Open House. Open House on Sunday, December 2, 2018 2:00PM - 4:00PM Please use rear entrance - visitor parking
Posted in: Langley City, Langley Real Estate
Please visit our Open House at 415 5430 201 ST in Langley.
Open House on Sunday, December 2, 2018 2:00PM - 4:00PM Please use rear entrance - visitor parking
Georgie Award Winning "Sonnet"- Top Floor Corner south & west facing PENTHOUSE unit in the heart of Langley. Open concept 1,150 sq/ft home features F/P, 9' crown moulded ceilings & vaulted living room. Large kitchen w/granite countertops, quality cabinets w/under cabinet lighting, black appliances, garburator & breakfast bar. Windows galore facing south, west & north. Both bedrooms with AIR CONDITIONER. Master suite accommodates a king size bed w/access to large Walk thru closet. Ensuite soaker tub & separate shower. BONUS large private 2 car double garage in underground parking. 1 Pet allowed up to 25lbs. NO units beside, or above, only below. Very Private unit. 2 large elevators & wheel chair ramp.
Alex explains recent changes to the TD's line of credit qualifications....
Posted in: Ladner Elementary, Ladner Real Estate
I have listed a new property at 4652 46A ST in Ladner.
Wonderful family home located in the quaint Delta waterfront community of Lander. This 5 bedroom, 2 Bath, 2169 sq/ft basement entry home is in a quiet western neighbourhood. The property has tremendous potential and ready for your remodel. Close to central Ladner amenities, waterfront, marina, NEW Tsawwassan Mills, Hwy 17 & 99, Delta Port, BC Ferry terminal and steps to bus. Priced to sell at assed land value, this property is a tremendous opportunity in a unique and family orientated community.
Ladner - Wonderful family home located in the quaint Delta waterfront community of Lander. This 5 bedroom, 2 Bath, 2169 sq/ft basement entry home is in a quiet western neighbourhood. The property has tremendous potential and ready for your remodel. Close to central Ladner amenities, waterfront, marina, NEW Tsawwassan Mills, Hwy 17 & 99, Delta Port, BC Ferry terminal and steps to bus. Priced to sell at assed land value, this property is a tremendous opportunity in a unique and family orientated community. MLS R2321925 $831k
A local real estate agent and industry blogger is calling Langley’s current condo market “insane.”
Looking at stats from the Real Estate Board of Greater Vancouver, Steve Saretsky said inventory has nearly quadrupled in the last 12 months, a six-year high.
He said Langley was the hottest condo market this time last year but now prices are dropping off as the area becomes flooded with condos.
“So you had all these people speculating that prices were going to rise and jump 40 per cent last year. You have all these new developers competing in the real market.
There was one developer in Langley a couple weeks ago to pay for first year’s mortgage payments. … That’s not really a good sign of a healthy market,” Saretsky said.
He says it’s concerning. The Fraser Valley condo market saw sales drop 50 per cent, year over year, in October.
“And then you have inventory jump 149 per cent. That’s not really a trend that you want to fight.”
The region has seen a slump in the housing market.
“Vancouver is going through something similar. It’s just not as severe. … Langley is the most severe. Abbotsford is off, too. One of the areas that is doing better is Surrey,” Saretsky said.
This interesting article in the Globe & mail recently
Not long before Christmas in 2016, Rebecca Thomas-Lorenzon’s aging dad told her he wanted to talk about money. He’d recently been given a diagnosis of terminal cancer, and there was something he decided to give his daughter, a paramedic in Cobourg, Ont., who is studying to become a nurse.
It was a money order for $25,000, one quarter of his proceeds of the sale of an investment property they’d co-owned in Kitchener, Ont. He planned to divvy up the rest and dole it out to her three siblings.
“He gave us all a large chunk,” says Ms. Thomas-Lorenzon, explaining that he decided to sell while he was still alive and give the money away in order to reduce the size of his estate and save thousands on probate. “He was able to see what we did with it.”
It’s a scenario that many aging parents deal with when selling their home or other property. Seniors who are left with large sums need to decide how their real estate windfall should be handled and invested.
Helping out adult children is one option. Two of Ms. Thomas-Lorenzon’s brothers used the cash to pay off debt. Her sister held on to most of it to finance an upcoming home renovation. Ms. Thomas-Lorenzon used $15,000 to help pay down her mortgage. The remaining cash she used to help pay for a missionary trip to Rwanda with her family.
