Langley Real Estate Blog

September stats are in!

SURREY, BC – Continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has seen Benchmark prices dip for a second straight month.

The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service® (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022.

New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, and 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, 3.5 per cent below the ten-year average.

if you want more info on current trends and the market, reach out to us!!

Check out episode 1 of our podast where we discuss what is a subject to sale offer and where we break down the pros and cons on making or accepting a subject sale offer.

Reach out to us if you want more info! info@garryvoigt.com or 604 789 2140.

🏡 JUST LISTED IN MISSION! Beautifully renovated rancher on 1.7 acres with a huge 2378 sq ft shop!!🏡

📍 9460 Stave Lake Street – Mission

🛌 3 bed

🛀 2 Bath

🌳1.7 tranquil acres

🚗 Tons of parking

📐 1868 sq ft house

🚜 2378 sq ft shop

🌟 Offered at $1,980,800

HOUSE WITH DREAM 40X60 SHOP AND RENOVATED RANCHER! This gorgeous 3 bed, 2 bath updated rancher home sits on 1.7 fully fenced tranquil acres with plenty of space for all the toys! This home features a massive living & family room both w/gas fireplaces & a big covered patio off the family room for entertaining. The kitchen boasts plenty of quartz counter space, shaker style soft close cabinets & S/S appliances. Large primary bedroom with two closets & En suite with soaker tub, 2 more good sized bedrooms & family bathroom. Great lot with plenty of space for all your needs! HUGE 2378 SQ FT SHOP with two 12’ & two 14’ doors, LED lighting & huge gas heater is what makes this property! Bring your cars, toys & create your dream workshop! Properties with shops like this don’t come to market often!

Seasonality, interest rates temper sales in the Fraser Valley

SURREY, BC – After five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.

The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service® (MLS®), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022.

July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb, increasing by 4.3 per cent over June, bringing the total inventory available for sale in the region to 6,199.

“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

MLS® HPI Benchmark Price Activity

Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 per cent compared to June 2023 and decreased 3.1 per cent compared to July 2022.

Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 per cent compared to June 2023 and decreased 2.7 per cent compared to July 2022.

Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to June 2023 and increased 0.8 per cent compared to July 2022.

🎥🎥 Take a tour through our latest listing: 20068 41A Avenue, a stunning BROOKSWOOD house, 4 bed, 4 bath, on green space with 1 bed mortgage helper! 🎥🎥

📍 20068 41A Avenue, Langley

🛌 4 bed

🛀 4 Bath

🌳Backs on to tranquil green space

🚗 8 parking

📐 3047 sq ft

💸 1 bed mortgage helper suite

🌟 Offered at $1,499,800

This beautiful Brookswood family home is nestled in a quiet cul-de-sac, full of privacy & tranquility, backing on to beautiful green space! The freshly painted main floor has a grand entrance with an elegant, curved staircase, refinished hardwood flooring, large formal dining room & 2 family/living rooms with cozy gas fireplaces. The open, bright kitchen has been updated with white shaker style cabinetry, vinyl flooring & stainless appliances & leads onto the huge back deck that’s a entertainer’s dream, very private with a partially covered patio for year-round use. Upstairs you will find 3 great size bedrooms including a large primary bedroom with ensuite and mountain views plus a separate family bathroom. BONUS 1-bedroom suite above the garage w/separate entrance, perfect for Airbnb or mortgage helper!

To see our current listings, visit our listings page.

🏡 JUST LISTED: WHITE ROCK. Large, 2 bed, 1 bath condo, close to all amenities and a short drive to the beach! 🏡

📍 306 1554 George Street

🛌 2 bed

🛀 1 Bath

🚗1 parking

📐 1039 sq ft

🌳 Southwest facing deck

Welcome to THE GEORGIAN. This 2 bed 1 bath TOP FLOOR condo is over 1000sq ft, in a great location and sits on the southwest corner of the building allowing for tons of natural light. The functional floor plan has 2 large bedrooms separate from the living area and the master has a cheater ensuite. Features include gas fireplace, oak engineered wooden floors in the living area, nicely updated bathroom, vanity with quartz counters and soaker tub and includes in floor electrical radiant heat ceramic tile floor. The kitchen features a large pantry for bonus added storage. Plenty of space for a large couch in the open plan living room and good size dining area. Enjoy an evening on the southwest facing balcony. Close to schools, transportation, shopping, beach, golfing and all amenities!

To see our current listings, visit our listings page.

