What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

What the 2020 BC Real Estate Assessment Report is Telling You. BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions
By Catherine Musgrove Jan 15, 2020

What Does it Mean for Current Homeowners?
It is natural to be concerned with decreases in assessed property values, your home is not worth as much you might have paid for it, or you may not get the return on investment you hoped. Your property assessment may not affect your market value.

Homeowners may also wonder if it will affect their ability to renew their mortgages if they owe more than their home’s current assessed value. Rest assured, in most cases, mortgage renewal should not be an issue. If you are renewing with the same lender and your credit standing has not deteriorated, then the process should be smooth.

The challenge may arise if you are changing lenders, trying to access more funds, suffer from poor credit, or trying to negotiate a new mortgage. If it is a straightforward renewal, don’t worry, you won’t be kicked out of your home because the assessed value has decreased.

Overall, the housing marketing across BC remains moderate, and Real Estate Agents are already anticipating a busy spring as buyers and sellers negotiate their dream home. Be aware of the assessment and what it means to your community, look at what you can afford, and then negotiate based on the market value for your neighbourhood.

https://www.rew.ca/news/what-the-2020-bc-real-estate-assessment-report-is-telling-you?utm_source=Agents%3A+Market+Insights&utm_campaign=216106b530-EMAIL_CAMPAIGN_2019_08_22_06_44_COPY_01&utm_medium=email&utm_term=0_14f9ba90ce-216106b530-87362887&fbclid=IwAR2465DH_aaTdmKunBnPnqBL_q4ZQ0Z2HIgS8AS41EPI71khQuYz_idzHaQ

Curious What Your Home is Worth? I would love to hear from you…give me a call to discuss your properties value and options.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
Join me on Facebook: https://www.facebook.com/shannonbsells/
President’s Club Award Winner 2008-2018

BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

REW.CA
What the 2020 BC Real Estate Assessment Report is Telling You
BC Assessed Values Leave Homeowners, Buyers and Sellers with Questions

THANKS FOR PUTTING YOUR TRUST IN ME ONCE AGAIN! Here’s what Dale & Sandy of Sardis, Chilliwack have to say about working with me! Shannon Babcock Century 21 Creekside Realty

Dale & Sandy Whitehead Sardis, Chilliwack

Real Estate Testimonial – January, 2020

“This is our second time using Shannon to sell and buy a new home. She is a Super hardworking Realtor who goes above and beyond for her clients . We are moving to what is hopefully going to be our forever retirement home but if that changed Shannon would be our first call . We love Shannon” ❤️

Shannon Babcock Personal Real Estate Corporation
Cell: 604-795-1081
Toll Free: 1-888-427-3496
Email: shannonbsells@gmail.com
Twitter: @shannonbsells

With her High Standard of Performance since 2005, Market Savvy and Proven Track Record in Sales & Service, Shannon can provide you the expertise and personalized attention you expect & deserve.

Make a GREAT MOVE… Call Shannon today! She looks forward to hearing from you.

The Chilliwack & District Real Estate Market went out like a bull in 2019 with hot sales in a month that is typically cold

Year ends with solid real estate sales in Chilliwack region.

The Chilliwack & District real estate market went out like a bull in 2019 with hot sales in a month that is typically cold.

The 217 sales in the Chilliwack and District Real Estate Board (CADREB) in December 2019 compares to the 118 one year ago and is 29 per cent higher than the 10-year average of 155 sales for the month.

“CADREB ended 2019 with a better than projected year as far as unit sales go,” board president Kyle Nason said in a press release. “Although the Canadian economy took a slight dip, the B.C. economy is still increasing at 1.5 per cent according to the latest figures.”

In addition to the strong B.C. economy, local Realtors credit low mortgage interest rates and continued migration from the Vancouver for a strong December and a strong year overall.

“Increased consumer confidence helps push those from more metro areas looking for retirement options and affordable family homes out to our area,” Nason said.

The average residential home sale price in December 2019 in the CADREB area – which includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, Boston Bar and the rural areas in between – was $530,152.

Of the 217 homes sold, 112 were single family homes at an average price of $606,324. Of the 58 townhouses sold last month, the average selling price was $407,495, and the 30 apartments sold for an average of $273,135.

Eleven homes sold over the $1 million mark, including one for more than $2 million.

The highest number (27) sold were in the $400,000-to-$449,000 range, followed by 26 sales in the $450,000-to-$499,999 range.

Of particular note to the local economy, according to CADREB, is the dollar value that December sales garnered at just over $115 million compared to $57.3 million in December a year earlier.

While sales remain steady, there isn’t much out there to buy. With fewer than 700 homes on the market, that is the second lowest number for month over the last.

