It’s a strong summer for the Fraser Valley housing market as high demand continues throughout July. Below are the key stats and benchmark prices from the Fraser Valley Real Estate Board (FVREB) July Statistics report.

Key Stats:

• Total Sales: 1,615 – an increase of 11% compared to July 2013
• New Listings: 2,724 – a decrease of 2% compared to July 2013
• Benchmark Price for Single Family Detached Home: $538,000 – an increase of 3% compared to July 2013
• Benchmark Price for Townhouses: $298,500 – an increase of 0.2% compared to July 2013
• Benchmark Price for Apartments: $194,700 – an decrease of 3.6% compared to July 2013

The President of the FVREB, Ray Werger, states, “July’s steady activity is a continuation of what we’ve been seeing all year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser Valley, which is steady, consistent market.”

Prices have continued to remain relatively steady this past year as demand increases. The Fraser Valley housing market enters August with positive sights.

To view of the full FVREB July Statistics report, click here.

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

What is the home buyer’s plan? How does it benefit you?

The Home Buyer’s Plan gives you the ability to purchase a qualifying home using your RRSP account. This will enable you to buy a home much faster but allowing you to withdraw up to $25,000.

Here are some of the many rules of the Home Buyer’s Plan:

• The funds in your RRSP account must be in there for a minimum of 91 days
• You may not use locked-in RRSPs
• The funds can be used for other things, not just the down payment, such as furniture, moving expenses, and legal costs
• You can replenish your RRSP over the next 15 year time period or sooner if you wish
• And/or you can add the amount ($25,000 divided by 15 = $1,667) to your income each year and be taxed on it and not replenish your RRSP
• You can use the program again after 5 years of the RRSPs being repaid
• Both spouses are eligible to withdraw up to $25,000 each, at the same time
• One family – one principle residence: if you marry someone who has already used the plan and you move into their home, you are no longer eligible to use the program
• As a first-time home buyer, you are eligible to make a tax-free withdrawal of up to $25,000

This is just one option of many mortgage insured programs. The Home Buyer’s Plan allows you to purchase a qualifying home much quicker.

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

A notary and a lawyer are two terms that are sometimes used interchangeably in the industry because they have the same bottom line – provide legal service for your real estate transaction. Below outlines the difference between a notary and a lawyer.

Source: Google Images

Court

Both notaries and lawyers are able to provide you with the necessary documentation for your transaction. For those people who find themselves in more complicated transactions with the potential of something going wrong, lawyers are able to represent you in court but a notary cannot do so. Notaries are also not allowed to represent you in any kind of disputes.

Legal Advice

Lawyers are allowed to assist you and give you advice on a legal matter, whereas notaries cannot. For example, if you require legal advice on where your property line lies because you think your neighbour’s garden is crossing the boundary, a notary cannot provide that advice for you. The legal power notaries have is to register and sign off on the appropriate documents.

It is very important to use legal representation to review the contracts of your transaction. We are committed to providing you with the legal representative, a notary or a lawyer, that best suits your needs in your situation.

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