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October fails to scare away home buyers in the Fraser Valley

SURREY, BC – Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Board’s history.

 

The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.

 

Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.

 

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”

 

Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016.

 

The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.

 

"Your real estate experience in the Valley is going to be very different depending on what you’re looking for or selling,” continued Sahota. “Regardless, with the help of a professional REALTOR® you can understand exactly what’s happening in your market and find success.”

 

For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $971,900, the Benchmark price for a single family detached home in the Valley decreased 0.3 per cent compared to September 2017, and increased 11.8 per cent compared to October 2016.

 

• Townhomes: At $502,800 the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to September 2017, and increased 18.4 per cent compared to October 2016.

 

• Apartments: At $369,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201710.pdf

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Haunted HAUS Tour 2017

Why not take the family to check out one of this year’s SPOOKTACULAR local Haunted Houses or go to a Pumpkin Patch? There are so many Family Friendly Halloween events happening this year in the Lower Mainland that we have put together a list of our favourites for you and your family to check out below. 

Family Friendly Halloween Events and Haunted Hauses

Surrey

Halloween Pumpkin Express Train at Bear Creek Park
Friday, October 6th – Tuesday, October 31st, 10 am – 4:30 pm, Bear Creek Park Miniature Train, 13750 88th Avenue, Surrey, Cost: $11
All aboard! Head to the Halloween Pumpkin Express Train at Bear Creek Park for a fun fall day with the whole family. Start with fall crafts and activities and grab a yummy treat before you hop aboard the train. On board you’ll travel through the decorated forest. Take a mini pumpkin home with you as a memory of the fun day. You can also take a ride on the Haunted Forest Scream Train that runs each evening October 13th – 31st from 6:30 pm to 10 pm, great for older kids and adults who like to be scared!


Potters House of Horrors

Open throughout October, see website for times, Potters, 12530 72nd Avenue, Surrey, Cost: varies, see website for details
With almost 9,000 square feet of professional displays, these two labyrinth-like houses of horror will give you a good dose of creepy crawly scariness by the time the night is out. And good news for our often-rainy fall: the graveyard may be outdoors, but the rest of the terrors are under cover. For younger ones, head to the Li’l Haunters show which is great for kids 12 and under.


Bose Corn Maze & Pumpkin Patch
Maze is open until October 9th, Bose Corn Maze, 64th Avenue & 156th Street, Surrey, Cost: Varies, see website for details
Get lost in the amazing corn maze. Then hop on the wagon and take a ride to the pumpkin patch to pick your pumpkin! The pumpkin rides are weather dependent, so check the website before you go.


Art’s Nursery Scarecrow Festival
Saturday, September 23rd – Tuesday, October 31st, 10 am – 6 pm, Art’s Nursery & Garden Centre, 8940 192 Street, Surrey
This fun, family friendly event begins September 23rd with our kick-off party. Make your own scarecrow at our DIY Build-A-Crow station!

 

Langley

Fort Langley Grave Tales
Friday, October 13th – Monday, October 30th, 6 pm, Fort Langley National Historic Site, 23433 Mavis Avenue, Fort Langley
Join experienced storytellers for a two- or three-hour program of spine-chilling stories, as you walk through the Fort Langley village at night. Advance tickets required, see website for ticket details. Age 19+ for 7, 8 and 9 p.m. tours, all ages tours are on October 26th – 30th.

 

Vancouver

Halloween Ghost Train: Alien Invasion
Friday, October 8th – Monday, October 31st, closed on Thanksgiving Day, Monday – Thursday, 5:30 pm – 9:30 pm, Friday – Sunday, 11 am – 10 pm, Stanley Park Miniature Train, Vancouver, Cost: varies, see website for details
Every fall, the Stanley Park Ghost Train takes riders on a journey through a mystical and magical world, themed by Halloween and other creepy tales. This year, hold on to your seats as you chug along the tracks straight into an Alien Invasion! You’ll join special agents as they investigate a spaceship crash right in the middle of Stanley Park. In addition to the adventure on the train, you and your family can enjoy storytelling, face painting, crafts, presentations from the Stanley Park Ecology Society, costume contests, a haunted maze, a pumpkin patch, live music, and delicious food! Note – the daytime rides (11 am – 5 pm) are great for little ones as there are no live actors, so the train ride is a lot less spooky!

