2018 Sullivan Panorama Community Garage Sale Registration opens January 2018

 

 

 

 

 

 

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Hope you had a wonderful Easter holiday and are starting to make some plans for summer vacations.  Our dad recently bought an oldie but a goodie motor home so we are hoping to take it on the road this summer with the dogs.  Maybe Banff Alberta or the Okanagan area?  Should make for some interesting arguments over directions and parking … keep you posted!

 

The March 2010 statistics package was just released (Memo Attached).  All numbers are still pointing to a Buyer’s Market situation here in Surrey and the Fraser Valley.  Recently, mortgage brokers had been swamped with buyers hoping to qualify for the historically low interests rates - we are currently seeing those same buyers out there looking to purchase before their pre-approvals expire.
 

Despite this “rush to market” pricing has remained relatively in line with where it was back in spring 2008 prior to the credit crisis.  We anticipate pricing to remain steady over the course of 2010 and into the first quarter of 2011 with slight fluctuations up and down between now and then.

 

As I sure you all have noticed, the Greater Vancouver and Victoria markets have been much more dramatic over the last couple months.  As we had mentioned earlier in the year … this is expected to be a temporary rush in these coastal markets – some say due to pent up demand from 2008-2009 combined with the low borrowing rates.  This trend is expected to slow considerably moving into the final quarters of 2010 and to follow the same slight fluctuating pattern noted above.

 

There have been many notable items of change recently that will be and have been affecting buyers and sellers and Real Estate … if you are interested there is a summary of these below:

 

HST:  12% Tax Applicable on new home purchases only, in effect July 1, 2010.  In general buyers of homes priced up to $525,000 will be eligible for a rebate of 71.43% on the 7% portion and buyers of homes priced over $525,000 qualify for a flat rebate of $26,250.
 

This tax will also apply to realtor fees, legal fees, home inspection services and moving services. Re: Realtor fees - during the transitional period the taxed amount will depend on the amount of realtor services performed before and after to July 1, 2010.

 

Mortgage Rules:  Scheduled to take effect as of April 19th, 2010 –

 

Buyers with less than 20% down will have to meet higher affordability requirements for a five-year, fixed rate mortgage – as opposed to the 3 year standard used by lenders today.  This rule will apply regardless of the type of mortgage they get ie: lower interest rate and shorter term. 
 
Those refinancing their mortgages will be able to withdraw a max of 90% of the value of their home, as opposed to the current max of 95%.
 

Clients wishing to buy a residential property but not live in it, will be required to produce a min of 20% instead of the 5% that is currently required.

 

Any specific questions re: rule changes and/or mortgage pre-approval can be directed to our Mortgage Specialist Tonia Jacobsen at 604-618-2406 or www.toniajacobsen.com

 

Strata Properties:  As of January 1, 2010 the Strata Property Act enacted new rules with regard to a strata complexes ability to limit rentals.  This means that developers can now create strata complexes that have no ability to limit or prohibit rentals at any time in the future. 

 

For more questions re: this change please drop us an email or give us a call at 604-583-2000.

 

As a side note we are currently coordinating a Sullivan/Panorama Community Garage Sale for May 15th, 2010 from 9am – 2 pm.  All advertising and signage will be sponsored by us … if you would like to participate just drop us an email or call 604-583-2000 to see if your homes location qualifies.

 

Thanks for your time and we hope to have an opportunity to go to work for you, your friends and your family in the near future.

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Have any questions? Jenn & Colin are here to help find the answers.

We look forward to hearing from you. Feel free to ask about the community, real estate or even the weather :)