Sutton Showplace Realty (2015) Chilliwack

  604-858-1800 

B.C.'s housing market healthy and will bounce back

28 October 2019
Sutton Showplace Realty Chilliwack

The local housing market is healthier and will start to bounce back through 2020 and into 2021, according to the latest report by the Canada Mortgage and Housing Corporation.

Ontario’s and British Columbia’s outlooks for sales growth are relatively strong in 2020 and 2021 when compared to other regions, consistent with growth in real disposable income that is forecast to exceed the national average over this time period.

B.C. is also expected to see relatively strong growth in new builds.

Prices are also forecast to see a modest recovery in B.C., after a dip in 2019, with B.C. seeing up to the second highest price growth after Ontario in 2021. Other regions will generally see modest gains.

However, CMHC says global trade tensions and continued high levels of household debt are still risks to both the economy and housing activity across the country.

It also says that higher interest rates or a rise in unemployment could hit already strained budgets and put pressure on housing activity.

Recent measures of overvaluation for the major markets of Vancouver and Toronto as well as for those in their vicinity indicate a general easing of vulnerabilities, as prices have been gradually aligning more with fundamentals in recent quarters.

The current outlook for renewed growth in home prices doesn’t imply overvaluation and or price acceleration measures will necessarily worsen, since growth in fundamentals over the same time period can be sufficient to support stronger resale market activity and price growth.

Housing starts across the country should come in at around 200,000 units next year after declining this year and last.

Home prices are also expected to start growing in 2020 and 2021 to raise the average price above the 2017 peak.

Article by: https://www.citynews1130.com/2019/10/24/cmhc-expects-housing-market-to-recover-in-next-two-years-after-declines/

  Buyers  News  Selling

Annual REALTORS Care Blanket Drive

21 October 2019
Sutton Showplace Realty Chilliwack

The cold weather is approaching and we're collecting gently used items to distribute to the homeless, women and children in need, and persons living in supportive housing. If you cannot drop off your donation, send us a private message and we'll come pick them up.

We will gladly accept donations of gently used:

Blankets, sleeping bags, warm clothing, coats, hoodies, hats, gloves, scarves, new socks and new underwear.

Here's a list of Lower Mainland charities who receive donations from the Blanket Drive.

The REALTORS Care® Blanket Drive story

Way back in 1994, some caring REALTORS® in Vancouver observed the homeless situation in the city’s East side and said to themselves, we’ve got to do something.

They put out an appeal to their colleagues for warm blankets and coats and collected enough donations to help 3,000 of Vancouver’s homeless in the downtown core.

That single act of kindness has blossomed into one of the largest annual collections of warm clothing and blankets, helping homeless people and the working poor in every single community in the Lower Mainland.

Since then, thousands of REALTORS® from Whistler to Hope have collected enough donations to help more than 385,000 people in need. Each year, more than 75 dedicated members pick-up and deliver all the donations, and well over 100 real estate offices in the Lower Mainland act as collection depots.

The REALTORS Care® Drive now collects an astonishing amount of warm, winter items on behalf of dozens of local charities to help about 35,000 people each year.


ENTER TO WIN!

10 October 2019
Sutton Showplace Realty Chilliwack

*CONTEST IS NOW CLOSED*


We have 2 great new CONTESTS for Fall/Halloween.

Head on over to our Facebook Page to ENTER to WIN!!

https://www.facebook.com/suttonshowplacerealty/


Chilliwack Statistics

04 October 2019
Sutton Showplace Realty Chilliwack

Despite a slight slowdown of 2% in BC’s economy, home sales in Chilliwack and area have jumped dramatically from the same time last year.

http://www.cadreb.com/news-statistics/statistics-2019?fbclid=IwAR1uXHLn8tLSUAvjwArrS1RuoEM59ToFPD5tBVxaBM2wZ_PMG5BgFcMxSuc


First-Time Home Buyer Incentive

20 September 2019
Sutton Showplace Realty Chilliwack

The First-Time Home Buyer Incentive helps qualified first-time home buyers reduce their monthly mortgage carrying costs without adding to their financial burdens. This website help to determine your eligibility, calculate your maximum purchase price, and select the incentive that is right for you. Click here for more info: https://bit.ly/328Lwmw

  Buyers  News

New Incentive for First Time Home Buyers

15 September 2019
Sutton Showplace Realty Chilliwack
The new First-Time Home Buyer Incentive is a 3 year program offered by the Federal Government as a "Shared Equity Mortgage", with the Federal Government being your partner.

