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Archive for the ‘Real Estate and Property Trends’ Category

BC Homebuyer Protection Period

Wednesday, August 10th, 2022

The Government amended the Property Law Act to enable the creation of a homebuyer protection period. The Homebuyer Protection Period (HPP), aka “cooling off period,” comes into effect on January 1, 2023. Let’s take a look at what this means for homebuyers.
 

B.C. Homebuyer Protection Period

B.C. Homebuyer Protection Period


 

What is a homebuyer protection period?

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Sales Activity Continues to Slow in the Face of Uncertainty.

Tuesday, August 9th, 2022

Sales activity continues to slow in the face of rising interest rates and uncertainty.
 

Canadian Housing Market Snapshot July 2022

Canadian Housing Market Snapshot July 2022


 

Home Sales are Down across Canada -23.9%

Home Sales are down 3.9% across Canada with 48,176 units sold in June of 2022. Compared to 63,280 in June of 2021.
 

New Listings are Up 10%

New listings are up 10% across Canada, with 93,352 new listings added in June 2022. Compared to 86,633 in June of 2021.
 

Average Price of Homes Sold is Down -1.8%

The average price of homes sold in Canada in June of 2022 was $665,849 down -1.8% from $678,280 in June of 2021.
 

Highlights of Real Estate Activity across British Columbia

 

Fraser Valley Housing Market Snapshot July 2022

Fraser Valley Housing Market Snapshot July 2022

Home Sales are Down -33.9%

Home Sales are down 35.2% across British Columbia with 7,189 units sold in June of 2022. Compared to 11,096 in June of 2021.
 

New Listings are Up 5.5%

New listings are up 5.5% across British Columbia, with 16,400 new listings added in June of 2022. Compared to 15,538 in June of 2021.
 

Average Price of Homes Sold is Up 4.1%

The average price of homes sold across British Columbia in June 2022 was $947,216 up 4.1% from $909,642 in June of 2021.
 

Benchmark Price Across British Columbia

  • CHILLIWACK – $824,300 – down $20,000 from May of 2022
  • FRASER VALLEY – $1,128,400 – down $39,000 from May of 2022
  • INTERIOR BC – $716,300 – down $17,000 from May of 2022
  • GREATER VANCOUVER – $1,261,100 – down $26,000 from May of 2022
  • VANCOUVER ISLAND – $769,800 – down $1,000 from May of 2022
  • VICTORIA – $976,600 – up $9,000 from May of 2022
  •  
    MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
     
    The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations, representing more than 150,000 REALTORS® working through 78 real estate boards and associations.
     

    TO VIEW HOMES FOR SALE IN SOUTH SURREY – WHITE ROCK AND MORE – CLICK HERE

    Sales Slide as the Brakes are Applied to the Housing Market!

    Saturday, August 6th, 2022

    The Fraser Valley housing market saw sales slide again in July in the face of continued interest rate hikes, as the government applies the brakes to the housing market and struggles to bring inflation under control.
     
    In July, the Board (FVREB) processed 993 sales on MLS®. This is a decrease of -22.5% from the previous month and a -50.5% drop compared to July 2021. New listings totaled 2,385. A -28.4% decrease compared to June and a decrease of -1.9% compared to July 2021.
     

    FVREB MLS Sales - August 2022

    FVREB MLS Sales – August 2022


     
    “It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term. As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to shop for the right property.”
     
    Active listings, at 6,413, remained relatively unchanged from June and were up 30.9 per cent over last July. This brought balance for townhomes and detached homes (sales-to-active ratios: 18% and 12%, respectively); favoured sellers slightly for apartments (28%). The market is considered balanced when the sales-to-active ratio is between 12% and 20%.
     
    FVREB Benchmark Price - August 2022

    FVREB Benchmark Price – August 2022


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    Rising Interest Rates Push Home Sales Down Across Canada

    Friday, June 24th, 2022

    With rising interest rates, home sales have cooled sharply in recent months and keep pushing downwards.
     

    Canadian Housing Market Snapshot June 2022

    Canadian Housing Market Snapshot June 2022


     

    Home Sales are Down across Canada -21.7%

    Home Sales are down 21.7% across Canada with 53,720 units sold in May of 2022. Compared to 68,598 in May of 2021.
     

