Sutton Showplace Realty (2015) Chilliwack

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  • Sutton Showplace Realty Chilliwack
  • 25 April 2018

Figures released by the Fraser Valley Real Estate Board showed that prices in markets covered by the FVREB rose in March compared to the previous month. The board covers Surrey, White Rock, Langley, Abbotsford, Mission, and North Delta.

While sales reached slightly above the ten-year average for the  month, a lack of sufficient inventory in the Fraser Valley continued to put pressure on home buyers in March.

The Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 24.8 per cent compared to the 2,213 sales in March of last year, and a 20.1 per cent increase compared to the 1,385 sales in February 2018. The ten-year average for sales in the Fraser Valley in March is 1,658 transactions.


Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March.


Active inventory for the Fraser Valley finished at 4,796 listings last month, increasing 10.5 per cent month-over-month, and decreasing 0.2 per cent when compared to March 2017.


"We continue to see demand capped-off due to an inadequate amount of supply," said John Barbisan, Board President.
“March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”


The Board received 2,865 new listings in March, a 24.9 per cent increase from February 2018’s 2,293 new listings, and a 6.7 per cent decrease compared to March 2017.


"On the plus side, despite a tighter market pricing has remained relatively stable for our region. Talk to your REALTOR® who can help show you the best options at the price level you’re looking for.”


For the Fraser Valley region the average number of days to sell an apartment in March was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 30 days before selling.


HPI® Benchmark Price Activity
• Single Family Detached: At $1,001,400, the Benchmark price for a single family detached home in the Valley increased 0.9 per cent compared to February 2018, and increased 15.2 per cent compared to March 2017.
• Townhomes: At $541,800, the Benchmark price for a townhome in the Fraser Valley increased 2 per cent compared to February 2018, and increased 24.9 per cent compared to March 2017.
• Apartments: At $440,400, the Benchmark price for apartments/condos in the Fraser Valley increased 4.3 per cent compared to February 2018, and increased 48 per cent compared to March 2017.

-- News Release by The Fraser Valley Real estate Board


  • Sutton Showplace Realty Chilliwack
  • 16 April 2018

Follow these guidelines to minimize your exposure to allergens outdoors and to avoid bringing them home.

Beat the Sniffles


Illustration by Zohar Lazar

While many of us eagerly await spring, for the 60 million Americans suffering from allergies, April—with its mold-friendly moisture and pollen-bearing blossoms—is one of the toughest times of the year. Experiencing sneezing, a runny nose, or itchy, watery eyes? Follow these guidelines to minimize your exposure to allergens outdoors and to avoid bringing them home.

Garden Smartly


Photo by Realimage/Alamy

Pollen levels peak between 5 a.m. and 10 a.m., so save yard work for later in the day. Keep grass cut short, and consider wearing an air-filtering mask, goggles, and gloves while mowing the lawn. Avoid planting high-pollen-producing flowers such as amaranthus, juniper, and peonies, especially near windows or doors.

Clean Your Gear


Photo by Matthew Benson

Don't hang fresh laundry out to dry, and shake out clothes after they've been worn outside. Shower as soon as possible after spending time outdoors. Pets can bring pollen in too, so keep a brush and wet wipes handy to clean off their fur and paws. Place mats on both sides of the front door; they'll function as a catchall for allergens and a landing pad for footwear, which should be taken off as you come indoors, when possible.

Choose the Right Ventilation


Photo by Courtesy of iStockphoto.com/IDK303

Invest in crawl-space vent fans to keep humidity levels below 50 percent, which will thwart the spread of mold and mildew. When it's warm, opt for air-conditioning, instead of open windows, to cool the house.

Manage Mold


Photo by Getty Images

Drain or dump any areas of stagnant water in your yard, and keep soil on your property moist, but not damp, to reduce airborne mold. And never linger outdoors—or open the windows—after a heavy rain.


  • Sutton Showplace Realty Chilliwack
  • 14 April 2018

--Article sourced from Global News

The latest set of federal mortgage rules has been blowing a cool wind over almost every Canadian real estate market. With the exception of Ottawa, Montreal and a few others, home prices have slowed down or dipped, sometimes upsetting the calculations of homeowners counting on windfall sales. The average price of a home in Canada stands at $491,000, down 10 per cent from March of last year, according to the Canadian Real Estate Association (CREA).

But that isn’t making much of a difference for many home buyers. On the one hand, if you take out Toronto and Vancouver, the national average home price slipped just 2 per cent in the last 12 months — not enough to make up for the fact that, under the new stress test, prospective buyers now have to show they’d be able to keep up with their bills even if their mortgage rate rose by two percentage points.

