Please visit our Open House at 6513 IRON ST in Sardis.
Open House on Saturday, November 17, 2018 1:00PM - 3:00PM
Welcome to the new subdivision "Higginson Estates". This subdivision is full of tastefully designed contemporary homes. Close to many amenities. This home features 5 bedrooms and 4 bathrooms. It is beautifully designed with an open concept layout with vaulted ceilings and top notch finishing's including quartz counter tops and stainless steel appliances in the gorgeous kitchen. Perfect for entertaining. Enjoy a fully covered deck with a gas BBQ hookup. The home also has a 2 bedroom legal basement suite. Perfect for extended family or a mortgage helper.
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Please visit our Open House at 6513 IRON ST in Sardis.
Open House on Sunday, November 18, 2018 1:00PM - 3:00PM
Welcome to the new subdivision "Higginson Estates". This subdivision is full of tastefully designed contemporary homes. Close to many amenities. This home features 5 bedrooms and 4 bathrooms. It is beautifully designed with an open concept layout with vaulted ceilings and top notch finishing's including quartz counter tops and stainless steel appliances in the gorgeous kitchen. Perfect for entertaining. Enjoy a fully covered deck with a gas BBQ hookup. The home also has a 2 bedroom legal basement suite. Perfect for extended family or a mortgage helper.
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Please visit our Open House at 6525 IRON ST in Sardis.
Open House on Sunday, November 18, 2018 1:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Beautiful home w/2 bed legal suite! Exterior offers quality hardi panelling/siding & remarkable stone! Tonnes of extras in this thoughtfully designed home w/built in: pot filler, waster containers, dining room hutch, mud-room cabinets/hooks more! Garage floor fully finished and sealed for ultimate convenience. Grand 7 ft wide fireplace soars from the ceiling to floor. Energy efficient LED lights used. Oversize island w/soft close drawers is perfect for entertaining & huge walk-in pantry for storage. Mosaic back-splash & quality tiles/fixtures used throughout. Lavish ensuite w/soaker tub is spa-like. Roughed in for A/C & Security. Bsmt suite even has private outdoor space below the deck! Appliances included: ask for package.
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Please visit our Open House at 6519 IRON ST in Sardis.
Open House on Sunday, November 18, 2018 1:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Beautiful home w/2 bed legal suite! Exterior features extravagant longboard siding! Tonnes of extras in this thoughtfully designed home w/built in: pot filler, waster containers, dining room hutch, mud-room cabinets/hooks more! Garage floor fully finished and sealed for ultimate convenience. Grand 7 ft wide fireplace soars from the ceiling to floor. Energy efficient LED lights used. Oversize island w/soft close drawers is perfect for entertaining & huge walk-in pantry for storage. Mosaic back-splash & quality tiles/fixtures used throughout. Lavish ensuite w/soaker tub is spa-like. Roughed in for A/C & Security. Bsmt suite even has private outdoor space below the deck! Appliances included: ask for package.
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Please visit our Open House at 6531 IRON ST in Sardis.
Open House on Sunday, November 18, 2018 1:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Chilliwack's newest premier subdivision in beautiful Sardis! Quality construction throughout this home - featuring 4 beds upstairs - 2 with ensuite baths including the master w/lavish ensuite & soaker tub. Main floor features a functional plan w/spacious den, & an open concept living/kitchen/dining area. Off the dining room, enjoy a huge fully-covered deck w/gas BBQ hookup & ceiling fan. Tastefully designed with designer lighting, tiled gas F/P, & beautiful kitchen w/polished quartz counters. Basement offers a legal 2 bedroom suite. Appliance package included, ask for details!
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Please visit our Open House at 45944 BIRDIE PL in Sardis.
Open House on Sunday, November 18, 2018 1:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Chilliwack's newest premier subdivision in beautiful Sardis! Offering 7 homes to choose from-ready to move in Spring 2018! Encompassing quality construction these contemporary homes have lots to offer. Homes range from 5-6 bedrooms incl 2 bedrooms legal suites w/ plenty of room for the whole family. All of this, nestled next to Kinkora Golf Course yet minutes to all necessary amenities. Homes feature great rooms with floor to ceiling tiled gas fireplaces, designer lighting, beautiful kitchens with polished quartz counter-tops & a built in pot filler for ultimate convenience. Above, the lavish en-suite offers frame-less glass showers with mosaic tile floors & spacious soaker tub with elegant chandeliers. Appliances INCLUDED - ask about the appliance package details.
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700,000 millennials in the GTA alone could leave their parents’ homes in the next decade, creating a massive shortfall in low-rise dwellings


Millennials have earned a reputation for being slow to leave their parents’ basements, but as the generation begins to grow older, things may be about to change.


