Check out the latest SnapStats for the Fraser Valley. After the affects of the Covid19 pandemic bought things to a halt in March and April, we started to slowly see a recover through May with a huge surge of market activity in June! Sales in June 2020 were up 115% over May 2020. The latest SnapStats indicate that we are in a sellers market** and we are once again seeing multiple offers and listings being sold within days of hitting the market.
For more information on the current Real Estate market, call or email Garry Voigt 604 789 2140 or email@example.com.
**The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Garry Voigt do not assume any responsibility or liability. More info at snap-stats.com .
Centrally located in the heart of Aldergrove near to the new Aldergrove Rec Centre, shopping, coffee shops and restaurants. This home features a HUGE 8128 sq.ft lot, with gardening boxes, side access for vehicles or RV, parking for tons of cars, wired workshop/shed and tented boat storage. The home has a great layout with 2 gas fireplaces and some updates including roof, windows, kitchen updates, paint, mouldings and trims. BONUS Newer hot water tank! Large 300 sq.ft covered deck, great for entertaining. Fruit trees front and back! The partially unfinished basement leaves you with a blank canvas for a variety of options or convert it into a suite for rental income! Converted carport to enclosed 1 car garage! A great buy in an upcoming area. Don’t miss this one!
Welcome to Park Place 2. This large 2 bed 2 bath condo has been fully renovated! Open concept home with HUGE white, bright kitchen with high end, solid wood, soft close cabinetry, wired for under cabinet lighting, quartz counters moveable island and newer stainless steel appliances. Both bathrooms tastefully renovated with top mount sinks, quartz counters and frameless shower doors. Separate dining area and great size living room leading onto patio overlooking a Courtyard. Bedrooms at opposite ends, oversized master bedroom with balcony access, Gas fireplace (included in strata fee) and freshly painted throughout. BONUS BRAND NEW ROOF PAID FOR!!! Around the corner from Linwood park, off leash dog park, playground, schools & Transit. A renovated place like this won’t last at this price!!
7849 160a Street Nestled in a quiet Cul De Sac in desirable Hazelwood Hills, steps from Fleetwood Park.The grand entry features an elegant curved staircase & main floor has updated flooring, bedroom & bath with shower, formal living/dining room with gas fireplace + huge bay window for tons of light, Kitchen with oversized eat up island leads to family room with gas fireplace, VAULTED ceilings and built in WET BAR! Upstairs boasts HUGE master bed, 5 piece ensuite with double jetted tub & separate shower. 3 other large bedrooms, updated full bathroom & big games room/5th bedroom? Tons of parking in the front + PRIVATE stunning back yard that for entertaining with tons of room for the kids on a huge 9000 sq/ft lot. Walk to William Watson Elementary and Fleetwood Secondary. A home the whole family will love!
Contact Garry Voigt for more info 604 789 2140 – firstname.lastname@example.org
311 13344 102a Street. Location Location Location! Welcome to The Village in Central Surrey – NO CAR NEEDED! This 1 bed, 1 bath condo is about as central as you can get but on a peaceful street! Walking distance to the beautiful Holland Park, one block from S.F.U, walk to Surrey Central Mall, Surrey Rec Centre and Sky Train, bus loop and big box stores. Nice open plan living and dining room with newer laminate flooring has large windows with sliding doors onto the good size patio. Kitchen has serving hatch allowing in more natural light and a good amount of counter space. Good size bedroom plenty big enough for a queen bed. Not only is the location great but rentals are allowed, making this condo an amazing investment opportunity or perfect for your first time buyers. Don’t wait on this one!
