Congratulations to the lovely buyers on the purchase of your west coast home! You’re sure to love the Award winning “GREEN”, eco-conscious development by Adera! This 2 bed, 2 baths unit offers very functional layout with 9 ft ceilings, laminate flooring throughout (not carpet!), electric fireplace, and an over-sized balcony facing courtyard water fountains. Close to Byrne Creek Park, Riverway Golf course, school, Edmonds skytrain station, Market Crossing Shopping Centre, Highgate Mall, & Metrotown. Complex amenities include gym, sauna, yoga room, games room, and large party room! Sounds amazing!
Congratulations to LH & SH on the purchase of your new condo. Was a pleasure working with you. Thank you for trusting me with such a big investment in the Evolve building. Modern architecture is the new luxury. Clean sharp lines are meant to represent the new and innovative technologies of construction, particularly the use of glass, steel, and reinforced concrete. Modern luxury is based upon the idea that the form should follow function, embracing minimalism and a rejection of ornament. .
First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
The First-Time Home Buyer Incentive launches September 2, 2019*.
* The program will be ready to receive Incentive applications on September 2, 2019 (barring any unforeseen circumstances). The first closing will take effect on November 1, 2019.
How it all works…
Learn About the Program
- Calculate your maximum purchase price and what you could receive as an incentive.
- Review program details.
- Start looking for a home.
Determine Your Eligibility
- Contact a lender/mortgage professional
- Review program requirements and ensure that this is for you.
- Try the self-assessment tool.
Choose Your Incentive and Apply
- Review the details and select the incentive that is right for you.
- Read, print and sign the application documents (coming soon) and take them to your lender.
- Application submissions will be completed by your lender.
- Notify your solicitor.
- Call the 1-800 number to activate (see “How do I apply?”).
- Early payout options in full are available at any point in the duration of the 25 years.
- Learn more about fair market value and how this will help you calculate repayment.
- Calculate the fair market value of your home and multiply it by the percentage of the Incentive you received.
About the First-Time Home Buyer Incentive
Why Use the First-Time Home Buyer Incentive?
What Kind of Property Can I Purchase?
Who Can Sign Up?
What are the Mortgage Details?
When Does Repayment Happen?
SURREY, BC – A noticeable lift in home sales and slight decrease in new listings bolstered the Fraser Valley housing market in July.
The Fraser Valley Real Estate Board processed 1,458 sales of all property types on its Multiple Listing Service® (MLS®) in July, a 11.6 per cent increase compared to sales in June 2019, and a 13 per cent increase compared to the 1,290 sales in July of last year.
Chris Shields, President-Elect of the Board, observed, “We’ve been expecting market improvement, but didn’t quite anticipate July’s momentum. We’ve gone from the worst June in almost 20 years to a July that’s only slightly below the 10-year average. For both buyers and sellers, a return to an active, more balanced market is welcome news.”
“We attribute the change in July to pent-up demand and an increase in consumer confidence. REALTORS® in our market saw more activity at open houses and an increase in the number of first-time buyers. Data from our informal member market poll in July showed the highest level of first-time buyer purchases in the Fraser Valley since early 2016.”
There were 8,340 active listings available in the Fraser Valley at the end of July, an increase of 12.7 per cent compared to July of last year and a decrease of 2.1 per cent compared to June 2019. The Board received 2,797 new listings in July, a 0.5 per cent decrease compared to June 2019’s intake of 2,810 new listings and a 4.2 per cent decrease compared to July of last year.
“Sales of single family detached in our region increased by over 18 per cent in July compared to last year,” added Shields. “Sellers are now recognizing that although listing prices are down, it’s also now more affordable to buy.”
HPI® Benchmark Price Activity
- Single Family Detached: At $957,400, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.3 per cent compared to June 2019 and decreased 6.3 per cent compared to July 2018.
- Townhomes: At $520,700, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.9 per cent compared to June 2019 and decreased 6.6 per cent compared to July 2018.
- Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley remained unchanged compared to June 2019 and decreased 9 per cent compared to July 2018.
Greater Vancouver Statistics
Home sales increase in July
Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.
Last month’s sales were 7.8 per cent below the 10-year July sales average.
There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).
For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.
Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.
Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.
* Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The federal elections are coming. So this likely will just be the start..
The interest used for the stress test in Canada’s mortgages has been decreased. This will make it slightly easier for Canadian citizens looking at financing for the purchase of a home.
The mortgage qualifying rate has now done a modest drop to 5.19% from 5.34%.. The rate is derived from the most frequently occurring five-year, fixed posted rates at Canada’s Big 6 banks. (The actual rates in which a purchaser pays are much lower that 5.19%, and it is known that discount lenders will offer 5 year fixed rates as low as 2.47%)
The qualifying rate (stress test interest rate) had actually progressively increased several times during 2017 and 2018 as the Bank of Canada raised its key interest rate, and as bond yields head higher.
According to the Globe and Mail, “there’s been a notable shift in lending conditions as many central banks across the globe look to ease policies. Moreover, Canada’s five-year bond yield, which influences the direction of five-year fixed-rate mortgages, has tumbled this year. As a result, those mortgage rates have plunged roughly 70 basis points, according to a recent research note from BMO Nesbitt Burns.
The stress tests are used to ensure homeowners and prospective buyers could continue to afford their mortgage payments at higher interest rates, and apply only to federally regulated lenders. The Department of Finance first imposed a stress test on insured buyers, or those who typically make a down payment of less than 20 per cent of the home’s purchase price, starting in the fall of 2016. Canada’s banking regulator followed suit with a similar test on uninsured buyers, which went into effect in 2018.
The second test is widely credited as one of the factors that has weighed on resale activity in Canada’s real estate market.”
With this new lowered qualifying rate you will of course see an impact on a home buyer’s purchasing power.
For a home buyers using a 20% down payment, of which earns $50,000 a year, the lower rate will allow them to afford a home that is roughly $4,000 more expensive, according to calculations from RateSpy.com. For those with a little higher salary who are earning $100,000 a year, with the same 20% down payment, they can buy a home about $8,300 pricier.
THIS IS A FREE EVENT!
The Ryan Taylor and The Aker Real Estate Group would like to invite you to their First Time Home Buyers Info Session!
This event will be light, casual and informative.
TO ATTEND, PLEASE REGISTER BY CONTACTING RYAN HERE:
The event will feature presentations by Ryan and a guest speaker from Dominion mortgages speaking on brand new condo and townhouse developments, rental investment potential and costly mistakes to avoid when purchasing.
This event will provide tons of useful information to first time home buyers no matter what stage of life they are in. You don’t want to miss this event! Please feel free to invite your family, friends or anyone that you think would benefit from this information.
|Saturday, July 27, 2019 at 7 PM – 10 PM|
|Townhall Public House Maple Ridge
206 20690 Lougheed Highway, Maple Ridge, British Columbia
Looking forward to seeing everyone there!
Ryan Taylor and The Aker Real Estate Group are licensed Realtors with Sutton Group West Coast Realty BC.
Want to know when you will need to replace it?
Looking at an older home to purchase and wanting to find out when an older furnace or clothes washing and drying machine are going to potentially stop working? Here’s a general idea of the life cycle of all sorts of parts within a condo, townhouse or house for sale. The National Association of Home Builders’ “Study of Life Expectancy of Home Components” gives a pretty good approximation by compiling life-cycle data from scores of product manufacturers and testing labs. The following is a brief summary to guide you in planning your next big home purchase.
Copper Electrical & Lighting
Copper plated wiring, copper clad aluminum, and bare copper wiring are expected to last a lifetime, whereas electrical accessories and lighting controls are expected to last 10+ years. They can also last a lot longer.
