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SURREY, BC – “We are seeing an influx of inventory this spring, primarily due to slower than usual spring sales,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Growing inventory levels are helping to create a healthy balance in the market, giving buyers more options, especially as prices continue to flatten.”
Benchmark prices in the Fraser Valley remained flat in May, with the composite Benchmark price down 0.2 percent from April and down 0.8 per cent from May 2023.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,530,200, the Benchmark price for an FVREB single-family detached home increased 0.2 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.
• Townhomes: At $853,800, the Benchmark price for an FVREB townhome decreased 0.03 per cent compared to April 2024 and increased 3.4 per cent compared to May 2023.
• Apartments: At $555,100, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to April 2024 and increased 2.9 per cent compared to May 2023.

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New property listed in Crescent Bch Ocean Pk., South Surrey White Rock

I have listed a new property at 308 13959 16 AVE in Surrey. See details here

WELCOME TO WHITE ROCK VILLAGE | 2 BED 2 BATH CORNER UNIT PENTHOUSE Near Ocean Park. Enjoy your coffee in the morning sun on the large balcony overlooking the tranquil courtyard. Large windows provide plenty of natural sunlight in this bright & spacious condo. Open layout w/ gas F/P make this a great living space. Kingsize Master BDRM w/ 4 piece ensuite & his/hers mirrored closets. 3 piece main bath has room to accommodate a wheelchair. Laundry room w/ extra storage & countertop folding area. Amenities include beautiful courtyard gardens, clubhouse, library, workshop, exercise room, sauna & 2 South facing Resort size rooftop patios w/ partial ocean view. Extremely quiet well managed & friendly complex. New windows, new doors, new balconies, new railings, new Hardi-Board siding & newer roof. 55+ No smoking No Pets. Wheelchair accessible. Includes 1 storage locker & 1 secure garage parking. Awesome location 5 mins to White Rock Beach, 10 mins to Crescent Beach. Quick access to US Border & Hwy 99. View today!

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New property listed in Sunnyside Park Surrey, South Surrey White Rock

I have listed a new property at 308 13959 16 AVE in South Surrey. See details here

WELCOME TO WHITE ROCK VILLAGE | 2 BED 2 BATH CORNER UNIT PENTHOUSE Near Ocean Park. Enjoy your coffee in the morning sun on the large balcony overlooking the tranquil courtyard. Large windows provide plenty of natural sunlight making this bright & spacious condo . Open layout with gas F/P make this a great living space. Kingsize Master BDRM with 4 piece ensuite and his/hers mirrored closets. 3 piece main bath has room to accommodate a wheelchair. Laundry room with extra storage and countertop folding area. Amenities include beautiful courtyard gardens, clubhouse, library, workshop, exercise room, sauna and 2 South facing Resort size rooftop patios with partial ocean view. Extremely quiet well managed and friendly complex. New windows, new doors, new balconies, new railings, new Hardi-Board siding and newer roof. 55+ No smoking No Pets. Wheelchair accessible. Includes 1 storage locker and 1 secure garage parking. Awesome location 5 minutes to White Rock Beach, 10 minutes to Crescent Beach. Transit on street out front. Quick access to US Border and Hwy 99. Arrange to view today!

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THE BC GOVERNMENT CONTINUES TO MEDDLE IN THE REAL ESTATE MARKET

The proposed BC home flipping tax applies to income from the sale of a property, including presale contracts, in British Columbia if the property was owned for less than 730 days. The tax takes effect starting January 1, 2025, subject to approval by the legislature.

Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days unless an exemption applies.

The BC home flipping tax is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. It is intended to discourage short-term holding of property for profit as part of the Homes for People Plan

Who is subject to the tax?

If you sell your property on or after January 1, 2025, income earned from the sale of your property may be subject to the new tax if the property was purchased less than 730 days before the sale. 

  • Example: If you purchased a property on May 1, 2023 and sold the property on January 31, 2025, income you earn from the sale of the property would be taxable. If you decide not to sell the property until June 1, 2025, then income you earn from the sale would not be subject to the tax

Note: The seller of the property may be a B.C. resident or a resident anywhere else in the world.


ON THE HORIZON

WHERE ARE INTEREST RATES HEADED

The Bank of Canada today held its target for the overnight rate at 5% for the fifth consecutive meeting.

With the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

We’ve come a long way in our fight against high inflation. Monetary policy is working—inflation is coming down. But it’s too early to loosen the restrictive policy that has gotten us this far. Low, stable inflation is a cornerstone of shared prosperity, and we remain resolute in our commitment to restore price stability.


QUESTION: 

To plan for when I can’t make decisions on my own, do I need a power of attorney and a representation agreement?

I’d like to get help with both financial matters and health care decisions (including end of life decisions). It sounds like the only way to do this is to prepare an enduring power of attorney and an enhanced (section 9) representation agreement?

ANSWER: A power of attorney gives someone you trust the power to look after your financial and legal affairs. An enhanced representation agreement gives someone you trust the power to look after your health care and personal care. So, yes, these two documents do very different things. You’d need both to cover all of those types of decisions.

There are also standard representation agreements, which apply to financial and health decisions, but they are more limited in the types of decisions they cover. For example (on the financial side), they can’t empower a representative to buy or sell your home or take out a loan on your behalf. And (on the health side) they can’t empower a representative to make decisions about things like life-saving treatments or physical restraint.

If you’re in a crisis, standard representation agreements are designed to help right away, even if you’re already incapacitated in some way. 

But if you’re planning for the future, a combination of a power of attorney and an enhanced representation agreement will provide you with certainty as to how financial and health affairs (both big and small) will be handled. 

