Property Surveyors, sometimes referred to as land Surveyors, play a vital role in the real estate world. They are the professionals who determine or confirm the exact boundaries of a property.

 

Will you need to deal with a Property Surveyor when selling your home? You might.

 

Sometimes the mortgage lender will ask for a land survey, especially if your property is older and hasn’t changed hands in many years. You might also be asked for one by the buyer if there is any confusion about the size and boundaries of your property – or if significant changes have been made to it in recent years.

 

This is nothing to be concerned about.

 

A qualified Property Surveyor will do the appropriate inspection and measurements on your property and issue you the survey. (It looks a little like a blueprint.) Property Surveyors are highly trained and licensed. In the United States, the profession is represented by the National Society of Professional Surveyors, with each state having its own governing body. In Canada, Professional Surveyors Canada (PSC) represents the profession nationally, and most provinces have their own professional associations.

 

Before getting a new land survey, make sure you don’t already have one. Hopefully, you’ve stored the paperwork that relates to the purchase of your home. Look through it. A valid land survey might be right there.

 

If you have questions about land surveys, call today 604-992-1010.

 

Thanks 

 

AA

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Lots to see this Holiday season, so pack the family in the car and go see some lights...


SURREY

  • 11376 154A Street, Surrey - This year they have over 20,000 lights plus a large assortment of displays and inflatables!
  • 15466 91A Ave, Surrey - The Lagerstroms' Christmas Light Show is on nightly until Dec. 31, 2012: Sunday-Thursday, 5 to 10 p.m. Friday and Saturday, 5 to 11 p.m. Christmas and Boxing Day, 5 p.m. to midnight. New Year's Eve, 5 p.m. to 12:30 a.m. 
  • 15097 90A Ave., Surrey - Bring the kids and see the North Pole right here in Surrey! There are over 10,000 lights to see. Also take in the Nativity scene. On Dec. 19 from 6 to 9 p.m. Santa and Frosty will be on site to visit. There will be candy canes and hot chocolate for the kids and hot coffee for the grownups. Bring your cameras and have some fun! Walk through or just drive past, every night from 6 to 10 p.m. until Jan. 1
  • 14380 66th Ave, Surrey - This year's display features 5,007 L.E.D lights, including a beautifully lit tree in the front yard.
  • 19158 48th Ave., Surrey
  • 13675 Grosvenor Road, Surrey
  • 12880 104A Ave., Surrey - Come see the light display at the Griswolds' home!
  • 12755 114A Ave., Surrey - Christmas lights synchronized to music: Dial 107.1 FM to hear the music.
  • 11478 139th Street, Surrey - The Fox family's display is a large and colourful one with many new additions this year. Open 5-10 p.m. until the New Year.
  • 11084 153A St., Surrey
  • 11084 153A St., Surrey - An assortment of Disney characters and bright lights.
  • 11082 Jay Cres., Surrey - The Lambert House has done it again! This fantastic display features more than 10,000 lights synchronized to music. The show runs every half hour Sunday-Thursday from 5-10 p.m. and Friday-Saturday from 5-11 p.m., and is also broadcast on 89.1 FM

SOUTH SURREY / WHITE ROCK

  • 2513 141 Street, South Surrey - Log home with over 50,000 lights, reindeer, ornaments, blow ups, lasers, and more! Lights are on 5-10pm.
  • 3326 Rosemary Heights Cres., South Surrey - This fantastic Christmas light display was spotted in South Surrey. They have the lights wired into Christmas songs and are choreographed to it. People can listen through their car radio thanks to this house's FM transmitter.
  • 3779 159A Street, South Surrey - Tons of lights on this beautiful home in the Morgan Creek area.
  • 12953 20th Ave., South Surrey - St. Mark's Anglican Church's 13th annual Journey of Christmas guided outdoor display, Dec. 15-23 and 26, 27, 6-9 pm. Dec. 24 3:30-9 pm.
  • 15499 22nd Ave., South Surrey - Ken & Bonnie Fletcher have thousands of lights and decorations and encourage donations to the local food bank.

 

