JUST LISTED – STUNNING 4 BED HOME IN WALNUT GROVE – BACK YARD OASIS

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 – info@garryvoigt.com


CMHC ANNOUNCES NEW CHANGES STARTING JULY 1ST

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.


BC PREPARES TO START TO OPEN UP THE ECONOMY AND HERE IS HOW THEY PLAN TO DO IT

BC’s Restart Plan lays out a series of steps that we will take together to protect people and ensure that our province can come back from COVID-19 stronger than before.

Around the world, governments have taken different approaches to try to bend and flatten the curve of transmission — from complete lockdowns to quarantines and varying intensities of physical distancing.

From the outset, B.C. established clear guidance, transparency and an evidence-based approach as hallmarks of our fight against COVID-19.

Protective measures B.C. has taken have included:

  • Providing physical distancing and hygiene guidelines for people, businesses and essential services to follow
  • Banning mass gathering of more than 50 people to reduce the risk of outbreaks
  • Closing bars, dine-in service at restaurants, and personal service operators, like barbers and dentists, to reduce the risk of transmission
  • Reducing in-classroom learning and child care
  • Requiring travellers to develop and stick to a 14-day isolation plan when arriving in B.C. from abroad
  • Restricting visitors to health care and assisted living facilities to protect some of our most vulnerable people
  • Postponing non-urgent and elective surgeries while maintaining urgent and emergency procedures

Working together we’ve made a lot of progress. These protective measures and restrictions have directly saved lives, but we also know that the public health benefit has come at some expense, including the economic, social and personal well-being of many British Columbians.

Check out the BC Government website for more info.

 

 


CHECK OUT THE LATEST SNAPSTATS VIDEO FOR APRIL IN THE FRASER VALLEY

Check out the latest SnapStats video for the Fraser Valley. Due to the pandemic we are not seeing the typical number of sales we would see at this time of year. However there has been almost no change in benchmark prices in either condos, townhomes or single family home. In fact prices are slight up over last month and also up over this time last year. The SnapStats indicate that we are currently in a ‘balanced market’

 

 


SOLD – 206 36688 KING ROAD ABBOTSFORD

Congratulations to our sellers on the sale of your condo! Thank you for putting your trust in us and congratulations on the purchase of your new home!!

Welcome to COLLEGE PARK PLACE. This 2 bed 2 bath open plan unit is light and bright & Benefits from southern exposure. The great layout has bedrooms separated by the living space for max privacy & has 2 full bathrooms. Stylish laminate flooring throughout, crown molding & updated pot lights in living room. Tons of storage, BONUS, 2 large pantries & laundry/storage room, side by side washer dryer & cabinets. Master bedroom could fit a king bed & has walkthrough his and hers closets. Spend winter in front of the cozy gas fireplace (gas included) or sun filled summer days on the south facing deck. 2 parking spaces. Excellent CENTRAL location, minutes to highway 1, walking & biking trails, shopping, restaurants, Abbotsford Events Centre and the University Of Fraser Valley.


Check out the March 2020 SnapStats for the Fraser Valley.

The typical ‘Spring Market’ made a great start in March but the need for social distancing meant we had to make some big changes on how we do business and that was bound to have an impact on sales. Take a look at the SnapStats Video for the Fraser Valley – March 2020.

For more information on how we have adapted our business and the current market, call or email Garry Voigt – 604 789 2140, info@garryvoigt.com.

 


FOR SALE – CLOVERDALE – 6 BED – 5 BATH HOME WITH 2 BED MORTGAGE HELPER

5898 168 Street – Located in beautiful Richardson Ridge in Cloverdale, this semi- custom family home offers a fantastic layout, featuring 6 bedrooms & 5 bathrooms including a 2 bed main floor mortgage helper! Main floor features elegant cherry oak hardwood floors & over height ceilings. Kitchen boats updated LG stainless steel appliances plus eating nook. Upstairs has open walkways with railings for a light, spacious feel. Four bedrooms, 2 with ensuite & 2 with Jack& Jill bath. Meticulous front yard appeal with decorative landscaping curbing. The huge 28’ x 42 back patio has 6‘ 6 high custom aluminum fencing for max privacy & low maintenance. Includes 21 x 12 covered area. Rear lane parking for 8 or RV parking. Roof replaced in 2019! Just a 5 min walk to Surrey Centre Elementary & Catchment for .

Call Garry Voigt for more info 604 789 2140 or email info@garryvoigt.com


CHECK OUT THE LATEST SNAPSTATS FOR THE FRASER VALLEY FOR FEBRUARY 2020

Check out the latest SnapStats for the Fraser Valley for February 2020. Sales are up and there has been a slight increase in sales prices indicating that we are in a ‘Sellers Market’. We are once again seeing multiple offer situations not only in condos and townhomes but also single family homes. Inventory is low and there are a lot of buyers out there!!

Contact Garry Voigt today for more information 604 789 2140 or info@garryvoigt.com

 

This report data was captured on March 2, 2020 from the Fraser Valley Real Estate Board MLS® . Refer to our YTD reports for sustained periods of the Sales Ratio % . 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 .


BANK OF CANADA REDUCES THE BENCHMARK INTEREST RATES BY 50 BASE POINTS

The Bank Of Canada today announced that they were reducing the benchmark interest rate from 1.75% to 1.25%.

The outbreak of Cornavirus is having a negative impact on the global economy and according to the Bank Of Canada “a material negative shock” to Canadian and global outlooks.

The slash in the interest rate, coupled with the relaxation in the street test could me more borrowing power for buyers. The market is already hot right now with many buyers once again finding themselves in multiple offer situations. Now is definitely a good time to list!

Contact Garry Voigt for more information 604 789 2140 or info@garryvoigt.com.

Click on the links below for more information.

Globe and Mail

 


SOLD – JUST 2 DAYS ON THE MARKET – 2 BED – 2 BATH TOWNHOUSE – LANGLEY

31 5388 201a Street. SOLD in just 2 days! The market is hot, inventory is low and there are lots of buyers out there. There has never been a better time to list your home!! If you want to get the conversation started and learn about we can help you get top dollar for your home call Garry Voigt today 604 789 2140!