Flaherty ‘happy’ about slowing marketBy            Vernon Clement Jones            |            04/12/2012 6:00:00 PM            |                 2                comments Jim Flaherty’s reaction to a cooling real estate market may be the polar opposite of most brokers, with the finance head suggesting he’s “happy” about the slowdown. “Less demand, lower prices, modestly, in the housing market are much better […]

Bank of Canada Interest Rate Announcement – October 23, 2012 The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950s.  The Bank somewhat tempered its bias for […]

News Release: October 2, 2012 BUYERS TAKE ‘WAIT AND SEE’ APPROACH FOR SINGLE FAMILY HOMES; CONDOS HOLDING THEIR OWN (Surrey, BC) – For the second month in a row, property sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) have decreased to historically low levels. In September, a total of 857 sales […]

Mortgage insurance is typically mandatory for homebuyers without 20% equity.   Putting down 10% on the average $350,152 home, for example, means you’ll cough up a $6,302 insurance premium (given fully documented income and decent credit). Since insurance premiums are tacked on to your mortgage, that adds up to $9,000+ if you amortize it over […]

Hope for housing market Two recent independent reports cite demographics, interest rates and employment growth as significant factors that will cushion the expected downturn in the Lower Mainland’s housing market next year and through the next decade. In a report issued on August 28, CIBC senior economist, Benjamin Tal, predicts an increased demand from baby […]

Please be advised, effective July 9, 2012, the following changes mandated by the Department of Finance – Canada will be implemented: Maximum Amortization Available for Default Insured Mortgages The maximum amortization for      default insured mortgages will be reduced to 25 years (previously 30      years) Maximum Amortization Available for Uninsured Mortgages The maximum amortization […]

News Release: July 4, 2012 FRASER VALLEY’S HOUSING MARKET ‘STEADY AS SHE GOES’ (Surrey, BC) – For the fifth consecutive month, the ratio of property sales in the Fraser Valley compared to the number of listings on the market has remained stable. In June, it was 14 per cent – the same as it was […]

Where’s the market heading? According to both BCREA and CREA, home sales are forecast to decrease in 2012 compared to last year, but not enough to destabilize prices. Both indicate the outlook for 2013 is a slight improvement over 2012. For Fraser Valley, BCREA is projecting residential home sales overall to decrease by 3.2 per […]

If you’re considering buying a new home or refinancing/renewing your current mortgage, it would be a wise move to act before July 9th!   The Federal Government announced this morning four new clampdowns on insured mortgages that will quickly come into effect on Monday, July 9th, 2012.   These changes include:  Reducing      the maximum […]

News Release: June 4, 2012 WARMER WEATHER GENERATES ACTIVITY IN FRASER VALLEY’S HOUSING MARKET    (Surrey, BC) – Home sellers and buyers in the Fraser Valley took advantage of the first warm spell of the year triggering an increase in new listings and keeping sales steady last month. The Fraser Valley Real Estate Board posted 1,616 […]