“I was able to show him the pictures,” she says of the trip. “It meant a lot that the money came from him.”
Not all aging parents are in a position to give money to their children. Some need the funds from a property sale for their golden years, especially those suffering from health problems and facing the prospect of expensive assisted-living costs.
But others with more ample retirement savings - particularly those who have cashed out of the high-flying Vancouver and Toronto markets - might not need the money and could wish to gift some of it to their kids.
Tony Mahabir, a certified financial planner and chief executive officer of Canfin Financial Group of Companies in Toronto, says his advice to clients is based on how much risk they feel comfortable taking on, but, generally speaking, if the home sale gives them less than a $1-million to work with, he usually recommends investing the money in exchange-traded funds or other low-cost mutual funds or pooled investments.
If there’s more than a $1-million at stake, he recommends having a certified financial analyst take over to find the best bargains for equities and to keep an eye on the portfolio over the long term.
Regardless of what stock markets are doing, it’s a good idea to take a deep breath before launching in.
“Give yourself time to make those decisions,” advises Janet Gray, a certified financial planner of Money Coaches Canada in Ottawa, mentioning that it’s often a good idea to keep the money in a high-interest account or guaranteed investment certificate (GIC) for a few months while coming up with a plan.
“Just let it sit and cool. It’s allowing you time to consider what the right choice will be,” she says. “In the end that will be more worthwhile than making an extra percentage or two.”
One important thing to remember is that the money from the sale of the house belongs to the parents, unless they have officially gifted it to the kids. Even if adult children don’t mean to take advantage of their parents, Mr. Mahabir says it’s common for them to start thinking of their parents’ money as their own, especially if they are managing it. For instance, they might dive into riskier emerging markets in China instead of more appropriate conservative, blue chip stocks better suited to their parents' investing needs.
“The parent’s risk tolerance should always come before the children’s risk tolerance,” he says, something that is particularly important to remember if a parent’s mental state is declining and children are stepping in to manage the funds.
David Weinberg, a financial adviser in Toronto, says his family worked together to help his parents create a retirement nest egg that they can access and enjoy while they’re still in good physical and mental health. Now in their early eighties, the couple still travels, hosts parties and are often out at night for dinner and a movie.
The linchpin of the plan? Sell their swishy condo in northern Toronto and rent a nice apartment in the hopping Yonge and Sheppard neighbourhood instead.
While some of the condo proceeds are accessible and liquid to pay for day-to-day expenses and vacations – along with other savings they’ve accumulated over the years – Mr. Weinberg helped them invest another portion south of the border in stable, income-generating investments. His parents vacation extensively in the U.S., he says, so now they have access to money there without being as exposed to currency fluctuations.
“A lot of people live in nice homes, nice condos, but they don’t have the freedom or flexibility to enjoy their wealth,” says Mr. Weinberg. “[My parents’] quality of life is what they wanted it to be. They don’t have seven figures of capital tied up in bricks and mortar. They’re loving it.”
Not every story has such a happy ending though. Suzanne Ethier, a sales representative with Keller Williams Golden Triangle Realty in Kitchener, Ont., runs seminars with Guelph, Ont., certified financial planner Darren Devine on how to merge the sale of a family home with retirement planning.
Forget the whole idea of coming into a real estate windfall when you’re still young enough to enjoy it, she says. Ms. Ethier is loath to even use the word, “windfall.” When she runs the numbers for a 65-year-old couple, it’s anything but.
Take $800,000 on the sale of a home, for instance. If they live into their mid-nineties, that nest egg will work out to $26,667 a year, before any taxes or fees. According to research firm Urbanation, the average condo rent paid in the GTA is $2,385, or $28,620 per year.
Often when people finally sell their home, Ms. Ethier says it’s because they simply can’t live there safely anymore and they need to move into an assisted-living arrangement – something that costs an average of $3,150 per month in major cities across Canada according to 2018 data from Comfort Life.
“The frightening part is they’re going to outlive their finances,” she says. “It’s a sad scenario. It’s really scary.”
That’s why investing that chunk of real estate dollars early and well is so crucial, says Mr. Devine, who maintains that many of his retiree clients are no longer wanting their money in fixed assets that pay out little interest. Instead they’re investing like they’re still in their forties and in balanced funds that may pay out more, although are on the riskier side. Retirees need that money to grow and last.