🏡 JUST LISTED: OCEAN BAY VILLAS South Surrey, 2 bed, 2 full bath, over 900 sq ft with huge entertaining deck🏡

📍 405 15350 16A Avenue

🛌 2 bed

🛀 2 Bath

🚗2 parking plus RV parking

📐 918 sq ft

🌞 Large entertainment deck

Welcome to Ocean Bay Villa. This 2 Bed, 2 bath, top floor condo feels like a ‘penthouse’ with high ceilings in the living room allowing for tons of natural light. The balcony, facing the courtyard is huge with tons of space for entertaining & includes extra storage. The kitchen with stainless appliances & plenty of quartz countertops opens nicely to the dining/living room with cozy gas fireplace. The great flow continues to the 2 bedrooms, 2nd full bath & master suite with access to the balcony plus a large ensuite with soaker tub & large linen closet. The building has great amenities, Gym, Rec center, Guest Suite & Caretaker plus 2 parking spaces & storage locker. The location of this home cannot be beat, just minutes away to shops and restaurants. Open House June 3rd & 4th, 2 to 4PM.

To see our current listings, visit our listings page.

What is the speculation and vacancy tax?

If you live in BC you should have recently received this years’ speculation and vacancy tax (SVT) letter. This is an annual tax requiring residential property owners in the taxable regions to complete a declaration.

What is the tax for?

The thought behind the tax is to encourage owners with empty properties in urban areas to put them back into the housing market.

What do I need to do?

Once you receive your letter in the mail follow the steps, by logging on to gov.bc.ca/spectax. Each person on title to a property needs to fill out a seperate declaration.

Make sure you have the following:

Declaration code (on the letter)

Letter ID (on the letter)

The full mailing address

Social Insurance Number (for individuals)

Business number, incorporation number and date of incorporation (for corporations)

How do I find out more information?

99% of homeowners in British Columbia will be exempt from paying the tax. CLICK HERE for the BC Government FAQ page that contains a lot of great information on the speculation and vacancy tax. You can check out the taxable areas and what the exemptions are.

Is there a way to declare other than online?

Yes you also declare by phone by calling toll free 1-833-55-2323 from 8:00AM to 8:00PM 7 days a week and they also have a translation service available.

Call Garry Voigt, your Langley Realtor at 604 789 2140 if you need more information.

The Bank of Canada has once again raised the interest rates, on this occasion the rate went up another .25%. See below some great information from our mortgage partners Thrive on how this new rate raise could impact you and some helpful tips things to consider depending on the type of mortgage you have.

Call Garry Voigt, your Langley Realtor at 604 789 2140 if you need more information.

Serving the entire Fraser Valley and Greater Vancouver

PROPERTY TAX ASSESSMENT AND WHAT IT COULD MEAN FOR YOU

By now you will likely have received your Property Tax Assessment in the mail and seen a substantial increase in the assessed value. What does this mean for you? Below we try to answer a few questions often asked about the assessment. More information about how your assessment is calculated can be found on the
BC ASSESSMENT WEBSITE

How is the assessment calculated?
When determining assessed value, appraisers consider the following.

• The location of the home

• The view from the home

• The size of the home

• The age of the home

• Garages, carports, decks, pool, etc.

• Comparable sales prices and other real estate market information

(Most often this information collection occurs when properties are created/constructed, but can also occur at other times like when properties are renovated.)

What is the difference between assessed value and market value?
Assessed Value is used to determine how much your tax bill should be every year and appraised market value represents what your home could sell for in the current market. (This is determined by having an experienced professional take a very close look at the following and compare to your specific property: Recent sales in the area similar, current listings for sale and how long they have been on the market for, lot size, how many bedrooms, how many bathrooms, age of house, upgrades done, size of house, orientation etc. along with current market conditions and future market conditions).

When was my assessment calculated?
Although you receive your property assessment in January, the assessment is actually calculated on July 1st the previous year.

Does the assessment reflect the true market value of my home if I were to sell?
The simple answer to this question is no. Firstly the date of the assessment (July the previous year) has no bearing on the current value, as we have seen, the market can change drastically in 7 months. Secondly, there are so many variables for market value that are not considered in the BC assessment, that would be factored into an actual property evaluation if you were to list your home for sale.

Can I appeal the assessment amount?
Yes, you can APPEAL THE ASSESSMENT amount if you believe it to be incorrect. There is however a cut off date to do this. You must fill out a NOTICE OF COMPLAINT by January 31st 2023, Click the links above for more information.

Does the percentage of increase mean my property tax will increase the same amount?
Your property tax amount is based on the assessed value of your home, according to the BC Assessment website:
“My assessment has gone up 40%, I can’t afford for my taxes to go up 40%!”
“A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes. The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction”.
CLICK HERE for more info on how your assessment affects your tax amount

Call Garry Voigt, your Langley Realtor at 604 789 2140 if you need more information.

Serving the entire Fraser Valley and Greater Vancouver