 

Halloween at FlyOver Canada
October 13th – 31st, weekdays 4 pm – 9 pm, weekends, 10 am – 9 pm, FlyOver Canada, 999 Canada Place, Vancouver
Broomelda the Witch has once again worked her magic to transform FlyOver Canada this Halloween. Aspiring witches and wizards are welcomed into the Haunted Witches Academy before taking off on a spellbinding journey across Canada. This annual, family-friendly tradition has a ‘spook-factor’ suitable for those aged 4 years and up.

 

VanDusen Glow in the Garden
Tuesday, October 24th – Tuesday, October 31st, 5 pm – 9 pm, VanDusen Botanical Garden, 5251 Oak Street, Vancouver, Cost: Adults, $10; Youth (13 – 18), $8.10, Children (3 – 12), $6.20; 2 and under are free
Head to VanDusen Botanical Garden for Glow in the Garden — the perfect family-friendly Halloween event! Discover curious twists and magical moments from the classic tale, Alice’s Adventures in Wonderland. Follow the white rabbit on a wondrous walk with zany lights and sounds and illuminated pumpkin caricatures. Visitors of all ages will enjoy tasty treats, crafts and much more! Tickets available online starting October 1st!

 

Pumpkin Patches and Corn Maze

Surrey

Bose Corn Maze & Pumpkin Patch 
Ongoing throughout the month of October, Saturdays & Sundays, Noon – 4 pm, Bose Corn Maze, 64th Avenue & 156th Street, Surrey, Cost: Varies, see website for details
Get lost in the amazing corn maze. Then hop on the wagon and take a ride to the pumpkin patch to pick your pumpkin! The pumpkin rides are weather dependent, so check the website before you go.


Hazelmere Pumpkin Patch
Open every weekend in October, 10 am – 5 pm, Gabriel Farms, 18507 20th Avenue, Surrey
Pick up the perfect pumpkins and gourds for carving and cooking. Take a hayride, visit the petting zoo, and get your face painted.

 

Port Kells Nurseries Pumpkin Patch
Open daily from October 1st – October 31st, 9 am – 6 pm, Port Kells Nurseries, 18730 88th Avenue, Surrey
Find your way through the hay maze, visit the haunted house if you dare, and catch a hay wagon ride to the pumpkin patch. Check the website for tips on best ways to pick pumpkins!


Rondriso Farms Pumpkin Patch
Open October 3rd – October 31st, weekdays 3 pm – 6 pm; weekends, holidays and professional days 10 am – 6 pm, Rondriso Farms, 8390 172nd Street, Surrey
Catch a ride to the fields on the hay wagon, and choose your pumpkin. Pick up other fall vegetables for dinner before you head home.

Abbotsford

Applebarn Pumpkin Patch
Open daily until October 31st, 9 am – 5:30 pm (open until 6:30 pm Thursdays, Fridays & Saturdays, October 10th – 30th), Taves Family Farms Applebarn, 333 Gladwin Road, Abbotsford
Take a ride on the zip line, pet the bunnies, have fun at the playground, jump on a giant pillow, and take home some apples in addition to pumpkins. A corn gun and a pumpkin cannon are in action on weekends.


Maan Farms Pumpkin Patch
Open daily until October 31st, 9 am – 6 pm, Maan Farms, 790 Mckenzie Road, Abbotsford
Challenge your sense of direction with Maan Farms’ Charlie & The Chocolate Factory inspired corn maze! Bring the entire family for this long-standing tradition. Fun in maze trivia games & scavenger hunt suitable for all ages. Pick your pumpkin and then head to the carving station, bring your own tools and leave your mess!


Willow View Farms
Open daily until October 31st, Mondays to Saturdays, 9 am – 5:30 pm; Sundays, 11 am – 5:30 pm, Willow View Farms, 288 McCallum Road, Abbotsford, Cost: free admission, hayrides $2
Visit the petting barn and the playground, and get some fresh veggies and fruit from the country store. Then stop by the pumpkin patch where you can catch a wagon ride there if you don’t feel like walking.

Chilliwack

Chilliwack Corn Maze & Pumpkin Farm
Ongoing until Saturday, October 31st, Thursdays 6 pm – 9 pm; Fridays and Saturdays 11 am – 9 pm; Sundays and holidays 1 pm – 6 pm, Chilliwack Corn Maze, 41905 Yale Road West, Chilliwack
Walk through the 12-acre corn maze and then head over to the pumpkin patch. Pedal carts, hay bale maze, a corn train, a giant jumping pillow and many other fun activities will keep you busy for a while.


