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WHY IS IT ESSENTIAL TO READ STRATA DOCUMENTS IF YOU ARE PURCHASING A CONDO OR TOWNHOUSE?

We cannot stress enough how important it is to read strata documents if you are purchasing a condo or a townhouse.

Reading the strata documents will give you a really good idea of the following:

  • If there are any upcoming special levies.
  • how well the strata council runs the budget,
  • how much money there is in the contingency reserve fund,
  • if there are any major repairs coming up in the strata or if any major repairs have just been done.
  • This is particularly important if you are buying a property in an older building or complex.

When we help you buy a strata property, we request 2 years of strata documents from the listing Agent and these include the following:.

Council minutes: We request 2 years’ worth of minutes from meetings that are held throughout the year where just the strata council meet.

Annual General Meetings: These are minutes from the AGM held once a year with strata council and strata owners. At these meetings owners get to vote on any matters put forward by the strata council.

Special General Minutes: These are minutes of meetings that are held with council members and owners to vote on any matters that cannot wait until the next Annual General Meeting.

Form B: This document confirms the amount of strata fees payable as well as the parking stall & storage locker number (condos), how many units in the complex that are rented and how much money is in the contingency reserve fund – CRF. (The amount of money that strata has to pay for expenses that come up through the year that are not in the budget).

Insurance Summary: You will need this summary when you get your quote for your personal insurance. It sets out the summary of coverage in place for the building and the deductible amounts that would be payable for various occurrences such as water damage. Your insurance broker will be able to give you a quote based on the information set out in the insurance summary.

Financials/Budget: Each year the strata council put together a budget for consistent items that need to be paid for throughout the year. At the AGM owners can vote to approve the budget. The budget you see lists the items that are being paid for and how much is being spent on them. This could include items such as the strata management company, landscaping, garbage pickup etc.

Depreciation Report: This is put together by an engineering company that would be experienced in depreciation reports. They look at all of the components of the building, such as roof, balconies, windows, exterior cladding etc. They also look at the age of the building and put together a proposal on how the strata council could budget for the repair or replacement of the various components in the future.

Engineering/Warranty Reports: Depending on the age of the building there could be a variety of engineering or warranty reports contained withing the strata documents covering various components of the building.

Strata Plan: This is the plan that is registered once the building/complex is complete. It shows the layout of the whole strata and location and size of all the units. Please remember that the strata plan number for the home you are buying is not necessarily the same as your unit number.

It may be a lot of reading but it is essential!!

CHECK OUT THE LATEST STATS FOR THE FRASER VALLEY FOR OCTOBER

‘Fraser Valley real estate market weakens as sales and prices continue to edge downward’

SURREY, BC — Property sales and new listings in the Fraser Valley fell again in October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.

The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of 1,935 sales recorded in June.

At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since peaking in May at 3,533.

“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This has been the case since the latter half of the year so far, and we anticipate the trend will continue until we start to see some downward movement in the policy rate.”

Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is considered balanced when the ratio is between 12 per cent and 20 per cent. “As the market continues to adjust to the new rate realities, pricing and financing strategies become critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest comparative market data and neighbourhood insights, can be the key to determining optimal market timing.”

Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to September.

For more info on the market reach to Garry Voigt 604 789 2140 email info@garryvoigt.com

WHAT IS THE LEAST EXPENSIVE WAY TO INCREASE YOUR RETURN ON INVESTMENT WHEN SELLING A HOME

DECLUTTER/DEPERSONALIZE – We often get asked ‘what the best thing is we can do for the biggest return on investment when we sell out property’. Our number 1 answer is always declutter and depersonalize your home. We can never stress enough how important this step is when selling a home.

This can be as simple as grabbing some packing boxes and storing items in your garage. If you are in a condo, fill up your storage locker. If you don’t have the space, it may be worthwhile renting a storage locked for a short period of time. We always say, ‘less is more’, when there is a lot of clutter it can be hard for buyers to see past this and imagine themselves living in your home.

CLEAN -The 2nd recommendation we always make is to clean your home. In our experience, some buyers find it hard to see past a home that is not clean. This is especially important if you have pets in your home. It doesn’t have to be a huge expense but depending on your situation we would recommend hiring a professional cleaning company.

If you are thinking of selling, reach out to us and we will be happy to help you with tips on how to get the best return on your investment!

BANK OF CANADA KEEPS THE KEY RATE AT 5%

In a move that has attracted attention across financial circles, the Bank of Canada has decided to maintain its interest rate at 5%. This decision has been taken amidst a turbulent global economic climate, with many countries experiencing the impacts of inflation and economic uncertainty. However, the Bank of Canada’s decision to stick with the 5% rate reflects its confidence in the country’s economy.

