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

2020 BC ASSESSEMENT

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.

READ MORE:

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.

Retire Here! Double Wide backing nature #15-7610 Evans Road Sardis $125,000

Retire Here! Double Wide backing nature #15-7610 Evans Road Sardis  $125,000
Cul-de-sac Location & Backs Nature   1,300 sq. ft., 2 bath, 2 bdrm Double Wide Mobile

Drop by the **OPEN HOUSE** NOVEMBER 13th 2016 11-12:30 or Call Today

– Don’t Delay Viewing this Tidy 1981 Double Wide Home. Spacious 1300sf layout and TOP LOCATION, Tucked at the back of the cul-de-sac of this desirable 55+ retirement complex with RV Parking /Clubhouse.

Large Living & Din. Rm w/ huge windows, vaulted ceilings, a/c unit and wood beam accents, Open functional kitchen with wi pantry closet. Master Bedroom has big closets and large ensuite that includes sep. shower and soaker tub. The 2nd bedroom has access to 4 piece cheater suite, always a nice convenience.

double-wide-mobile-sardis-chilliwack-real-estateThe Family room leads to good sized deck with awning to enjoy year round, fully fenced yard, shed and hot tub that overlooks nature setting and trees.

Roof approx 5 years old, furnace recently serviced + 5 appls stay. CAN BE SOLD PARTIALLY FURNISHED TOO! PRIME SARDIS AREA, doctors, grocery stores, Chilliwack Malls, theatre & restaurants all close by, walk the Luckakuck Creek Trail & bus stop is at the road.

1 Pet okay up to 15 inches to shoulder and max 15 pounds.
Pad rental $547 includes water & sewer, snow removal and on-site manager. 65+ taxes are $100 per year Manager approval required. For a copy of the rules of the Cottonwood complex please email shannonbsells@gamil.com
or Give me a call 604-795-1081

Property information

Shannon Babcock
Buy Smart. Sell Smart.
Royal Lepage Wheeler Cheam
Visit www.shannonbabcock.com
Cell: 604-795-1081

How Much Home Can You Afford Under the New “Stress Test” Financing Qualification Rules

How Much Home Can You Afford Under New Mortgage Rules?

Useful chart by Canada’s biggest mortgage brokerage breaks down what you can get under new “stress test” financing qualification rules announced by the federal government

By

REW.ca

October 13, 2016
Mortgage Broker News
How Much Can You Afford

We love this super-useful chart by mortgage brokerage Dominion Lending Centres, which outlines how much you can get under the Bank of Canada’s posted interest rate (currently 4.64 per cent). This is the rate you’ll need to qualify under, if you have less than 20 per cent to put down, even though your contracted mortgage interest rate (what you’ll actually pay) will likely be much lower.

To use the chart, just select your household income from the column on the left. This is immediately followed to the right by how much that particular income would expect to qualify for under a rate of 4.64 per cent, in terms of a total mortgage balance (assuming a 25-year amortization). Tracing the line further right, you can see the total cost of the home you could afford under that new “stress test” rate, depending on your down payment percentage and amount.

 

https://www.mortgagebrokernews.ca/files/file/DLC-Change-of-Space-FAQs-Oct-13-2016-1.pdf

What is it?

Currently insured mortgages with a term of less than 5 years, and/or a variable rate mortgage had to qualify on the Bank Of Canada (B.O.C) rate.

Under the new Department of Finance regulations, all insured mortgages, regardless of term (fixed or variable) will now have to qualify on the B.O.C rate.

How does this affect a home buyer with less than 20% down payment?

The biggest effect will be on the amount that the home buyer will be able to qualify for. Previously, the five year fixed qualified at the lender contract rate. Now, the home buyer must qualify at the Bank of Canada Rate.

Previously, for example, a five year fixed mortgage at 2.39% rate, was qualified at a 2.39% rate, under the new rules a five year fixed rate mortgage at 2.39% must be “stress tested” by qualifying at the B.O.C posted rate (Currently 4.64%)

 

The Royal LePage National House Price Composite -Canada’s Housing Market Continues to Expand in Third Quarter in the Face of Regulatory Headwinds

Canada’s Housing Market Continues to Expand in Third Quarter in the Face of Regulatory Headwinds

In a tepid economy, the healthy real estate sector attracts taxation and regulation 

The Royal LePage National House Price Composite, compiled from proprietary property data in 53 of the nation’s largest real estate markets, showed that the price[2] of a home in Canada increased 12.0 per cent year-over-year to $545,414 in the third quarter of 2016.  The price of a two-storey home rose 13.7 per cent year-over-year to $649,635, and the price of a bungalow increased 11.0 per cent to $459,481. During the same period, the price of a condominium increased 5.8 per cent to $360,679.

“In what may be a final hurrah for this expansionary cycle, Greater Vancouver posted another quarter of unsustainably high price appreciation,” said Phil Soper, president and chief executive officer, Royal LePage. “Our widely followed house price composite showed that the median value of homes in the tiny West Vancouver suburb increased by nearly forty per cent – or an astonishing million dollars – year-over-year. That said, relief appears to be on the way. For months, the number of homes trading hands has been slowing on eroding affordability. And, slower sales volumes lead to moderating prices.”

“Nationally, our real estate markets remain healthy, with home values showing modest to strong (yet rational) price appreciation in almost every Canadian city,” Soper continued. “Even in the hardest hit oil patch regions, prices have held up well, with small single-digit declines, year-over-year.”