Petey’s Pumpkin Patch
Open daily from October 1st – October 31st, weekdays 12 pm – 4 pm, weekends and holidays 11 am – 4 pm, Fantasy Farms, 9423 Gibson Road, Chilliwack, Cost: $8 per person, or $25 per family of four
Rain or shine, there’s plenty to do at Petey’s Patch. Jump on the bouncy rides, find your way through the maze, and visit the not-so-scary reapers. Catch a train or wagon ride to pick your pumpkins, and enjoy a meal from the Southern BBQ.

Delta

Westham Island Pumpkin Patch 
Open daily until October 31st, 9 am – 5 pm, Westham Island Herb Farm, 4690 Kirkland Road, Delta
From tiny to gigantic, from orange to red, white and green, Westham Island’s pumpkin patch has a great variety of pumpkins for you to carve or to cook. You can also book a farm tour to visit the 100-year-old barn, the animals and more. Come during the last ten days of October, and you can see a display of over 100 hand-carved pumpkin lanterns, lit every night when the sun goes down.

Langley

Aldor Acres
Open daily from September 23rd – October 31st, 9 am – 5 pm, Aldor Acres, 24990 84th Avenue, Langley
Come out to the farm and experience their famous Pumpkin Festival! There are numerous animal displays setup throughout the barns along with the Petting Zoo area outside. Don’t miss the pig races! Races will happen daily at different times throughout the day. Come cheer on your favourite squealer!

Maple Ridge

Laity Pumpkin Patch
Laity Pumpkin Patch North, 21145 128th Avenue, Maple Ridge & Laity Pumpkin Patch South, 12725 Laity Street, Maple Ridge, See website for hours
Brand new for 2017 — Laity Pumpkin Patch now has TWO fabulous patches to pick your perfect pumpkin. The original Laity Pumpkin Patch is referred to as the North location and is designed for the younger members of your family (children aged 6 and under). The brand new location is referred to as the South location and is designed to entertain your children aged 6 and older.

Have a safe and happy Halloween everyone for your friends at HAUS!

Info courtesy of the following websites: VancityBuzz.ca & thedailyhive.com & yoyomama.ca 

This blog posting is for informational purposes only. Prices, dates / times and locations could change at the discretion of the host.

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FIRST TIME BUYER! The Quattro 3 is just 2 blocks away from Gateway Skytrain, and one stop away from KPU, SFU and Central City Mall making it perfect for students. This clean one bed / one bath is on the North side of the building with mountain views. the unit also comes with 1 secure parking spot and storage locker. INVESTOR ALERT! NO RENTAL RESTRICTIONS...If Buyer wants vacant possession it is possible with 2 months notice. This is a perfect starter home or rental investment. CALL NOW! Open House Oct.21st/22nd 2-4pm


For more info check the link: https://goo.gl/LUKsUP


Hope to see you there,


AA

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Demand for Fraser Valley homes remains unchanged despite change of season

SURREY, BC – Residential property sales in the Fraser Valley remained strong in September, with both attached and detached homes performing well throughout the region.

 

The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service® (MLS®) in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,879 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history.

 

Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.

 

“Often we see summer demand continue as far as October, so it’s not unusual to have another strong month before the seasonal cool down," said Board President Gopal Sahota. “What’s unusual this year is that attached inventory sales are still driving the market despite the increased competition we’re seeing there.”

 

Last month the total active inventory for the Fraser Valley was 5,854 listings. Active inventory increased by 2.5 per cent month-over-month, and decreased 8.8 per cent when compared to September 2016.

 

The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.

 

"It’s also interesting to observe the return to a balanced market for detached homes here in the Valley,” continued Sahota. “While pricing remains stable, competition for houses has simmered and listings are staying on market longer. If you were waiting to make a move or upgrade, now might be a good time to talk to your REALTOR® and see what’s out there.”

 

For the Fraser Valley region the average number of days to sell an apartment in September was 19 days, and 18 days for townhomes. Single family detached homes remained on market for an average of 29 days before selling.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $974,500, the Benchmark price for a single family detached home in the Valley decreased 0.2 per cent compared to August 2017, and increased 11.2 per cent compared to September 2016.

 

• Townhomes: At $498,900 the Benchmark price for a townhome in the Fraser Valley increased 1.4 per cent compared to August 2017, and increased 17.7 per cent compared to September 2016.

 

• Apartments: At $358,200, the Benchmark price for apartments/condos in the Fraser Valley increased 2.5 per cent compared to August 2017, and increased 35.2 per cent compared to September 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201709.pdf

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You might naturally assume that it is most important to talk to a Realtor when you’re selling or buying a home. But there are many other circumstances in which it makes sense to give me a call. Here are a few examples.

