Office: 604-530-4141 |

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
Read full post

We are proud to announce that this Oct 28th, 2:00 PM to 4:00 PM we will be hosting an Open House at 5450 - 208 St Langley in Montgomery Gate in the Langley City neighborhood, Langley. This is an opportunity to visit this excellent Apartment for sale in beautiful Langley City.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Langley City Apartment for sale.

As always please do not hesitate to give me a call at 604 530-4141 if I can answer any questions before the open house, or if you would like to book a private showing.

Marleane Maxwell
Home Life Benchmark

Read full post

The Bank of Canada met this morning   and elected not to increase their overnight rate meaning that variable rate   mortgage holders will get a break this month following 2 previous increases   in July and September.  The Bank sited increased inflation due to   stronger economic activity and increasing gasoline prices as motivators for   leaving their rate steady.  They expect exports and business investment   to remain strong but did say there was”substantial uncertainty” especially   surrounding the renegotiation of NAFTA.

 The Bank of Canada will meet agin on  December 6th and then again on January 17th. 

For a list of mortgage brokers call me anytime.

Read full post

Please note the change for this upcoming openhouse.

We are proud to announce that this Oct 29th, 2:00 PM to 4:00 PM we will be hosting an Open House at #56 WagonWheel Cres in the Tall Timbers neighborhood, Langley. This is an opportunity to visit this excellent House for sale in beautiful Tall Timbers.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Tall Timbers House for sale.

As always please do not hesitate to give me a call at 604 530-4141 if I can answer any questions before the open house, or if you would like to book a private showing.

Marleane Maxwell
Home Life Benchmark

Read full post

Example – If You placed a 50% down-payment and secured a 5 year fixed rate at 2.99%, you would have to qualify on a rate of 4.99% (2.99% + 2% = 4.99%) OR the posted benchmark rate.

 This would result in reducing the mortgage amount you would qualify for, therefore reducing the potential purchase price for a new home. On average this would bring down your buying power by approximately 14%-20%.

 Buying power before and after January 1, 2018

 Buyers have a household income      is: $120,000 per year.

  • A down payment of up to      $180,000 (if you are putting at least 20% down)
  • $120K      Annual Income/20% down 

Today:    

  • 5 year fixed rate, 2.99% 
  • A      30 year amortization.    

= Max Purchase Price $900K    

With a down-payment of $180K = MAX MORTGAGE $720K

 After Jan. 1, 2018:

  • 5 year fixed rate, 2.99% + 2% =      4.99% OR posted benchmark rate (whichever is greater)
  • A      30 year amortization     

= Max Purchase Price $800k    

With a down-payment of $180K = MAX MORTGAGE $620K

 

Read full post

NOW IS THE TIME TO MAKE A MOVE BEFORE JANUARY 1, 2018.  20% of applicants will no longer qualify.

 Attention Home Owners and Hopeful Home Buyers! 

New mortgage rules are coming into play on January 1, 2018 that will impact current mortgage holders and home buyers with more than 20% down.  In October of 2016 the Federal government rolled out the “stress test” which impacts mortgage qualification for high ratio buyers or those with less than 20% down payment.  In essence the “stress test” makes applicants qualify at a benchmark rate of 4.84% regardless of the contract rate of their mortgage in an attempt to ensure that the borrower can handle interest rate increases.  This rule will now also apply to uninsured mortgages for refinances and home buyers with more than 20% down. 

The impact will be a decrease in borrowing power of about 20% for all applicants.  To offer an example, if a family qualifies today to buy a home worth $900,000 with 20% down payment, as of January 1st their purchasing power will drop to a home worth approximately $720,000.

While the new rules are being put in place to ensure home buyers are not overextending themselves, the result is a limitation on how much Canadians can borrow against their homes.  If you are considering a home purchase or a refinance CALL ME TODAY.  Applications submitted prior to December 31st will be grandfathered so do not delay if you are looking to refinance or buy a home with more than 20% down. For a Free Market Evaluation or list of mortgage brokers........CAll me today. 604 530-4141          

 

Read full post

We are proud to announce that this Oct 7th, 1:00 PM to 3:00 PM we will be hosting an Open House at #56 WagonWheel Cres in the Tall Timbers neighborhood, Langley. This is an opportunity to visit this excellent House for sale in beautiful Tall Timbers.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Tall Timbers House for sale.

As always please do not hesitate to give me a call at 604 530-4141 if I can answer any questions before the open house, or if you would like to book a private showing.

