Finding an Honest Home Improvement Contractor

You can’t call yourself a dentist unless you have specific hard-earned credentials. Just about anyone, however, can hang a shingle and call himself a home improvement contractor. That’s why choosing a reputable one is so difficult. Here are some tips:

• Find out if he or she is truly in business full-time. A part-time or occasional contractor may not have the experience necessary to do a great job.

• Ask about licenses and other credentials. Some contractors have accreditations from professional and trade associations.

• Review his or her project portfolio. A reputable contractor will have photos and other evidence of work completed for similar clients.

• Check online for reviews. If there are more than five poor reviews within the past three years — that’s a red flag.

• Ask for references. Then, call at least one.

Finally, the best contractors are those that get recommended by people you trust. Looking for a contractor recommendation? Call me today.

Thanks 

AA

How Much Time Should You Spend Viewing Homes?

Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?” The answer seems obvious: As long as it takes to make a decision!

Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision. There are basically three stages to viewing a property:

                               1. Macro

                               2. Micro

                               3. Professional

When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard. Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.

If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit. The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.

Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer.

As your REALTOR®,I will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call today to view your new home 604-992-1010.

Thanks,

AA

I have had a lot of people ask me about the newly imposed 15 per cent property transfer tax on sales of residential property by foreign buyers that closed and were registered after Aug. 2^nd and what effect it will have on the current market.

Here are the terms explained:

1.  A foreign national is one who is not a Canadian citizen or permanent resident.  If it is company that is purchasing, a foreign company is one that is not incorporated in Canada, or incorporated in Canada but controlled in whole or in part by a foreign national or other foreign corporation;

2. The increased tax only applies to properties in the Greater Vancouver Regional District, and does not apply elsewhere in the Province, or the Tsawwassen First Nations Lands (For FVREB, this includes North Delta, Surrey, White Rock and Langley, and NOT Abbotsford or Mission);

3.  The tax only applies to residential properties, not commercial;

4.  This is in addition to the regular PTT to be paid, and is paid on closing;

5.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

6.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

7.  The increased tax is effective ‪August 2, 2016, regardless of when the contract is signed.  Even if the contract was signed weeks ago, if it completes ‪after August 2, 2016 there is a higher tax;

8.  The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.

Although I feel this will help the affordability of houses in the long run, the fact that this was not made on contracts signed after Aug. 2^nd has created a domino effect. Deals have collapsed since the new tax was announced, after buyers failed to finalize deals before Aug 2nd.  This domino effect is hurting Canadian citizens who had sold their property and purchased another only to find that their buyer is walking away due to the new tax.

All this doesn’t change the fact that data from the FVREB shows that home sales in the Fraser Valley have been declining before the tax was announced. Sales fell 10.2 per cent in July from a month earlier, and were 31.5 per cent lower than they were a year ago. It was the third month of falling sales in the region.

How this will affect the market in the months to come is still yet to be seen. If you would like more information or have any questions please feel free to contact me directly at 604-992-1010 to discuss.

Thanks,

AA

Fraser Valley housing market simmers in July

SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) remained strong in July – however, for the first time this year, monthly sales did not break a historical record for our region.

The Fraser Valley Real Estate Board processed 1,962 sales of all property types on its MLS® in July, a decrease of 10.2 per cent compared to the 2,184 sales in July 2015, and a 31.5 per cent drop compared to the 2,864 transactions processed in June 2016.

“A slowing down in activity is expected during the summer. While it may seem drastic or alarming when compared to months prior, this easing off is welcome as we get further into the year – the pace of the market slows, and inventory has a chance to catch up,” said Board President Charles Wiebe.

The Board received 3,226 new listings in July, an increase of 14.6 per cent compared to July of last year, and a 12.9 per cent decrease from June 2016. The total active inventory for July was 6,012, down 21.7 per cent from last year’s 7,681 active listings at this time.

“This is a good thing for our market, and buyers especially. Additional inventory will help drive us towards a more balanced environment for consumers and remove some of the upward pressure on prices we’ve been seeing.”

Across Fraser Valley, the average number of days to sell a single family detached home in July 2016 was 18 days, compared to 33 days in July 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in July was $881,400, an increase of 41.9 per cent compared to July 2015 when it was $621,100.

In July, the benchmark price of townhouses was $408,200, an increase of 33.9 per cent compared to $304,900 in July 2015. The benchmark price of apartments also increased year-over-year by 24.9 per cent, going from $192,700 in July 2015 to $240,600 in July 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201607.pdf