LANGLEY

  • 460 216th Street, Langley - Wagner Hills Women's Campus Tour of Lights!
  • 20681 44 Ave, Langley - WISH UPON A STAR: 5pm - midnight until Dec. 31st. Christmas light display with 44,000 + lights, many animated characters and Santa and his sleigh flying overhead.  Say 'Hello' to Mr Christmas, an interactive musical snowman, take a picture with Rudolph , Bumble and the misfit toys, sip on hot chocolate (by donation) and enjoy the twinkling magic. 
  • 20169 32nd Ave., Langley - Enjoy an evening with Santa and his friends in his magical castle.
  • 206th Street at 91A Avenue, Langley
  • 232nd Street at 0 Avenue, Langley - Parallel Acres in south Langley will have their Christmas display on from 5 to 9:30 p.m. daily except for Christmas Day. All welcome, but no dogs please.
  • 4086 – 205B St., Langley - 26,000 lights and you have to tune your FM radio to 99.7 so you can watch and hear the lights dance to music.
  • 2328 Wakefield Dr., Langley - The Basran family are lighting up the neighbourhood again this year with their huge, festive light display. The lights are on nightly from 5-10:15 p.m.
  • 19646 49th Ave., Langley - Lots of flashing lights with accompanying music, plus animated figures and more. Lights are on every night until Jan. 6th, 2014 from 5-11 p.m.
  • 20997 86A Avenue, Langley - Walnut Grove Dancing Lights. Completely computerized and synchronized to music – just tune your radio to 99.7 FM as you drive up. The computer controlled show has more than 25,000 lights on 144 separate Light-o-rama channels. It runs until Jan. 4, from 5-11 p.m. each Sunday to Thursday and 5 p.m. to midnight on Fridays and Saturdays. On Christmas Eve, Christmas Day and Boxing Day, it will also run until midnight.
  • 2924 Wiggins Place, Langley - Blow ups, house lights to music, and just a smile away! Located in Langley Meadows. More lights added daily.

 

Info courtesy of the following websites: VancityBuzz.ca, familyfuncanada.com & thevancouversun.com. This blog posting is for informational purposes only. Dates / times and locations could change at the discretion of the host.

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Fraser Valley market moves to familiar territory in November


SURREY, BC – Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.


The Fraser Valley Real Estate Board processed 1,247 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 29.4 per cent compared to November 2015’s 1,766 sales, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016. Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016’s market activity.


“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition," says Charles Wiebe, Board President.


Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.

The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings. “As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market - and REALTORS® can certainly help with this,” explains Wiebe. “I'm pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the levelling off of prices and consistent demand for our region." The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching the 37 days to sale average in November 2015.

 

HPI® Benchmark Price Activity


• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.

• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.

• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015.


Full package:

http://www.fvreb.bc.ca/statistics/Package201611.pdf

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New Categories? 


As a result of the recent mortgage rule changes announced by the federal government borrowers will now be seeing a variety of mortgage rate categories based on percentage of down payment, maximum amortization, insurability, owner occupied vs. rental etc.

 

If a homebuyer has less than 20% down payment, they are required to obtain default insurance from one of Canada’s three default insurers – CMHC, Genworth Canada or Canada Guaranty.  It is important to note that not all lenders have access to all three insurers.  This means that if your clients’ bank only uses CMHC, and the application is declined, your client has no other option with that bank.

 

Homebuyers in Canada can obtain a mortgage from a bank, credit union, or non-bank (mono-line) lender. A mono-line lender has one line of business – mortgages. Mono-line lenders operate with lower overhead so offer better pre-payment options, lower penalty calculations and lower rates than the banks and credit unions often making them an attractive mortgage provider for borrowers.  Most mono-line lenders insure their mortgages for securitization.  Securitization is when lenders pool their mortgages, back-end insure the pool, then sell off to investors to raise more capital to provide new mortgages.

 

Lenders pay for and obtain default insurance on low-ratio mortgages (more than 20% down payment).  An insured mortgage is more attractive to an investor because if the borrower defaults the insurer guarantees the lender will not be at a loss. The borrower never knows their mortgage has been insured and sold to an investor.

 

Why did rates go up?


All lenders have experienced increased costs as a direct result of the new mortgage rules.   Lenders are now required to use a higher qualifying rate (4.64% today) instead of the contract rate for all insured mortgages which means that borrowers will qualify for approximately 20% lower mortgage amount.    Also effective November 30, 2016 all insured mortgages with more than 20% down payment/equity fall under the same approval guidelines as those with less than 20% down payment/equity.

 

Therefore default insurers will not be insuring as many mortgages going forward which means that the lenders’ costs have increased because they will not be able to sell off as many mortgages.  The increased lender costs are being passed onto the borrower via a new tiered mortgage rate system.

 

 

New Mortgage Rate Tiers Announced By All Lenders (including banks)

 

Tier #1 – lowest rates – client pays insurer premium

Purchase property with less than 20% down

Property purchase price under $1M

Minimum credit score of 600

Maximum amortization of 25 years

Owner occupied or second homes

 

Tier #2 – rate plus 0.10% to 0.15% - lender pays insurer premium and passes cost to borrower

Amortization over 25 years

Purchase property with more than 20% down

Refinance or equity take-out of existing property

 

Tier#3 – rate plus .15%-.25% - not insurable

Uninsurable mortgage

Rental property mortgage

 

As you can see from the above it will become more difficult for a buyer to compare Lender A’s mortgage rate with Lender B’s mortgage rate.

 

Now it is more important than ever to use the FREE services of a Mortgage Advisor who has access to multiple lenders, mortgage products and provide expert advice to you. I would be happy to put you contact with my Mortgage Specialist to answer any of your questions.


Thanks,


AA


*All above information provided by Sheryl Elsom of Dominion Lending Centres

 


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