Marleane Maxwell
Home Life Benchmark

Read full post

I just finished uploading this House for sale, #56 WagonWheel Cres Langley, Langley, BC

Rarely Available After 17yrs this Picturesque, Park Like 1.09 Acreage home is available. Here you will find your own oasis backing onto Kelly Lake, yet minutes to freeway access, shopping and golf course. Let your imagination soar with this truly one of a kind property. Enjoy the spacious 3134 sq ft 4 bdrm, 3 bath home or build your own Dream Home. OPEN HOUES SAT OCT 14 & SUN OCT 15 2- 4 Pm. For virtual tour and more info visit www.marleane.com or call Marleane for your own private viewing. 604 530-4141 List Price $1,299,999.

Read full post

We are proud to announce that this Apr 30th, 2:00 PM to 4:00 PM we will be hosting an Open House at 8458 - 214 A St. Walnut Grove Langley in the FOREST HILLS neighborhood, LANGLEY. This is an opportunity to visit this excellent House for sale in beautiful FOREST HILLS.

Please come with any questions you may have. In the meantime you can take a virtual tour of this FOREST HILLS House for sale.

As always please do not hesitate to give me a call at 604 530-4141 if I can answer any questions before the open house, or if you would like to book a private showing.

Marleane Maxwell
Home Life Benchmark

Read full post

I just finished uploading this House for sale, 8458 - 214 A St. Walnut Grove Langley, LANGLEY, BC

JUST LISTED is this Executive Style, 3bdrm + Games rm Home in High Demand Neighborhood of Forest Hills! Superb location, walking distance to park, walking trails, school, transit, shopping and mins to #1 Hwy. Upon the impressive Dbl Door Entry, you will be wowed by all the many updates to this Stunning Home including Rich Hemlock Flooring, welcoming Dbl French Doors, Custom High End Floor to Ceiling Gas Stone Fireplace, Designer Kitchen with Granite Counter Tops, Stainless Steel Appliances & so much more! Bright & Sunny Eating Area with an abundance of Windows & Designer California Shutters. Beautiful level, fully Fenced Yard with newer Sundeck and Gas hook up for BBQ. Over $70,000 in renos.One look and you won't want to leave.Open House Sun 2-4 pm.

Read full post

  •  Prior to the 15% Tax in September 2016;
  • These were our Langley SOLDS  from May 1, 2016 to August 31, 2016
  • Langley SOLDS 793 during this period.  
  • Langley City SOLDS 97 during this period.
  •  After 15% tax, from September 1, 2016 to December 31, 2016
  • Huge Drop! ALMOST BY 1/2!
  • Langley SOLDS 403 during this period.  
  •  Langley City SOLDS 45 during this period.
  • January 1, 2017 to February 15, 2017
  • Langley SOLDS 91 during this time.
  • Langley City SOLDS 15 during this time period
Read full post

                     

 

Dear Friends,  

here is a quick market review and update for your reading pleasure.

MARKET REVIEW FOR 2016 & 2017

The Fraser Valley Real Estate Market experiences the strongest year in it's History with record breaking numbers in both MLS transactions and dollar volume.

The Board MLS Dept. processed 23, 974 Sales in 2016 which is 13.6% more than the 21,095 Sales in 2015 and broke the record set in 2005 for 21,282 Sales. The total dollar volume of the MLS Sales hit a record setting of $16.2 BILLION!!! which is $4 BILLION MORE than the previous set record in 2005.

Very interestingly, of the total transactions for the year, 5,369 were townhomes sold and 5,069 were apartments, the highest each category has reached in the Board's History!  Detached House sales were 10,728 for the Fraser Valley.

For inventory, a total of 34, 748 New Listings were received by the MLS Dept. during 2016, the second highest in the Boards History and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 Sales, which was down 37.4% compared to December 2015 but level with the 10 year average for the month. December's  total inventory in the Fraser Valley is way down at only 3,930 Active listings, which is 29.8 % fewer than we had the previous month in November 2016 and 8 fewer that we had a year ago in December 2015.  Prior to all of this, we normally carry around 10,000 listing for the Fraser Valley.

As 2016 came to an end, we now saw sales returning to more typical levels and LOW INVENTORY overall.

Now in 2017, with such low inventory, Great Interest Rates, New incentive for Government Help for 1St Buyers, Strong pricing and limited Selection.......Would be Sellers,  are in a GREAT POSITION TO SELL before the rush of the Spring Market.