Let Shannon help you find your best buy! Whether you are buying or selling a home, Shannon has the experience and expertise to guide you to properties or buyers you wish to connect with. And invites you to contact her as she’d be happy to assist you with this important transaction. Shannon can provide you with reports and important local real estate information or an email snapshot of what is currently listed or recently sold in certain areas.

With her High Standard of Performance since 2005, Market Savvy and Proven Track Record in Sales & Service, Shannon can provide you the expertise and personalized attention you expect & deserve.
Make a GREAT MOVE… Call Shannon today! She looks forward to hearing from you.

Shannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2018

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

Strong finish for mediocre year in Fraser Valley real estate

Strong finish for mediocre year in Fraser Valley Real Estate – FRASER VALLEY HOUSING MARKET STATS

SURREY, BC – After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.

In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels.”

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

hannon Babcock PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsellsJoin me on Facebook: https://www.facebook.com/shannonbsells/President’s Club Award Winner 2008-2018

A Bit of Good News! CMHC wants to make it easier for self-employed Canadians to get a mortgage

CMHC wants to make it easier for self-employed Canadians to get a mortgage

CMHC is giving lenders more guidance and flexibility on determining whether a self-employed person qualifies for a mortgage.

OTTAWA — Canada Mortgage and Housing Corp. is making changes intended to make it easier for the self-employed to qualify for a mortgage.

The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers. Self-employed Canadians may have a harder time qualifying for a mortgage as their incomes may vary or be less predictable.

Self-employed Canadians are key contributors to strong and vibrant communities and make up about 15% of Canada’s population. However, they may have difficulty qualifying for a mortgage as their incomes may vary or be less predictable.

In line with the National Housing Strategy’s mission to address the housing needs of all Canadians, Canada Mortgage and Housing Corporation (CMHC) is making a number of changes aimed at giving lenders more guidance and flexibility to help self-employed borrowers:

Providing examples of factors that can be used to support the lender’s decision to lend to self-employed borrowers who have been operating their business for less than 24 months, or in the same line of work for less than 24 months such as acquiring an established business, sufficient cash reserves, predictable earnings and previous training and education; and
Providing a broader range of documentation options to increase flexibility for satisfying income and employment requirements when qualifying self-employed borrowers such as the Notice of Assessment (NOA) accompanied by the T1 General, the CRA Proof of Income Statement and the Statement of Business or Professional Activities (T2125) to support an “add back” approach for grossing up income for sole proprietorship and partnerships.

These enhancements, which apply to both transactional and portfolio insurance, will take effect October 1, 2018.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

Although BC’s Economy Remains Stable Chilliwack and area took a noticeable dip last month, pointing to one significant factor – the impact of the “stress test”.

LOCAL HOME SALES FEEL THE “STRESS”

by Steve Lerigny | Jun 04, 2018

June 3, 2018

Although BC’s economy remains strong, home sales in Chilliwack and area took a noticeable dip last month, pointing to one significant factor – the impact of the “stress test”.

At a time of year when sales are typically at their strongest, 324 home sales were recorded last month, compared to 511 during the same month last year. This represents a 36% decline over last May, in line with the provincial average.

“With all other variables being fairly constant such as a strong provincial economy and moderate hikes in interest rates, the drop can be attributed to the more stringent lending rules introduced by the federal government early this Spring,” said Chilliwack and District Real Estate Board (CADREB) President, Lori Maier.

Under the new regulations, potential home buyers need not only qualify for the amount borrowed on a new home, but have to be able to withstand any future mortgage rate interest hikes.

“This likely has caused some first-time buyers especially to put their home-buying plans on hold,” said Mrs. Maier. “The recent issues of a trade war isn’t helping to instill confidence either.”

Of the 324 sales posted last month, the highest number (40) were in the $550,000-$599,999 range followed by 39 in the $450,000-$499,999 range. There were 14 sales of homes over the $1 million mark, including 1 over $2 million. At 63, apartment sales were strong, indicating stronger demand for lower price points.

Supply of homes for sale is increasing to a healthier level, with 1,277 active listings on the market at the end of May, compared to 936 in May of last year. “With decreased sales, it has shifted the local real estate landscape from a seller’s towards a buyer’s market,” added the CADREB President.

“More than ever, whether you are buying or selling, it’s important to work with a qualified and experienced local REALTOR® to ensure that a property is priced right for the market conditions” Especially with competitive pricing due to fewer sales, the relative affordability of the Chilliwack and Area market remains attractive to buyers, particularly those from the Vancouver area.

“With the normalization of the market, even if purchases have to be downscaled a bit, it’s still a great time to buy. Real estate remains one of the soundest long-term investments a person can make”.

Chilliwack & District Real Estate Board 2018 Market Stats

https://www.cadreb.com/news-statistics/statistics-2018

Shannon Babcock Prec*
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty Ltd.
Cell: 604.795.1081
Office: 604.846.7355
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2017

2 Awesome Homes FOR SALE IN AGASSIZ OPEN HOUSE July 7 & 8th SAT & SUN 2-4pm View Both to Be Entered into a Draw for a $50 Gift Card

Faster. Bolder. Smarter.