 

1. When you’re at the “thinking about it” stage If you’re just thinking about selling your home, and haven’t made a firm decision yet, you might feel uncomfortable calling a Realtor. Don’t be. In fact, I welcome your call. We can discuss what your current property will likely sell for on today’s market, and determine the type of home you qualify to buy. That way, you’ll have some clarity and be able to make a more informed decision.

 

2. If you’re nervous about the selling process If you haven’t sold a home before, you might be concerned about what’s involved in the process. You might even worry that putting your home on the market is going to be a lot of work and create a lot of turbulence for you and your family.

Fortunately, selling your home doesn’t need to be scary. In fact, a big part of my job as a Realtor is to make the process as smooth and trouble-free as possible.

So if you have concerns about selling your home, you should give me a call.

 

3. If you have questions You likely have questions about the local real estate scene from time to time. You might have questions like: “How much did that home around the corner sell for?”; “Is now a good time to make a move, or should I wait until the market changes?”; and, “How much is my current home worth?”

 

When you have questions like those, you don’t need to dig for answers on your own. You can give us a call. As an expert in the local market, We can give you the answers you need. 

 

Talk soon,

 

AAron & Michelle

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SURREY, BC – Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales.

 

The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® (MLS®) in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017.

 

Of the total sales processed 470 were townhouses and 548 were apartments, together representing 54% of market activity in August.

 

"It's not surprising to see demand like this still so late into the summer; the Fraser Valley has never been a better place to live than it is now," said Board President Gopal Sahota. "Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland."

 

Last month the total active inventory for the Fraser Valley was 5,712 listings. Active inventory decreased by 4.3 per cent month-over-month, and decreased 6.4 per cent when compared to August 2016.

 

The Board received 2,633 new listings in August, a 20.2 per cent decrease from July 2017, and a 7.3 per cent decrease compared to August 2016’s 2,840 new listings.

 

"Anyone whose looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,” continued Sahota. “Talk to your REALTOR® for the best advice on how to prepare yourself and succeed in a competitive market like this one.”

 

For the Fraser Valley region the average number of days to sell an apartment in August was 17 days, notable when compared to 26 at this time last year. Townhomes sold in an average of 16 days, and single family detached took 25.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $976,000, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to July 2017, and increased 10.2 per cent compared to August 2016.

 

• Townhomes: At $491,900 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to July 2017, and increased 16.6 per cent compared to August 2016.

 

• Apartments: At $349,300, the Benchmark price for apartments/condos in the Fraser Valley increased 2.4 per cent compared to July 2017, and increased 32.8 per cent compared to August 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201708.pdf

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If you want to transform a room into something that’s functional, beautiful and perfectly matched to your taste, then you might want to hire an interior designer.

 

It’s an interior designer’s job to come up with imaginative ideas that will wow you.

 

It’s a myth that interior designers just deal with paint colours, décor and furnishings. In fact, according to the Interior Designers Institute, these professionals have the training needed to handle all aspects of a renovation or remodeling project, including selecting and managing contractors. They can direct a project from beginning to end.

 

If you want to renovate your basement into a stunning home theatre and gathering place, an interior designer can:

• Draw out several concepts for you to choose from,

• Purchase the best building materials,

• Hire the contractors, and

• Manage the project.

 

He or she can even pick out classic movie pictures for the walls!

 

There are many professional associations that have “Find an Interior Designer” links on their websites in Canada, it’s the Interior Designers of Canada (www.idcanada.org). Or you can just ask us.

 

We are here to help.

 

Thanks,

AA

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Momentum has begun to wane in global housing markets, which are beginning to lose steam in most of Asia, Latin America, and the Middle East. Nevertheless, property markets in Europe, Canada, and parts of Asia have remained robust in Q1 2017.

This quarter, Hong Kong reigned as the top performing global housing market that saw the biggest surge in home price increase, followed by most of Europe – six out of the top 10 housing markets in Q1 2017 were in Europe, and house prices grew in 17 out of its 23 European housing markets.

The 5 strongest markets in Q1 2017 were Hong Kong (+17.27%),  Iceland (+16.01%), China (+13.16%), Canada (+11.70%), and Ireland (+8.91%).

In North America, home prices have continued its rally in Canada in spite of repeated cooling measures being imposed in the market, while US home prices – buoyed by bullish homebuilder sentiments – maintained its slow but steady rise.