With clearer signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. However, Governing Council is concerned that progress towards price stability is slow and inflationary risks have increased, and is prepared to raise the policy rate further if needed. Governing Council wants to see downward momentum in core inflation, and continues to be focused on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.

There are several factors that the Bank of Canada takes into consideration when deciding whether to change interest rates. These include the current rate of inflation, the performance of the Canadian dollar, the state of the global economy, and the performance of the Canadian economy. The Bank’s decision to maintain the current rate at 5% suggests that it is satisfied with the performance of these factors and sees no immediate need for change.

However, this decision has not been without its critics. Some economists argue that the Bank of Canada should be lowering interest rates to stimulate economic growth, especially given the current global economic uncertainty. They argue that a lower interest rate would encourage more borrowing and investment, leading to increased economic activity and growth. However, the Bank of Canada has clearly stated that it believes the current rate is appropriate given the current circumstances.

The Bank of Canada’s decision has important implications for individuals and businesses. For individuals, the decision means that the cost of borrowing will remain steady. This can be good news for those looking to take out loans or mortgages, as it means that their repayments will remain stable. For businesses, the decision means that the cost of borrowing for investment purposes will also remain steady, which can help to facilitate planning and budgeting. It will be interesting to see how this decision impacts the Canadian economy in the coming month

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OUR 4TH ANNUAL PUMPKIN PATCH CLIENT EVENT WAS ONCE AGAIN A HUGE HIT!!

Thank you to each and every one of our wonderful clients who came out to our 4th Annual Pumpkin Patch Client Appreciation Event on Sunday. The turn out was the best yet and we are so grateful that the weather cooperated and the rain stayed away. We really love our client events, they are such a good way to say thank you to everyone who supports our business, we simply could not do it without you! Stay tuned for our Christmas skate event!

JUST LISTED 417 20219 54A AVENUE – LANGLEY CITY

📍 417 20219 54A Avenue

🛌 2 bed

🛀 2 bath

🚗 1 parking (tons or street parking)

📐 867 sq ft

💸 Offered at $599,800

Welcome to SUEDE in Langley City. This 2 bed, & 2 bath, TOP FLOOR condo has a functional, light bright, open floor plan with 10ft ceilings in living/dining. Kitchen has stainless steel appliances, ample quartz counters, plenty of cabinets plus an eat up bar. Open plan dining and living room with access to your good size east facing patio with lots of morning sun. Great layout with bedrooms at opposite ends for privacy. Plenty of storage in the in-suite laundry, plus coat closet. Well kept building with newer roof installed in 2021. Pets & rentals allowed, great investment opportunity! 1 parking stall & storage locker on the same floor and plenty of street parking. Great proximity to parks, shopping, schools & Langley City amenities & upcoming SkyTrain.

NEW SHORT-TERM RENTAL LEGISLATION.

This week the BC Government announced a plan for new legislation governing short term rental accommodation with the aim of bringing more long-term rental properties to the rental market. The new legislation means all short-term rental sites such as Airbnb, VRBO etc. will have to share data with municipalities and there be an increase in fines for bylaw infractions.

The legislation limits short-term rentals to within a host’s home, or a basement suite or laneway home on the property where they reside. However, there are some exceptions with more than a dozen resort areas and municipalities with populations of less than 10,000 people can initially be exempt from the principle residence requirement.

It remains to be seen if this new legislation will have the desired impact on the long-term rental market and also what the overall affect will be on tourism, given the number of visitors to BC who use short term rentals for their vacation.

Check out the BC Government website.

JUST LISTED 19 19628 55A AVENUE – LANGLEY

📍19 19628 55A Avenue

🛌 3 bed

🛀2.5 Bath

🌳 548 sq ft Rooftop patio with views

🚗 2 parking

📐 1474 sq ft

💸 Offered at $879,900

Welcome to LIFT! This 3 bed, 3 Bath home, built in 2020 has a modern feel & features with a light, bright open floor plan, nest smart home & central A/C included! Main floor has a powder room & great size dining room, opening to a west facing balcony with unobstructed views. Showstopper kitchen Centred on main floor, white shaker cabinets, SS appliances incl gas stove, elegant quartz counters, large island with waterfall edge & built in microwave. Living room has tons of space for furniture & is perfect for the whole family. 3 great size bedrooms up, family bathroom & primary suite with his & hers closets & Ensuite. The outside space continues on the ultra sunny roof top deck with great views & tons of space for entertaining. 2 parking in the garage & ample storage.

For more information, measurements and walk through video visit https://garryvoigt.com/…/19-19628-55a-avenue-langley…/