28 Jan

Just Sold – Two Story and Basement Home in Fleetwood


Posted by: Kimberly Walker

Just Sold⭐️⭐️⭐️⭐️⭐️

16472 89 Avenue

List Price: $1,918,000

4 🛌

3 🛁

Fleetwood Estates. European built executive 4,554 sq. ft. plan. Freshly updated features main floor formal living/dining with 10 ft. ceilings, front office, white kitchen, vaulted ceiling, updated stainless appliances, open to family room and southern exposed private deck & year garden. Upper level spacious master suite, 3 secondary bedrooms. Sq. ft. includes unfinished walk out basement, roughed in plumbing. 12,066 sq. ft. lot, 181 ft. frontage. Massive 816 sq. ft. garage with high ceilings, large driveway, with loads of parking. Potential RV access. Updated asphalt roof, skylights with remote control blinds, painting in/out, light fixtures and carpeting. Sought after quiet pocket of executive homes, groomed lawns, within blocks of Holly Cross School, Fresh Street Market & freeway access.

16472 89 Avenue, Fleetwood Tynehead, Surrey (R2724354) (walkerrealestate.ca)

#realestate #dominionlending #southsurrey #whiterock #sold #newprice #fleetwood #2storeywithbasement #listing

26 Jan

Path ahead after another 0.25% rate increase by the Bank of Canada


Posted by: Kimberly Walker

Quick version update:

  • The Bank of Canada (BOC) increased its benchmark rate by 0.25% yesterday.  Prime rate which affects variable rate mortgages and Home Equity Lines is now 6.70%
  • The central bank is now expected to put a pause on rate hikes to let the 8 consecutive rate increases this past year influence our economy as it was intended to.  This is expected to take a little more time to manifest through key economic indicators such as headline/core inflation, job growth, and the unemployment rate.
  • Variable rates will stabilize going forward (despite Prime rate now at 6.7% being the highest in 2 decades)
  • On the flip side, fixed rates are expected to trend down going forward as bond yields are expected to drop. Simulations suggest that shorter term fixed rates are also likely the best options to save on interest cost now, not the traditional 5 year term.

Long version update:

What happened yesterday?

As anticipated, the Bank of Canada (BOC) increased its benchmark rate by an additional 0.25%.  This effectively raises the Prime rate that retail banks use to set the cost of Variable rate mortgages, Home Equity Lines of Credit, and all loans tied to Prime rate to 6.70%.  For anyone with a Variable rate mortgage, your monthly payment will go up by approx. $15 per 100K of outstanding mortgage principal.  For a typical mortgage of 500K, this equates to an increase of $75 in next months mortgage payment.  This is of course on top of the 7 previous rate increases in 2022 that has already increased most variable rate mortgage payments by over 50% during the height of the pandemic when interest rates were at its lowest in history.

Any good news from yesterday’s announcement?

The good news is the central bank said that it “expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases.”  In layman terms, we can now expect no additional rate increases probably for the rest of the year unless something forces the central bank to reconsider such as another spike in inflation. Inflation peaked at 8.1% in June 2022 and has been coming down since, last measured at 6.3% this past December.  Although Prime rate, now at 6.70%, is the highest its been since 2001, the pause by the BOC is going to give variable rates some stability.  This is no doubt some relief for variable rate holders who have been riding out all the rate increases instead of converting to a fixed rate up to now.

Looking ahead

If all economic metrics continue to trend in the right way (ie. inflation back down to its target 2-3% range which the central bank says could happen by mid 2023 or 2024) then we could even see a cut in Prime rate towards the end of this year.  But we have to remain cautiously optimistic as the Bank of Canada has been anything but predictable throughout the past couple of years.  One of the BOC’s concerns is that consumers’ expectation of future rate cuts, will in itself, ignite spending again (including buying houses!) which is obviously counterproductive to battling inflation.  This is why we also have to be prepared for the BOC to tighten even more if it feels necessary.

