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Posted in Whalley, North Surrey Real Estate
New property listed in Whalley, North Surrey

I have listed a new property at 1002 13350 CENTRAL AVE in Surrey. See details here

Welcome to One Central, where city living meets limitless possibilities. This 727 sq/ft 2-bed 2-bath brand-new condo offers a modern kitchen with S/S appliances flowing into a spacious living room, enhanced by floor-to-ceiling windows, perfect for entertaining. The bathrooms boasts sleek glass doors, quartz countertops, and floating-style cabinets. Enjoy amazing unobstructed mountains views from your wrap around patio. The amenities at One Central are second to none. 24-hour concierge service, a rooftop lounge, two gyms, a yoga facility and business & learning centre. Conveniently located just a 5-minute walk from Surrey Central SkyTrain Station, SFU, and Central City Mall. Experience urban luxury at its finest at One Central. 1 parking stall and bike storage is included.

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The Bank of Canada increased prime rate by .25% today so Prime rate is now 6.95%. This decision comes after considering various economic factors, including inflation, the global economic recovery, and the housing market.

 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.  

The likelihood that we will see a further increase July 12th is more than 60% and potentially another increase in December. 

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 July 12, 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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Posted in Port Moody Centre, Port Moody Real Estate
I have sold a property at 507 3229 ST. JOHNS ST in Port Moody

I have sold a property at 507 3229 ST. JOHNS ST in Port Moody. See details here

Welcome to CLYDE, by Porte Communities located in the heart of Port Moody. This West facing 629sqft 1 bed | 1 bath unit boasts spectacular views and will receive sunlight all day. Open living space featuring 9' ceilings, large windows with tons of natural light. Beautifully appointed in the light colour scheme, this spacious unit features high-end appliances, gas range, modern soft close cabinetry, quartz countertop, spacious balcony w/ BBQ gas outlet, 1 parking & storage. Minutes to Skytrain, Rec Complex, Rocky Point Park-, Brewers Row & Newport Village. School catchments are Moody Elementary and Port Moody Secondary. Scheduled completion May - June 2023.

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Posted in West Newton, Surrey Real Estate
New property listed in West Newton, Surrey

I have listed a new property at 7 7127 124 ST in Surrey. See details here

Introducing Camellia Wynde a charming rancher-style end unit townhome in Surrey's coveted Strawberry Hills location. This well-maintained two-bed, two-bath residence offers comfort and convenience. with new appliances and updated floors. Ideal for families, it's within a 5-min walk to Cougar Creek Elementary, Tamanawis Secondary, and Kwantlen Polytechnic University. Enjoy easy access to Strawberry Hill and Scottsdale shopping centers, plus nearby transit. With private patios, backyards, a clubhouse, secured entrance, and pristine gardens, this peaceful complex provides the perfect setting for outdoor entertainment. Don't miss out on this idyllic townhome—Open House June 10th 2-4pm, June 11th 2-4pm.

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Delayed spring activity boosts supply of property listings in the Fraser Valley

SURREY, BC — The Fraser Valley real estate market saw an injection of supply in May as new listings surged by more than 40 per cent over April.



FOR THE FULL PACKAGE: https://www.fvreb.bc.ca/statistics/Package202305.pdf

If you ​have further questions please feel free to reach out directly to me, I am here to help.
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Posted in Port Moody Centre, Port Moody Real Estate
I have sold a property at 305 3229 ST. JOHNS ST in Port Moody

I have sold a property at 305 3229 ST. JOHNS ST in Port Moody. See details here

Welcome to CLYDE, by Porte Communities located in the heart of Port Moody. This 3rd floor end unit is on the quiet side of the building boasting 798 sqft of open living space. This 2 bed/ 1 bath unit features 9' ceilings, large windows with tons of natural light. Beautifully appointed in the light colour scheme, this spacious unit features high-end appliances, gas range, modern soft close cabinetry, quartz countertop, spacious balcony w/ BBQ gas outlet, 1 parking & storage. Minutes to Skytrain, Rec Complex, Rocky Point Park-, Brewers Row & Newport Village. School catchments are Moody Elementary and Port Moody Secondary. Scheduled completion May - June 2023.

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Spring sales hold steady in Fraser Valley real estate market

SURREY, BC — Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.



FOR THE FULL PACKAGE: https://www.fvreb.bc.ca/statistics/Package202304.pdf

If you ​have further questions please feel free to reach out directly to me, I am here to help.
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Posted in Grandview Surrey, South Surrey White Rock Real Estate
I have sold a property at 102 16528 24A AVE in Surrey

I have sold a property at 102 16528 24A AVE in Surrey. See details here

One of a kind, Notting Hill by Royale Properties. This Charming 777 sq/ft 1 bed, 1 bath, plus den, ground floor unit has a walk-out front door and private access to the parkade from the back. No long halls or elevators are needed...This home features a stylish kitchen with upgraded stainless steel Whirpool appliances, a gas range, a central island, quartz countertops, and white soft-closing cabinetry & drawers. Wide plank laminate flooring throughout. Walking distance to the shops and restaurants at Grandview Corners/Morgan Crossing, Southridge Private school, Pacific Heights Elementary, Grandview Heights Secondary, and the Grandview Aquatic Centre. Low strata fees with one underground parking and storage locker make this one a must-see.

