Fraser Valley housing market continues to stabilize as sales pick up compared to last year

SURREY, BC – For the second month in a row, home sales in the Fraser Valley surpassed 2018 levels bringing the market closer to historical norms.

The Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® (MLS®) in August, an 11 per cent decrease compared to sales in July 2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last year.

Darin Germyn, President of the Board, observed, “Compared to last year, this August has been quite robust. All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.”

“It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10-year average.”

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As of oct 1, 2019 Dogs allowed on White Rock promenade!

WHITE ROCK (NEWS 1130) – Following a vote Monday night, city councillors in White Rock have approved a motion allowing dogs on the promenade during the off-season.

Council voted unanimously in favour of the one-year trial, which councillor Helen Fathers says came following a lot of public consultation.

“I mean I feel pretty good about it, we most definitely listened to the people that were on both sides of the fence so to speak. And I think we came up with a good compromise,” Fathers says.

RELATED: Should dogs be allowed on White Rock’s promenade? Council set to vote Monday

Public surveys on the issue showed 75 per cent of residents were in favour of the change.

“The motion was for eight months in the off-season and we changed that to six months to make it you know, six and six, and it starts October 1st 2019,” she adds.

Although dogs will be allowed on the promenade, they still won’t be allowed on the beach.

Fathers says the city will be forming a committee with people from both sides of the issue to help staff work through the trial period.

She says there’s still time to work out any concerns form now until the October start date.

B.C. homeowners required to apply if they want exemption from speculation tax

All homeowners in B.C.’s largest urban centres will need to apply for exemptions from the province’s new speculation tax or receive a bill, whether or not they are speculators, the government announced Tuesday.

The Ministry of Finance said letters outlining the first speculation tax fees and exemption processes will begin arriving at all homes in Greater Victoria, Nanaimo, Kelowna and Metro Vancouver (excluding Bowen Island and Lions Bay, but including Abbotsford, Mission and Chilliwack) starting this week.

It will be up to all homeowners to apply for exemptions, with a deadline of March 31. Those who don’t apply, or who don’t qualify, will be sent tax bills due to be paid by July 2.

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Peace Arch Hospital Foundation

As many of you know I am a proud supported of the Peace Arch Hospital. The foundations latest appeal is for donations towards a playground for all ages and all abilities. It will be opening this summer by Centennial Park and its quite exciting!! Promoting outdoor activity is so important for everyone’s health! Please read the attached letter for more information, should you wish to contribute. Thank you! Continue reading

New Mortgage Rules are Coming Jan 1, 2018!

With Bank of Canada’s recent consecutive changes to interest rates and new mortgage rules announced today, I wanted to reach out with a very important update. Please find below an update on the most impactful mortgage rule change yet. So let’s dig in, your time is valuable.

October 17, 2017, the Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry. Canada’s top banking regulator floated a similar version of these rules earlier this summer in draft form, but today’s release makes them official, effective January 1, 2018. Current contracts will not be impacted before this date.

Among the major new rules is a requirement to stress test uninsured borrowers (those with more than 20% down payment OR equity in a home). Previously, only insured borrowers had to undergo such a test.

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