I have sold a property at 306 1500 OSTLER CRT in North Vancouver.
HUGE, FULLY RENOVATED, CONCRETE, CORNER UNIT SHOWHOME! NEW high end kitchen with Corian counters, Miele d/w, double Kitchen Aid convection wall ovens & SxS fridge, radiant heated tile floor in kitchen and the NEW bathroom with soaker tub & ALL new fixtures. NEW engineered oak hardwood flooring, all NEW doors, trim & hardware. Updated modern lighting throughout. 1138 sq ft on ONE level + 340 sq ft of private outdoor space! 2 side by side parking stalls! This immaculate and luxurious one bedroom and den (has been used as a second bedroom) home is ready to move in! Located in an extremely quiet and serene setting, just minutes away from Parkgate Shopping Centre, Northlands Golf Course, Seymour Mountain and a trail's walk to Deep Cove. Tremendous value - Don't miss out!
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I have listed a new property at 2306 525 FOSTER AVE in Coquitlam.
Brand new, 1 bedroom, VIEW condo in Lougheed Heights by Bosa Properties. Innovative design & modern living featuring a European inspired kitchen that boasts a gas cooktop, Euro appliances, engineered stone countertops, a gas cooktop, stainless under mount sink & stylish task lighting. There is modern seamless wood (laminate) flooring throughout the main living areas & handset porcelain floor tiles in the bath. The bathroom has an upgraded stand alone shower & a custom vanity cabinet w/sliding mirror. Over 24,000 sq.ft. of social & health focused space includes an outdoor pool, outdoor fireside lounge w/ loungers & cabanas, BBQ area, music rooms, fitness centre, basketball & hockey sport court, sauna, & steam room. The bldg comes w/a furnished guest suite & concierge. GST included.
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I have listed a new property at 7541 GARNET DR in Sardis.
Welcome to your new home. This centrally located rancher backs onto a creek for lots of privacy and is walking distance shopping. The home has 2 bedrooms and 2 full baths, a huge living room, good size eat-in kitchen. New cloths washer & Dishwasher, 35 year roof installed in 2008. The double garage will easily fit 2 cars and lots of parking on the driveway. Super clean and ready for you!
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To all of my friends, clients, and colleagues;  

I recently came across an article  about our current situation right now and I wanted to share it with you.  So, here it is:

The recent events created from the spread of the coronavirus, or otherwise known as COVID-19 is a perfect example of just how fragile we humans are, on a planet that is reminding us that nature and physics are in control.

Unfortunately, even with our advanced technology, it’s still going to take a while before a vaccine is created. This is a very dangerous virus. It’s going to take its toll. Until the vaccine arrives, it’s imperative that we do everything we can to not get infected, or not infect someone else.

Eventually we’ll get through this and if we learn from it, our way of life, our health, and the economy will be better off. The one glimmer of hope that comes from this pandemic, is the way that people of different nations, political stripes, ideologies, and religions have come together cohesively to battle for the health and common good of all, as it is the only way.


The world is also facing another monster, it’s called ‘man-made climate change’. Let us hope that the lessons learned and the commonality that we all now identify with will incentivize all of us who occupy this glorious world, not only to cherish and take care of it, but to use it sustainably, not only to benefit our species, but all species.

If we’re going to save ourselves and the species of earth from climate change and future catastrophic events, again we’ll have to come together and work as one, as it is the only way.

And as we adjust and adapt to the new normal of social distancing and renewed hygiene, which we should have probably been doing anyways, we can reflect that we’re not doing this for ourselves, but for others.

And if we continue to put the health and wellbeing of others in our wheelhouse, we’ll have not only have saved future generations from catastrophic climate change, but we’d actually set an example and provide a template for all generations to come.

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While Metro Vancouver* home sale and listing activity remains limited by the COVID-19 situation, we REALTORS® across the region are fast adopting new tools and practices to help advise and serve our clients in a responsible way. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020. 

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982. 

Predictably, the number of home sales and listings declined in April given the physical distancing measures in place.  People are, however, adapting. They’re working with us to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.

Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic. 

We’re seeing more innovation in today’s market.  We are using different technology to showcase homes virtually, assess neighbourhood amenities  and handle paperwork electronically with our clients.  

There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606). 

For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 per cent for apartments. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020. 

Home prices have held relatively steady in our region since the COVID-19 situation worsened in March.  

Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020. 

Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020. 


Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020.  





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Clients often ask this question.  Historically variable rates have outperformed fixed rates to the advantage of the client.  There is some logic to this because the client is the one taking the risk of future rate increases compared to the lender. 

If you are a person who would prefer to know exactly what your monthly payment will be, then you would likely be better off with a fixed rate.  Fixed rates are most often recommended for First Time Home Buyers because it is one less thing to worry about.  On the other hand, if you are comfortable with some fluidity to your payments then perhaps a variable rate is more appropriate for you.
 
The current Covid crisis presents a unique position for whether a fixed rate or a variable rate is better.  Most economists are forecasting that it is highly unlikely the Bank of Canada will raise the Key Interest Rate in the next 12 months, with others arguing it could be as long as 24 months. The logic is that the economy will take about that long to recover and the Bank of Canada won't want to do anything to hamper the recovery.  With this in mind, if you can get a variable rate mortgage for 2.45% (as opposed to a 2.84% fixed rate) then you would be saving yourself almost 40 bps in interest for the near future.
 
Prime rates (and as such the effective variable rate) will eventually rise.  And when they do, they usually do so in increments of 25 bps - so the big savings you thought you had can be wiped out pretty quickly.  Potentially you can convert your mortgage from a variable rate to a fixed rate with the same lender with no penalty.  Many lenders (but not all) allow this benefit.  So if you do want this "out" make sure you check to see if your lender does allow it.
 
Keep in mind that many economists are forecasting that lenders will continue to reduce their fixed rates, so some clients are proceeding with a variable rate mortgage in the short term and then will convert to a fixed interest rate in another 6-8 months once they feel the fixed rate is a good rate for them.

If you have questions about your mortgage, feel free to reach out and I'd be happy to put you in contact with a Mortgage Broker to discuss your options at no cost or obligation to you.  


 
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