    New Listings are Up 6.3%

    New listings are up 6.3% across Canada, with 100,643 new listings added in May 2022. Compared to 94,704 in May 2021.
     

    Average Price of Homes Sold is Up 3.4%

    The average price of homes sold across Canada in May 2022 was $711,316 up 3.4% from $687,595 in May 2021.
     

    Highlights of Real Estate Activity across British Columbia

     

    Fraser Valley Housing Market Snapshot June 202

    Fraser Valley Housing Market Snapshot June 202

    Home Sales are Down -33.9%

    Home Sales are down 33.9% across British Columbia with 8,372 units sold in Mayof 2022. Compared to 12,664 in May of 2021.
     

    New Listings are Down -1.4%

    New listings are down 1.4% across British Columbia, with 17,869 new listings added in May 2022. Compared to 18,126 in May 2021.
     

    Average Price of Homes Sold is Up 8.1%

    The average price of homes sold across British Columbia in May 2022 was $989,661 up 8.1% from $915,392 in May 2021.
     

    Benchmark Price Across British Columbia

  • CHILLIWACK – $843,200
  • FRASER VALLEY – $1,167,300
  • INTERIOR BC – $733,800
  • GREATER VANCOUVER – $1,261,100
  • VANCOUVER ISLAND – $770,440
  • VICTORIA – $976,600
  •  
    MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
     
    The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations, representing more than 150,000 REALTORS® working through 78 real estate boards and associations.
     

    TO VIEW HOMES FOR SALE IN SOUTH SURREY – WHITE ROCK AND MORE – CLICK HERE

    The Real Estate Market Keeps Getting More Balanced! :)

    Tuesday, June 14th, 2022

    Hi Friends,
     
    As property sales continue to fall in the Fraser Valley and active listings continue to grow, the real estate market is edging towards more balanced levels not seen since the pre-pandemic period.
     
    Sales of all property types in May were 1,360, down 16.9 per cent from April’s 1,637; and down 53.9 per cent compared to May of 2021.
     

    FVREB MLS Sales - June 2022

    FVREB MLS Sales – June 2022


     
    “Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market. While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low interest rates – may have run their course.”
     
    At the same time, active listings (the number of properties available for sale at a given moment during the month, in this case at the end of May) have more than tripled since December 2021. At the end of May, actives sat at 6,183, up 5.4 per cent year-over-year, and an increase of 14.8 per cent compared to April 2022.
     
    FVREB Benchmark Price - June 2022

    FVREB Benchmark Price – June 2022


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    Canadian Home Sales Slow Down

    Monday, April 25th, 2022

    Home sales slowed down noticeably in March 2022, yet it’s still the second strongest month for sales volume, ever.
     
    With the Bank of Canada aggressively hiking interest rates, this slowdown may last a while as Canada continues to face record low supply levels.
     

    Housing Market Snapshot - April 2022

    Housing Market Snapshot – April 2022


     

    New Listings in British Columbia Fall by 14.3%

    Housing markets in British Columbia have seen a 14.3% decrease in new listings, compared to this time last year, with 18,076 added in March 2022.
     

    Benchmark Price of Canada - April 2022

    Benchmark Price of Canada – April 2022


     
    Home Sales are down 23.2% across B.C. with 11,580 units sold in March of 2022, compared to 15,087 in March of 2021.
     
    The average price of homes sold across BC in March of 2022 was $1,089,600 up 15.2% from March 2021.
     

    TO VIEW HOMES FOR SALE IN SOUTH SURREY – WHITE ROCK AND MORE – CLICK HERE

    Changes to B.C. Real Estate – Pandemic Response

    Friday, April 8th, 2022

    The Public Health Officer recently announced changes to BC’s COVID-19 response, to take effect today, April 8, 2022. Health and safety of our clients remains our top priority and we have some changes to mention about our pandemic response.
     

    Changes in Pandemic Response - BC Real Estate

    Changes in Pandemic Response – BC Real Estate


     
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    How to Prepare for House Hunting

    Sunday, March 20th, 2022

    To prepare for house hunting and one of the biggest decisions of your life, you want to work with someone you can trust. By using the services of a trained professional, you’ll have an expert who can guide you through every step of buying a property. After all, the key to making smart decisions is by being an informed consumer. Let’s take a look at some other factors.
     

    How to Prepare for House Hunting

    How to Prepare for House Hunting


     

    Know that there’s no “right” time to buy.

