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🏡📈 Exciting News - Home buyer demand continues to strengthen in November! 📈🏡

The market rose 28% year-over-year in November! 🚀 Following the impressive 30% growth from October, the market is on an upward trajectory.

Now is a great time to explore opportunities in the dynamic Vancouver real estate market! Dive into the details by checking out the November MLS® Market Report here: https://www.gvrealtors.ca/market-watch/monthly-market-report/november-2024.html

Ready to make your move? Let’s connect and discuss how we can find your dream home. 📞💬

#VancouverRealEstate #HomeBuying #MarketTrends #RealEstateInsights #OpportunityKnocks #RealEstate #MetroVancouver #HomeSales #MarketUpdate #RealEstateTrends #MLSReport #VancouverRealEstate

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🏡 Exciting News for Vancouver's Real Estate Market! 🚀

After months of hesitation, home buyers in Metro Vancouver are back in action, driving an impressive 30% surge in year-over-year sales for October! 📈✨

The numbers are clear: with borrowing costs easing, more buyers are making their dream homes a reality. This significant uptick means now could be the perfect time to explore your options and dive into the housing market. 🌟

Curious about the latest trends or need guidance on your next steps? Watch this insightful video to learn more about what’s fuelling this growth: https://www.youtube.com/watch?v=xfPqajqZR7I  🎥

Read the October MLS® Market Report to learn more: https://www.gvrealtors.ca/market-watch/monthly-market-report/october-2024.html  📊🌐

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Minister Morneau announces new benchmark rate for qualifying insured mortgages - From: Department of Finance Canada

News release

February 18, 2020 - Ottawa, Ontario - Department of Finance Canada

For many Canadians, their home is the most important investment they will make in their lifetime. That is why the Government of Canada has introduced measures to help more Canadians achieve their housing needs while also taking measured actions to contain risks in the housing market. A stable and healthy housing market is part of a strong economy, which is vital to building and supporting a strong middle class.

Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.” These changes will come into effect on April 6, 2020. The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%.

This follows a recent review by federal financial agencies which concluded that the minimum qualifying rate should be more dynamic to better reflect the evolution of market conditions. Overall, the review concluded that mortgage standards are working to ensure that home buyers are able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses. This adjustment to the stress test will allow it to be more representative of the mortgage rates offered by lenders and more responsive to market conditions.

The Office of the Superintendent of Financial Institutions (OSFI) also announced today that it is considering the same new benchmark rate to determine the minimum qualifying rate for uninsured mortgages. OSFI is seeking input from interested stakeholders on this proposal before March 17, 2020. 

Quotes

“For many middle class Canadians, their home is the most important investment they will make in their lifetime. Our government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate. Reviewing the stress test ensures it is responsive to market conditions.”

Bill Morneau, Minister of Finance

Quick facts

  • When a borrower has less than a 20% down payment, lenders are required to obtain government-backed mortgage insurance. The mortgages must comply with the insured mortgage rules set by the Minister of Finance, including the insured minimum qualifying rate. 

  • When the borrower has a down payment of 20%, or more, of the sale price, insurance is not required. The minimum qualifying rate for uninsured mortgages is set by OSFI, the independent banking regulator.

  • To help more Canadians access affordable housing that meets their needs, the Government of Canada launched the National Housing Strategy—a 10-year, $55+ billion plan that will build 125,000 new affordable housing units, repair 300,000 others, and reduce chronic homelessness by 50%.

  • In Budget 2019, the federal government took concrete steps to make homeownership more affordable for first-time buyers by implementing a First-Time Home Buyer Incentive and increasing the Registered Retirement Savings Plan withdrawal limit to $35,000 to buy a home.

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Thank you to all my family, friends and clients for helping me achieve the 

2018 Gold Master Medallion Club award! 

The Medallion Club represents the top 10% of all the Greater Vancouver Realtors® 

Gold Master is for Realtors® who achieve Medallion Club over 10 years.


My business depends on referrals from friends like you. 

If you know anyone who would like to Buy or Sell real estate, please contact me.


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The Vancouver Home + Design Show runs October 27-30, 2016 at the Vancouver Convention Centre - West. Buy tickets online and save $3 by clicking the button below.

DATES & HOURS

Thursday October 27, 2016  ​4 p.m. - 9:00 p.m.
Friday ​October 28, 2016  NOON - 9:00 p.m. 
Saturday ​October 29, 2016  10:00 a.m. - 9:00 p.m.
Sunday ​​October 30, 2016  10:00 a.m. - 6:00 p.m.

 

Expert advice for every home! Straight from the industry’s top home + design talent on the Urban Barn Main Stage, get a crash course in creating the ultimate pad from must-see presenters including Mia Parres & Rob Evans, stars of HGTV's The Expandables, Colin & Justin, stars of W Network’s Game of Homes and Cottage Life’s Cabin Pressure, Todd Talbot, star of W Network’s Love It or List It Vancouver, and regular CityTV Cityline guest expert Leigh-Ann Allaire Perrault, plus Vancouver’s very own top talent including Jamie Banfield and Kristina Hibbs. By the end of it all, you’re certain to have everything you need to live and entertain in equal style – design know-how included.

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I just received the following message from Tony Spagnuolo, Barrister & Solicitor regarding Property Transfer Tax Changes:


Good morning everyone. By now you should have heard about the changes in the latest budget regarding the PTT. Here is what we know.


1. There are no changes to the first time home buyer exemption limits;

 

2. All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;


3. PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.


These are effective for purchases closing today and going forward. We had one client close on a new home yesterday, and we believe they are out of luck. We also had one client that was to close today on a $4,000,000.00 purchase, but we moved the completion to yesterday to save the client $20,000.00 in PTT.


We will soon update the calculators on our website, but for now they are out of date.


Tony Spagnuolo, Barrister & Solicitor
Spagnuolo & Company Lawyers
http://www.bcrealestatelawyers.com

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As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale.


What you may not realize is just how significant an impact it has. Consider the following examples.


Example 1:

You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?”


In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to re-ignite interest.


Example 2:

You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?


Those points matter a lot.


On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!


So, as you can see, pricing your home right is serious business. Fortunately, a good REALTOR® knows how to set the right price.


Looking for a good REALTOR®? Call today.  I sell homes in the shortest time for the most amount of money and the least inconvienence.  


Here are a couple of my most recent sales, sold over asking!



 

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I'm excited to be up to date with technology, I provide a custom professional cinamatic movie tour and pictures of my listings adding DRONE footage. With innovative ways to capture not only a home but aerial views of the entire property and land, the drive home, kids' walk to school, the neighborhood, the home's proximity to amenities, property maps, and the list goes on! Drones are shaping up to be the next evolution in real estate marketing!




Quartz (http://qz.com/) says, "Welcome to the multimillion-dollar Drone Racing League. It feels like pod racing from Star Wars, but could very well become the first sport of the 21st century."

 

 

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Send Me Your Email Address And I Can

Send You The Step By Step Guide Explaining The Appeal Process Which Is Required Prior To The End Of January.

http://www.bcassessment.ca/news/Pages/BCAssessmentreleasesexamplessignificant2016valueincreases.aspx

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Categories:   BC | Listing | Weekly Mortgage Rates
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