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.


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.


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!


New property listed in King George Corridor, South Surrey White Rock

I have listed a new property at 920 161B ST in Surrey. See details here

Charming 3 Bed 2 Bath Rancher nestled in a quiet cul-de-sac is a hidden gem in the highly sought-after, rarely available South Meridian neighborhood. Welcoming foyer w/ skylight. Bright & spacious living room boasts vaulted ceilings, feature window & gas FP. Functional kitchen features Gas range & numerous windows w/ delightful views of the lush surroundings. Expansive family room w/ gas FP, perfect for creating a warm & inviting ambiance. King size master bedroom w/ WI closet & ensuite with large soaker tub, separate shower & skylight. Upgrades include new windows throughout and main bath tastefully renovated with heated floors for added comfort. Step outside to a serene outdoor haven w/ private cedar hedge & fenced yard. Enjoy outdoor entertaining on the new composite deck or relax in the hot tub. Located a short walk to White Rock Beach, ideal spot for beach lovers. Close to US Border & Hwy 99 ensuring easy access to nearby amenities. Don't let this gem slip away – it's time to make it your forever home!






Renewal jitters: Canadians concerned about upcoming mortgage renewals consider extending their amortization periods, switching lenders

74% of mortgagees with lending agreements set to renew within the next 18 months report feeling concerned about higher interest rates


  • 16% of current mortgagees will be renewing their lending agreements within the next 12 months, while another 15% will be renewing in 12 to 18 months
  • Almost three-quarters (74%) of Canadian mortgage holders currently have a fixed-rate mortgage; 20% have a variable-rate mortgage
  • 40% of variable-rate or hybrid mortgage holders concerned about their upcoming renewal say they plan to switch to a fixed rate
  • 64% of variable-rate or hybrid mortgage holders say that higher interest rates have caused their mortgage payment to hit its trigger rate and thus increased their monthly cost
  • 76% of variable-rate or hybrid mortgage holders say that higher interest rates have caused financial strain on their household, causing them to reduce spending and dip into savings

TORONTO, October 26, 2023 – According to a recent Royal LePage survey conducted by Nanos,[1] 74 per cent of Canadians with a residential mortgage set to renew within the next 18 months say they are concerned about the renewal, in light of the series of interest rate hikes made by the Bank of Canada since March of 2022. Thirty-one per cent of all mortgagees in Canada say their lending agreement is set to renew within the next year and a half (16% within 12 months and 15% in 12-18 months). That means 3.4 million Canadians have a mortgage that is set to renew by March of 2025.[2]

When asked about their impending mortgage renewals, many Canadians say they are considering changing the type of mortgage product they sign or increasing the amortization period, along with an array of cost-cutting measures. Twenty-four per cent of residential mortgage holders who are concerned about their renewal say they have considered extending their mortgage’s amortization period, while 23 per cent have contemplated switching to another lender in order to secure a better rate. If switching lenders, however, applicants with uninsured mortgages must qualify for the stress test, which is the higher of 5.25 per cent or the lending rate plus two per cent. This additional challenge may cause some borrowers to renew with their current lender at a higher rate in order to avoid the stress test.

Eighteen per cent of mortgage holders have thought about extending their next mortgage term, and 17 per cent have considered selling their home and buying a smaller property in order to reduce the size of their mortgage. Respondents were able to select more than one answer. Among those who currently hold a variable-rate or hybrid mortgage and reported feeling concerned, 40 per cent say they plan to switch to a fixed-rate mortgage upon renewal.

“Some Canadians with variable-rate mortgages have seen their monthly payments double or even triple over the last year and half, due to the Bank of Canada’s aggressive interest rate hike campaign aimed at tamping down high inflation. Those locked in to a fixed-rate mortgage, which most are, have been protected from those increases, at least for a short time,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “While the central bank’s key lending rate is expected to come down in the medium term, the likelihood that we will return to rock-bottom rates of less than one per cent is very low. Upon renewal, fixed-rate mortgage holders will be faced with a new reality – higher monthly payments.”

Thirty per cent of Canadian mortgage holders say that they are not concerned about their upcoming renewal. More than half of them (55%) say they are confident that their income will allow them to absorb the higher interest rate, and another 33 per cent say they are close to paying off the remainder of their mortgage.


B.C.'s Short-Term Rental Accommodations Act

The number of short-term rentals (which may include, for example, rentals listed on Airbnb, VRBO, Expedia and FlipKey) have expanded rapidly over recent years, in B.C. and around the world.

Data shows that short-term rentals are diverting thousands of long-term rentals onto the short-term market in B.C., taking away homes people need.

Like many jurisdictions around the world, B.C. is responding to this growing challenge by taking action to regulate short-term rentals and return homes back to the long-term rental market.




CONDOS | Year Over Year Price - Up 3.4%


TOWNHOMES | Year Over Year Price - Up 3.5%


HOUSES | Year Over Year Price - Up 4.6%



CONDOS | Year Over Year Price - Down 5.9%
198   SALES
41     AVG DAYS TO SELL       
TOWNHOMES | Year Over Year Price - Down 8.8%
170   SALES
HOUSES | Year Over Year Price - Down 17.6%
182     SALES


Guide To Condo & Townhome Topics


Most Strata Corporations in BC are Not Saving Enough for the Future (to avoid special levies). So,

how much can buyers expect to pay in special levies because BC stratas aren’t saving enough in their

CRFs to pay for all their future capital projects/expenditures?

Based on the last 839 strata corporation reviews recently completed, as of today (January 2023),

buyers can expect, on average to pay approximately $16,550 in total special levies over the upcoming 10 years . 





For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in

Canada under the definition of “residential property.” Although further technical interpretations of the

regulations are still pending, here is the current understanding of the regulations.

REALTORS®, along with lawyers and notaries, have an obligation to inform their clients. The legislation does

not rely on REALTORS® to enforce the prohibition. However, REALTORS® who knowingly assist a non-Canadian

in contravening the prohibition can be found guilty of an offence and liable on summary conviction to a fine of

up to $10,000.

Importantly, REALTORS® do not have any information collection, processing or reporting requirements.

REALTORS® should still engage in due diligence as a measure of risk mitigation. To support REALTORS® with

their due diligence, the Canadian Real Estate Association (CREA) has developed a certificate: 

Certification and Consent of Purchaser.


Rick the REALTOR® has been named one of Langley’s Best Real Estate Professionals by for 2022. The award recognizes top-performing real estate agents across the country, based on client reviews. Rick, who first started selling real estate in 1993, was recognized for his exceptional service and dedication to his clients. "I am truly honored to have received this award from, especially because this particular award is not about volume, it’s about relationships,” Rick commented, "I have always been passionate about helping my clients and to be recognized for that is truly humbling."

Rick attributes his success to his commitment in providing his clients with the highest level of service and guiding his clients every step of the way. "I take great pride in staying informed about the latest trends and developments in the local market, so that I can provide my clients with the best advice and guidance."
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