    If you find the perfect home now, don’t risk losing it because you’re trying toguess where the housing market and interest rates are going. Those factorsusually don’t change fast enough to make a difference in an individual home’s price.
     

    Don’t ask for too many opinions.

    It’s natural to want reassurance for such a big decision, but too many ideas fromtoo many people will make it much harder to make a decision. Focus on thewants and needs of the people who will actually be living in the home.
     
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    Canadian Housing Market Expectations in 2022

    Thursday, February 10th, 2022

    Even after shattering all sorts of records in 2021-for high sales and prices and low inventories-Canada’s housing market isn’t about to buckle. Plenty of unmet demand remains and will continue to fuel tremendous activity across the country.
     

    Canadian Housing Market Expectations in 2022

    Canadian Housing Market Expectations in 2022


     
    Still, we expect the Bank of Canada’s rate liftoff to turn down the market’s heat in 2022 as deteriorating affordability sends buyers to the sidelines. Higher interest rates and the likelihood of new anti-speculation measures will also prove a tougher proposition for investors.
     
    In all, we expect 579,600 existing Canadian homes to change hands this year. Though down 13.1% from the astounding 667,000 transactions in 2021, that’s still the second-highest amount in history. The ongoing construction boom will bring much needed new supply to the market, helping to ease severe shortages.
     

    HOME PRICES WILL KEEP CLIMBING

    Most of the increase in supply and cooling of the market will take place in the second half of 2022. Demand-supply conditions will become much less favourable for sellers. This will reduce upward pressure on prices. We think this will slow the pace of appreciation, but not alter the direction (with some local exceptions). We project Canada’s benchmark price to rise 6.2% in 2022 or nearly a third of the record rate of 17.8% last year. The momentum will be even slower in 2023 with most markets returning to better balance.
     
    READ MORE AT RBC ECONOMICS HERE

    Fraser Valley Real Estate Update for February 2022

    Thursday, February 10th, 2022

    Whether you’re looking to buy or sell real estate, preparation is key. By utilizing market data and statistics, with my help as your REALTOR®, you can identify the best opportunities that are available to you when you make your move.
     

    Fraser Valley Real Estate Update for February 2022

    Fraser Valley Real Estate Update for February 2022


     

    LOWER MAINLAND REAL ESTATE SPECIFIC MARKETS

     

    SOUTH SURREY WHITE ROCK REAL ESTATE MARKET

     
    VIEW HOMES FOR SALE IN SOUTH SURREY WHITE ROCK
     

    White Rock South Surrey Real Estate Market February 2022

    White Rock South Surrey Real Estate Market February 2022


     

    NORTH SURREY REAL ESTATE MARKET

     
    VIEW HOMES FOR SALE IN SURREY
     

    North Surrey Real Estate Market Update February 2022

    North Surrey Real Estate Market Update February 2022


     

    CENTRAL SURREY REAL ESTATE MARKET

     

    Central Surrey Real Estate Market Update February 2022

    Central Surrey Real Estate Market Update February 2022


     

    CLOVERDALE REAL ESTATE MARKET

     

    Cloverdale Real Estate Market Update February 2022

    Cloverdale Real Estate Market Update February 2022


     
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    B.C. Real Estate News for February 2022

    Thursday, February 10th, 2022

    What is Happening with B.C. Real Estate in February of 2022?
     
    BC Real Estate News for February 2022

    BC Real Estate News for February 2022


     
    BRITISH COLUMBIA REAL ESTATE NEWS


    Canada’s housing market crushed earlier records in 2021(RBC Economics)
     
    Bank of Canada quietly revised its GDP forecast to show a larger housing contraction (Better Dwelling)
     
    Bank of Canada holds off hiking interest rates, sets stage for March increase (The Global and Mail)
     
    Investors and repeat buyers make up growing share of Canadian real estate market: study (CTV News)
     
    B.C. Housing Minister eager to spur supply (The Global and Mail)

     

    LOWER MAINLAND REAL ESTATE NEWS


    Vancouver’s population decreases for first time in 45 years (Livabl)
     
    Vancouver mayor makes new pitch for gentle densification on single-family lots (Daily Hives)
     
    We needed to go $300K over asking to get our dream Burnaby home …as hot market continues (Burnaby Now)
     
    Burnaby, Mississauga epitomize rise of towering big-city suburbs (RENX)
     
    Vancouver real estate: January home sales slow as supply dwindled, board says (CTV News)

     
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    When the B.C. Foreign Buyers Tax Goes Wrong

    Thursday, February 10th, 2022

    It began with Bill 28 back in 2016. Lower mainland folks have complained since the 70’s that housing had gotten too expensive. In 2016 Vancouver’s housing was the third most expensive in the English-speaking world, with a ratio of real-estate prices to local earnings of 13 to 1.
     
