Recent news of a potential legislation to come to BC this spring of 2022, where a "Cooling Off" period is given to buyers automatically when writing a contract to purchase a home. This is a similar process when purchasing a pre-sale from a developer, where the buyer gets a 7-day recession period to rescind their offer. It would give homebuyers a chance to walk-away from a purchase without any legal ramifications. Stay tuned for more details as they progress.
Be sure to check out our new monthly feature, where we highlight a local business each month. This one goes to Muse Social Fashion House! The place to go if your feeling festive for the holidays. A boutique and locally owned fashion house, you can find an outfit to match any festive occasion -- from holiday parties to Christmas movie marathons.
A full update on mortgage rates is provided by Homelife White Rock's In-House Mortgage Brokers: Lynn Mclellan & Jared Dreyer. In discussion is the potential of rising interest rates and how inflation will impact the cost of borrowing.
You'll also find the latest news in the housing market from the Fraser Valley Real Estate Board — Demand for Fraser Valley real estate remained solid in November with overall sales the third highest on record.
CLIENT REVIEW
We have had the pleasure of working closely with Rob for a decade in real estate. Having personally used his services I am EXTREMELY confident referring him business. The level of professionalism I received on my personal listings was way above my expectations, especially having used other agents in the past and being in the industry myself. He has completed very diligent work with referrals as well, especially when looking for investment properties to hold or flip. Highly recommend his services!
- David Ford, Mortgage Advisor & Director
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We have buyers looking for:- Acreage in South Langley
- Build sites for condos, townhomes or single family detached
- Single family homes in Langley and South Surrey
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If you're looking to see what your home might be worth you can check that out here: |
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CREATING WEALTH THROUGH REAL ESTATE SINCE 2007 |
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| BC COOLING OFF PERIOD ANNOUNCEMENT |
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Could this be the end of subject-free offers?To better protect consumers in B.C.’s real estate market, the Province is introducing legislation that requires cooling off periods for resale properties and newly built homes. This change will be similar to the cooling off periods already in place for pre-construction condominium sales.
BC Financial Services Authority (BCFSA) is being asked to consult with key stakeholders and experts and review other potential consumer protection measures. This includes looking at the blind bidding system, as well as condition waiving in offers and other practices that may pose risks to consumers.
These issues are being investigated in the context of a period of continued robust real estate market activity, where concerns have been raised that buyers may be purchasing a home without everything they need to make fully informed decisions.
“People looking to buy a home need to know they are protected as they make one of the biggest financial decisions of their lives. Especially in periods of heightened activity in the housing market, it’s crucial that we have effective measures in place so that people have the peace of mind that they’ve made the right choices,” said Selina Robinson, Minister of Finance. “With this step, we’re moving ahead to protect people and their interests in the real estate market by bringing in a cooling off period for homebuyers and looking at additional measures to ensure effective safeguards are in place.”
Cooling off periods are limited periods of time in which buyers can change their minds and cancel the purchase with no or diminished legal consequences. BCFSA will consult with key industry stakeholders and experts to help determine the parameters of a cooling off period for resale properties and newly built homes and will present advice to government in early 2022. Enabling legislation for cooling off periods will be drafted and targeted for introduction in spring 2022.
Source: BC Government News |
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| FRASER VALLEY MONTHLY STATISTICS |
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Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November 2020. Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year." |
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“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.” In a typical November market, inventory levels in the Fraser Valley would be more than double.
- Larry Anderson, FVRB President |
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MLS® HPI Benchmark Price Activity
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MLS® HPI Benchmark Price Activity for October 2021:
Single Family Detached: At $1,448,000 the Benchmark price for a single family detached home in the Fraser Valley increased 3.7 per cent compared to October and, increased 36.4 per cent compared to November 2020.
Townhomes: At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 per cent compared to October and increased 29.8 per cent compared to November 2020.
Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 per cent compared to October and increased 21.7 per cent compared to November 2020. |
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"We’re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year. Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”
- Baldev Gill, Chief Executive Officer FVRB
Weekly Mortgage Rate Update
*2 year fixed @ 2.54%
*3 year fixed @ 2.49%
*4 year fixed @ 2.59%
*5 year fixed @ 2.49%
*Variable Rate Mortgage 1.15% @ prime - 1.30% prime rate is 2.45%
*OAC, rates high ratio purchases, subject to certain conditions, rates may change without notice, call for a quote
Call for a quote: Lynn McLellan & Jared Dreyer
Dreyer Group Mortgages Inc. |
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| RESIDENTIAL MARKET COMMENTARY |
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 | No Rush for a Rate Hike
The Bank of Canada appears to be trying calm concerns about the timing of coming interest rate increases and the state of inflation.
Last week, BoC Deputy Governor Lawrence Schembri said there is no firm timeline for raising rates. He said the Bank continues to wait for the excess slack to come out of the economy so that the central bank’s 2% inflation target is sustainably achieved. It expects that will happen sometime in the “middle quarters” of next year.
“There’s a lot of uncertainty about the timing of the closing of the output gap, so one should be careful not assuming it’s necessarily going to be the second quarter. It’s a range of six months -- that’s our best estimate,” he said.
The “output gap” or “slack” refers to the difference between the economy's productive capacity – that is, the amount of goods and services that could be produced if all labour and capital were fully and efficiently employed – and the actual level of economic output.
Schembri says that it is becoming more difficult to predict when the gap is closing because the traditional relationship between labour market conditions and inflation has become harder to measure.
Inflation would usually come back to target when economic slack is absorbed and the economy returns to maximum employment. But the labour market has been changed by the pandemic, making traditional measures of slack less useful, according to Schembri.
Inflation continues to run hot and the BoC continues to point to temporary factors, like energy costs and supply chain bottlenecks. The Bank expects inflation to cool as employment and productivity improve. |
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| LOCAL BUSINESS OF THE MONTH |
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Muse Social Fashion House |
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Muse Social Fashion House
Launched in 2010 and located in the heart of Morgan Crossing, South Surrey, Muse is an original concept store showcasing current, affordable and quality fashion products. Muse Social Fashion House is more than a locally owned boutique — it’s a place of community and friendship. Over the last decade it has evolved to something much more than a boutique shop, no matter what stage you are in life, there is a place for everyone at Muse. A place to gather and grow together, a place that continuously gives back to their community (they donate to Mama’s for Mama’s - a not-for profit organization), a place to get together for a welcoming and cozy chat. Whether you’re new or known, you’re in good hands with their amicable team.
Online, every Wednesday you can tune in to their instagram live events at 8:00pm to preview brand new weekly additions to their collection! Each collection is carefully curated in-house and designed for all, whether you’re in school, an expecting/already mom, or retired, there’s something for everyone. A range of both trendy and essential pieces ideal for building, updating and enhancing a smart casual wardrobe that will leave you feeling empowered. Think fashion that will allow you to dress flawlessly and effortlessly, season after season.
Muse Social Fashion House
#128 – 15745 Croydon Drive, Surrey, BC
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12641 26 AVE, SURREY / R2631383
$3,230,000
6 BED | 5 BATH | 4,758 SQ FT.
(+700 SQ FT. Coach House) |
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#11-8890 WALNUT GROVE DR / R2634292
$750,000
3 BED | 2.5 BATH | 1,761 SQ FT.
(+ FLEX & DEN) |
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14240 MARINE DR, WHITE ROCK / R2632613
$2,195,000
3 BED | 2.5 BATH | 4,097 SQ FT. |
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14012 68 AVE, SURREY / R2617945
$1,995,000
3 BED | 2.5 BATH | 2,537 SQ FT. |
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