Over at the Pacific Ocean, a slew of tax increases and loan restrictions in Australia failed to significantly cool property prices in Australia, which have continued to spike. In New Zealand, reconstruction work following the earthquake have led housing prices to accelerate, even in the face of a loan restriction imposed by the government at the end of last year.

Here in Asia, housing prices in four out of ten Asian markets fell y-o-y. Asides from Hong Kong, two other markets that rose significantly this quarter were the Philippines and Taiwan. Although home prices in China continued to surge, property prices in Shanghai declined.

Elsewhere, the downtrend continues, as housing markets in the Middle East, Latin America, and Africa either remained stagnant or saw falling housing prices, with the weakest performers being Egypt (-16.68%), Qatar (-10.63%), Russia (-8.33%), Macedonia (-7.92%), and Puerto Rico (-6.96%).

Regional snapshots:

North American markets rally
  • US home prices rise slowly, but sentiment remains bullish – although the S&P/Case-Shiller seasonally adjusted national home pricing merely grew 3.29% y-o-y, the slowest pace since Q3 2014, residential construction activity remained robust amidst supply shortage and President Trump’s promise to ease building regulations.
  • Canadian housing prices withstand cooling measures to surge onwards – policy restrictions have been introduced repeatedly to no avail, as home prices in 11 major cities rose 11.7% y-o-y in Q1 2017, the biggest y-o-y growth since Q3 2006.

 

 

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Fraser Valley home sales still strong despite summer slowdown

SURREY, BC – Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

 

The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

 

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

 

“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing," said Gopal Sahota, Board President.

 

Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

 

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and a 11 per cent decrease compared to June 2017’s 3,707 new listings.

 

"Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations,” continued Sahota.

 

“If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.

 

• Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.

 

• Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201707.pdf

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Imagine buying a product from a store, taking it home, and then discovering there’s a problem with it. Disappointing, yes, but not a catastrophe. You can simply take it back for repair or exchange.

 

But, what if it’s moving day, and you discover there’s a problem with your new home? Whoa. A house isn’t so easily returned!

 

What are the most common problems encountered on moving day?

 

• A delay in getting the keys.

• The seller not having completely moved out.

• An item expected to be included with the property is missing. (For example, the window blinds.)

• Something needs repair that was not disclosed by the seller, nor did it come up during inspection. (For example, the dishwasher not working.)

• Damage to the property caused by the seller. (For example, a heavy item dropped during the move and cracking a floor tile.)

 

Fortunately, these are rare events. In most cases, you can expect no serious issues when you move into your new home. But, if something is wrong, you have options.

 

So, call me immediately. In all likelihood, I will be able to quickly resolve the issue. If it’s a serious matter, such as missing items, I may get your real estate lawyer involved to arrange for the return of the item(s) or compensation.

 

So don’t worry. Let the professionals handle it. You can just enjoy your new home!

 

Thanks 

 

AA

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Fraser Valley apartment sales reach all-time high in June

SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

 

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

 

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

 

"We knew that there was a growing appetite for our attached properties, but this month was exceptional," said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

 

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.

 

The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

 

Sahota added, "More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”

 

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

 


HPI® Benchmark Price Activity 


• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.

 

• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.

 

• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201706.pdf

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In recent days I have been fielding a lot of calls and emails from clients about the sudden increase in fixed mortgage rates by some lenders. You can see the article here: (already posted to Haus FB page)

 

TD Bank increases fixed mortgage rates, follows RBC hike.

 

Before the panic sets in here are some facts I wanted to share with you.


  • Interest rates are still at historical lows.  A client renewing or applying for a new mortgage today is still likely going to get a lower rate than the mortgage they currently have
  • If rates rise by .25% that equates to an increase of $13/month in a payment for every $100,000 mortgage.  E.g. so if your client has a $400,000 mortgage that is $52/month
  • 75% of Canadians are in fixed mortgage rates and 60% of them are in 5 year fixed terms so their rates remain the same until maturity
  • Of the 70% of Canadian households who own their homes, 40% are mortgage free
  • Only 13% of Canadians are carrying debt over $200,000 and 33% are debt free
  • Mortgage delinquency rate in Canada is .027%, the lowest in the world.
 
The mortgage rate hikes come amid a sell-off in the bond market and recent federal mortgage rule changes that have made it more expensive for banks to get access to cash.

If you have any questions or want to disciuss this in more detail, feel free to give me a call.
 
I am here to help.
 
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