Financial Incentives for Building Green in Langley

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Striving to continue to be a leader for energy efficiency, the Township of Langley has adopted a Green Building Permit Rebate Program to provide financial incentives for those developers who build green. It is predicted for the population of Langley to double over the next decade, therefore increasing electricity needs by 50%. This program finds solutions to save energy in the future.

These financial incentives will be offered to those who meet the following criteria:

In Canada, the EnerGuide is a standard rating system for measuring a home’s energy performance. Below is a list outlining the available financial incentives for new residential construction of single family units as well as row/townhouse/duplex units that excels under the EnerGuide rating system.

Single Family Unit:

  • EnerGuide Rating: 80 and above
  • Available Incentives: $750 per home
  • Complimentary Blueprint assessment

Row/Townhouse/Duplex:

  • EnerGuide Rating: 82 and above
  • Available Incentives: $150 per home
  • Complimentary Blueprint assessment

8 Steps to Receive Financial Incentives for Building Green:

  1. Submit a Building Permit Application
  2. Obtain Green Building Rebate Program referral form
  3. Schedule a complimentary blueprint assessment. A Certified Energy Advisor (CEA) will provide an EnerGuide rating of the home and recommend options for reaching a higher rating. Contact City Green Solutions at 604.255.5734 or email at newhomes@citygreen.ca
  4. Build an energy efficient home
  5. Arrange final testing, including a blower door test, by CEA
  6. Receive an EnerGuide label and clearly display it on the home’s electrical panel door or furnace
  7. Within 90 days of final inspection submit EnerGuide documentation, as provided by the CEA, to the Township of Langley
  8. If qualifications are met, the Township will mail you your rebate

For more information on how you can receive financial incentives for building green, while helping Langley continue to be more energy efficient – contact the Permits, License, and Inspection Services Department at the Township of Langley or visit their website

New News on Secondary Suites

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As of May 2013, the Township of Langley has stated that all secondary suites, existing or newly constructed, are required to have a Secondary Suites Licence. A Building Permit is also required to prove inspection has been completed in order to obtain the licence.

What is a secondary suite?

It’s a separate residential unit within a home – more commonly known as a basement suite!  The Township’s Zone Bylaws only permits one single family home to have one secondary suite.

Secondary suites offer many benefits to the community. They provide a range of options for residents such as, more affordable housing. It is important to note that secondary suites must conform to municipal bylaws and provincial standards for public health and safety.

How do I obtain a Secondary Suite Licence?

Once you have received an accepted final inspection along with a Building Permit, the licence must be obtained through the Township of Langley’s Permit, Licence, and Inspection Services Department. There is an annual fee plus an annual utility fee for this licence.

Licence: $350 / $175 (Family Rate)

Utilities: 30% of applicable water/sewer charges to be included on Property Tax Statement

Unfortunately, there are fines for owners who do not have a Secondary Suite Licence. These fines can add up to $500 per day. A sign will be placed on the property tax information sheet which could affect the resale, refinancing or sale of the property. Be sure to obtain your Secondary Suite Licence if you haven’t done so already.

For more information on the Township of Langley’s bylaws regarding secondary suites, click here.

If you have any questions about your secondary suite, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

 

 

 

FVREB March Statistics

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This past month, the Fraser Valley housing market saw an increase in demand towards single family detached homes as more buyers are seeing the value. The Fraser Valley Real Estate Board (FVREB) have released the March Statistics Report. We have added the key stats for the report below.

Key Stats:

  • Total Sales: 1,259 – an increase of 12% compared to March 2013
  • New Listings: 2,799 – a 2% increase compared to March 2013
  • Total Active Listings: 8,763 – a decrease of 8% compared to March 2013

Benchmark Prices

  • Popular Price Range for Single Family Detached Homes: $500,00 – $600,000
  • Detached Homes: $563,400 – an increase of 3.5% compared to March 2013
  • Townhouses: $297,100 – a decrease of 0.4% compared to March 2013
  • Apartments: $195,400 – a 4.3% decrease compared to March 2013

The President of the FVREB, Ray Werger, says, “Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses. Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”

Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”

 

All statistics are from the Multiple Listing Service® (MLS®)

To see the full FVREB March 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

REBGV March Statistics

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The Greater Vancouver housing market activity continues to be steady as we enter the spring season. The Real Estate Board of Greater Vancouver (REBGV) have released their March Statistics Report.

