test no longer needed when switching a mortgage at renewal

As of November 21, 2024, any mortgage holder looking to switch their mortgage to another lender will no longer need to undergo a “stress test.”

The stress test requires lenders to ensure borrowers can still make their mortgage payments if their interest rate goes up or they experience an increase in household expenses. The policy change means that mortgage holders can switch lenders at renewal without being subject to another stress test, provided they are renewing under the same amortization schedule and loan amount.

The change applies to both insured mortgage and uninsured mortgages and enables more Canadians to switch to a provider that better meets their mortgage needs.

A complement to current programs

These measures are in addition to existing programs and tax benefits that can help pave the way to homeownership for first-time homebuyers.

  • First Home Savings Account (FHSA). This registered account allows Canadians to contribute up to $8,000 per year over 15 years, up to a lifetime contribution limit of $40,000 towards their first down payment.  Contributions, including any investment income, are tax-deductible and withdrawals to purchase a first home are not taxable, helping first-time buyers maximize their buying power.

  • The Home Buyers’ Plan (HBP). Under the HBP, first-time homebuyers can make tax-free withdrawals from their Registered Retirement Savings Plan (RRSP) to help finance the down payment on a home. The withdrawal is not taxable as long as it is repaid within a 15-year period. The withdrawal limit was recently increased from $35,000 to $60,000. For couples who are buying a home together, that limit reaches $120,000.

  • Land Transfer Tax Rebates. Land transfer tax rebates are available to first-time homebuyers in the provinces of OntarioBritish Columbia and Prince Edward Island. There is also a land transfer tax rebate available for first-time homebuyers in the city of Toronto

  • First-Time Home Buyers’ Tax Credit (HBTC). First-time homebuyers can claim up to $10,000 for the purchase of a qualifying home. At a 15% tax rate, the $10,000 claim equals a one-time $1,500 tax reduction.

  • GST/HST new housing rebate. If you buy a new-build home preconstruction or make substantial renovations to an existing home, you could qualify for a rebate on the GST or HST. The amount of the GST/HST new housing rebate depends on the purchase price of the home.

*Information courtesy RBC

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I have sold a property at 311 16065 83 AVE in Surrey

I have sold a property at 311 16065 83 AVE in Surrey on Dec 1, 2024. See details here

Welcome to the very popular FAIRFIELD HOUSE! This TOP floor unit features a great layout with bedrooms and bathrooms on opposite side for ample privacy, kitchen with eating area, spacious dining and living room with a cozy gas fireplace (Gas included in maint fee) that leads to a large patio overlooking a peaceful courtyard. The oversized primary bedroom features a walk-in closet and 5 piece ensuite with double sinks & good sized second bedroom. This very well cared for building is located in a desirable location in Surrey's sought-after Fleetwood neighborhood, and is just steps from shopping, the Fleetwood Sports & Leisure Centre, a library, and both elementary and high schools. Comes with 1 parking spot (Close to the elevator) and 1 storage. Don't wait on this one!

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New property listed in FVREB Out of Town, FVREB Out of Town

I have listed a new property at 16423 INKANEEP RD in No City Value. See details here

Build your dream home on one of the very few LAKEFRONT lots for sale on one of Canada's warmest freshwater lakes! Building permit in hand & ready to break ground! Save yourself years of time & money with all the variances required completed along with a registered drilled well! Live your lakefront dream in a CUSTOM modern contemporary 2 storey with walkout basement home, designed by Christophe Vaissade Designs! The home will feature 5 bedrooms, 4 bathrooms with primary bedroom on the main, lots of windows, flooded with natural light & STUNNING LAKE VIEWS with a double garage & rooftop patio. Enjoy entertaining on one of the 2 decks, both w/ lake views, plus a NEW 60-foot aluminum dock! Less than 10 mins to town, enjoy the peace and quiet on the dead end street w/ everything at your door.

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