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HAVE OUR AWARD WINNING TEAM WORKING FOR YOU!!

At the recent Royal LePage Wolstencroft Awards Gala we were thrilled and so proud to be presented with the award for Top 35 Realtors under the age of 35 in Canada, The Ruby Award and by far the biggest accolade of the evening was Garry being presented with the Bridget Houghton Professional Of The Year Award. This is named after a former broker in our office and is presented to the individual who displays a high level of professionalism within the office and in the market place. It was an absolute honour for Garry to be presented with this award! Along with the Royal Lepage Wolstencroft awards, we were pleased to again rank among the Top 1% of all Realtors In the Fraser Valley for the 2023 year! All thanks to the continued trust and support from you guys, we can’t thank you enough and look forward to assisting in the 2024 year!

BREAKING NEWS – CHANGES TO PROPERTY TRANSFER TAX FOR FIRST TIME BUYERS, NEW BUILD HOMES AND A NEW ‘ANTI FLIPPING TAX’

The BC NDP Government has been active to start 2024. Last week, the provincial budget was tabled, and a couple of big changes are coming to the Real Estate market.

Updates to the Property Transfer Tax (PTT) Framework

The 2024 provincial budget the BC Government is making three significantchanges to the PTT Framework

1.    Increase the Fair Market Value Threshold for the First Time Home Buyer (FTHB) Exemption:
Currently, the FTHB full exemption applies to properties with a fair marketvalue (FMV) of less than $500,000, with a partial exemption for properties witha FMV of $500,000 to $525,000.

As of April 1st, 2024, the First Time Home Buyer (FTHB) exemption will apply to properties in a different way. For properties with a Fair Market Value (FMV) of less than $835,000, Property Transfer Tax (PTT) is not payable on the first $500,000, but payable on the difference between the Fair Market Value and $500,000. For example, if the FMV of the property is $700,000, PTT paid wouldbe 2% of $200,000 ($700,000 less $500,000). Not paying PTT on the first $500,000 saves the purchaser a total of $8,000. If the property has a FMV between $835,000 and $860,000, then a partialexemption applies, the details of which are not yet confirmed by the BC government. If the FMV of the property is over $860,000, then there is no FTHB PTT exemption.

2.    Increase the Fair Market Value (FMV) Threshold for the Newly Built Home Exemption
Effective April 1, 2024, the FMV threshold to claim the Newly Built Home Exemption will be increased from $750,000 to $1,100,000. A partial exemption is also available for properties with a FMV just above the threshold. The phase out range is $50,000 above the threshold, so properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption.

3. New “Flipping Tax”
A new tax targeting home flipping activity and short-term speculation will officially begin on January 1, 2025. This tax will apply on the sale of residential property held by an owner for less than two years, with the seller being taxed up to 20% of the income from the sales. To specify, properties sold within 1 year are taxed at 20%, and will decline to zero between 366 and 730 days. Exemptions may apply in certain circumstances.

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PLEASE HELP US TO CONTINUE SUPPORTING THE COMMUNITY – COLDEST NIGHT OF THE YEAR – DONATIONS STILL BEING ACCEPTED!

On february 24th we were proud to walk the Coldest Night of the Year with the David Smith Team. We come together each year to raise funds for those homeless and vulnerable in our community with the wonderful folks at the Cloverdale Community Kitchen.

Donations are still being accepted CLICK HERE to donate, every little helps!!

Here is a little about the Cloverdale Community Kitchen and what the funds raised will towards

-Serve over 15,000 meals at our community meals, now five nights per week.

– Deliver over 30,000 meals to seniors in Surrey, White Rock and Langley. – Provide overnight Emergency Shelter for the homeless, from November to April.

– Provide food at our regional Food Bank, distributed five times per week with over 1,400 households currently registered.

– Provide food to other community organizations from Chilliwack to Squamish.

– Provide Christmas Hampers to over 800 local families and seniors.

– Provide free clothing to hundreds of people in our area.