Key Stats:

  • Residential Property Sales Totaled: 2,641, a 12.5% increase from March 2013 and a 4.4% increase compared to February 2014
  • New Listings Totaled: 5,281, an increase of 12.4% from February 2014
  • Current Listings Totaled: 14,472, a decline of 6.4% compared to March 2013
  • Benchmark Price for all Properties: $615, 200, a 3.7% increase compared to March 2013

Detached Properties

  • Sales Totaled: 1,116, a 19.6% increase from March 2013
  • Benchmark Price: $945, 400, a 4.23% increase from March 2013

Apartment Properties

  • Sales Totaled: 1,106, an increase of 12.6% compared to March 2013
  • Benchmark Price: $375,800, a 3.8% increase compared to March 2013

Attached Properties

  • Sales Totaled: 419, a 3% decline from March 2013
  • Benchmark Price: $460,100, an increase of 1.3% compared to March 2013

 

Ray Harris, REBGV president says, “There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.”

“Home prices in the region have experienced incremental gains in most areas and property types over the last 12 months,” Harris said. “It’s important to remember that this is a diverse marketplace and trends will vary depending on area and property type.”

Below is the YouTube video of the March 2014 housing market update:

To see the full REBGV March 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

Increase in Mortgage Insurance Premium

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Less than a month away now until the Canada Mortgage and Housing Corporation (CMHC) increasing mortgage insurance premiums to 15%. May 1, 2014 marks the day homeowners will witness the increase.

What does this mean for you?

If your application is submitted to the Mortgage Insurer prior to May 1, 2014, the current (lower) premium will apply regardless of your closing date. The increased mortgage insurance premiums will only be effective, on those owner-occupied 1-4 unit properties, for new mortgage loan insurance requests submitted on or after May 1st.

This increase is not to be expected to have a major effect on the housing market.

CMHC Mortgage Insurance Loan is calculated by a percentage of the loan based on the loan-to-value ratio. This premium can be paid as a single lump sum, however it is more common to be a part of your regular payments as it is added to the mortgage principal and amortized over the life of your mortgage.

 

If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca.

5 Best Home Upgrades for a Resale

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Preparing your home for sale? Always wanted to upgrade? Well, now is the time! Upgrades for a resale can increase the value, help sell your home faster, attract more and new buyers, and most importantly earn most, if not all, of your investment back! Below are 5 Best Home Upgrades for a Resale from Style at Home.

1. Kitchen

Forget fully gutting and renovating! Simpler changes such as granite counter tops, new back splash, stainless steel appliances, hardwood floors can increase the value of your home and attract more buyers. Plus! The kitchen is a known and famous room for earning back most, if not all, your investment.

2. Hardwood Floors

This type of flooring is very popular among home buyers, especially on the main floor. If your floors are refinished but getting worn, consider sanding and resealing to give them a fresh shine.

3. Master Ensuite

This room is definitely worth updating if your ensuite is in need of a new look. Consider upgrades such as double sinks, high-end tiles, a rain shower head,  and heated floors to give it a luxurious feel.

4.  A Finished Basement 

Number 3 on a buyers’ wish list (after kitchen and bathroom)! A brand new, trendy basement can be a stand-out element of your home in the eyes of the buyer.

5. Landscaping

Well-maintained gardens with colourful flowers, planters, and even some hardscaping can give a fresh, attractive look.

 

For more of Style at Home’s Best Home Upgrades for a Resale, click here.

Source: Style at Home

If you have any questions regarding how to upgrade your home for a resale, please give us a call at 604-588-4466 or email us at info@brokersmart.ca

FVREB February Statistics

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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: 

  • Total Sales: 1,102, an increase of 43% compared to January 2014
  • Active Listings: 8,210, an increase of 11% compared to January 2014
  • New Listings: 2,666, an increase of 3% compared to February 2013

 

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

  • Detached Homes: $558,100, an increase of 3.2% compared to February 2013
  • Townhouses: $298,900, an increase of 0.7% compared to February 2013
  • Apartments: $193,200, a decrease of 4.6% compared to February 2013

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

REBGV February Statistics

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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:

  • Total Sales (Residential Properties): 2,530, an increase from 40.8% from February 2013 and mirroring the 10-year sale average for the month of February, 2,547 (17 sales apart the two digits)
  • Sales-to-Active Ratio: 18.9%, an increase of 4.9% from last month
  • New Listings: 4,700, a decrease of 2.8% from February 2013 and a decrease of 12.1% from January

Benchmark Prices:

  • Residential Properties: $609,100, an increase of 6.3% from February 2013
  • Detached Properties: $932,900, an increase of 3.5% from February 2013
  • Apartment Properties: $373,300 an increase of 3.6% from February 2013

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

CMHC Increases Mortgage Premiums

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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

5 Easy Tips for Moving in the Winter

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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