This Week's Real Estate News

September 28, 2022 Weekly Newsletter 

This week we discuss the positives of our changing market. Are we finally in a buyer's market? Are we in a seller's market? What does this mean for our economy? How will this affect you?  As our market shifts, you can depend on us for all the answers. Scroll down for more information. 

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

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

Rob Visnjak

604.836.0089

www.robv.ca

Personal Real Estate Corporation

Paige Bouwman

Licensed Realtor

778.960.3433

paige@robv.ca

Lana Mackay

Licensed Realtor

604.771.8112

lana@robv.ca

Kan Trivedi

Licensed Realtor

778.862.7081

kan@robv.ca

CREATING WEALTH THROUGH REAL ESTATE SINCE 2007

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ROB@ROBV.CA ROB@ROBV.CA

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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

B.C. Real Estate: Is this becoming

a 'buyer's market'? 

If you’ve ever wanted to get into B.C.’s real estate market, now may be your chance.

According to the BC Real Estate Association (BCREA), some parts of the province are starting to become a “buyer’s market,” with predictions that sales are going to drop by almost 35 per cent in the coming quarter.

After that, the BCREA is forecasting an additional five per cent drop next year.

“Mortgage rates have risen at a much faster rate and to a higher level than previously anticipated,” said BCREA Chief Economist Brendon Ogmundson. “Faced with a dramatic shift in the cost of borrowing, housing market activity is likely to fall well below normal over the next year.”

The association notes that weaker sales and an increase in inventory “have tipped” some regions, especially those in more expensive markets, “into buyers’ market territory.”

“Consequently, average MLS® home prices have come down from peak levels,” the BCREA added.

However, when it comes to prices, the association believes overall they will drop next year across the province, with each area expecting a decline of their own.

Meanwhile, given population growth and hunger from many to finally enter the market, the BCREA doesn’t think the downturn we’re currently seeing or will see in the short-term will be long-lived.

It says “there will be no shortage of demand for housing in the province.”

Listings

24439 56th Avenue, Langley | R2719674 

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

7 BED | 4 BATH

$3,495,000

VIRTUAL TOUR

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

1,974 SQ. FT. HOME 

4 BED | 4 BATH

$875,000

VIRTUAL TOUR

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.

New Construction

6388 Maket Ave, Tsawwassen

1-Bed Garden Flats and 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

Copyright © 2022 Rob Visnjak, All rights reserved.

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Rob Visnjak

1920 152 St #1

Surrey, BC V4A 4N6

Canada

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Copyright © 2021 Rob Visnjak Personal Real Estate Corporation

1920 152 St #1 Surrey, BC V4A 4N6 Canada

This is not intended to solicit properties currently listed for sale or individuals currently under contract with a brokerage. All information was current on September 28, 2022