Courtesy: Peoples Law School

Click to go to Full Blog Post 

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RICK THE REALTOR® HONOURED WITH "BEST OF LANGLEY" AWARD SECOND CONSECUTIVE YEAR

Langley, BC, Canada - March 6, 2024 - Rick the REALTOR®, a prominent figure in Langley's real estate scene, has once again been recognized for his exceptional service and dedication to his clients.

Rick has been awarded the prestigious "Best Of Langley" title for 2023 on RankMyAgent.com, marking his second consecutive win after also clinching the award in 2022.The "Best Of Langley" award is a testament to Rick's unwavering commitment to building strong relationships with his clients and providing top-notch service. This accolade is based on client reviews posted on RankMyAgent.com, where satisfied clients have shared their positive experiences working with Rick. His profile on RankMyAgent.com can be viewed at https://rankmyagent.com/rickthe-realtor.Expressing his gratitude for the recognition, Rick stated, "I am truly honored to have received this award from RankMyAgent.com, especially because this particular award is not about volume, it’s about relationships."In addition to his success on RankMyAgent.com, Rick has also been named one of the "Top 100 Giving Agents In Canada" by Rate-My-Agent.com. This prestigious award recognizes agents who contribute to charitable causes, highlighting their philanthropic efforts within the community. Rick secured the 9th position in 2023 and the 5th spot in 2022 among the top 100 giving agents in Canada. His profile on Rate-My-Agent.com can be found at https://www.rate-my-agent.com/rick-the-realtor-ratings-langley-10908.

Rick's consistent success and recognition in the real estate industry underscore his professionalism, integrity, and dedication to both his clients and the community. As he continues to excel in his field, Rick remains committed to providing exceptional service and making a positive impact in Langley and beyond.

For more information or to contact Rick the REALTOR®, please visit https://www.realsearch.ca

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New property listed in Brighouse South, Richmond

I have listed a new property at 261 7293 MOFFATT RD in RICHMOND. See details here

WELCOME TO DORCHESTER CIRCLE | This rarely available 2 Bed 2 Bath Apartment features laminate flooring, a natural wood burning fireplace, 2 King size bedrooms & a balcony overlooking the outdoor pool. This spacious 1063 sq ft home has an expansive living room/dining area with plenty of room for entertaining. Functional kitchen with convenient pullouts & an oversize porcelain double sink. Large Master BDRM w/ walk-through closet leading to the ensuite. Plenty of closet storage & an add’l storage locker within steps of your door. Great amenities include Exercise room, stationary bike room & an outdoor pool to keep cool on those warm summer days. Rentals & pets permitted in this well managed Strata Complex. Nearby schools include General Currie Elem, Ferris Elem, Blundell Elem & Richmond Secondary. Conveniently located in Central Richmond near Minoru Park, Minoru Pool, Public Library, Minoru Oval Sports Field, Brighouse Park & just few minutes away from Richmond Center & Canada Line Skytrain Brighouse station.

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New property listed in Brighouse South, Richmond

I have listed a new property at 261 7293 Moffatt RD in Richmond. See details here

WELCOME TO DORCHESTER CIRCLE | This rarely available 2 BED 2 BATH unit features laminate flooring throughout, a natural fireplace and a view overlooking the outdoor pool. This bright & spacious 1059 sq ft home is centrally located near Minoru Park. Well managed complex and includes 1 parking stall and a locker. Contact us to arrange your private showing.

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IN THE NEWS | BANK OF CANADA ANNOUNCEMENT DEC. 6, 2023                                                                                    Today the Bank of Canada announced that the Policy Rate will remain at 5%. For the third consecutive meeting, the Bank of Canada has left its key lending rate unchanged at 5.00%. This follows 10 previous rate increases over 12 rate announcements, which has raised the overnight target rate by 4.75% since March 2022. 
In its statement, the Bank said that while high interest rates have restrained consumer spending and that economic growth stalled in the third quarter, it is “still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.”
The Bank added it wants to see “further and sustained easing in core inflation.”

There is no denying the real estate market has slowed down considerably in the Greater Vancouver and Fraser Valley neighborhoods. Buyers have taken to the sidelines to get a better sense of where they think the market is going. Higher interest rates have diminished buying power and homes are on the market now for 60 days which compared to previous markets, feels like eternity. However, some homes have actually sold in a couple days and may even have had multiple offers. Those are generally the unique homes that have something special to offer like a large White Rock Rancher. Even still, in the midst of this slower market there is also this sense that there is an undercurrent or something brewing just below the surface. And while things may be tight for those who maxed out on their purchase at the peak of the market, one thing still remains - DEMAND. People still need a roof over their head and buyers are coming to terms with the new reality of higher borrowing costs. As long as there is no further rate increases, I think we are going to see a surge in sales in very early Spring. The ball is in the Bank of Canada’s court!

Even if you have owned a home in the past, but for the purpose of opening an FIRST HOME SAVINGS ACCOUNT (FHSA) you will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home  (or what would be a qualifying home if located in Canada) as your principal place of residence that either:

  • you owned or jointly owned

  • your spouse  or common-law partner  (at the time the account is opened) owned or jointly owned

This means you can take advantage of this federal program and contribute $8000 per year up to $40,000 into the TFSA tax-free. Parents helping with the purchase should encourage their children to open an account (Only the children will get the tax savings)

When should I open an FHSA account?  Open your FHSA account before December 31st. Even if you only deposit $1 today, by setting up the account before the year end, this will allow you to contribute a maximum of $16,00 the following year - TAX FREE!

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