Common Household Appliances
The life expectancy of a typical household appliance depends very much on the use it receives. Most commonly you will find appliances are actually replaced way before they are worn out because updates in styling, technology, energy consumption and consumer preferences making newer products more desirable. Of the major appliances in a home, gas ranges have the longest life expectancy: 15 years. Dryers and refrigerators should last about 13 years. Some of the appliances with the shortest lifespan are: compactors (6 years), dishwashers (9 years) and microwave ovens (9 years).
Kitchen Cabinetry & Storage
Like household appliances kitchen cabinets often get replaced or renovated prior to their life cycle. Kitchen cabinets are actually expected to last up to 50 years, medicine cabinets for 20+ years, and garage/laundry cabinets for 100+ years. Closet shelves are expected to last for a lifetime.
Concrete & Masonry
Masonry is one of the most durable components of a home. Chimneys, fireplaces, and brick veneers can last a lifetime, and brick walls have an average life expectancy of more than 100 years.
Kitchen & Bathroom Countertops
Natural stone countertops are expected to last a lifetime. Cultured marble countertops, which are more porse have a life expectancy of about 20 years.
Due to the fact wooden decks are subject to a wide range of conditions in different climates, the life expectancy of wooden decks can vary significantly. Under ideal conditions, they have a life expectancy of about 20 years as long as they are treated and sealed properly.
Exterior steel doors, fibreglass doors, and wooden doors should last as long as the house exists, while vinyl and screen doors have a life expectancy of 20-40 years, respectively. Closet doors are also expected to last a lifetime, and French doors have an average life of 30-50 years.
Household kitchen sinks that are made of modified acrylic will last 50 years on average, while kitchen faucets will work properly for about 15 years. The average life cycle of bathroom shower enclosures is 50 years. Showerheads can and will last a lifetime depending on how hard the water is, while shower doors will last about 20 years until the seals will go. Bath cabinets and toilets have an unlimited lifespan, but the components inside the toilet tank do require some maintenance (the wax seal of a standard toilet will only last around 15-25 years). Whirlpool tubs will function properly for 20 to 50 years, depending on use.
Stone flooring such as granite, marble, and slate are expected to last for about 100 years, but can last less due to a lack of maintenance. Vinyl floors last up to 50 years, linoleum about 25 years, and carpet between 8 and 10 years (with appropriate maintenance and normal traffic). All natural hard wood floorings have a life expectancy of 100 years or more and can be resurfaced when small surface scratches happen.
Framing & Other Structural Systems
Framing and structural systems have extended longevities: poured-concrete systems, timber frame houses and structural insulated panels will all last a lifetime. Wall panels and roof and floor trusses will similarly last a lifetime. Softwood, hardboard, and plywood last an average of 30 years, while OSB and particleboard are expected to function properly for 60 years.
Garage door openers are expected to last 10 to 15 years, and light inserts for 20 years.
Poured as well as concrete block footings and foundations last a lifetime, assuming they were properly built. Termite proofing of foundations will last about 12 years if the chemical barriers put in place during construction are left intact. Waterproofing with bituminous coating lasts 10 years, but if it cracks it is immediately damaged. Concrete or cast iron waste pipes are expected to last 100 years or more.
Heating, Ventilation, & Air Conditioning (HVAC)
Heating, ventilation, and air conditioning systems require proper and regular maintenance in order to work efficiently, but even in the best case scenarios most components of such systems only last 15 to 25 years. Furnaces on average last 15-20 years, heat pumps 16 years, and air conditioning units 10-15 years. Tankless water heaters last more than 20 years, while an electric or gas water heater has a life expectancy of about 10 years. Thermostats usually are replaced before the end of their 35-year lifespan due to technological improvements.
Insulation & Infiltration Barriers
As long as they are not punctured, cut, or burned and are kept dry and away from UV rays, the cellulose, fiberglass, and foam used in insulation materials will last a lifetime. This is true whether the insulation was applied as loose fill, house wrap, or batts/rolls.
