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

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


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.


OPEN HOUSES

24 May 2019
Sutton Showplace Realty Chilliwack

If you're interested what OPEN HOUSES our Agent's are hosting, we advertise weekly on our Facebook Page.
Check them out here: https://www.facebook.com/suttonshowplacerealty/


Free Home Valuation

21 May 2019
Sutton Showplace Realty Chilliwack

Curious what your Home Value is in this changing market?

Request a free report by clicking here: https://suttonshowplace.ca/Market-Value


Tips for Home Sellers

01 May 2019
Sutton Showplace Realty Chilliwack

Keeping your home in good maintenance throughout your entirety of ownership is common sense, but it's also a great way to prepare it for a future sale. If you keep up with regular maintenance, the repairs and tasks won't pile up all at once, making it feel impossible to prepare your home for sale when you're eventually ready to.

First impressions are so important, they really do matter to potential home buyers.  Here are some ways to prepare your listing and make the best first impression:

  • Curb Appeal - weed those gardens, clean the gutters, wash the windows and maybe even place a new doormat at the front door. If you can afford to freshen up the exterior paint/trim, it can go a long way towards making a first impression. People may think, "If the house is that well kept on the outside, I bet the inside is nice too!"
  • Pretend you’re a buyer and really look at your home with a buyer’s eye. As the homeowner, you’ve gotten used to the subtle changes that will stick out to a pair of fresh eyes.  That said, if something needs to be repaired or replaced, do it.
  • Make sure your home is so clean it even smells spotless. Beware: Pet odors can be deal killers.
  • Lose the clutter. It's difficult for most people to look past an abundance of knickknacks on shelves, refrigerator artwork and rooms overfilled with furniture. Start "pre-packing" - if you're planning on moving anyway, give yourself a head start packing up the clutter and donating items you know you don't want anymore.
  • This is a difficult one - encouraging your kids to keep their bedrooms clean. Explain that the home must be ready to show at a moment’s notice.
  • Consult an experienced and licensed REALTOR© to receive a free Home Evaluation. Be prepared to take further advice on tasks that could be done to prepare your home for sale, and be open to their advice on how to price your home. The real estate market is ever-changing and what you thought you'd price your home at in the Summer, may not be realistic in the Winter...and so on.

There's shouldn't be a downside to these tips. If anything, it makes the process of finally listing your home for sale exciting because you'll know you're prepared, and putting your best foot forward.


BC Speculation Tax

22 March 2019
Sutton Showplace Realty Chilliwack

Are you on the title of your parent or child's property?
The deadline for claiming your exemption from this new tax is March 31, 2019. The online form isn't as clear as it could be about claiming this exemption.
The following information is referred from the Government website.

Individuals Exemptions for Speculation and Vacancy Tax

 

People who own residential property within designated taxable regions of B.C. may be eligible for an exemption from the speculation and vacancy tax.

Shared Ownership

When more than one owner is on title for a residence in a taxable region, each owner claims their relevant exemption as an individual. Different eligibility requirements may apply to different owners.

Example: If a parent co-owns a home with their adult child and the adult child lives in the home and the parent lives elsewhere, then the following exemptions will apply:  

  • The child claims the principal residence exemption
  • The parents claim the tenancy exemption for family or other non-arm's-length persons

Example: An elderly parent adds their adult child on title to the parent’s condo in Vancouver for end of life planning. The parent still lives in the condo and the child lives in Prince George. The exemptions will apply as follows:

  • The parent claims the principal residence exemption
  • The child claims the tenancy exemption for family or other non-arm's-length persons

Click here for a list ofExemptions: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals


Featured Listings

20 March 2019
Sutton Showplace Realty Chilliwack

A few of our Featured New Listings this week...

https://www.youtube.com/watch?v=ww2R8Hx7-lc&feature=youtu.be


OPEN HOUSES

08 March 2019
Sutton Showplace Realty Chilliwack

Our agents are hosting a number of OPEN HOUSES this weekend. Visit our Facebook Page for a list!


Featured Listings

06 March 2019
Sutton Showplace Realty Chilliwack

Check out just a few of our newly listed homes. Stay tuned on Friday for OPEN HOUSE info for this upcoming weekend!