Rosemary Papp

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I have sold a property at 51 9080 198 ST in Langley.
Cool price, hot item! Features include spacious livingroom, off set fireplace, combined kitchen and eating area with access to covered deck; updates include furnace, fresh new carpet and paint. Pad rent $740 per month includes water, sewer, use of common property. Forest Green Estates amenities include clubhouse, social activities, off leash pooch park, visitor and RV parking. This gated community is for those 55+,1 small pet and offers direct access to shops and transit. Call soon or this good buy will soon be good bye!
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As you may have heard, Canada's Finance Minister Bill Morneau unveiled a series of changes to the rules used to underwrite insured mortgages. Included in those changes, effective October 2016, was one termed a mortgage "stress test."

The stress test is applicable to insured mortgage applications. It's designed to ensure that borrowers are capable of paying their loans in the event interest rates rise, or their personal financial situation worsens. So now, no matter how low their actual mortgage rate, Canadian borrowers must show that they qualify for the Bank of Canada's Mortgage Qualifying Rate, which, for example, was 4.64 percent when the new rule came into effect — about twice what a borrower might actually be paying.

Prior to the new changes, the historically low mortgage rates allowed even first-time homebuyers with a modest income to qualify for a large loan. Now, buyers who previously qualified for a higher-priced home may experience a reduction in affordability.

If you're considering a move, you'll want to clarify if or how the new mortgage restrictions might apply to you, and if they do, what your best course of action is in today's everchanging real estate environment.

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I have listed a new property at 51 9080 198 ST in Langley.
Cool price, hot item! Features include spacious livingroom, off set fireplace, combined kitchen and eating area with access to covered deck; updates include furnace, fresh new carpet and paint. Pad rent $740 per month includes water, sewer, use of common property. Forest Green Estates amenities include clubhouse, social activities, off leash pooch park, visitor and RV parking. This gated community is for those 55+,1 small pet and offers direct access to shops and transit. Call soon or this good buy will soon be good bye!
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As you recover from this holiday season, it's the perfect time to start planning on ways to ease the stress of the next one! For example, when packing away seasonal lights, do your future self a favour and consider these storage tips: 

  • Unplug strings of lights that are attached, and wrap each strand separately.
  • Cut heavy pieces of cardboard into 6" x 12" pieces, cut notches into the long edges and wrap the lights around the cardboard, pressing the cord into the notches to stay put.
  • Empty coffee cans make for great storage too. Place replacement bulbs inside the can, then cut a slit in the plastic lid and put the receptacle end of the light cord through it. Place the lid on the can and then wrap the lights around the can.
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Source: Fraser Valley Real Estate Board

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year’s extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley.

“Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year.”

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

HPI® Benchmark Price Activity

 Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

  • Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.
  • Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

Find the December Statistics Package here.


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Direct: 778-834-8021
Toll Free: 1-888-707-3577
Rosemary's Email: rosemary@homesinlangley.ca
RE/MAX Treeland Realty
#101 - 6337 198 Street
Langley BC V2Y 2E3
www.HomesinLangley.ca