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 canโt thank you enough and look forward to assisting in the 2024 year!
Real Estate
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. ย ย 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. ย ย 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 โFlipping Taxโ
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.
See less
JUST LISTED – 2 BED – 2 BATH TOWNHOUSE – CLAYTON HEIGHTS
JUST LISTED
#51 – 19477 72A Ave, Clayton
2 Bed
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 Serviceยฎ (MLSยฎ) 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 sellerโs 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.
MLSยฎ 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!
CHECK OUT THE SNAPSTATS FOR THE FRASER VALLEY FOR JANUARY 2024
For more information on the current Real Estate Market, call or email Garry Voigt 604 789 2140 or email info@garryvoigt.com.
\
JUST LISTED – IMMACULATE 2 BED – 2 BATH CONDO – LANGLEY CITY
#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
JUST SOLD – CUTE 3 BED 2 BATH RANCHER IN CENTRAL ALDERGROVE – SOLD IN 2 WEEKS!
JUST SOLD!
BIG congratulations is in order to our friends and past clients on the quick sale of their family home in Aldergrove! Thank you for giving us the opportunity to a part of the big milestone and trusting us to facilitate the process!
3 bed
1.5 bath
4 parking
1407 sq ft
8496 sq ft lot
Walk to parks and pool
Cute 3-bedroom rancher perfect for downsizing or young families. Situated on a large 8496 sq ft fully fenced lot, it is perfect for kids & pets. Living room with gas fireplace, cozy farmhouse style kitchen & dining room & bonus large pantry & 3 great size bedrooms, main fits a king. A few steps down you will find an additional family room. Upgrades incl, Fresh exterior paint, new insulation throughout, new front steps, refinished hardwood, brand new stainless fridge freezer & new furnace. The back yard is a year-round entertainers dream with great size, partially covered patio. New fencing, including the entire front lot. Tons of parking, space for an RV. The location cannot be beat, 10 minutes walk to elementary, middle & High school. Walk to skate & Athletic Park & CO-OP outdoor pool!
CLICK HERE for full listing info
BRAND NEW LISTING – 289 GILL ROAD – LADYSMITH – RARE OPPORTUNITY TO BUILD YOUR DREAM HOME WITH INCREDIBLE VIEWS AND WATERFRONT ACCESS.
JUST LISTED
We are pleased to present this amazing opportunity to acquire one of Ladysmithโs only, fully serviced ocean front lots currently on the market.
BUILD YOUR DREAM HOME! This is one of the very few OCEAN FRONT, level lots for sale in the area that is ready to build on with BONUS municipal water and sewer. The owners have already done all the heavy lifting and have had the lot cleared, levelled, geotechnical report done, upgraded sewer, new water meter box and have development permit in hand! Imagine life in your brand-new home sitting on an EAST facing, 22,000+ sq/ft lot and waking up every day to a gorgeous sunrise with sweeping OCEAN VIEWS of Ladysmith Harbour, Gulf Islands, and beyond. This property is located on one of the most desirable, no-through roads in Ladysmith. Just a 10 minutes drive to the airport or 25 minutes to Ferry and a short walk to shopping, golf and walking trails. Capitalize on this rare opportunity to build your dream home, lots this size cleared and level do not come to market often!
For more information reach out to Garry direct at 604-789-2140 or CLICK HERE for full listing info.
THERE ARE 8 INTEREST RATE ANNOUNCEMENTS BY THE BANK OF CANADA IN 2024
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.
- 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. Alternatively, if inflation is low, the Bank of Canada may lower interest rates to encourage spending and stimulate economic growth.
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 try to make educated guesses on what may happen.