A recent report revealed that in the Greater Toronto and Hamilton Area (GTHA), a conurbation of seven million persons, as many as 700,000 millennials could leave their parents’ homes in the next 10 years, creating nearly 500,000 new millennial-led households.


Without changes to the pace of home construction, the region could as a result be faced with a shortfall of 70,000 low-rise dwelling units.


The report, by Ryerson University’s Centre for Urban Research and Land Development, pegged the number of millennials in the region at 1.9 million — meaning they outnumbered the baby boomers and constituted the largest source of housing demand.


But are millennials really that different from the generations that preceded them? Research from the U.S., for instance, suggests that millennials are ditching car purchases and instead prefer public transit and ridesharing alternatives.


 

A closer look at consumption patterns, however, revealed that millennials were not necessarily abandoning car ownership, but were rather delaying it.


The same is pretty much true for millennials’ homeownership in Canada: They are not necessarily abandoning it, they are simply delaying it.


According to census data, in 2016, 50.2 per cent of those in their thirties owned their homes. In comparison, 55.5 per cent of baby boomers owned a home at age 30.


In 1981, 44.4 per cent of the then young baby boomers lived in single detached homes. That share dropped to 35 per cent for the millennials in 2016.


This, however, does not suggest a shift in preferences, but in timing.


Consider that the 2016 Census reported that whereas 43.6 per cent of 20- to 34-year-olds owned homes, homeownership jumped to 76.3 per cent for 35- to 54-year-olds. Similarly, the Royal Lepage Peak Millennial survey in 2017 revealed that 61 per cent of those aged 25 to 30 (peak millennials) would prefer owning a detached home, though only 36 per cent believed they would be able to afford one.


Housing affordability remains a formidable challenge for millennials. An analysis of housing markets by Brookfield RPS revealed that even during a relatively short period between 2012 and 2017, the amount of shelter space you could buy for $350,000 declined across all major urban markets in Canada. Toronto and Vancouver reported the steepest decline.


The millennials though face a host of additional challenges. In addition to the steep rise in home prices, stagnant wages, precarious employment brought about by the sharing economy, and the expected shifts in labour markets resulting from automation and AI are some of the factors that have influenced their lifecycle decisions.


At the same time, millennials are the most educated cohort and the largest segment of the labour force. Though they make up only 27 per cent of the population, they represent 37 per cent of the labour force. More than 75 per cent of the young women and 65 per cent of the men have received post-secondary education. Still, millennial wages are no better than the relatively less-educated cohorts that precede them.


A lack of full-time employment opportunities that pay wages sufficient to save for home ownership is perhaps keeping the millennials longer in the education system. Currently, nearly two million millennials are pursuing post-secondary education in Canada. This is twice as many Gen Xers when they were at a similar stage in their development.


The millennials are certainly not without help. Analysis of First Time Home Buyer’s finances reported by the Ontario Securities Commission revealed that the millennials are indeed a ‘gifted’ generation as they received large amounts as gifts from family to help them with home purchases. Whereas 31 per cent of the baby boomers and 37 per cent of the Gen Xers received gifts to assist with first home purchase, 45 per cent of millennials received a hand.


Cheap and plentiful mortgage credit also helped. For households under the age of 35, mortgage debt jumped from $141 billion in 2005 to $240 billion in 2012. The non-mortgage debt for the same cohort increased by a mere $10 billion to $60 billion during the same time.


Over time and at a slower rate, the millennials are conforming to lifestyles and preferences of cohorts that preceded them. Millennials are not much different, just delayed.