On the other hand, in Canada’s two most expensive markets, the stricter mortgage rules are pushing many buyers toward less pricey condo and town homes, which is in turn driving up the price of those properties. Condo prices are up 26 per cent and 14 per cent since last March in Vancouver and Toronto respectively.

So how much does one need to make these days to qualify for a loan to buy an average-priced home in some of Canada’s largest cities?

We looked at the numbers using the mortgage affordability calculator of rate-comparison site RateHub.ca. Here’s what we got:

In Toronto and Vancouver, you need well north of a six-figure salary to buy a middle-of-the-road property, which in both cities is likely to mean a condo or a townhouse — if you’re lucky.

The picture isn’t so bad in most of the rest of Canada, where an average income is enough to buy an average home (the country’s median household income stands at $76,000, according to the latest Census data).

Our calculations also include a downpayment of 20 per cent, an amount of cash that may be out of reach for many, especially first-time homebuyers. We also based our math on a 5-year fixed mortgage rate of 2.99 per cent, which is among the lowest in the country but not necessarily available everywhere.

Still, perhaps most importantly, we assumed buyers had no other debts. This is a big “if” as “54 per cent of Canadians have non-mortgage debt, which makes it even harder to qualify,” said Robert McLister, founder of rate-comparisons site RateSpy.com and mortgage planner at intelliMortgage.com

Things like credit card payments and car loans also factor into the stress test, with lenders looking at total debts taking up no more than 42 per cent of your annual pre-tax income.

“Every $450 of monthly [debt] obligations reduces the mortgage you can qualify for by [about] $100,000,” according to Bryan Freeman, senior vice president and mortgage agent at CanWise Financial, a brokerage associated with RateHub.

There are a host of other factors that might push buyers over the edge, Freeman said. For example, if you rely on freelance income that varies from year to year or on commissions, bonuses or overtime, what goes into the calculation is your two-year average pay.

“If you’ve just started [on the job], the bank will only look at your base income,” Freeman said.

Then there are property taxes, which are part of the housing costs that shouldn’t take up more than 30-32 per cent of your gross monthly pay.

The property tax rate can vary significantly from region to region and “is definitely a consideration,” Freeman noted.

Still, there are ways in which today’s house-hunters can stretch their affordability, McLister said.

One of them is turning to credit unions, which are regulated provincially and not subject to the latest federal mortgage rules.

“The income required is roughly 12-13 per cent lower for borrowers who use a credit union that qualifies them at the 5-year fixed contract rate,” McLister said.

Another possibility, if you have a down payment of 20 per cent or more, is lengthening your amortization from 25 to 30 years, which boosts buying power by about 8 per cent, according to McLister.

Logging in more kilometres will also help you get the house you want.

“If you’re open to commuting, you can drive an hour and get at least 30-50 per cent more home for the same income,” he said.

And, then, obviously, there’s buying a smaller house.

The rule of thumb Freeland advises clients to use is to aim for a mortgage no larger than four times their income.

“Even 4.5 times is pushing it,” he said.


~~Article sourced from: 2018 Global News, a division of Corus Entertainment Inc.


  • Sutton Showplace Realty Chilliwack
  • 04 April 2018

Wondering if the new “Speculation Tax” applies to you? The BC Government has provided this flowchart to help you find out.

To help make housing in overheated markets more affordable and available, the B.C. government is targeting property speculators, while making sure that over 99% of British Columbians will not pay the speculation tax. Link to recent news release: https://goo.gl/U5WvTQ

Click here to download an attachment with more info: BC SPECULATION TAX - March 2018


  • Sutton Showplace Realty Chilliwack
  • 27 March 2018

More than 80 per cent of British Columbians agree that the new speculation tax and the expanded foreign buyer tax are “good” or “very good” moves by the NDP, according to a new poll.

The survey, carried out by Insights West in partnership with CTV Vancouver, found that 82 per cent of respondents backed the expansion and increase of the foreign buyer tax, which is being raised from 15 per cent to 20 per cent and expanded to areas outside Metro Vancouver, including Victoria, Nanaimo, the Fraser Valley and the Okanagan.

The poll also found that 81% of respondents supported the new annual “speculation tax” of 2 per cent of a property’s assessed value, payable by owners of B.C. real estate who do not pay local income taxes and do not rent out their properties.

Support for the annual speculation tax is highest among those who voted NDP in the last provincial election, with 90 per cent describing the policy as good or very good. But support is also high among B.C. Liberal and Green voters, at 75 per cent and 79 per cent respectively.