20552 96a Street – Property like this one rarely comes on the market in Langley! This amazing 7079 sq ft cul-de-sac lot is backing onto picturesque greenbelt in desirable Walnut Grove with a beautiful open view of the creek. Private fully fenced backyard is completely redone with a resort like setting complete with 18×36 kidney shaped INGROUND pool, newer HOT TUB and GAZEBO with built in bar, TV and huge wrap around deck. Sundeck is spacious with custom made benches by the pool and second BAR with built-in fridge and seating area. This beautiful and spacious family home is freshly renovated with 4 bedrooms up, large master bedroom has brand new spa like master bath, custom made kitchen with tons of storage, SS appliances and Air Conditioning. This house has it all! Call Garry Voigt for more information 604 789 2140 – email@example.com
93 8068 207 Street. Welcome to the POPULAR Yorkson Creek South in the heart of Willoughby! This unit is in SHOW HOME condition, featuring LUXURY high end finishings that you don’t see in townhomes anymore. Including all GRANITE counters in bathrooms & kitchen, organizers in all the closets, solid wood soft close cabinets, GAS stove, high-end HARDWOOD flooring, Pantry + BONUS powder on the main. Upstairs Master has VAULTED ceilings, new A/C unit, walk in closet, ensuite w/heated floors, a fog-free mirror, and a rain shower, two other good-sized bedrooms + full bath & your own Laundry room. Downstairs bedroom has its own separate entrance + Ensuite with shower! BONUS parking for 3 and HOT TUB out back!! Walk to Schools, Shopping, close to Hwy 1 and Carvolth Park & Ride all at an amazing price, don’t wait!!
Welcome to the TOP floor, 2 bath & 1 bed + den (Being used as a second bedroom) at the very centrally located Station 54 with shopping and restaurants right across the street! This unit faces east with beautiful mountain views from your living room and deck and an abundance of trees for privacy. The whole package! The whole unit was freshly painted last year head to toe with soft inviting colors & the OPEN kitchen features newer refinished WHITE cabinets with a big eat up island OPEN to the generous sized dining and living room, perfect for entertaining. The master bedroom is a great size with custom extra built ins for storage & its own ensuite. BONUS powder room off the entrance for company! This unit shows 10/10 and wont last!
CMHC has announced new changes coming on July 1st. You can read the official CMHC announcement here. But here’s a quick summary of the changes:
– Minimum Credit Score rises from 600 to 680
– Maximum GDS drops to 35% (formerly 39%)
– Maximum TDS drops to 42% (formerly 44%)
– Borrowed Down payments are banned
Do you need to panic?
Not necessarily as there are 3 insurers in Canada. So far CMHC is the only one that has announced any changes. It is possible that the other 2 mortgage insurers (Genworth & Canada Guaranty), won’t follow at all, or they’ll only follow some of the rules. In fact, it might be a good competitive advantage for them not to follow all of the changes (unless mandated by the federal government). We may hear from the other 2 insurers early next week.
What does each change mean?
No More Borrowed Down payment – This isn’t really a big deal at all, as virtually zero lenders participated in this program, and the way this program worked it was pretty much an un-used program anyways. In fact, as you read this, you likely didn’t even know this program was still an option.
Credit Score Requirement – CMHC now requires a minimum 680 credit score (for 1 borrower). Previously it was 600. CMHC says that less than 6% of their mortgage applications this year had scores below 680, so it should not really affect a lot of CMHC buyers anyways…but it will affect some.
35/42 GDS/TDS – This is without a doubt the biggest announced change, and it could potentially have the largest effect on the lower end of the real estate market. This could affect an average borrower anywhere from 12% or more on their borrowing power. For example if you qualified to borrow $500,000 before, your maximum mortgage is now reduced to about $440,000.
Why are they doing this?
This only affects people buying homes after July 1st. And it will mostly affect the purchasing power of the youngest, the lowest income and lowest down payment buyers.
It won’t affect any of the following types of mortgage borrowers:
– Any buyer with over 20% down payment
– Any buyer of a home valued more than $1 Million
– Rental property purchasers
– Anyone refinancing their mortgage
– Anyone renewing their mortgage.
So, it only affects a very small portion of home buyers in the lower mainland. Unfortunately this could meant that it’s the first-time buyers that are hurt the most. Those same first-time buyers that were hurt the most from the mortgage stress test.