Source:https://business.financialpost.com/real-estate/millennials-arent-abandoning-home-ownership-just-delaying-it-and-the-coming-wave-will-be-huge?video_autoplay=true

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Home prices in the city are increasing rapidly as jobs draw in Metro Vancouver migrants and new immigrants alike


Abbotsford, B.C.’s third-largest metropolitan area and Canada’s blueberry and raspberry capital, has seen its role as a manufacturing and logistics hub challenged by a surge in residential real estate demand. It’s become a magnet for residents from Metro Vancouver, and new immigrants, drawn by lower house prices and transit improvements that have cut the commute to Vancouver to under an hour. In 2016, Abbotsford average home prices soared 27 per cent and starts were up 24 per cent from a year earlier.   







Source: https://www.westerninvestor.com/where-to-invest/abbotsford-agriculture-and-logistics-drive-population-and-real-estate-activity-1.19972518

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I have listed a new property at 35515 ZANATTA LANE in Abbotsford.
Great Value! 3 storey home right across from Delair Park is only 7 years old. Main offers an open concept plan with a living, family, & dining room. Large windows make the space bright. GOURMET kitchen features granite counters, HUGE center island with breakfast bar and high end Fridgidaire Pro Series S/S appliances! Upper floor boasts 4 beds & a wrap around sundeck with Mt.Baker views. HUGE Master Bedroom will WOW you - includes WIC & an ensuite w/ a soaker Jacuzzi tub! 1 bed & 2 bath bsmt suite below is a great mortgage helper. Plenty of outdoor space with 3 large balconies - and fenced side yard. Call today for your private viewing!
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Please visit our Open House at 35515 ZANATTA LANE in Abbotsford.
Open House on Sunday, November 18, 2018 2:00PM - 4:00PM
Great Value! 3 storey home right across from Delair Park is only 7 years old. Main offers an open concept plan with a living, family, & dining room. Large windows make the space bright. GOURMET kitchen features granite counters, HUGE center island with breakfast bar and high end Fridgidaire Pro Series S/S appliances! Upper floor boasts 4 beds & a wrap around sundeck with Mt.Baker views. HUGE Master Bedroom will WOW you - includes WIC & an ensuite w/ a soaker Jacuzzi tub! 1 bed & 2 bath bsmt suite below is a great mortgage helper. Plenty of outdoor space with 3 large balconies - and fenced side yard. Call today for your private viewing!
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Please visit our Open House at 7 9299 WOODBINE ST in Chilliwack.
Open House on Saturday, November 17, 2018 1:00PM - 3:00PM
Welcome to Woodbine Court! Only 12 units in this quiet strata. This beautifully maintained suite is move in ready with newer windows, updated powder room, new full size LG washer and dryer and new hot water tank both with remaining warranty. Fantastic fenced private backyard with lovely patio (24' x 10'). Beautifully landscaped and plenty of room for BBQing. Spacious single car garage, with extra space for storage. More storage over foyer. Pets welcome (under 10kg) in this 35+ building. Call for your private viewing!
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Please visit our Open House at 6525 IRON ST in Sardis.
Open House on Saturday, November 17, 2018 2:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Beautiful home w/2 bed legal suite! Exterior offers quality hardi panelling/siding & remarkable stone! Tonnes of extras in this thoughtfully designed home w/built in: pot filler, waster containers, dining room hutch, mud-room cabinets/hooks more! Garage floor fully finished and sealed for ultimate convenience. Grand 7 ft wide fireplace soars from the ceiling to floor. Energy efficient LED lights used. Oversize island w/soft close drawers is perfect for entertaining & huge walk-in pantry for storage. Mosaic back-splash & quality tiles/fixtures used throughout. Lavish ensuite w/soaker tub is spa-like. Roughed in for A/C & Security. Bsmt suite even has private outdoor space below the deck! Appliances included: ask for package.
Read full post

