Don't miss our luxury listing and new build opportunities

This week we highlight the Canadian home sales across the country. With our ever changing market and interest rate jumps,  you can depend on us for everything you need to know and how these changes might affect you. 

We also invite you to soak up some knowledge and attend our First Time Home Buyers seminar. Over the years, we've answered countless queries from our first time home buyers. If you are in the same boat, please do not hesitate to join in us for this informative opportunity. Scroll down for more info!

Don't miss out on our new and exciting properties listed below. This week we highlight our  luxury listing as well as a fantastic family home. Also, take a look at Tsawwassen’s newest development located by Boundary Bay amongst Prado Cafe and the new Four Winds restaurant. 

If you're looking to make a move, give us a call today for a complimentary market analysis & home evaluation. 

Weekly Mortgage Rate Update

*2 year fixed @ 4.43%

*3 year fixed @ 4.83%

*4 year fixed @ 4.83%

*5 year fixed @ 4.59%

*Variable Rate Mortgage 4.55%  @ prime -.90% prime rate is 5.45%

*OAC, rates high ratio purchases, subject to certain conditions, rates may change without notice, call for a quote

Canadian Home Sales

 Home sales recorded over Canadian MLS® Systems fell by 3.9% between August and September 2022. From May through August, month-over-month declines have been progressively smaller. The September result marked a slight increase in the current sales slowdown that began with the Bank of Canada’s first rate hike. While about 60% of all local markets saw sales fall from August to September, the national number was pulled lower by the fact markets with declines included Greater Vancouver, Calgary, the Greater Toronto Area (GTA) and Montreal.

“September was another month of lower sales activity, although, with many sellers also opting to play the waiting game, the market remains on the tighter side of balanced market territory,” said Jill Oudil, Chair of CREA. “It makes for an interesting dynamic, one that doesn’t really have many historical precedents. The market has changed so much in the last year, and the adjustment to higher borrowing costs is still underway. As always, for information and guidance about how to navigate the current marketplace, your best bet is to contact your local REALTOR®,” continued Oudil.

“Up until recently, higher borrowing costs had disproportionally affected the fixed-rate space, with buyers able to qualify more easily if they went with a variable rate mortgage,” said Shaun Cathcart, CREA’s Senior Economist. “The Bank of Canada’s most recent rate hike in early September finally closed that door, so it was not a big surprise to see additional softness on the sales side. The important thing to remember is we’re still in the middle of a period of rapid adjustment, with buyers and sellers trying to feel each other out while a lot of people have had to take their home search plans back to the drawing board. As such, resale markets may remain on the quiet side for some time yet, with the flipside of that coin being even more pressure on rental markets."

With sales down and new listings seeing minor change in September, the sales-to-new listings ratio eased to 52% compared to 53.6% in August. The September 2022 reading for the national sales-to-new listings ratio was back on par with those in June and July, and only a little below its long-term average of 55.1%.

Breaking it down regionally, most of the recent monthly declines had been in markets across Ontario and, to a lesser extent, in B.C. The standout trend in August and September was that quite a few of those Ontario markets saw monthly price declines get stopped in their tracks, mainly in the Greater Golden Horseshoe. In a few markets prices even popped up a bit between August and September.

The non-seasonally adjusted Aggregate Composite MLS® HPI was still up by 3.3% on a year-over-year basis in September, a far cry from the near-30% record year-over-year gains logged in early 2022. The actual (not seasonally adjusted) national average home price was $640,479 in September 2022, down 6.6% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from the calculation cuts more than $117,000 from the national average price.

Source: CREA

First Time Home Buyers Seminar

 Are you looking into getting in the market? Do you have questions? Please join us to get all the information you need to make an informed purchase. There are many steps to buying your first home some of which can be quite intimidating. We'd like to walk you through, step by step, to provide a better understanding of the process and answer any questions you have. Please join us for our very informative seminar for First Time Home Buyers. The seminar will be held at our office in Cloverdale and typically runs for two hours, refreshments provided. Spots are filling up fast! 

If you or someone you know is interested in attending our seminar, please contact our office to enroll today!

Listings

 24439 56th Avenue, Langley | R2719674 

5,049 SQ. FT. HOME | 22,732 SQ. FT. LOT

7 BED | 4 BATH

$3,295,000 

Custom built and privately situated on a 22,732sqft lot in the heart of Salmon River. Vaulted ceilings and spacious layout with abundant windows flowing with sunlight. This stunning 5,049sqft residence offers 3 bedrooms on the upper level, a junior master on the main level, plus a legal 2-bedroom suite above the 3-car garage. Oversize patio doors provide indoor/outdoor living to your private 484sqft covered deck and sprawling yard. The living space continues to the lower level with rec room featuring builtin theatre with 110’ screed and 9.2 surround sound. Custom cabinets throughout, engineered hardwood floors, quartz counters, Bosch appliances with dual fuel gas range. Detached shop w/100amp panel, 4-piece washroom and roughed in kitchen, fire pit w/gas rough in, and 8-person hot tub. 

13068 64A Avenue, Surrey | R2719669

2,215 SQ. FT. HOME | 9,599 SQ. FT.

5 BED | 3 BATH

$1,750,000

Renovated family home situated on a large private lot in a quiet cul-de-sac w/mountain views. Huge South facing back yard perfect for entertaining & kids play. Back lane access w/gated driveway provide extra room for your toys. Double extra wide attached garage & parking for 5 cars on front driveway! Beautifully landscaped yard w/new fencing, stoned patio & large deck for outdoor living. Open Living/Dining, Kitchen w/pantry & eating nook, large master w/ensuite & 2 more bedrooms on the upper floor. Situated below a walk out basement w/theatre, office/bedroom & a full bath. Can easily be re-configured into a 1 or 2 BDRM suite w/separate entry. New 96 efficiency furnace, upgraded windows, doors, LED Lights & smart home integration. Walk to École Panorama Ridge Secondary & Elementary School. 

#307 - 15255 18 Avenue, Surrey | R2720024

1,124 SQ. FT. HOME

2 BED | 2 BATH

$539,700

Well appointed and updated 2 bed, 2 bath condo at The Courtyards featuring a fabulous 1,124sqft of living space. This top floor, west facing unit offers fabulous views of the North Shore mountains and sunsets. The updated kitchen boasts quartz counters, stainless steel appliance and contemporary white shaker cabinets. Enjoy the spacious master bedroom and ensuite bathroom. The second bedroom function as second bedroom, office, den, or flex space. Incredible value as the monthly strata fees include your radiant in-floor heat and hot water! Centrally located and just steps to parks, transit, shopping and recreation.

New Construction

6388 Maket Ave, Tsawwassen

1 Bed Garden Flats

2 & 3 Bed Townhomes

Everything you love about urban living and everything you crave about the countryside. Live steps from espressos and cortados, and right next door to Four Winds craft beer. Yet the seashore is just a short walk away. Garden flats and townhomes frame a lush courtyard. Pop out to meet friends for a pint or a meal. Then come home to the tranquility of your private patio or balcony.