    In 2016, the Housing Priority Initiative Amendment Act was passed and it included two parts directed at Foreign ownership. One part was the Vacancy tax and the second part was the Additional Property Transfer Tax also commonly known as the Foreign Buyers Tax. Personally I agree with the Foreign Buyers Tax but believe it should be implemented across Canada
     

    Foreign Buyers Tax - Additional Property Transfer Tax in BC

    Foreign Buyers Tax – Additional Property Transfer Tax in BC


     
    Real Estate regulations do not require a REALTOR® to evaluate if a consumer is a Foreign National. There is a perspective that a good REALTOR® would ensure their client can complete a transaction. To do that effectively, a REALTOR® would need to have item 24 of the residential purchase contract initialed by the buyer. Item 24 requires the buyers to initial off yes or no; if they are a Canadian Citizen or Permanent Resident as defined by the Immigration and Refugee Protection Act.
     
    The law worked as it was intended to and Vancouver area sales dropped nearly 40% in October after the tax was introduced. Chinese buying inquiries for the Vancouver area dropped by 25%. In 2018 the Foreign Buyers Tax was extended further into the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts, at 20%.
     

    CAPITAL GAINS AND G7 COUNTRIES

    Of all the G7 countries, Canada is the last remaining country to not have a capital gains tax on residential property ownership.This likely explains while homes are still being scooped up by foreigners. At 18-37% additional tax, it’s easy to see why. The tax becomes payable when you sell, cutting into your profits and handing them to government for housing initiatives. Let’s take a look at the following chart:
     

    G7 Country Foreign Ownership? Capital Gains Tax
    Canada Yes Zero
    France Yes 19%
    Germany Yes 25%
    Italy Yes 26%
    Japan Yes 20%
    UK Yes 18-28%
    USA Yes 20-37%
    EU Yes 19.3%

     

    ON NOTICE – THE CONSUMER

    A consumer needs to move forward with all purchases keeping ‘buyer beware’ or ‘caveat emptor’ in the front of their minds. It definitely helps to have a REALTOR®, like myself, who has your back and searches for the answers instead of casually answering questions on paperwork. If you have just moved to Canada, I encourage you to check out the mortgage process on my webpage. If you have any questions, feel free to text or call me.
     

    HOW THE FOREIGN HOME BUYERS TAX CAN GO WRONG

    The following incident has made it’s way through legal systems and a judgement was only reached this week. Keep in mind it was not the B.C. Financial Services Authority that brought this summary forward but the Canadian courts:
     
    SOURCE: Kelowna News – Castanet.net
    New Article link: here
     
    A REALTOR® and a lawyer owe $170,000 in regards to the B.C.’s Foreign Buyer’s Tax. A B.C Supreme Court ruled both share some responsibility for their client’s large tax bill.
     
    The couple retained a lawyer to assist them with the purchase of the home. In their introductory emails, the buyers noted they were new to Canada and naïve to the house buying process.
     
    Ultimately, they were unable to secure financing on the the first home they wrote an offer for. They messaged their REALTOR® they were not Canadian and we didn’t have PR status – they couldn’t make the finances work on a reno of this scale. The couple then wrote another offer on an $862,000 property. The REALTOR® said he misunderstood a discussion he had with his clients; and had “understood that their citizenship status had been finalized.
     
    So on the second offer, the REALTOR® changed a section stating the buyers were citizens/permanent residents of Canada. The buyers signed the new contract without noticing it.
     
    About six months after they purchased the home, the buyers received a notice of assessment from the B.C. government in the amount of $172,400 for the unpaid Foreign Buyers’ Tax owing on the purchase.
     
    The couple later secured permanent residence status in Canada, but because they were not permanent residents at the time of purchase, the tax still applied.
     
    The court ruled the REALTOR® did not have a duty to provide advice as to whether the tax applied to them; he had a “clear duty to inform the plaintiffs of the existence of the tax.”
     

