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New property listed in West End VW, Vancouver West

I have listed a new property at 202 1350 COMOX ST in Vancouver. See details here

Broughton Terrace is conveniently located in the west end and is a short walk to Davie and Robson, steps from the beach, shopping, bars and restaurants. Open concept layout with one bedroom and patio that was closed in and used as a second bedroom with strata's approval. All appliances have been removed and this unit awaits your renovation ideas, perfect for an investor or first time home buyer. Unit also features a large communal roof-top patio, one parking stall and storage locker. Rentals 100%, 2 pets allowed...

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Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening...

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

 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 when prime rate changes.  

For every $100,000 mortgage your payment will increase by approximately $17/month by a prime increase of .25%

E.g. if your mortgage is $400,000 your payment will increase by $68/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.  This would increase the amortization.  Your payment will only increase if rates go higher than the “trigger rate” on the documents you signed with your notary/lawyer.  The “trigger rate” is different for every mortgage so please refer to your mortgage documents. 

The government is reviewing current loan to value and debt servicing guidelines and expected to announce changes for qualifying new mortgages by the end of April 2023.

Economists are still predicting rates to decline in the next year or so and expecting prime rate to end up in the 4.5%-5% range.  

The Bank of Canada has indicated that this could be the last rate increase for some time.

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 March 8, 2023.

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 property listed in King George Corridor, South Surrey White Rock

I have listed a new property at #14 15273 24 AVE in Surrey. See details here

THE PENINSULA - townhome living at its best! Centrally located & well maintained, The Peninsula is one of South Surrey's most popular complexes & is close to shopping, restaurants & transportation. This 3 bed, 3 bath home features a spacious living/dining area with 20 foot vaulted ceilings. The updated kitchen includes white cabinets and quartz countertops. Extra large Primary suite with renovated ensuite equipped with double sinks walk in shower and seperate soaker tub. Other features include a 2 car garage, radiant in floor heating and Bruno Mobility Lift. Due to new regulations there are no age or rental restrictions, everyone is welcome... Book your private viewing today.

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New property listed in Mount Pleasant VE, Vancouver East

I have listed a new property at 417 2520 GUELPH ST in Vancouver. See details here

Assignment of Contract. Habitat is a boutique building by award winning Formosis Architecture. This 497 sq/ft 1 bed unit on the TOP floor has its own 448 sq/ft private rooftop patio + Balcony. (only unit with this floor plan in the building) equipped w/ Gas splitter (BBQ + Firepit) and water bib. Inside features contemporary laminate flooring throughout, matte cabinetry, Quartz countertops, under cabinet LED lighting, an integrated Fulgor Milano appliance package, sleek matte black hardware & plumbing fixtures. Building amenities include a stunning rooftop patio with an outdoor kitchen, dining area & fire pit lounge and a workspace amenity room. Including 1 Parking / 1 Bike Storage. Located in the heart of Mt Pleasant, centrally located to shopping, transit, restaurants and more.

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I have sold a property at 404 1315 56 ST in Delta

I have sold a 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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Fraser Valley real estate market 2022 — highs, lows, and a return to balance

SURREY, BC — In a year that saw prices peak early on, feeding off the momentum of record-breaking sales in 2021, the Fraser Valley real estate market came back down to earth by the close of 2022, due largely to interest rate increases designed to stave off inflation...
 
 
If you ​have further questions please feel free to reach out directly to me, I am here to help.
 
 
 
 
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