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Homebuyers Requiring a Mortgage are Scrambling to Buy before year end.

 

 

Steveston and surrounding real estate will likely be affected by the change in qualifying rules for mortgage to come into affect January 2018. The popular communities with young home buyers of South Surrey, Surrey, Coquitlam, Langley, because of their relative affordability, will likely be especially challenged. 

“The only people unaffected are people who don’t need mortgage financing, because now you have captured the entire market,” said Gregory Klump, chief economist at the Canadian Real Estate Association.

In other words, people buying with “cash,” as realtors like to describe no debt transactions, are the only ones unscathed.

“I’d be very surprised if 2018 is not materially lowered,” he said, referring to the forecast for housing prices and sales.

Until then, however, he sees a major bounce in activity as consumers rush to beat the deadline for OFSI’s latest rule change, which could end up costing homebuyers about 20 per cent of their purchasing power.

“There will be some pull forward of sales,” says the economist, adding that by January sales will have dried up and then it will take some months for the market to stabilize.

 

If you know anyone planning to buy soon and will require a mortgage, even with 50% down, it may be to their advantage to buy now as the mortgage specialists are saying that such homebuyers will lose up to 20% of their purchasing power with the new rules. Call me to find out is buying or selling now or in the new year is best for you. 

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I'm pleased to have helped another homeowner sell their home.  

Now, I have excess buyers.

My marketing plan and hard work has attracted many buyers to this home but many preferred a different location, a different design, or different price range.  

To sell.  Call Bill today 604-274-2222. 

38 12311 NO 2 RD in Richmond.

Welcome to the popular Steveston 'Fairwind' complex. Open concept 3 bedroom floor plan with 9 ft. ceilings on main, a modern kitchen with S/S appliances including gas stove & granite counterops, spacious dining & living rooms with gas fireplace. Fenced backyard & covered deck with barbeque gas hook-up. Large master bedroom with walk-in and full ensuite. All closets custom designed. Huge 2 car tandem garage with work area. Great location with an easy walk along the boardwalk to Steveston's shops and restaurants. Reasonable strata fees and excellent school catchment. A very desirable place to live!

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I'm pleased to have helped another homeowner sell their home.  

Now, I have excess buyers.

My marketing plan and hard work has attracted many buyers to this home but many preferred a different location, a different design, or different price range.  

To sell.  Call Bill today 604-274-2222. 

105 7465 SANDBORNE AVE in Burnaby.

Immaculate 1 bedroom garden unit with updated kitchen and bathroom. Nicely tiled foyer, kitchen and bathroom. Newer vinyl windows with vertical blinds. Spacious bedroom with walk in closet, cheater ensuite and patio door access to peaceful garden patio surrounded by greenspace. This beautifully maintained Sandborne Hills home is centrally located, only minutes to shopping at Highgate & Market Crossing, Edmonds Skytrain, and surrounded by Byrne Forest and Taylor Parks with wonderful walking and biking trails. 1 secured parking stall and storage locker. Pets OK. Accepted offer S/R Sept. 26.

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Could This Be For Someone You Know? Call 604-274-2222 Now.  

I have listed a new property at 5153 WHITWORTH CRES N in Delta.

Escape to this quiet oasis. A gardeners or 'playground' delight with its spacious fenced backyard and fruit trees and a variety of trees and shrubs in front. The inside features luxurious hardwood floors upstairs, 3 bedrooms, 1.5 bathrooms and southwest facing sundeck for all day tanning or BBQ'ing. The kitchen has stainless steel appliances (gas stove). Downstairs has a potential for secondary accommodations with a jetted-tub full bathroom. Windows have been updated with double-pane and there's added comfort from three gas burning fireplaces. Walking distance to both levels of school, parks, Historic Ladner Village, and town centre. Come see. Come sigh.
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