Support for the speculation tax was also slightly higher among renters, at 85 per cent, but also very strong among home owners.

More than three-quarters of respondents (77 per cent) said they think increasing the property transfer tax from 3 per cent to 5 per cent on homes sold for over $3 million is a “very good” or “good idea”— including 76 per cent of homeowner respondents and 72 per cent of BC Liberal voters in the last provincial election.

In the online survey of what Insights West describes as a “representative provincial sample,” 13 per cent of the 801 respondents said they followed the 2018 provincial budget “very closely” with 40 per cent saying they followed it “somewhat closely.” The remaining 47 per cent of respondents admitted they either followed it “not too closely” (27 per cent) or “not closely at all” (20 per cent).

~ Article from Vancouver Courier


  • Sutton Showplace Realty Chilliwack
  • 16 March 2018

Enjoy colouring? Sutton Showplace Realty is happy to announce a fun Easter Colouring Contest for people of all ages!

2 PRIZES TO BE WON!
1) Children under the age of 13. Prize: Easter Basket .
2) Ages 14 and up! $25 Cineplex gift card & chocolate Easter bunny!

Don’t be shy, drop by our Chilliwack office to pick up your colouring sheet or print them yourself with this link: https:// suttonshowplace.ca/CONTEST

Drop your entry off IN PERON to Sutton Showplace Realty (before March 28, 11:00 am) to 100-7134 Vedder Rd, Chilliwack, BC. 604-858-1800

Winners will be announced on the “Sutton Showplace Realty” Facebook page, March 28th at 1:00 pm. The two (2) winners will be called and their prizes will be held until they pick up in person.

Contest opens Tuesday, March 12, 2018.
Contest closes Wednesday March 28, 2018 at 11:00 am.


RULES:
1. One (1) entry per person.
2. By entering this contest, contestants and their legal guardians consent to Sutton Showplace Realty 2015 publishing and/or announcing the Prize Winner’s name (first name only), and photograph posted publicly, including print advertising and social media.
3. All entries become the property of Sutton Showplace Realty 2015 and will not be returned, unless requested prior to March 28th.
4. This contest is in no way sponsored, endorsed or administered by, or associated with, Facebook.
5. This contest is not associated with any other Sutton Realty offices. Each office is independently owned and operated.


  • Sutton Showplace Realty Chilliwack
  • 09 March 2018

According to the Homeowner Protection Act and regulations, new homes built in  B.C. by licensed residential builders must be covered by mandatory,  third-party home warranty insurance.
It’s one of the strongest construction defect insurance coverages in Canada.

It’s  important to have your home inspected within the first 11 months of  living in the home, in order to present the inspection findings to the  builder within the first year of the warranty.

Minimum coverage
At a minimum, home warranty insurance coverage includes:
    •    2 years on labour and materials (some limits apply)
    •    5 years on the building envelope, including water penetration
    •    10 years on the structure of the home
The two-year labour and materials coverage covers any defect in labour and materials for:
    •    12 months on detached homes and on non-common property in strata units (including fee simple homes)
    •    15 months on the common property of strata buildings
     •    24 months on all new buildings for defects when related to  delivery and distribution systems; defects related to the exterior  cladding, caulking, windows or doors that may lead to detachment or  material damage to the new home; coverage for violations of the Building  Code that constitute a health or safety risk or is likely to result in  damage to the new home; and defects which render the home unfit to live  in.
Minimum coverage for third-party home warranty insurance is  set by legislation. As a minimum, homes built by Licensed Residential  Builders must have 2-5-10 Year Home Warranty Insurance . Some new homes  have warranty insurance coverage that exceeds the minimum requirement.  You should carefully review your home warranty insurance policy  documents which will provide specific details on the home warranty  insurance coverage on your home.

The warranty is attached  to the home, not to the owner of the home, and remains in effect upon  the re-sale of the home until the coverage expires.

Strata-titled  homes have two policies of home warranty insurance: one on the home and  the other on the common property. Sometimes when the coverage of a new  strata-titled home starts, the coverage on the related common property  has already started — or expired. Coverage on the common property of  strata-titled buildings starts when the first unit in the building is  occupied or sold.

To read more or to find a list of exemptions, click here: https://goo.gl/NUySiQ


  • Sutton Showplace Realty Chilliwack
  • 28 February 2018
B.C.'s new package of tough measures takes aim at tax evaders who stash money in real estate, hide their ownership and speculate in the increasingly pricey market.