    “I find that any reasonable realtor would understand that the risk, or the requirement, of paying an extra 20% for a family home would be an extremely important piece of information for prospective purchasers,” Justice Ross said.
     
    “It is reasonable to assume that the prospect of paying an extra 20% for a residence would prevent most, if not all, purchasers from proceeding with their search for a home. That is especially true if the purchasers planned to obtain permanent resident status in the near future.”

     
    The court ruled the REALTOR® was responsible for 75 per cent of the loss suffered by the buyers – $182,813 with accumulated interest – but he also found the lawyer was responsible for 20 per cent.
     
    “I find that the lawyer, having been introduced to the plaintiffs and having welcomed them to Canada, should have inquired about their residency status.”
     
    But the buyers shared some of the blame, five per cent’s worth to be exact.
     

    CAVEAT EMPTOR – BUYER BEWARE

    In this quick moving market, where listing agents give so little time, unfairly, for buyers to do due diligence on a property, do yourself the favor they won’t. It’s a rush, it’s hectic, but take time to read your offer fully. Ask the questions, comment when you see something wrong. It might just be the difference between 10 minutes spent on redoing some paperwork, or years chasing down another party through court.
     

    TO SPEAK WITH JEANINE OSBORNE ABOUT BUYING A HOME IN BC – CLICK HERE

    TO VIEW HOMES FOR SALE IN THE LOWER MAINLAND – CLICK HERE

    How to Buy a Home When You Are New to Canada

    Tuesday, February 8th, 2022

    Thanks for visiting my website and Welcome to Canada Newcomers! This blog, will talk about what you’ll need in order to buy a home when New to Canada.
     
    I’m sure you already know to contact a REALTOR® to view homes and get information about properties and real estate sales. Finding the right home can be simple, but the sales policies in our area make the purchase much harder than it needs to be. I can guide you in these instances, but you will need to do some heavy lifting on getting your finances in order for a pre-approval with a lender.
     

    How to Buy a Home When You Are New to Canada

    How to Buy a Home When You Are New to Canada


     

    HOME BUYER 1: YOU HAVE 35% DOWN-PAYMENT READY TO GO

    With a 35% down-payment, the transaction is considered less risky to the lender. Due to this reasoning, you do not need to purchase mortgage insurance and the qualifying criteria is less difficult. To qualify:

    -You have Landed Immigrant Status confirmed through your Permanent Resident Status Card (PRC).
    -You are a Landed Immigrant for no more than 60 months.
    -You don’t own more than one other property in Canada.
    -You have been employed full time in Canada for a minimum of 3 months.
    -In addition to 35% down-payment, you can provide evidence of a years worth of mortgage & tax payments in liquid savings.
    Gifted down-payments are limited to immediate family members.
    -The property must qualify under 65% Loan-to-Value. (explained more on my mortgage process page)
     

    Loan to Value Ratio in Canada - Purrfect-Properties.com

    Loan to Value Ratio in Canada – Purrfect-Properties.com


     

    HOME BUYER 2: YOU HAVE LESS THAN 20% DOWN-PAYMENT

    With less than 20% down-payment the transaction requires mortgage insurance. This is the same with all mortgages, whether you are New to Canada or not.
    -For folks who do not have Canadian Credit Bureau History.
    -You have Landed Immigrant Status confirmed through your Permanent Resident Status Card (PRC).
    -You have immigrated/relocated to Canada within the last 60 months
    -You have been employed full time in Canada for a minimum of 3 months.
    -You can provide evidence of a years worth of paid rent in Canada as well as 2 months of other bills or payments.
     

    A few small items…

    All down-payments must be verified.
    • 95% LTV: Down-payment must come from your own resources.
    • Less than 95% LTV: Down-payment can come from a corporate relocation subsidy or be gifted by an immediate family member.
     

    TO VIEW HOMES FOR SALE IN THE LOWER MAINLAND – CLICK HERE

    TO SPEAK WITH OUR LENDER ABOUT THIS PROGRAM – CONTACT JEANINE HERE

    A Quick Guide to Leaky Condos

    Friday, January 28th, 2022

    A Quick Guide to Leaky Condos

    A Quick Guide to Leaky Condos


     

    WHERE IS THE LEAKY CONDO PROBLEM?

