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New property listed in Cliff Drive, Tsawwassen

I have listed a new property at 404 1315 56 ST in Delta. See details here

The Oliva in the heart of Tsawwassen is an award winning Leed, (leadership in energy and environment design) certified building. This is the best location in the building (top Floor Corner unit), 2 bdrm/2 full bath. Features a desirable open floor plan, vaulted ceilings, extra large windows in living room & cozy gas fireplace. Kitchen includes a gas stove, real wood cabinets, granite counter tops & slate ba. Bamboo plank flooring in entrance, living & dining rooms. Equipped with a natural gas outlet for your BBQ! Comes with secured parking & storage locker. Centrally located within steps to Blenz Coffee, Thrifty Foods, Joes’ Farm Market & all amenities... Non-Smoking Building.

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The Bank of Canada increased prime rate by .50% effective today Thursday Dec 8th, 2022. Prime rate is now 6.45%.

The Bank of Canada increased prime rate by .50% effective today Thursday Dec 8th, 2022. Prime rate is now 6.45%.

What does this mean for variable rate mortgage holders?

If your mortgage is with a lender that adjusts the payment when prime rate changes your payment will be increasing and you will be notified. 

For every $100,000 mortgage your payment will increase by approximately $32/month by a prime increases of .50%E.g. if your mortgage is $400,000 your payment will increase by $128/month.

If your mortgage is with a lender that does NOT adjust the payment when prime rate changes your payment amount will remain the same, however the amount that goes towards principal and interest will be adjusted accordingly and your amortization will also increase.

With the current higher interest rates the government has indicated the potential for increased amortizations on existing insured mortgages, however subject to insurer approval.  It is a possibility we will see increased amortizations for non-insured mortgages going forward.

 In the next couple of weeks the government is expected to announce changes to the existing stress test for qualifying new mortgages which is the greater of the benchmark rate or 2% above the contract rate.  It will likely be reduced to the greater of the benchmark rate or 1% above the contract rate.

The latest predictions indicate more rate hikes early next year are likely before levelling off

Here is the history of prime.  https://www.mcap.com/Prime-Rate-History

Information provided by Sheryl Elsom  https://www.sherylelsommortgages.com

The next scheduled Bank of Canada rate announcement is Wednesday December 7, 2022.

​Official Press Release HERE

Please do not hesitate to contact me should you have any questions or would like to discuss further.

Thanks,

Aaron

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New listings lag as Fraser Valley real estate market sees third month of declining sales

SURREY, BC — With sales down almost seven per cent from October, and new listings off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season. Despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames...





FOR THE FULL PACKAGE: https://www.fvreb.bc.ca/statistics/Package202211.pdf

If you ​have further questions please feel free to reach out directly to me, I am here to help.
 
Aaron


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BC Government Removes Age and Rental Restrictions to Strata Title Properties

On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect. There are two significant changes that will inpact consumers:

  • all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo.
  • all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.  
  • the housing supply act, will help speed up housing development and increase supply by giving the Province the power to set housing targets in municipalities with the greatest need and highest projected growth.
The BC Government wants to help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families.

For more info please refer to the following links:

Add as always if you need any further info feel free to reach out to me directly.
 
I am here to help.
 
Thanks,
 
Aaron
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