The foreign buyers tax is coming to Greater Victoria, Nanaimo, the Fraser Valley and the Central Okanagan Regional District, and is being increased to 20 per cent on the purchase price from 15 per cent in markets where it is applied. New taxes are coming in for speculators, and buyers of luxury properties will pay more.

These moves are underway as capital region citizens watched home prices become unaffordable to many amid a tight rental market with a vacancy rate of just 0.7 per cent.

Finance Minister Carole James said in her Tuesday budget speech that B.C. is facing a housing crisis. She predicted the new measures “will return a sense of fairness.”

“What we are looking to do is to moderate the market,” she said.

B.C. will monitor impacts and make adjustments if needed as measures are rolled out, she said.

Jock Finlayson, executive vice-president of the Business Council of B.C., said: “It’s quite unprecedented in the housing market to have several measures like that brought forward so we will see how it filters through and affects the market. We don’t know at this point.

“It could be disruptive. It may be nothing more than a hiccup.”

Government initiatives will impact the upper end of the market, Finlayson said.

About half a billion dollars of additional revenue generated from the various housing-related announcements will go to support government afforable housing efforts and other government programs, he said.

New reporting rules for buyers, a public registry to reveal who actually owns a property, and sharing new information with the federal government to fight tax evaders will all be required by the province.

“Countering tax fraud starts with better information sharing,” James said.

B.C. is aiming to end murky home ownership.

“Numbered companies, offshore and domestic trusts, and stand-in owners hide the true source of the capital that is flowing into our real estate market,” James said.

“We are going to change that.”

Lack of information is a “real gap” and the first step in auditing and enforcement, she said.

James referred to condo-flipping, which sees units being sold multiple times before they are even lived in.

“We wonder if those people have paid their fair share of taxes,” she said.

Developers will be required to collect and provide comprehensive information about pre-sales. Condominium are frequently marketed through pre-sales agreements before construction is finished.

Foreign buyers are expected to deliver $35 million in taxes in the 2018-2019 year, and $40 million the next year.

The majority of buyers in the Victoria area are domestic.

Between April and the end of December last year, foreign buyers bought 343 properties in the capital region, representing 4.1 per cent of all sales.

They spent $261 million, of 4.8 per cent of value, out of $5.4 billion.

B.C. will be requiring more disclosure by foreign buyers including: information on worldwide income, household information, and social insurance numbers. Relevant information will be shared with Canada Revenue Agency.

The new speculation tax applies to international and domestic buyers who do not pay income tax in B.C and might leave their homes vacant.

“B.C.’s real estate market should not be used as a stock market,” James said.

The measure "will penalize people parking their capital in our housing market simply to speculate, driving up prices and removing rental stock," she said.

The speculation tax is expected to bring in $87 million in the 2018-2019 tax year and $200 million in the next year.

Luxury home buyers will pay more.

A new property transfer tax on homes worth more than $3 million will bring in $81 million more in each of the coming three years. The tax is rising to five per cent of a property’s value from three per cent.

The capital region is home to many luxury properties valued at $3 million and more. These homes are often along the waterfront in municipalities such as Oak Bay and North Saanich. Some are occupied only part time.

It remains unclear how the speculation tax will affect people who have more than one home or hold a vacation property in B.C.

--Article from The Vancouver Courier http://www.vancourier.com/news/foreign-buyers-tax-coming-to-victoria-nanaimo-fraser-valley-and-okanagan-1.23180154


  • Sutton Showplace Realty Chilliwack
  • 15 February 2018

New, stricter mortgage rules in place as of Jan. 1 may have cooled the local market slightly, but with the fewest numbers of listings in a decade, prices continue to rise and the Chilliwack and District Real Estate Board (CADREB) area remains a seller’s market.

Those homes that are being snapped up are increasingly on the higher end pointing to more and more buyers rolling into town from west of here.

“We continue to see an influx of interested buyers from Greater Vancouver and surrounding areas,” CADREB president Greg Nord-Leth said.

“A million dollars is a lot of money, but that may only buy you an older home in the Metro area in need of renovation, but it buys a luxury home here. There is little hope of buying more than a small condo in Vancouver for $500,000, but that could buy you a home with a yard in the Eastern Fraser Valley.”

Of the 184 homes sold in the CADREB region in January 2018 – which includes Chilliwack, Agassiz, Harrison, Hope to Boston Bar – the average price was $477,586, that’s up 10.5 per cent from $432,042, the average price of the 182 homes sold in January 2017.