Thinking of Buying or Looking for an Investment? Come Check Out these 2 AWESOME Homes FOR SALE in Agassiz this Weekend on Laurel Place!

***OPEN HOUSE*** July 7 & 8th SAT & SUN 2-4pm
View Both to Be Entered into a Draw for a $50 Gift Card

7504 LAUREL PLACE $575,000

Updates & Pride of Ownership is Evident Here Inside & Out of this 1900+ sq.ft. Split Level Home on Quiet Cul-de-sac and Excellent Neighbours. Welcoming front entry, Bright Kitchen with ample cabinetry and gas stove, NEWER flooring & bathrooms, paint, blinds & drapery, Newer Windows, Awesome wood accented family room off dining area with vaulted ceilings & skylights offers lots of natural light & scenery.

https://www.rew.ca/properties/R2275801/7504-laurel-place-agassiz-bc?search_id=804578161&search_type=property_search

7486 LAUREL PLACE

A Great Place to Raise a Family or Ideal Retirement Location set on a Quiet Cul-de-sac this Tidy Well Maintained 4 bdrm. 2 full bath split level home has many features with spacious fenced yard, SUPER MOUNT CHEAM VIEWS, Large DECK, MASSIVE NEW PATIO, RV PARKING + ATTACHED 20×12 SHOP. RECENT QUALITY UPGRADES INSIDE & OUT including NEW 35yr Vinyl Duriod Roof on House & Shop, 1yr Hwt, All New Blinds and flooring, up, lighting & paint. Boasts an updated open wood kitchen w/ tons of cabinetry, fully renovated 5pc main bathroom and nice rec/family room downstairs. Loads of storage, parking and space for the Kids, Pets and Room for those putter projects or hobbies. Friendly neighbourhood, close to schools and parks… mins to Fraser River Fishing and Rec Center. DON’T DELAY, PRICED TO GET YOU MOVING

https://www.rew.ca/properties/R2284312/7486-laurel-place-agassiz-bc?search_id=804578161&search_type=property_search

SHANNON BABCOCK PREC*
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2017

Mortgage Policy Changes Hit Affordability Hard – British Columbia Real Estate Association Reports

Mortgage Policy Changes Hit Affordability Hard

Vancouver, BC – June 15, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.

“BC home sales continued to slow in May because of more stringent qualifications for conventional borrowers,” said Cameron Muir, BCREA Chief Economist. “The changes in mortgage policy are taking their toll on housing demand, not only in British Columbia, but across the country by reducing household purchasing power and housing affordability.”

While the decline in consumer demand has lifted the inventory of homes for sale, total active residential listings in the province are still relatively low by historical comparison.

Year-to-date, BC residential sales dollar volume was down 13.8 per cent to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6 per cent to 35,976 units, while the average MLS® residential price was up 3.4 per cent to $733,616.

https://www.youtube.com/watch?v=Ll0AjbUjt0o&feature=youtu.be

For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.\

For your Chilliwack, Agassiz, & Harrison Hot Springs Real Estate Needs call Shannon Babcock PREC.

Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2017

Here’s What Clients Are Saying about Working with Shannon – Recent Testimonial

Recent Testimonial

There are a few simple reasons why I keep using Shannon Babcock; she works tirelessly, she is 100% on point with details and paperwork, and she gets results. She not only knows the local Chilliwack market, but has strong roots and history in surrounding areas like Hope and Agassiz.

I’ve used her to sell and buy twice this month and not only does she represent my interests very well, she also makes sure to protect me from hidden traps in paperwork and small print. This can literally save me tens of thousands of dollars down the road. Thanks for everything Shannon!

IAN TAIT – Dad, Paramedic, Investor

Secondary rental suites to be allowed in most Chilliwack neighbourhoods

New zoning and secondary suites policy for Chilliwack cap off more than a year of study.

Secondary suites will now be permitted in most Chilliwack neighbourhoods dominated by single family detached homes.

The unanimous council vote Tuesday at city hall capped off more than a year of in-depth study on secondary suites, with the urgent goal of creating more affordable housing for Chilliwack.

“We are hopeful that these zoning amendments will ease some of the pressure on Chilliwack’s housing supply,” said Mayor Sharon Gaetz.

Regards,

SHANNON BABCOCK PREC
Buy Smart. Sell Smart.
Committed to Your Real Estate Success
Century 21 Creekside Realty
Cell: 604-795-1081
https://www.shannonbabcock.com
E-mail: shannonbsells@gmail.com
Twitter: @shannonbsells
President’s Club Award Winner 2008-2017

Full story below:

Secondary rental suites to be allowed in most Chilliwack neighbourhoods