You don’t have to freeze in the winter or start reading by candlelight to reduce your electricity bill. There are many simple ways to use less power with little, if any, impact on your lifestyle.

A good place to start is with your electronics. According to the David Suzuki Foundation, “Any gizmo that has a clock, digital timer, remote control or standby mode is sucking energy when it's not being used (it's called 'phantom electricity' — and it's scary how much of it there is).” So keep them unplugged as much as possible.Also, unplug charger cords for phone and computers when not in use. Even when not connected to the device, they still suck power.

Another easy change to make involves your lights. Switching to compact fluorescent (CFL) or LED light bulbs can save you a lot of energy. They’re 75% more efficient. Finally, the old-fashioned method of insulating doors and windows can work wonders for lowering your electricity bill. In fact, some particularly drafty homes can lose up to 40% of their heat. Check for drafts regularly and repair or replace insulation as needed.

None of these ideas will impact your day-to-day living. Yet, they could potentially save you a bundle.

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch.

If you’re looking for a property in a competitive market, it is likely that there will be multiple offers. Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller? Here are some ideas:

• Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.

• Have a pre-arranged mortgage and include that with your offer. This reassures the seller there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)

• Go in with a price high enough that the seller will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.

• Have a REALTOR® present the offer on your behalf.

A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home. In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial.

Looking for a REALTOR® like that? I am here to help.

Thanks,

AA

Demand diversifies for Fraser Valley real estate in January

SURREY, BC – Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.

The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.

Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.

“The impacts of 2016's tremendous real estate surge continue to be felt as we enter the New Year, and a new market.

Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly," said Charles Wiebe, Board President.

The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.

In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.

"This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. If you need help figuring out your next step, talk your local REALTOR® and they can help you get to market quickly and stress-free.”

For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.

• Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.

• Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.

Full package:

http://www.fvreb.bc.ca/statistics/Package201701.pdf

You’ve probably seen signs around the area for Open Houses. You may have even attended a few. These are open invitations for potential buyers to drop by on a certain day and time, to check out the property and get more information.

When you’re listing your home for sale, you might wonder whether you’ll need to have an Open House.

To answer that question, you’ll need to consider the pros and cons. Planning and hosting an open house isn’t as easy as it may seem. There’s a lot of preparation involved. In addition, you’ll likely spend hours making your property look its best and you’ll need to be away from your home for a good part of that day.

That being said, an Open House has many advantages.

• It helps showcase features of your property that may not come across well in advertisements and listing descriptions.

• It attracts potential buyers who, for any number of reasons, might not otherwise call to view the home.

• It generates a buzz and publicity about your listing.

However, an Open House might not be necessary if there is high demand for properties like yours and you’re likely to get multiple offers. If you have any questions about open houses or any other Real Estate matter feel free to give me a call. I am here to help.

Thanks,

AA

BC Assessment has mailed 2017 assessment notices to home owners throughout the province. Below are a few links that will help guide you regarding your recent assessment, and provide more information:

• e-valueBC webpage to search for assessments online
• BC Assessment’s full media release for the Fraser Valley region
• Fraser Valley’s Top 100 highest valued residential properties
• Video on BC’s 2017 Property Assessments by region
• Map of property assessment changes by jurisdiction
• BC Assessment’s resources on understanding the assessment process
• BC Assessment’s contact information for Fraser Valley offices (Surrey and Abbotsford)

In light of the impact of this year’s assessment increases, the BC Government announced this week that they will be reviewing the homeowner grant threshold level.

According to Landcor Data Corporation, for the first time in Metro Vancouver’s history, more homeowners will NOT qualify for the Homeowners’ Grant this year compared to those who will qualify.

Here are Landcor’s numbers:

• 213,412 households will lose all or part of the grant
• 206,745 households will keep the grant

Record-setting year for Fraser Valley real estate

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year."

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

HPI® Benchmark Price Activity

• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

Full package:

http://www.fvreb.bc.ca/statistics/Package201612.pdf

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

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.

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

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

It’s early in the evening and there’s a knock on the door. You answer and are greeted by an official-looking man who claims he needs to see your utility bill to confirm you’re getting your energy rebate.

Do you let him in?

While he may be legitimate, he may also be using deception to sell you something you don’t want. Here are some suggestions for finding out:

• Ask for a business card. Then, check if it has an address, phone number and website. If the salesperson refuses or just shows you his ID card (which anyone can fake), that’s a red flag.

• Ask for the name of his employer. Sometimes salespeople will say they “represent the phone company”. That doesn’t mean they actually work for it.

• Ask if you can call his company to confirm details before buying. If he refuses, or says the office is closed, shut the door.

• Ask if you can consider the offer and call the office the next day to place your order.

• If you’re really suspicious, ask him to come back later. Then, call the non-emergency police number. Police are aware of common scams in the area.

Most importantly, use your common sense. Door-to-door salespeople can be pretty persuasive, but if something doesn’t seem right to you, trust your gut. Say, “No thanks.”

Of course, if everything checks out with the salesperson, and the offer is a good one, consider taking advantage of it.

Thanks,

AA

No matter how much you love your current property, you may be dreaming of the day you can buy up into a better home in a better neighbourhood. Is that day today, or, is it a few years down the road?Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms, proximity to work and school, a larger backyard with trees, nearby parks and walking paths and better access to things you enjoy like theatre.

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck, an easier and less stressful commute to work, more family time with the kids and enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, average price of homes in your desired neighbourhood, and how much mortgage you’ll need. Once you have all that down on paper, you’ll have a clear picture of your readiness.

If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then you have your answer. The time is now!

By the way, if you need help in making this determination – especially figuring out what your home will likely sell for, call today 604-992-1010.

Thanks,

AA