The incentive allows eligible first-time home buyers, who have the minimum down payment for an insured mortgage, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada. Essentially, the incentive helps qualified first-time home buyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
  • Lower Monthly Mortgage Payments
  • Interest-free Incentive Program
  • No Pre-payment Penalty
  • Newly Constructed Homes eligible for 5% or 10%
  • Existing Homes eligible for 5%
This website help to determine your eligibility, calculate your maximum purchase price, and select the incentive that is right for you.
https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive
 
For mortgage advice, contact an experienced licensed mortgage specialist.

Buying Foreclosures: Keep These Tips in Mind

10 September 2019
Sutton Showplace Realty Chilliwack

Many buyers associate buying a foreclosure with getting a great deal on the purchase price, usually with a quick closing date. While this can be true, there are some important things to keep in mind.

The process for purchasing a home in foreclosure is different than a typical purchase. There must first be a firm unconditional contract agreed upon between a Buyer and the Seller. A court date will be set and the contract will be presented to a judge. At this time, other interested parties (who are now aware of the current purchase price) are welcome to attend court and present their best offer as well. The judge, at his/her discretion, then determines which offer to accept. All potential Buyers must have their deposit cheques ready, and be willing to commit to the purchase with zero conditions, and accepting the home and property "as-is, where-is".

The pros and cons differ depending on what stage of foreclosure the home is in. If you're aware of some of the pitfalls, it will help you to be more prepared during the purchase process. Hiring a Licensed Realtor, a Professional Home Inspector, and obtaining advise from a Legal Representative and Financial Lenders, are all important tasks to complete during this process.

A few things to be aware of:

  • If the Seller accepts your offer, you're not guaranteed to purchase the home because the contract will ultimately be, "Subject to Court Approval."
  • The Seller may not be able to negotiate a price that's lower than the outstanding balance of the seller’s mortgage(s).
  • It can be difficult to obtain a mortgage on a foreclosure; buying with all cash is a frequent occurrence. Make sure you have spoken with your lender prior to writing an offer. It's important to know your budget and to stay within in it, especially when there's an opportunity for other interested parties to present offers on the property as well. Discuss this with your Realtor and determine what your best offer will be so they can present it to the court on your behalf.
  • Foreclosures are sold "as-is, where-is", so it's not very likely that the Seller will complete any repairs prior to completion. Also, the Sellers /tenants may not leave the home in great condition, so be prepared to hire cleaners and potentially purchase new appliances, etc.
  • Keep in mind that being foreclosed on is a devastating and stressful time for the sellers, and they may still be living in the home during the process. Be respectful when viewing the home, and save your conversations for when they're not in your presence.
  • When the Seller is the Bank, they cannot provide disclosures as to property history/condition issues. It's very important to have the property inspected prior to committing to the purchase. Read the Home Inspectors report and have funds set aside to renovate or remediate any signs of mould, electrical issues, etc.

While the process of purchasing a foreclosure may seem daunting, consider hiring a Licensed Realtor to represent you and take some of that stress off your shoulders. They will walk you through the process and represent you with your best interests in mind. If a Seller is motivated to achieve a quick sale, that may also result in purchasing the home for below market value. Who doesn't want a great deal!

If you'd like to speak with one of our experienced Sutton Agents, please contact our office and we'll be pleased to introduce you. 604-858-1800


Mortgage stress test rules get more lenient for first time since B-20 intro

22 July 2019
Sutton Showplace Realty Chilliwack

For the first time since the government implemented new stress test rules on Canadian home loans, the bar has been lowered — meaning a would-be home buyer could be approved for a bigger mortgage today than they would have yesterday.

The so-called stress test, formally in place since January 2018, is a financial bar that any Canadian looking to take out a mortgage must pass to be approved for one. Regardless of what deals they may have been offered by a lender in the real world, for regulators to sign off on the loan, the borrower's finances must be tested as though their mortgage rate is at a higher level. The idea is to save borrowers from biting off more debt than they can chew and ensure they have some financial wiggle room if rates rise.

The stress-test level is set at either two percentage points above the actual mortgage rate or whatever the average five-year posted rate is at Canada's big banks, as calculated by the Bank of Canada — whichever is higher.

That bank rate hasn't changed since May 2018, when it rose to 5.34 per cent. But this week, it inched down to 5.19 per cent, the first time it has decreased in almost three years.

Read the remainder of the article here: https://www.cbc.ca/news/business/mortgages-stress-test-rate-1.5217790?fbclid=IwAR1g7QxS0_fbc1Di8uApI2svDCLrPheC25Xeli9N2PpOXwOPNGA2JyxXaUY


OPEN HOUSES

12 July 2019
Sutton Showplace Realty Chilliwack

We advertise our list of OPEN HOUSES every week on our Facebook Page.

Check it out to see what lovely homes our agents will have available to view.


Happy Canada Day!

01 July 2019
Sutton Showplace Realty Chilliwack