JUST LISTED – 2 BED – 2 BATH TOWNHOUSE – CLAYTON HEIGHTS

⚡️JUST LISTED⚡️

📍 #51 – 19477 72A Ave, Clayton

🛏️ 2 Bed

🛁 2 Bath

📐 1,047 sq/ft

🏡 Built in 2013

💵 Low strata fee of $274.68

🚘 2 Parking

🐶 Pets Allowed

💰 Rentals Allowed

Welcome to Sun at 72 in Clayton. This 2 bed & den townhome has a bright & open floorplan. On the lower floor you will find a fence yard with artificial turf, great for kids and pets, a flex room & 3-piece bath, perfect for home office/playroom! The main floor is full of light with additional outside space on the sunny south facing balcony. The living room benefits from an electric fireplace, plenty of space for the family in the dining room. Kitchen boasts, modern cabinets, stainless appliances & eat up breakfast bar. Upstairs the Primary bedroom fits a king, has a cheater 5 pc En Suite, his & hers closets & a vaulted ceiling. Garage with space for storage & truck size driveway. It is all about location!! Walk to Maddaugh Elementary, a quick bus ride to Ecole Salish (& the new SkyTrain).

Offered at only $749,000

For more information, including a floorplan, visit https://garryvoigt.com/…/51-19477-72a-avenue-surrey-bc…/

JANUARY 2024 MARKET UPDATE

Market Update! The biggest change we have seen month over month is inventory! There has been a huge spike in new listings, which is great, however we are also seeing a huge spike in activity, especially in the entry level products. At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled. The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

MLS® HPI Benchmark Price Activity:

Single Family Detached: At $1,466,100, the Benchmark price for an FVREB single-family detached home decreased 0.4 per cent compared to December 2023 and increased 8.6 per cent compared to January 2023.

Townhomes: At $825,600, the Benchmark price for an FVREB townhome decreased 0.1 per cent compared to December 2023 and increased 6.9 per cent compared to January 2023.

Apartments: At $539,700, the Benchmark price for an FVREB apartment/condo increased 0.4 per cent compared to December 2023 and increased 6.5 per cent compared to January 2023.

If you are a buyer, we strongly recommend you get pre approved and start the process as we are starting to see activity pick up substantially on listings and small price increases. Reach out to us to get your buying process started!

JUST LISTED – IMMACULATE 2 BED – 2 BATH CONDO – LANGLEY CITY

Take a tour through our newest listing in Langley City. SPOTLESS, TOP floor condo with BONUS 2 parking!
📍 #409 – 20268 54 Ave, Langley City
🛌 2 bed
🛀 2 bath
🚗 2 parking
📐 982 sq ft
👨‍👩‍👧‍👦 Guest Suite
🔥 Top Floor
💸 Offered at $539,800
Welcome to Brighton Place! This TOP floor ORIGINAL owner unit is spotless and move in ready with updates including, flooring, blinds all appliances and washer/dryer! The open floorplan features bedrooms on opposite sides for ample PRIVACY and both bedrooms with their own ensuite! (Second bath can possibly be converted back to access from living room), a long SOUTH facing patio and BONUS 2 parking!!! Brighton Place is a great building with a guest suite and has had the roof replaced in 2016. Located just in Langley City just a short walk to the new proposed Skytrain, hiking, biking trails, Nicomekl Elementary and all the amazing restaurants Langley City has to offer! With rentals allowed this is the perfect investment or the perfect place to call home!
For more info, photos and floor plan, visit garryvoigt.com/listings

BANK OF CANADA ANNOUNCES NO CHANGES TO INTEREST RATES

Bank Of Canada interest rate announcements in 2024.
Although we cannot predict what the Bank of Canada will do with interest rates this year, the one thing we do know is when the interest rate announcements will be in 2024, starting next week on January 24th.

Announcement dates.
• Wednesday, January 24
• Wednesday, March 6
• Wednesday, April 10
• Wednesday, June 5
• Wednesday, July 24
• Wednesday, September 4
• Wednesday, October 23
• Wednesday, December 11

The Bank of Canada, which is responsible for setting interest rates in Canada, considers a variety of economic factors when making its decisions. These include inflation, employment rates, GDP growth, and international trade.
If inflation is high, the Bank of Canada may raise interest rates to help control it. Conversely, if inflation is low, the Bank of Canada may lower interest rates to encourage spending and stimulate economic growth.
Employment rates and GDP growth are also key factors that can influence interest rates. International trade can also play a role in interest rate decisions

Overall, it is impossible to predict exactly what Canadian interest rates will be in 2024. However, by keeping an eye on economic indicators and trends, we can make educated guesses on what may happen.

For more information on your local market reach out to Garry – 604 789 2140 info@garryvoigt.com