    The term “leaky condo” is common in Vancouver. It refers to many condo buildings built between 1982 – 2006. Keep in mind that leaky condos can be anywhere and any age. Even though a condo looks solid it could be a rotten mess in hidden places.
     
    Before you purchase a condo, make sure you read this blog post to help you identify what a leaky condo is and how to prevent yourself from purchasing one.
     

    WHAT CAUSES THE LEAKY CONDO?

    It came about due to a construction boom that was occurring at that time. Designers from other parts of the world, namely California, were brought to the lower mainland to help keep up with the demand for buildings. These designers were not accustomed to the heavy levels of rain in the lower mainland, so all of the structural designs were based on an average rainfall of around 400 millimeters versus the rainfall that we typically see of closer to 1500 millimeters. Moisture would remain in the wall cavity and cause rot, mould, and other structural issues over time.
     

    WHAT IS A TYPICAL LEAKY CONDO?

    These leaky condos are typically wood-frame, low rise buildings (less than four stories) that are predominantly stucco clad buildings. The leaky condos are typically built in 1981/1982 – up until 1988. The code was changed in 1996 for Vancouver and 2006 for coastal areas. Homes built after the year 1998-2000 are generally fine but there are still many condos out there that were never properly fixed with Rainscreen.
     

    WHAT’S RAINSCREEN?

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    The Smith Manoeuver for Canadian Home Owners

    Wednesday, January 26th, 2022

    The Smith Manoeuvre for Canadian Home Owners

    The Smith Manoeuvre for Canadian Home Owners


     

    WHAT IS THE SMITH MANOEUVER?

    Fraser Smith, a financial planner based in Vancouver Island, Canada, developed the Smith Manoeuver in the 1970’s and popularized it in a book by the same name, in 2002. Smith sees it as debt conversion strategy, instead of a leverage tactic. It can potentially lead to tax refunds, faster mortgage repayment, and a larger retirement portfolio. For over 40 years, Canadians have deducted mortgage interest AND received tax-free capital gains.
     

    HOW DOES THE SMITH MANOEUVRE WORK?


    Interest paid on a mortgage is not tax-deductible in Canada. Interest paid on loans for investments is tax-deductible. (It’s important to note that this does not extend to loans taken for investments made in registered plans, such as registered retirement savings plans (RRSPs), and other tax-free accounts, because they are already tax-advantaged.)
     
    For the Smith Maneuver, a borrower needs to obtain a readvanceable mortgage. This is different than a conventional mortgage. A readvanceable mortgage consists of a mortgage and a line of credit–called a HELOC (home equity line of credit) bundled together. A HELOC allows you to borrow up to a certain percentage of the value of your home.
     
    When the borrower pays their mortgage payment, the total amount of the principal that is repaid in that month is simultaneously borrowed again under the line of credit. The net debt for this borrower remains the same because, because for every dollar of the principal that is repaid to the lender, another dollar is borrowed under the line of credit.
     
    In the end, if done properly a homeowner should be left with:
    * No mortgage. It should be paid off.
    * An investment loan with tax deductible interest. This is the HELOC debt you borrowed, which should be the size of the original mortgage.
     

    HOW IS THE SMITH MANOEUVRE DONE?


    1. Obtain a readvanceable mortgage loan. The bank regulator formally calls these Combined Mortgage-HELOC Loan Plans (CLP). These are mortgages that make the principal payment immediately available as mortgage credit.
    2. Make regular mortgage payments. The payments you make are then available as credit on your HELOC.
    3. Use HELOC credit to invest. Every payment made on the mortgage is withdrawn from the HELOC, and used to buy income-earning, eligible investments.
    4. Deduct the HELOC interest. The interest paid on the HELOC is now considered a tax deductible loan since it’s used to generate income. You then get a portion back on your tax return.
    5. Use the tax return to pay down your mortgage. A little extra acceleration to build your portfolio faster.
    6. Repeat steps 2 to 5 until the mortgage is paid off. Once the mortgage is paid off, you either start paying off your HELOC or repeat the process. At a certain point the write offs are no longer worth the interest, so you should run the numbers.
     

    OF COURSE THERE’S RISKS.

    When you’re discussing a leveraged position, you should understand the risks. Two obvious ones are a major decline in home prices or investments, which can amplify your shock.