Fixed rates should drop

Despite the continuous rise in Variable rates this past year, fixed rates have actually been quite stable and actually trending down for the past few months amongst non-bank lenders.  Hopefully we will also see this pattern with the big banks in the months ahead as well.  The reason for this forecast is that during the late stages of rate hike cycles, rate increases by central banks often result in more bond buying by investors.  When there is more bond buying, bond yields will drop (which influences fixed mortgages rates).  This has indeed been happening the past few months aside from a few surges here and there.  So this is why we expect to see fixed rates decrease in the months to come especially now that we have received encouraging language from the central bank itself that yesterday’s rate increase could be the last one for this cycle.

What should mortgage shoppers do now?

Simulations based on rate forecasts suggests that short term fixed rates – 6 months, 1 year, and 2 year terms model out best. Perhaps even a good discounted 3 year fixed rate is a good option, but definitely not 5 years as that would be too long in many expert opinions.  This is despite the big banks offering promo rates and cash bonuses for 3+ year terms.  Going with a shorter term fixed rate would allow mortgage holders the ability to renew when the BOC is expected to start cutting Prime rate.  However, if you choose to lock in now, the advice is to try to choose a lender that offers a fair prepayment penalty (ie. non-bank lenders) in case breaking the mortgage early becomes necessary due to life events or feasible in order to capitalize on lower rates down the road.

25 Jan

The Bank of Canada today increased its target for the overnight rate to 4¼%


Posted by: Kimberly Walker

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.

Adjustable-rate holders will see their payment increasing for approximately $15 per every $100,000 mortgaged.

The Bank of Canada is currently looking to hold the rate while they asses the impact of the multiple rate increases. The consensus is the bank has now reached or is reaching their “terminal rate.”

On a positive note, with the fixed rate, looking to decline in 2023 and the market showings signs close to our “bottom” buyers are becoming ready to now make a move.

#mortgages #dominionlending #homelife #realestate #realtor #newlisting #buyers #walkerrealestate #walkermortgages #medallion #fraservalley



25 Jan

Coldest Night of the Year 2023 Family Friendly Event


Posted by: Kimberly Walker

  • Date: Saturday, February 25, 2023 – 4 pm to 7 pm
  • What: Participants register to walk 2km + 5km – No fees
  • Fundraising: Donations are directed to the much-needed Sources Community Center, South Surrey/White Rock bringing hope to those in need, including the housed/unhoused
  • Where: Memorial Park, Marine Drive, East Side of Former Train Station.
  • Meet Under the HomeLife Tent, prior to walk and enjoy: free popcorn, drinks, Korki the Clown, Face Painting, Jerome and more
  • Donations: $20.00 tax deductible
  • Donate: Please support our team: http://walk.w-ith.me/WalkerRealEstateFamily

Hope To See You Out for the Walk and Festivities.

Thank-You In Advance for Supporting Our Team and the Community

24 Jan

Renovated Top Floor Unit SOLD⭐️⭐️⭐️⭐️⭐️


Posted by: Kimberly Walker

Renovated Top Floor Unit SOLD⭐️⭐️⭐️⭐️⭐️

302 – 1264 Merklin Street
New Price: $599,000

2 🛌
2 🛁

Bayswater Penthouse. Rain screened: 2008, includes roof, windows, skylights & decks. Well run building – Nov 2022 Building Inspection on File. Boutique 6-unit building: 2 residences on each floor, no joining walls. Spacious 1236 sq. ft. bright open south/east corner plan, renovated in 2012 & updated again 2022, & shows new. Bright white kitchen & bath cabinets, granite counter tops, stainless appliances, seamless shower doors, luxury vinyl plank flooring, fresh paint, moldings, baseboards. Stylish gas fireplace: 2022 floor to ceiling tile & wood hearth, opens to enclosed solarium. 2nd open deck off kitchen, enjoys ocean breeze. 55+ building, wheelchair accessible, 1 dog under 35 pounds, or 1 cat. no rentals or smoking. Steps to library, 5 corner stores. Blocks to beach & Semiahmoo Mall.

302 – 1264 Merklin Street, White Rock, South Surrey White Rock (R2734982) (walkerrealestate.ca)

#realestate #condo #55#whiterock #southsurrey #listing #sold #homelifebenchmark #dominionlending

18 Jan

Real Estate Rule Changes in BC – Effective January 1, 2023


Posted by: Kimberly Walker

Real Estate Rule Changes in BC

Home Buyer Rescission Period – Buyers now have 3 business days to do their due diligence. If a buyer rescinds their offer, 0.25% of the purchase price will be paid to the seller

Ban on Foreign Buyers – Buyers must have a Canada Permanent Resident Card or be a Canadian Citizen. There is a prohibition on the purchase of residential properties by non-Canadians for two years.

