Latest News
Our latest ramblings.
Enjoy! We definitely have important things to say!
Our latest ramblings.
Enjoy! We definitely have important things to say!
The Fraser Valley housing market ready for spring! The Fraser Valley Real Estate Board (FVREB) says improvements in the market have been showing earlier than anticipated. The FVREB February Statistics has been released and the key details of the Fraser Valley market are below.
Key Stats:
Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market for February through to mid-summer. It’s too early to predict whether this year will be similar.”
“Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increase in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare,” Werger adds.
Benchmark Prices
Werger also states, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par of elevated compared to last year.”
*All statistics are from the Multiple Listing Service® (MLS®)
To view the entire FVREB February Statistics Report, 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
The February Statistics Report has been released by the Real Estate Board of Greater Vancouver (REBGV). The housing market of Greater Vancouver continues to perform steadiness as it follows historical averages.
Key Stats:
Benchmark Prices:
Sandra Wyant, REBGV president said, “Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market. We typically see home buyers become more active in and around the spring months.”
“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions.”
*All statistics are from the Multiple Listing Service® (MLS®)
To view the entire REBGV February Statistics report, 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
News Update in the Mortgage Market:
CMHC (Canada Mortgage and Housing Corporation) increases mortgage insurance premiums to 15%, effective May 1, 2014. The premiums are for homeowners and 1-4 unit rental properties.
The rise will only apply to those mortgages unwritten after May 1, 2014 and will apply to all homeowner business from that day, forward.
It is not be expected to have a major effect on the housing market.
During the media conference call, Peter De Barros, CMHC’s executive director of communications said, “In 2013 the average CMHC insured loan at 95 per cent loan to value ratio was $248,000; using these figures a higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer. This is based on a five-year term using current mortgage rates and 25 year amortization.”
CMHC mortgage insurance premiums are reviewed each year and is planned to make premium announcements in Q1 of every year going forward.
To see the full article from Mortgage Broker News, click here.
If you have any questions regarding the CMHC mortgage premium increase, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
Winter weather is still here in the Lower Mainland as we woke up to some more fresh snow this morning! These conditions do come with some complications and difficulties though, such as commuting…and even moving! Yes, if you find yourself stuck in some snowy situations during your moving period, here are 5 easy tips from YouMoveMe to follow when you’re moving in the winter.
1. Hire Movers
Hire the experts to pack, load and transport your belongings to your new home. Driving in winter weather can be dangerous, especially driving an unfamiliar truck in snow and ice conditions. Those professional movers will take care of you!
2. Shovel and Salt the Driveway
If there is snow conditions, best to shovel and salt your driveway/pathways to make it easier for the movers…and to avoid any slips while they load your belongings!
3. Make Sure Your Utilities are Set Up in the New House
Moving in the winter can be cold! Be sure that your electricity, heat and/or hot water is set up for your first night in your new home. Keep warm!
4. Protect the Floors
Walking from outdoors conditions to indoor can call for a bit of mess! Tape some heavy cardboard or plastic sheeting on the floor in high traffic areas to help avoid any mess that can end up on your floors and carpets.
5. Don’t Forget that Hot Chocolate!
Stay cozy and warm while moving in the winter with your favourite winter beverage! It does the trick.
Now you’re all set for moving in the winter. Need some help with Tip #1? Check out YouMoveMe – Moving Mission.
Source: YouMoveMe – Best Practices for Moving During the Winter
Are you a first-time home buyer?
You are receiving great news today! The provincial government has reduced the tax burden for first-time buyers. This is effective as of February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyer’s Exemption program, qualified first time home buyers can now purchase a home worth up to $475,000. The previous threshold was $425,000.
The partial exemption of this program continues and will apply to homes valued between $475,000 and $500,000.
Government Estimates:
The Real Estate Board of Great Vancouver (REBGV) and the BC Real Estate Association have actively lobbied to make home ownership for affordable for first-time buyers.
PTT is calculated at a rate of 1% on the first $200,000 and 2% on the remaining value of the purchase price.
For the entire news article from REBGV on the government reducing the tax burden, click here.
This is big news for you as a first-time buyer! If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
Yes, mortgage prepayments could save your thousands over the years! Just be sure to check with your lender to make sure they will allow them.
What is a prepayment?
A prepayment is any amount you pay in addition to your regular payments. This includes increasing the amount of your regular payments or making a lump sum payment to reduce or pay off your balance.
The sooner you can make your payments, the less interest you will pay over the long term.
Example
Sarah has a $150,000 25-year mortgage with an interest rate of 5.45%. She wants to save money by using her prepayment privilege. How much can she save?
Assuming the interest remains the same over the life of Sarah’s mortgage, her monthly payments would be about $911. If Sarah increased her payments by $50 per month, she would pay off her mortgage 2 years sooner AND save $14,000 on interest!
If Sarah made a lump-sum payment of $15,000 in the second year of that same mortgage, she would pay off the mortgage more than four years earlier AND save over $33,000 in interest.
Please be sure to check your mortgage agreement first as not all have prepayment privileges. For example, a closed mortgage may require to pay a penalty or fee for any prepayment.
Federally regulated financial institutions, such as banks, must show your prepayment options in an information box at the beginning of your mortgage agreement. It will include the terms and conditions of your prepayment privileges. Be sure to read your mortgage agreement carefully before signing and ask the lender to explain anything you do not understand.
Here are a few questions to keep in mind when looking for a mortgage:
For more information on this topic please visit: itpaystoknow.gc.ca.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca. We would be happy to help you save thousands!
19978 72nd Ave. Unit 205
Langley, B.C. V2Y 1R7
P: 604-588-4466
F: 604-588-4483
info@brokersmart.ca