    Fraser Valley Real Estate Update for January 2022

    Thursday, January 20th, 2022

    Whether you’re looking to buy or sell real estate, preparation is key. By utilizing market data and statistics, with the help of your REALTOR®, you can identify the best opportunities that are available to you when you make your move.
     

    Fraser Valley Real Estate Update for January 2022

    Fraser Valley Real Estate Update for January 2022


     

    LOWER MAINLAND REAL ESTATE SPECIFIC MARKETS

     

    SOUTH SURREY WHITE ROCK REAL ESTATE MARKET

     
    VIEW HOMES FOR SALE IN SOUTH SURREY WHITE ROCK
     

    White Rock South Surrey Real Estate Market January 2022

    White Rock South Surrey Real Estate Market January 2022


     

    NORTH SURREY REAL ESTATE MARKET

     
    VIEW HOMES FOR SALE IN SURREY
     

    North Surrey Real Estate Market Update January 2022

    North Surrey Real Estate Market Update January 2022


     

    CENTRAL SURREY REAL ESTATE MARKET

     

    Central Surrey Real Estate Market Update January 2022

    Central Surrey Real Estate Market Update January 2022


     

    CLOVERDALE REAL ESTATE MARKET

     

    Cloverdale Real Estate Market Update January 2022

    Cloverdale Real Estate Market Update January 2022


     
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    B.C. Real Estate News for January 2022

    Thursday, January 20th, 2022

    What is Currently Happening with B.C. Housing?
     
    BC Real Estate News for January 2022

    BC Real Estate News for January 2022


     
    BRITISH COLUMBIA REAL ESTATE NEWS


    Canada’s real estate sector expected to rebound with economy in 2022 (Western Investor)
     
    The great affordability squeeze? Home buyers confront rising ownership costs (RBC Economics)
     
    B.C.’s homeowner grant threshold raised as property values increase (CTV News)
     
    Real estate Q & A: Expert highlights trends in latest B.C. property value assessments (CTV News)

     

    LOWER MAINLAND REAL ESTATE NEWS


    Home sales in Metro Vancouver reached record high in 2021, latest real estate report says (CTV News)
     
    The pandemic push: Home sales hit an all-time high in Metro Vancouver in 2021 (Vancouver Sun)
     
    Vancouver real estate inventory hits 30 Year low as prices soar, and sellers pull back (Better Dwelling)
     
    Vancouver realty report lists 3 market realities for 2022: “cost of housing is never going to come down” (Straight)
     
    Burnaby home sales – and prices – part of record-shattering year in real estate (Burnaby Now)
     
    Burnaby houses soar in value by a staggering 19% in latest assessments (Burnaby Now)
     

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    3 New Year’s resolutions for your home in 2022

    Tuesday, January 18th, 2022

    As we’re still spending much more time at home due to the pandemic, many of us are trying to reorganize our space to suit our needs. And now Christmas has passed, it’s an ideal time to get your house back in order – once the tree and decorations are down, of course. Here’s 3 resolutions to get your home working perfectly.
     

    Resolutions for your home in 2022.

    Resolutions for your home in 2022.


     

    Clear out the kitchen cupboards

    Re-stock all your staples – flour, sugar, condiments and tinned goods – but as you do so clear out all the items you know you aren’t going to use until next Christmas. The New Year is not the time to be hoarding half-opened jars of cranberry sauce or mincemeat so use it up now or lose it. If there are food items or other non-perishables that are still in date and you no longer use, donate them at your local food bank or collection point.
     

    Get Recycling Regimented

    Make this the year when you really get to grips with recycling. Place bins and bags in a spot where they are easily reached, and if collection facilities are not readily available, try your local recycling centre.
     
    You can separate your household waste with ease by investing in clearly labelled recycling bags or a nifty recycling unit.
     

    Make Cleaning Easy on Yourself

    It’s easier to clean the bathroom, for instance, if cleaning materials are to hand, so keep a basic kit in every part of the home: bathroom, kitchen, nursery. This will also save you time and effort and make an ongoing domestic routine much less of an overbearing burden.
     
    READ MORE AT housebeautiful.com

    B.C. Assessment’s are live, check your property now.

    Tuesday, January 18th, 2022

    BC Property Assessments Are In!

    BC Property Assessments Are In!


     

    About BC Assessment

    BC Assessment produces independent, uniform and efficient property assessments on an annual basis for all property owners in the province.
     