Anti Flipping Tax – 20% tax is calculated on the profit and considered by CRA as business income and fully taxable. This tax applies to properties sold within 12 months, along with assignment sales.

 Strata Property Changes Effective November 24th, 2022- rentals restrictions are now prohibited, the number of units rented are no longer enforceable. Short term rental (under 30 days) prohibitions are still enforceable. There will also no longer be age restrictions under the age of 55. All Strata bylaws with ages 55+ are still enforceable except for a live-in care giver under the age of 55.

17 Jan

2023 Fraser Valley Real Estate Board Medallion Winner – 26 Years and Counting


Posted by: Kimberly Walker

A special thank you to our loyal friends, family, and clients for trusting us with their real estate and mortgage transactions. We have successfully been part of the Fraser Valley Real Estate Board Medallion Club for 26 years and counting. We will look forward to 2023 and another successful year in Real Estate!


#mortgages #realestate #sold #listing #team #family #medallion #fraservalley #2023 #southsurrey #whiterock #langley #abbotsford #cloverdale #friends #family #clients

16 Jan

10th Annual Coldest Night of the Year 2023  Family Friendly Event


Posted by: Kimberly Walker

Date: Saturday, February 25, 2023
4 pm participants register for 2 km or 5 km walk – No fees
5 pm warm up/walk starts – 6:45 closing ceremonies/draws
Fundraising: Donations are directed to the much-needed Sources Community Center, South Surrey/White Rock bringing hope to those in need, including the housed/unhoused
Where: Memorial Park, Marine Drive, East Side of Former Train Station.
Visit Us Under the HomeLife Tent starting at 4 pm, prior to walk and enjoy free popcorn, drinks, Korki the Clown, Face Painting, Jerome and much more
Donations: $20.00 tax deductible
Please support our team:
12 Jan

Eerie inflation resemblance & TD Bank’s price prediction


Posted by: Kimberly Walker

There is no crystal ball that will give us answers to what lies ahead (for the housing market) given that the unprecedented rate hikes in 2022 were spurred on by a pandemic, war, and oil shock (all at once).  The question is are we done yet?  No one truly knows.  But if history can teach us a thing or two then let’s consider the following as food for thought:

Inflation is the primary influencer on interest rates.  BMO Capital Markets recently shared a graph showing US inflation in the past 5 years following an eerily similar pattern from 50 years ago (see graph below).  Blue line is US inflation the last 5 years and the red line is inflation from the 1970s.  “….it is uncanny how closely inflation in the current episode is tracking the experience of almost 50 years ago,” said BMO.

Rob McLister from Mortgagelogic.news wrote, “and maybe even more unnerving is the consensus forecast would almost precisely fit the red line for the next two years… The late 1970s inflation revival is not lost on today’s central bankers.  They learned painful lessons that decade, the most important being: never take your foot off the brake early when slowing the economy.  And never underestimate a resurgence in inflation.  Those lessons are precisely why we’re likely months away from being done with rate hikes – at least on the US side of the border.”

Considering “Canadian inflation has almost a 90% correlation with American inflation,” this could be a preview to what we could experience in Canada as well.

Just be prepared for another (perhaps final) 0.25% rate increase by the Bank of Canada on January 25th though as financial markets have implied a 59% chance of this happening.

What about prices then?  TD Bank reaffirmed its previous forecast that average home prices in Canada could hit bottom in early 2023 (see graph below) which it says will be consistent with the end of Canada’s monetary tightening cycle (ie. rate hikes).

So if you trust using both the history of 1970s inflation in the US and TD Bank’s forecast of average home prices as forward guidance then early 2023 could be when we will see things begin to turn around.  That does not mean interest rates will go down, but rather it could begin to stabilize (and stay elevated until 2024 before rate cuts could begin).   The same could be said about TD’s average prices forecast.  But then again, disclaimer alert!  No one has a crystal ball and all of this could be entirely off base as new economic data becomes available each month requiring economists around the world to modify their forecasts accordingly (again).