That compares to the average sale price of $464,897 for all of 2017, up 16.8 per cent from 2016, which was similar to the 18.4 per cent increase in 2016 versus 2015.

What real estate in Chilliwack in 2018 will look like is the subject of some speculation with various factors. The hotter markets to the west in the Fraser Valley and Metro Vancouver are causing a serious spike in demand here, which, coupled with the shortage of listings, is pushing prices up.

“While no doubt the newly tightened mortgage qualifications played a role, the lack of inventory remains a concern locally,” Nord-Leth said in a CADREB press release. “Realtors report that it is becoming increasingly difficult to find properties that meet their client’s wish list.”

Adding uncertainty to the market is what impact the new mortgage “stress test” might have. It means qualifying for a mortgage is a little tougher as it’s based not only on what a potential home buyer can afford now, but what they would be able to afford if the interest rate rise.

There were 91 single-family homes purchased last month compared to 88 in January 2017. On first blush, that might show the mortgage rules are not having an impact. On the other hand, it could mean the new rules are impacting people who might have otherwise bought elsewhere in the Lower Mainland but instead are looking to Chilliwack for its relative affordability.

Of the 184 homes that sold in January, the highest number (25) sold in the $450,000 to $499,999 range. That was followed by 18 sales in the $550,000 to $599,999 range, and 17 at the $600,000 to $649,999 level.

There were two sales of homes over the $1 million mark, with one of them topping $1.5 million.

Anecdotally, realtors say many homes are currently selling above asking prices.

At about two thirds of where realtors would like this number to be, there were just 663 active listings at the end of January down even from the low number of 747 a year ago.

“It’s the lowest number of listings in more than a decade,” Nord-Leth said. “It remains very much a seller’s market.”

https://www.agassizharrisonobserver.com/news/chilliwack-real-estate-sales-remain-steady-prices-continue-to-rise/


  • Sutton Showplace Realty Chilliwack
  • 09 February 2018
IMPORTANT UPDATE ON SUPERINTENDENT’S RULE CHANGES

In November 2017, the Superintendent of Real Estate approved new rules to come into force on March 15, 2018. The new rules focus on two major areas:

  • prohibiting the practice of dualagency, except in remote and under-served locations, and
  • enhancing consumer education and awareness by increasing mandatory licensee disclosures regarding representation and remuneration.

The Office of the Superintendent of Real Estate (OSRE) is aware of the considerable concern from industry surrounding the implementation of the new rules and the impending implementation date. We are listening and are committed to ensuring a successful implementation of the new rules and ensuring that licensees have necessary information regarding the rules before they come into force. To this end, we would like to provide licensees with the following update.

1. Date Change – New rules related to dualagency and enhanced consumer disclosures will now come into force June 15, 2018.

While the Real Estate Council has been working diligently to implement the new rules, it is clear that additional time would ensure a more successful roll out of the upcoming changes. Therefore, the Superintendent is amending the effective date of the rules related to dualagency and consumer disclosures from March 15, 2018 to June 15, 2018. This will allow education on the new rules to be in place prior to their coming into force.

2. Education for Licensees and Clarification of Rule Intent

In addition to the change in implementation date, OSRE intends to publish a package of rules for consultation in the coming weeks to protect the interests of consumers and to ensure stability within the industry.

Clarity to licensees on how to handle conflicts of interests involving clients

Licensees require clarity on how conflicts of interest related to client representation must be addressed. In ending dualagency, it was OSRE’s intent that a licensee be able to continue to work with only one party to the trade in real estate where there is a conflict relating to client representation – as long as they receive consent from all parties involved in the transaction. A new rule will be drafted to support this approach, which will strengthen consumer protection.

Continuing professional education for licensees

We will be proposing a new rule to ensure licensees receive continuing professional education related to significant new rule changes and as other circumstances arise when it is in the public and professional interest to do so. The first course established under this rule is currently being developed by the Real Estate Council. Council has advised us that this course will be available this Spring.

Additional Rules: Language Proficiency Requirements and Disclosure of Remuneration to Sellers

In addition to the significant changes identified above, the new rule package will enshrine the Real Estate Council’s English language proficiency requirements into the rules and will provide clarification that the 5-11.1 disclosure of remuneration to sellers must include dollar amounts.

The proposed rules will be posted for a 30 day public consultation in the coming weeks on the OSRE website at www.gov.bc.ca/OSRE. Licensees will be notified directly when the consultation is open.

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If anyone from the public would like to further understand how this my or may not effect them, please inquire with any questions you may have by commenting on the post below or filling our our contact form.