    British Columbia Real Estate Market Trends

    Market Trends - BC Assessment

    Market Trends – BC Assessment


     
    Check out our interactive maps to access local market trends for various communities, average market movement for different property classes, and the top 500 valued residential properties.
     

    Significant Assessment Increases Due to the Pandemic

    You know it’s becoming a pricey world when a home valued at $27 million doesn’t crack the top 25 most expensive places in B.C.
     
    In a press release, BC Assessment said over the next few days, owners of more than 1,076,600 properties throughout the Lower Mainland can expect to receive their 2022 assessment notices.
     
    BC Assessment says the notices reflect market value as of July 1, 2021.
     
    “British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said deputy assessor Bryan Murao.
     
    “The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 percent increases throughout the Lower Mainland.”
     

    Local Valuation Increases

    According to BC Assessment, below are the average typical increases:
     

    SINGLE FAMILY DETACHED HOME

    Vancouver: 16 per cent increase
    Burnaby: 19 per cent increase
    New Westminster: 24 per cent increase
    Coquitlam: 26 per cent increase
    Port Coquitlam: 31 per cent increase
    North Vancouver: 22 per cent increase
    West Vancouver: 21 per cent increase
    Whistler: 29 per cent increase
    Richmond: 21 per cent increase
    Surrey: 34 per cent increase
    White Rock: 27 per cent increase
    Delta: 33 per cent increase
    Maple Ridge: 37 per cent increase
    Abbotsford: 38 per cent increase
    City of Langley: 39 per cent increase
    Chilliwack: 40 per cent increase
     

    CONDOS/TOWNHOMES

    Vancouver: seven per cent increase
    Burnaby: 10 per cent increase
    New Westminster: nine per cent increase
    Coquitlam: 12 per cent increase
    Port Coquitlam: 14 per cent increase
    North Vancouver: 10 per cent increase
    West Vancouver: 15 per cent increase
    Whistler: 24 per cent increase
    Richmond: 11 per cent increase
    Surrey: 18 per cent increase
    White Rock: 17 per cent increase
    Delta: 13 per cent increase
    Maple Ridge: 23 per cent increase
    Abbotsford: 21 per cent increase
    City of Langley: 39 per cent increase
    Chilliwack: 40 per cent increase
     

    Get Expert Help

    Talk with Jeanine Osborne, REALTOR® about selling or buying a home in the lower mainland.

    Housing Equity Tax – Canada

    Friday, January 7th, 2022

     
    Reports are calling for the Federal Government to implement a Housing Equity Tax on homes valued over $1 Million to help stall rising home prices. It is estimated that about 21% of homes in British Columbia are valued over $1 Million. Let’s take a closer look:
     

    Housing Equity Tax - Metro Vancouver

    Housing Equity Tax – Metro Vancouver


     

    CMHC Funded and Backed

    The proposal starts at 0.2 per cent of a home’s value over $1 million annually and peaking at one per cent for higher-priced homes.
     
    Owners with homes valued between $1 million and $1.5 million would pay 0.2 per cent. The next bracket, up to $2 million, would pay 0.5 per cent. Anything over $2 million owes one per cent.
     
    “If you own a home valued at more than a million bucks, you may be surprised to learn that you live in the 10 per cent most valuable real estate in Canada,” said Paul Kershaw, UBC professor and founder of Generation Squeeze.
     
    “You may be especially surprised, if your ‘million dollar home’ isn’t the mansion that some people might imagine goes along with this price tag.”
     
    A $1.2 million home would owe $400 a year and a $1.5 million home would pay $1,000 a year. Payment can be deferred until you sell your home, with interest.
     

    Response from the Canadian Government

    CMHC, which funded the study, pointed out neither it nor Ottawa are required to adopt the proposals in the report. Both the Liberals and Conservatives rejected the idea of an equity tax in the last election.
     
    The provincial budget is due Tuesday, Feb. 22, and it’s unclear whether it could include more measures to help address affordability.
     
    The Finance Ministry’s statement said there is “more to come.”
     
    “We will keep working with municipalities to streamline development processes and get homes built faster, and will be introducing a new cooling off period this spring and looking at other potential measures to ensure prospective buyers are protected in a volatile market,” it said.
     

    To speak with Jeanine Osborne, REALTOR® about selling your home – click here

     

    To view homes for sale in the Lower Mainland – click here