On October 3, 2016, Federal Finance Minister Bill Morneau announced new measures specifically designed to cool the country’s housing market and curtail foreign buying activity. These measures are meant to bring consistency to mortgage insurance rules by standardizing eligibility for high- and low-ratio insured mortgages, expanding stress tests, and improving tax fairness by removing the ability of non-residents to claim capital gain exemptions, which are only applicable to properties identified as principal residences.

“Consumer confidence suffered a direct hit when the federal government introduced new, more restrictive regulations in early October,” said Soper. “While it is too early to say definitively, it appears Canadian homebuyers are adjusting quickly, and that fears of a hard correction were unwarranted. While the changes are significant, major lenders may already be using similar criteria when writing mortgages in sensitive regions like Alberta and B.C., so the additional drag on the market resulting from the new legislation won’t be as great as it appears on the surface.”

Canada’s Real Estate Housing Market 2016 Royal Lepage
Shannon Babcock Real Estate  Read More @ https://www.royallepage.ca/realestate/news/canadas-housing-market-continues-to-expand-in-third-quarter-in-the-face-of-regulatory-headwinds/#.WBiTNI0zVdh

 

www.shannonbabcock.com Real Estate Listings & News Shannon Babcock Local Realtor – Providing Professional Service to Chilliwack, Agassiz, Harrison Hot Springs and Hope BC

Open House in Harrison Hot Springs Saturday October 8th 511 Cottonwood Ave

Photo Link

– We invite everyone to visit our open house at 511 Cottonwood Ave on October 8 from 11:00 AM to 14:30 PM.

Property information

FULLY RENO’D SWEET RETREAT KAWKAWA LAKESIDE HOME! CABIN CHIC $395,000 HOPE BC

Photo Link
Kawkawa Lake Hope BC

FULLY RENOVATED – CABIN CHIC!

•  900 sq. ft., 1 bath, 2 bdrm ranch – $395,000. KAWKAWA LAKESIDE SETTING

 

YOU’LL LOVE ESCAPING the HUSTLE & BUSTLE of the City…to this SWEET RETREAT LAKESIDE Beautifully Fully RENOVATED CABIN! Absolutely Picturesque Setting backing acreage nestled amongst mature trees and nature. Listen to the birds and sound of the delightful babbling creek from your wrap around porch and EXTRA LARGE DECK.

There’s a Perfect Blend of Modern Finishings ‘Comfy Cozy & Cabin Chic’ with 900sf, 2 Bedrooms and KIDS LOFT / STORAGE AREA. Extensive Updates with Attention to Detail INSIDE & OUT…RUSTIC CHARM and Great design appeal with cedar accents, open wood beams, soaring vaulted ceilings & abundance of tall windows to flood the home with natural light!

Be the First to Cook in the GORGEOUS BRAND NEW Large Kitchen, Decked Out with Quality Cabinetry, Deep Roll-Outs, Granite Countertops, Under Counter Lighting, Stylish Tile Backsplash and Stainless Steel Appliances. Ohhh La La Bathroom boasts a lovely vanity with double sinks and granite countertop PLUS awesome new soaker tub.

****ALL NEW**** Windows & Flooring including Extensive Engineered Hardwood + Tile

****ALL NEW**** Lighting, Interior Paint, Woodwork, Hot Water Tank, Water Treatment System

****ALL NEW**** Fridgeiair (6) Appliances, Baseboard Heaters, Support Posts + Insulation under home

Loads of parking for RV/Boat.

Only 1 block from watercraft fun and boat launch on beautiful Kawkawa Lake. Minutes to shopping, hospital and Recreation facilities

Give me a ring for more details!

Property information

Harrison Hot Springs REAL ESTATE NEWS

Photo Link Desirable Harrison Lake Estates •  1,629 sq. ft., 3 bath, 2 bdrm other – $269,900. Enticing Price… Welcome to Desirable Harrison Lake Estates! A top notch 55+ gated community with A+ clubhouse & lovely grounds just short distance to the beach, boat launch, trails, golf course and tennis courts. You’ll find ALL YOU NEED ON 1 LEVEL HERE at an Enticing Price with BONUS LOFT AREA. An abundance of windows, skylights, 9′ ceilings, plus high vaulted ceilings in the living rm/dining area makes this 1600+ retirement home Airy & Elegant. Extensive tile and laminate floors, corner gas feature fireplace, gourmet kitchen with convection oven and range with newer fridge, Bright Nook area, Bi vac and A/C. Ideal layout, large Mbdrm has 2 closets and 5 pc ensuite including sep. shower soaker tub and double sinks. Great Location in complex! The 2 sets of sliding doors lead to the fenced SW facing yard with covered patio and privacy hedging. You’ll enjoy the lovely scenery with Nice Mountain Views front & back. Double Garage, lots of visitor parking nearby and RV parking available. Carefree Easy Living Can Be Yours! BRING YOUR OFFER *Well run strata, all roofs replaced and skylights done along with interior and exterior fencing redone. Fp and furnace serviced in November,Hwt approx 3-4yrs old 2 pets okay (no height restrictions, No Rentals Harrison Hot Springs REAL ESTATE NEWS Call Shannon Babcock Royal Lepage Wheeler Cheam Realty Cell: 604-795-1081 www.shannonbabcock.com Property information