Currently in Walnut Grove, we only have 26 Detached homes available for sale as February 22, 2017.

Since November 1, 2016 to now, Jan 11, 2017 we have had 19 Solds for Detached homes in Walnut Grove.

  • To compare to the height of the market, prior to the New 15% Foreign tax coming in beginning of September 2016 , see below;

 

  •  Prior to the 15% Tax, from May 1, 2016 to August 31, 2016 were the following;
  • Langley SOLDS 793 during this period.   Langley City SOLDS 97 during this period.
  •  After 15% tax, from September 1, 2016 to December 31, 2016 Huge Drop!
  • Langley SOLDS 403 during this period.   Langley City SOLDS 45 during this period.
  • January 1, 2017 to February 15, 2017
  • Langley SOLDS 91 during this time. Langley City SOLDS 15 during this time period

HISTORICAL LANGLEY DETACHED HOMES

BASED ON MEDIAN PRICING

  • 2013 SALE PRICE $561,239 $226 a sq ft
  • 2014 SALE PRICE $593,075 $236 a sq ft
  • 2015 SALE PRICE $652,648  $259 a sq ft
  • 2016 SALE PRICE  $736,250
  • 2017   Sale Price $799,000

 

As of January 2017, the Benchmark Price for a Detached home in

Fraser Valley is $856,300  & For Langley $866,500

• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Fraser 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.

If You are curious to the value of your home and would like a Free Market Evaluation........please give me call. I look forward to hearing from you.   www.marleane.com

Wishing you all the best,                                                                                                                   

       Marleane Maxwell

Read full post

http://streaming-colo.blackpress.ca:5080/live/streams/transcoded_vods/20161211204715-2596.mp4.mp4


There is a reason I have spent 1/2 my life dedicated to My Real Estate Career and Homelife Benchmark. It was my Manager, Michael Dreyer who manages
both the Langley and Walnut Grove Real Estate Offices, that immediately sent out a challenge to all of the realtors in both offices, to donate money
to help the 80 suffering  families. As usual we rose to the challenge, and were there once again to help the people/families in our community.  These poor families had been displaced by this Massive & Tragic  Fire on December 11, 2016. Most of them, leaving their burning homes with only the clothes on their backs. Langley Emergency Services only provide 3 nights of a Motel and then they are on their own. I am so proud of my company and my co-workers. $10,500.00 Dollars was collected and made payable to Westminister Savings Credit Union care of the Salvation Army - Gateway of Hope.
Read full post

On Thursday December 16, 2016. Buying a Home Just got a little easier for First Time Buyers.

A new government program promises to match the down payment for eligible first-time homebuyers.

The BC Government has announced the BC Home Owner Mortgage and Equity Partnership Program.

Under the program, the BC government will match down payment funds of eligible first-time homebuyers up to $37,500 with a 25-year term second mortgage.

As an example, a buyer purchasing a $500,000 home can put down 5% using $12,500 of their own funds and $12,500 from the BC Home Partnership Program.

No payments are required and no interest will accrue until the sixth year of the mortgage term.

The program was announced by Premier Christy Clark Thursday afternoon. Samantha Gale, executive director at the Canadian Mortgage Brokers Association, attended the announcement.

“This is a necessary program which will assist many first time home buyers to enter the housing market at a time when housing affordability is a serious challenge. This program will provide tangible, necessary assistance which will facilitate the purchase of first homes for many BC residents struggling to save sufficient funds for a property down payment,” Gale said. “There are many potential buyers in BC who simply cannot afford to buy a home because they do not have the necessary down payment saved, despite having sufficient income to qualify for their mortgage payments.

“We find that most potential buyers are aiming to put down on a property purchase either the minimum 5% for an insured mortgage or 20%, so that their mortgage is conventional with no CMHC fees.  We at the CMBA, believe that the borrowers who are aiming to put 5% down are the ones whom this program is likely to benefit the most.”

Applications for the program will be accepted starting January 16 up until March 31.

Below are the qualification requirements. Buyers must:

•             Reside in the home
•             Be a first-time homebuyer
•             Be a Canadian citizen or permanent resident for 5 years
•             Have resided in BC for at least one year
•             Have a combined gross income of $150,000 or less
•             Have saved at least half of the minimum down payment they will require, and
•             Be pre-approved for a 1st mortgage before applying. Brokers should treat the second mortgage as a non-traditional source of down payment.

Additionally, the property must be the principal residence for the first five years, must cost less than $750,000, and must not be a rental or recreational property.


Read full post
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.