If you’re preapproved, and you’re intending to buy a home with less than 20% down payment, you definitely need to speak to us about how this might affect you. It might put some urgency to buy a home before July 1st.
Thinking of putting your home on the market? You’re not alone. As of May 25th, new listings in the Fraser Valley have increased by over 46 per cent compared to the same period in April.
And last month, even though transactions were down significantly compared to April of last year, on average on a daily basis, 23 families in the Fraser Valley relied on the guidance and advice from their REALTOR® and purchased a new home, while on average, 47 sellers per day listed their home.
Chris Shields is the President of the FVREB. “Housing needs do not stop during a pandemic. It’s why we were declared an essential service early on and why the real estate industry was included in BC’s phased reopening for businesses.”
“We have been working hard since the beginning of the lockdown to serve our clients in innovative and effective ways that limit personal interaction yet showcase homes and facilitate sales,” added Shields.
If you are currently considering buying or selling a home, here are the top ten actions REALTORS® are taking to meet WorkSafeBC’s new guidelines to serve the public:
Your Realtor will communicate with you through telephone, email, or video/teleconference. During this period, Realtors have been connecting virtually with their clients more than ever through FaceTime, Zoom and other videoconferencing technologies.
DOUBLING THE VOLUME OF LISTING PHOTOS ON REALTOR.CA
As you search Canada’s most-viewed real estate website, you’ll notice that Fraser Valley listings may display up to 40 photos now, up from a previous maximum of 20. This allows your Realtor to provide more visual depth and detail for your listing.
VIRTUAL HOME TOURS
In April, Realtor.ca introduced a new feature that allows Realtors to showcase listings by integrating video and 3D tours from multiple popular services. Since mid-April, traffic to Realtor.ca has increased by 14 per cent and inquiries to Realtors have increased by 25 per cent.
LIVE STREAMING OPEN HOUSES
Realtors are now scheduling and promoting live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube. They walk through the home videoing each room describing while you watch live and in real time. “What’s behind that door?” They’ll show you.
No sharing of pens and much more efficient. For many years, Fraser Valley Realtors have guided their clients through the completion of MLS® contracts electronically using PDF and e-signature technology.
If you haven’t sold your home in a while, you may not be aware that strata documents, land title documents, floor plans and others are available digitally. Your Realtor will email them to you.
SAFE IN-PERSON VIEWINGS
When a client is serious about a purchase, they (and their home inspector) must see the home. Per WorkSafeBC’s reopening guidelines, Realtors are working with their buyers and sellers to ensure that in-person viewings adhere to stringent safety protocols including physical distancing; handwashing and sanitizing; the use of masks, gloves and shoe covers; viewings by appointment only; limiting the number of viewers and allowing time to disinfect between viewings.
DISINFECTING REALTOR/CLIENT HIGH-TOUCH SURFACES
When appropriate, Realtors are taking extra precautions to ensure that high-touch areas such as keys, lockboxes, doorknobs, handrails, elevator buttons, etc. are cleaned and disinfected.
ENSURING REAL ESTATE OFFICES ARE SAFE TO VISIT
Like many businesses, numerous local real estate brokerages are in the process of reopening and are aware of the government’s stringent public safety guidelines including physical distancing policies, personal protective measures, and disinfection protocols.
NEW PROVINCIAL REAL ESTATE STANDARD FORMS TO PROTECT CLIENTS
A new Notice & Acknowledgement form is available for use by your Realtor during the COVID-19 pandemic. It alerts clients of changes to the real estate practice and supports your safety by helping you make informed decisions.
For more information about how the FVREB and its 3,671 members are working to keep real estate transactions safe during the pandemic, see our dedicated page at www.fvreb.bc.ca/about/covid-19-update/
In addition, the province’s real estate licensing body, the Real Estate Council of BC has a COVID-19 page devoted to consumers.