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The Bank of Canada has declared that it will keep the Prime rate unchanged for the second consecutive time

   The Bank of Canada has decided to keep the Prime rate unchanged for the second consecutive time. With rising costs of fuel and food, and increasing intrest rates over the past year there are now signs of a possible soft landing and an imminent recession by the end of 2023 or early 2024, which may result in a potential rate cut in Prime. This could provide relief to those with variable or adjustable-rate mortgages.

As per the Bank's April Monetary Policy Report, global growth is projected to be 2.6% this year, 2.1% in 2024, and 2.8% in 2025. In Canada, demand is still higher than supply, and the labor market remains tight, while the housing market activity is low. The Bank predicts that CPI inflation will decline to around 3% in the middle of this year and then gradually fall to the 2% target by the end of 2024. The Governing Council decided to keep the policy rate at 4½%, and quantitative tightening will continue to complement this restrictive stance.

If you have a variable or adjustable-rate mortgage, you can choose to continue with it or lock into a fixed rate. Statistics show that most clients benefit from variable or adjustable-rate mortgages, but if you're concerned about further rate increases, you can consider increasing your payment amount and frequency to offset and reduce your cost of borrowing. Alternatively, you can lock into a fixed rate, which will guarantee no further rate increases for the remaining mortgage term.

The housing market has seen multiple offers on homes for sale and continuous property value appreciation in most areas due to low inventory and increased consumer confidence with the knowledge that rate hikes are leveling off. If you already own a home, it's recommended to ride out the interest rate storm. However, if you're looking to purchase, it's important to be aware that the bottom of the market may have already occured based on sales data. It's also recommended to monitor spending habits, audit bank statements to cut unnecessary expenses, and consolidate high-interest debt as soon as possible.

For the complete Bank of Canada announcement, click here. The next update from the Bank of Canada will be on Wednesday, June 7, 2023. If you have any questions or concerns about the announcement or want to discuss your current financial situation, please feel free to reach out.

I am here to help,

Aaron

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Posted in Port Moody Centre, Port Moody Real Estate
New property listed in Port Moody Centre, Port Moody

I have listed a new property at 507 3229 ST. JOHNS ST in Port Moody. See details here

Welcome to CLYDE, by Porte Communities located in the heart of Port Moody. This West facing 629sqft 1 bed | 1 bath unit boasts spectacular views and will receive sunlight all day. Open living space featuring 9' ceilings, large windows with tons of natural light. Beautifully appointed in the light colour scheme, this spacious unit features high-end appliances, gas range, modern soft close cabinetry, quartz countertop, spacious balcony w/ BBQ gas outlet, 1 parking & storage. Minutes to Skytrain, Rec Complex, Rocky Point Park-, Brewers Row & Newport Village. School catchments are Moody Elementary and Port Moody Secondary. Scheduled completion April - June 2023.

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Posted in Port Moody Centre, Port Moody Real Estate
New property listed in Port Moody Centre, Port Moody

I have listed a new property at 612 3229 ST. JOHNS ST in Port Moody. See details here

Welcome to CLYDE, by Porte Communities located in the heart of Port Moody. This top floor 1 bed | I bath unit boasts spectacular views, 621sqft of open living space featuring 9' ceilings, large windows with tons of natural light. Beautifully appointed in the light colour scheme, this spacious unit features high-end appliances, gas range, modern soft close cabinetry, quartz countertop, spacious balcony w/ BBQ gas outlet, 1 parking & storage. Minutes to Skytrain, Rec Complex, Rocky Point Park-, Brewers Row & Newport Village. School catchments are Moody Elementary and Port Moody Secondary. Scheduled completion April - June 2023.

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Posted on by
Posted in Port Moody Centre, Port Moody Real Estate
New property listed in Port Moody Centre, Port Moody

I have listed a new property at 305 3229 ST. JOHNS ST in Port Moody. See details here

Welcome to CLYDE, by Porte Communities located in the heart of Port Moody. This 3rd floor end unit is on the quiet side of the building boasting 798 sqft of open living space. This 2 bed/ 1 bath unit features 9' ceilings, large windows with tons of natural light. Beautifully appointed in the light colour scheme, this spacious unit features high-end appliances, gas range, modern soft close cabinetry, quartz countertop, spacious balcony w/ BBQ gas outlet, 1 parking & storage. Minutes to Skytrain, Rec Complex, Rocky Point Park-, Brewers Row & Newport Village. School catchments are Moody Elementary and Port Moody Secondary. Scheduled completion April - June 2023.

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