“Now the lines are being blurred,” he says. “The balance fund may be the new income fund for retirees if interest rates stay this low.”
With regards to your mortgage application when considering co-buying or co-applications - Alex tells you " What you really need to know"
SnapStats market speedo update for October 2018 for the Fraser Valley.
Cool Video on my new listing in "The Sonnet"
Open House. Open House on Sunday, November 4, 2018 2:00PM - 4:00PM Please use rear entrance - visitor parking
Posted in: Langley City, Langley Real Estate
Please visit our Open House at 415 5430 201 ST in Langley.
Open House on Sunday, November 4, 2018 2:00PM - 4:00PM Please use rear entrance - visitor parking
Georgie Award Winning "Sonnet"- Top Floor Corner south & west facing PENTHOUSE unit in the heart of Langley. Open concept 1,150 sq/ft home features F/P, 9' crown moulded ceilings & vaulted living room. Large kitchen w/granite countertops, quality cabinets w/under cabinet lighting, black appliances, garburator & breakfast bar. Windows galore facing south, west & north. Both bedrooms with AIR CONDITIONER. Master suite accommodates a king size bed w/access to large Walk thru closet. Ensuite soaker tub & separate shower. BONUS large private 2 car double garage in underground parking. 1 Pet allowed up to 25lbs. NO units beside, or above, only below. Very Private unit. 2 large elevators & wheel chair ramp. Open House Nov Sat 3 & Nov Sun 4th 2-4 P.M
NEW Listing - 666 Buried Alive Dr. Character Home built at the turn of the century. Best location in neighbourhood overlooking cemetery, 13 rooms + cosy dungeon, with SURROUND sounds. Features, perpetual gloom, full poltergeist activity. First time on the market by original owner (who has never been found). Has been professionally exorcised and recently blessed. Current tenants would like to remain (forever). Needs some TLC , so bring your decorating ideas. No appointment required. Act fast as won’t last at this price. Lockbox on front gate….good luck!
Alex McFadyen explains the recent Bank of Canada increase Oct 25th 2018
Bank of Canada Increased Borrowing Costs Again
On Oct 24th and indicated that more increases are on the horizon. Lenders immediately increased the prime rate to 3.95%. This is certainly not helping with mortgage qualifications nor housing affordability. Market conditions have made many borrowers and home owners feel a bit uneasy and it’s warranted given the policies introduced by our Governments over the past few years in their effort to collapse real estate prices.
The latest stats on real estate reports that sales are falling dramatically and inventory levels are rising significantly. Last month’s sales were 36% below the 10 year September sales average and the total number of properties currently for sale increased 38% compared to the same period last year.
It is a great time for investors and first time home buyers to consider a purchase. Many properties for sale across Lower Mainland have reduced prices and have been on the market for an extended period of time. This positions a buyer to pick up a great deal.
Existing homeowners should review their financial position now before things deteriorate further. It is a great time to consider refinancing to payout other debts and consider locking into a fixed rate term. Most mortgage borrowers elect to lock into a 5 year fixed rate; however; other terms can be considered such as a 3 year fixed rate offered at 3.64%.
One of the best ways for variable rate mortgage holders to beat increasing interest rates is to pay their mortgage as if it was a fixed rate mortgage. This will dramatically cut your interest costs over the mortgage term and its lifetime. Many lenders are offering variables as low as 3.15%.
Home owners considering selling their home should ensure they get the right advice and hire the right realtor. Not all realtors are cut from the same cloth. In my years as a realtor I’ve experienced many sloppy and reckless business practices. Hard work, honesty and integrity should be the top criteria when selecting your listing agent.
Lots to consider here as it will affect Real Estate in many ways for BOTH Buyers & Sellers. Regulators are scrambling to understand how this is going to be addressed with regards to Real Estate in the weeks to come.
Thank You Kris
Foreclosures can be a challange, but we managed to get a great one at a great price and working with Kris & his parents was fantastic. They managed their expectations and won the property. I am looking forward to seeing Kris's total renovation in a great unit, in a great neighbourhood.
Thanks again Kris - Great working with you! All my Best!! :)
Thank You Bob & Irene
So happy to help this wonderful retiring couple to find the perfect pet friendly Condo in the heart of South Surrey with plently of dog walking trails.
Thank you again Bob, Irene & Roxy. All my best :)
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