The Government of Canada has just announced new mortgage reforms that could reshape the housing landscape...
In a major move that aims to make homeownership more accessible to Canadians, the new reforms introduced include:
Increasing the Insured-Mortgage Cap: Effective December 15, 2024, the cap for insured mortgages will rise from $1 million to $1.5 million. This adjustment, the first since 2012, better reflects today’s housing market and will allow more Canadians to qualify for a mortgage with a down payment of less than 20%.
Expanding 30-Year Amortization: First- time homebuyers and buyers of new builds will now be eligible for 30-year mortgage amortizations on insured mortgages, previously capped at 25-years, starting December 15, 2024. This extension aims to reduce monthly mortgage costs and incentivize new housing construction to tackle the ongoing housing shortage.
WANT TO GO TO THE HOME SHOW?
We will have tickets again for the Fall Home Show happening Oct. 25th-26th at the Vancouver convention center. Samantha from Kleen Design and I will be there Saturday Oct. 26th at noon to meet up and answer any interior design questions you may have. Tickets are limited, so reach out if you would like to attend.
Top 5 Reasons Your House Won’t Sell
Selling your home can be a daunting task that can leave you feeling incredibly overwhelmed. We don’t want you to feel this way, which is why we have created this for you. We sincerely hope that you find this information valuable and see success from it.
Secret #1 PRICING
Secret #2 PRESENTATION
Secret #3 CONDITION
Secret #4 FINDING THE RIGHT AGENT
Secret #5 MARKETING
Click this LINK to get the full article
Sluggish sales and rising inventories see Fraser Valley moving toward a buyer’s market.
SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10- year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.
The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.
New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.
Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.
Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.
If you have any questions feel free to reach out. I am here to help: