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As expected the Bank of Canada has raised its trend setting interest rate. It jumped by another, outsized, three-quarters of a percentage point to 3.25%. This has triggered a series of knock-on effects in the lending and mortgage markets.

Original Article Source Credits: http://news.fvreb.bc.ca/

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Original Article Posted on: June 16, 2022

Link to Original Article: http://news.fvreb.bc.ca/member-updates/video-how-fast-is-the-market-shifting-our-latest-eye-on-the-market-breaks-it-down/

I received a very informative email from one of my favourite mortgage brokers, Angela Creed, that even I find insightful & informative:

It's been a bit of a wild time lately between the Federal Government releasing their 2022 budget and the Bank of Canada making their 3rd announcement of 2022 regarding lending policy. So I figured it was the perfect time to break down what's been happening and the affects.

For the third consecutive month, there has been an increase in listings, giving the buyer more choice.

White Rock, BC - With housing markets soaring all over Canada, Leanne de Souza Personal Real Estate Corporation of HomeLife Benchmark Realty Corp., White Rock is the top ranked real estate agent in White Rock for 2021. Leanne took the top spot over 15 other local realtors. She earned 12 reviews in 2021 to win the top rated Realtor spot for the year.

Rate-My-Agent.com analyzes all the ratings and reviews on the site annually to compile a list of the Top Real Estate Agents in White Rock. The rankings are determined by the reviews each agent received in 2021. Rate-My-Agent.com verifies all the reviews and throws out thousands of fake reviews. Buyers and sellers will find negative and positive reviews on the site so they can tell which agents to avoid and which agents will be a good fit.

(NC) Moving to a new place involves lots of changes, and it can take time to get used to your new surroundings, including new people, shops, parks and more. But living somewhere new is also an opportunity to explore and build community with your neighbours and in local spaces. Here are some tips to discover your area:

The Bank of Canada increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds on its balance sheet roughly constant until such time as it becomes appropriate to allow the size of its balance sheet to decline.

This week’s interest rate announcement by the Bank of Canada was almost universally expected to bring an increase; probably 0.25% but possibly as much as 0.50%.

Then Russia invaded Ukraine.

Happy New Year! It is still new, isn’t it?

The Fraser Valley Real Estate Board reports a balancing in the market for this past January 2022, with more listings.
Good news for buyers with more to choose from than previously.

While I certainly have hit the ground running, I have my fair share of buyers and I am looking forward to my first seller for 2022. Could it be you? Call me.

#CNOY22. Please join me in raising money for local residents experiencing hurt, hunger and homelessness.
Due to Covid restrictions, we are doing a socially distanced walk, 2 or 5 Km, Feb 25 - 27

Partner through my office, HomeLife Benchmark Realty corp White Rock or sponsor me directly. Any support is good support.
Thank you
Event details here.

Leanne deSouza Personal Real Estate Corp wishes you and your family a wonderful Holiday Season and a happy, healthy, and peaceful New Year 2022!

I can’t help but think of Mr. Sulu’s famous line to describe this past August’s Lower Mainland BC’s steady housing market, a continuation of what I wrote last month. And just like last month, the demand (buyers) out-numbers the supply (homes), yet sales remain steady. If the August housing market of 2021 were a movie, we could call it “July part II”.

Like Aesop’s winning tortoise, July 2021’s market was slow & steady (comparatively speaking to previous markets, and in 40 years!). It’s additionally an appropriate metaphor considering he’s a critter with his home on his back. Home buyers outnumbered home sellers as I remained busy with both, yet we might account for (as we say in Real Estate) “low inventory” due to the much deserved need for us to get away during this unprecedented historical period. You can learn all about it as I did in this month’s Fraser Valley Real Estate Board’s Statistics. Here’s hoping all the best that we enjoy the rest of the summer safely and securely. -Leanne

To borrow a metaphor from this month’s Fraser Valley Real Estate Board's Marketing Statistic article. 

Original Article Source Credits: http://news.fvreb.bc.ca/

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Original Article Posted on: June 16, 2021

Link to Original Article: http://news.fvreb.bc.ca/tips-tools/video-our-record-breaking-sales-streak-continued-in-may-but-there-are-signs-change-is-underway/

The Fraser Valley Real Estate Board reports sales have more than doubled since last year at this same time with an ever-increasing homes listed on the market to a buyer demand that remains the same.

Will it turn into a buyer’s market?

Whether or not you are buying your first home, there is often one step the weary home owner may overlook. Just one more decision in an already long line of decisions made. The offer for Mortgage Insurance Protection. What is it anyway, and why do I need it? The short answer is your lender may require you to have life insurance in place to cover the mortgage in the event the Mortgager (you) passes away before the mortgage is paid off. The lender wants the full mortgage paid off in the event of a death. Seems reasonable considering that a spouse may not qualify for a loan on their own, or continue to pay through the life of the mortgage for that matter. As a result they would like to know the mortgage will be paid in full. End of story.

While I am still “crazy busy” amidst regional record-breaking sales, are there signs of things slowing down? Still exponentially higher in sales than a year ago and breaking a record stretch since 2015 to 2016, there was a slight decrease since March 2021.