The life of a roof depends on local weather conditions, proper building and design, material quality, and adequate maintenance. Slate, copper, and clay/concrete roofs have the longest life expectancy—over 50 years. Roofs made of asphalt shingles last for about 20 years while roofs made of fiber cement shingles have a life expectancy of about 25 years, and roofs made of wood shakes can be expected to last for about 30 years.
Siding & Accessories
Outside materials typically last a lifetime. Brick, vinyl, engineered wood, stone (both natural and manufactured), and fiber cement will last as long the house exists. Exterior wood shutters are expected to last 20 years, depending on weather conditions. Gutters have a life expectancy of more than 50 years if made of copper and for 20 years if made of aluminum. Copper downspouts last 100 years or more, while aluminum ones will last 30 years.
Windows & Skylights
Aluminum windows are expected to last between 15 and 20 years while wooden windows should last upwards of 30 years.
Come see these stunning Mountain and Bridge Views in desirable Walnut Grove’s prestigious Derby Hills! Elegantly Crafted Executive home with High End Finishing’s-Custom plan was designed at the outset for two families and In-Laws with Legal Suite on Upper floor. Featuring Vaulted ceilings, 9′ on all levels in a peaceful cul-de-sac. Professionally Fully Landscaped ¼ Acre lot-New fully fenced yard,with Resort style Oasis, multiple relaxation areas in a Park like setting with 6 private decks 1490sf-Organic Fruit Orchard, All backing onto Derby Hills Park. 100+Entertainment Capable. 6car & RV parking, Over $270k of Luxury Upgraded Reno’s. BRAND NEW Roof-Gutters-Exterior Paint-Windows-A/C Furnace-DHWT -Tiles-Carpets-1800sf Hardwood-LED Lights-Hot Tub-40k Gourmet Kitchen- -Interior Paint-Door Handles-Light Switches. The pictures were taken by the owner and don’t do the home justice. THIS IS MUST SEE IN PERSON PROPERTY.
- 6 Bedrooms
- 5 Bathrooms
- 3 Kitchens
- 4,801 SQFT
- 26 Years old, built in 1993
- Reverse 2 Storey w/Bsmt
- 10,350 SQFT Lot size
- $6,134 Taxes
- Hot Tub
- Two Storage Sheds in Back
- Parking for RV or 6 vehicles
The First-Time Home Buyer Incentive (the Incentive) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
You need to have the minimum down payment to be eligible. You can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.
The Incentive has an equity-like payout, where the government would share in the upside and downside of the property value.
The First-Time Home Buyer Incentive launches September 2, 2019*.
* Barring any unforeseen circumstances the program will launch on September 2, 2019. The first closing will take effect on November 1, 2019.
Eligibility & Requirements
Let’s look at a specific situation
Anita wants to buy a new home for $400,000.
Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) through the program. This is on top of the minimum required down payment of $20,000 (5% of the purchase price) from her savings.
This lowers the amount she needs to borrow and reduces her monthly expenses.
As a result, Anita’s mortgage is $228 less a month or $2,736 a year.
* This example is for illustrative purposes only. Anita will need to repay the incentive at 10% of the fair market value when she sells the property or after 25 years, whichever is earliest.
Here’s another situation
John has an annual qualifying income of $83,125.
To be eligible for Canada’s First-Time Home Buyer Incentive, he can purchase a home up to $350,000. John still has the required minimum down payment of 5% of the purchase price, $17,500 from his savings. He can receive $35,000 in a shared equity mortage — 10% of a newly constructed home.
This would reduce John’s mortgage payments by $200 a month or $2,401 a year.
* This example is for illustrative purposes only. John will need to repay the incentive at 10% of the fair market value when he sells the property or after 25 years, whichever is earliest.
Sign-up for updates about the First-Time Home Buyer Incentive as they become available.
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