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Our latest ramblings.
Enjoy! We definitely have important things to say!
Our latest ramblings.
Enjoy! We definitely have important things to say!
Strength of the Fraser Valley housing market from the summer season continues as we entered fall this past month. The Fraser Valley Real Estate Board (FVREB) has released their September Statistics, reporting this is the busiest September for the market since September 2009.
Key Stats:
Ray Werger, President of the FVREB says, “Similar to this past summer, this is the busiest September we’ve had since 2009 with sales of all property types combined out‐performing the 10‐year average by 13 per cent. Residentially, the single family detached home remains the preferred property type. From North Delta to Mission, sales increased in every Fraser Valley community compared to last year with the price range of $400,000 to $699,999 garnering almost sixty per cent of our total detached market.”
Benchmark Prices:
Werger adds, ” An important factor underlying the housing market is consumer confidence and in our region that confidence has been bolstered by the stability of home prices. Since March, the benchmark price of our three main residential property types combined has remained flat, increasing by only 0.6 per cent. Long‐term, the value of single family detached homes has increased at a faster pace than it has for attached properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new townhome and condo developments. The supply of new inventory has affected the price of resale product.”
For more information and data on the FVREB September Statistics Report, please click here.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
Home activity increases this past month as we entered into the Fall season, accordingly to the Real Estate Board of Greater Vancouver (REBGV). REBGV have released the September Statistics and the details on the pace increase are outlined below:
Key Stats:
Benchmark Prices:
The President of the REBGV, Ray Harris says,”September was an active period for our housing market when we compare it against typical activity for the month. Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment. Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”
To view the full REBGV September Statistics report, please click here.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
It’s important to understand the difference between Property Tax and Property Transfer Tax.
Property Tax is the tax paid on an annual basis to the local city/municipality for the upkeep of electrical lines, roads, sidewalks, etc.
Property Transfer Tax is a one-time tax paid to the provincial government by buyers of real estate.
Property Tax
At the time of a sale, the solicitor for the buyer must confirm that local taxes have been paid up to date. The full year’s payment is expected to have been paid by July 1st. If payments are up to date, a Tax Certificate is issued, from which any adjustments can be made. These adjustments usually require the buyer to compensate the seller for any prepaid taxes.
Example: If your possession date is December 1st, and the seller has paid the taxes on the property for that entire calendar year, you will be expected to pay back to the seller one month (1/12th) of the taxes. If the taxes on the property were $2400 per year, you would pay $200 back to the seller. Many buyers run into difficulty if their possession date falls anywhere from May to July. At this point, the seller may not have paid that year’s property tax yet since it isn’t due until July 1st. The seller would then be responsible for their portion of that year’s taxes for the time period they had possession of the property. The buyer will be responsible for the remainder of the year – this can be an unexpected expenditure!
Property Transfer Tax
The Property Transfer Tax is payable to the BC provincial government by buyers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial. The amount of the Property Transfer Tax is 1% on the first $200,000 of the property’s fair market value and 2% on the remaining fair market value.
Example: If the fair market value of the property is $150,000 the tax payable would be $1,500.00 (1% of $150,000). If the fair market value of the property is $250,000 the tax payable would be $3,000 (1% on the first $200,000 = $2,000 and 2% on the remaining $50,000 = $1,000).
“Fair Market Value” is best described as the price that would be paid for a property on the open market (which is usually the actual purchase price paid for the property). If the transfer of property is taking place without the exchange of money, the fair market value must be the fair value of the property if it was sold on the open market. In some situations, the fair market value is set by the latest assessment received from the BC Tax Assessment Office.
What is identity theft?
Identity theft occurs when an individual steals another person’s identity and impersonates that individual. By using basic personal information like name, address, and social insurance number, identity thieves open credit card accounts, lease or buy cars, rent apartments, or even engage in criminal activity using the stolen name.
How can I avoid being a victim of identity theft?
When using your credit cards:
How to manage your credit and debit card statements:
When your credit or bank cards are lost or stolen:
What can I do if I suspect I’m a victim of identity theft?
Moving into a new home is an exciting experience – new neighbourhood, new neighbours, fresh start, etc. As you start to check off items on your to-do list for your big move, don’t forget to add: change locks. It’s important to assume that numerous people could have access to your home with a key from the previous owners. Safety should always be at the top of your list.
Below are 10 security tips for when you move into your new home:
1. Examine eoors and windows
Check the frames to ensure stability, durability, and reliability. If they are in need of repair, make sure you get them fixed.
2. Changing the exterior locks
Consider an electronic deadbolt, built-in alarm systems and anti-pick resistance. .
3. Keep an eye out on your tour
Look for broken or aging door frames and flimsy window locks.
4. Check for an existing alarm system
If so, be sure to change the access codes and contact the alarm service company to let them know of a new ownership.
5. Walk around your new home to check the safety of entering and exiting from different doorways
Do this at different times throughout the day, making sure the necessary pathways are well lit at night.
6. Sensor Lights
Having sensor lights deters criminals while you’re sleeping
7. Trim back bushes and trees
This prevents thieves from hidings. It’s important to store ladders in a locked garage or shed.
8. Hiring tradespeople
Ensure your hires are accredited – ask for credentials and references.
9. Emergency contact information
Make a list of emergency phone numbers and locations and keep it close to all phone devices throughout the home.
10. Join the neighbourhood watch
Be involved and stay “in-the-know” of what’s happening in your new neighbourhood
For more information on security tips and advice for your home, visit schlage.com.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
Owning an income property can be quite the profitable investment. But before you commit, take the time to gain a clear understanding of the steps for financing and the responsibilities you would obtain. Research, research, research. It’s important to understand why exactly investing in an income property would be beneficial to you.
We are here to help you with that research.
Why buy an income property?
What are types of income property are approved?
Most lenders allow applicant to hold a maximum of 4 rental properties. Holding more than 4 rental properties is considered commercial business.
Basics of down payment for investment properties:
As a one-stop shop at BrokerSmart, we are here to assist you with your investing needs. If you want to obtain more information and/or have any questions, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
19978 72nd Ave. Unit 205
Langley, B.C. V2Y 1R7
P: 604-588-4466
F: 604-588-4483
info@brokersmart.ca