Please visit our Open House at 6519 IRON ST in Sardis.
Open House on Saturday, November 17, 2018 2:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Beautiful home w/2 bed legal suite! Exterior features extravagant longboard siding! Tonnes of extras in this thoughtfully designed home w/built in: pot filler, waster containers, dining room hutch, mud-room cabinets/hooks more! Garage floor fully finished and sealed for ultimate convenience. Grand 7 ft wide fireplace soars from the ceiling to floor. Energy efficient LED lights used. Oversize island w/soft close drawers is perfect for entertaining & huge walk-in pantry for storage. Mosaic back-splash & quality tiles/fixtures used throughout. Lavish ensuite w/soaker tub is spa-like. Roughed in for A/C & Security. Bsmt suite even has private outdoor space below the deck! Appliances included: ask for package.
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Please visit our Open House at 135 51075 FALLS CRT in Chilliwack.
Open House on Saturday, November 17, 2018 1:00PM - 3:00PM
Welcome home! Spectacular unobstructed panoramic views of the entire valley including view of the green at The Falls Golf & Country Club. Enter from gorgeous Portico to the Great Room featuring 13' coffered ceiling. Cozy up by one of the fire places and enjoy stunning sunsets. Entertain your guests in this open concept kitchen complete with coffee station, ample storage for foodie gadgets, chefs' pantry, conveniently located laundry/mud room. Desired Master on main with gorgeous spa-inspired ensuite and oversized walk-in closet. Granite counters throughout. Soundproof media room, large rec/games room. Basement roughed in for 2 bdrm Legal suite or customize for your hobbies or home gym. Enjoy 3 massive patios and RV parking too!
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Please visit our Open House at 6531 IRON ST in Sardis.
Open House on Saturday, November 17, 2018 2:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Chilliwack's newest premier subdivision in beautiful Sardis! Quality construction throughout this home - featuring 4 beds upstairs - 2 with ensuite baths including the master w/lavish ensuite & soaker tub. Main floor features a functional plan w/spacious den, & an open concept living/kitchen/dining area. Off the dining room, enjoy a huge fully-covered deck w/gas BBQ hookup & ceiling fan. Tastefully designed with designer lighting, tiled gas F/P, & beautiful kitchen w/polished quartz counters. Basement offers a legal 2 bedroom suite. Appliance package included, ask for details!
Read full post

Please visit our Open House at 45944 BIRDIE PL in Sardis.
Open House on Saturday, November 17, 2018 2:00PM - 4:00PM Open house is at the show home at 6525 Iron Street.
Chilliwack's newest premier subdivision in beautiful Sardis! Offering 7 homes to choose from-ready to move in Spring 2018! Encompassing quality construction these contemporary homes have lots to offer. Homes range from 5-6 bedrooms incl 2 bedrooms legal suites w/ plenty of room for the whole family. All of this, nestled next to Kinkora Golf Course yet minutes to all necessary amenities. Homes feature great rooms with floor to ceiling tiled gas fireplaces, designer lighting, beautiful kitchens with polished quartz counter-tops & a built in pot filler for ultimate convenience. Above, the lavish en-suite offers frame-less glass showers with mosaic tile floors & spacious soaker tub with elegant chandeliers. Appliances INCLUDED - ask about the appliance package details.
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Please visit our Open House at 7055 RIDGE DR in Burnaby.
Open House on Saturday, November 17, 2018 2:00PM - 4:00PM
Breathtaking brand new view home in North Burnaby! UNOBSTRUCTED VIEWS from the rear & a spectacular private rooftop patio to take it all in. This home offers a functional floor plan; on the main the huge kitchen overlooks the views to the north, and even offers a WOK kitchen. Above, offers 3 beds & 2 baths including an ensuite with soaker tub & frame-less glass shower + access to your private roof top deck. Below offers a media room with wet bar & 2 bed legal suite! Features include radiant heating on all levels, HRV & air conditioning! Great attention to detail & design throughout. Close to Simon Fraser University, transit, parks & great restaurants on Hastings. Not many new homes in this neighborhood, act fast.
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Please visit our Open House at 6513 IRON ST in Sardis.
Open House on Saturday, November 10, 2018 12:30PM - 2:30PM
Welcome to the new subdivision "Higginson Estates". This subdivision is full of tastefully designed contemporary homes. Close to many amenities. This home features 5 bedrooms and 4 bathrooms. It is beautifully designed with an open concept layout with vaulted ceilings and top notch finishing's including quartz counter tops and stainless steel appliances in the gorgeous kitchen. Perfect for entertaining. Enjoy a fully covered deck with a gas BBQ hookup. The home also has a 2 bedroom legal basement suite. Perfect for extended family or a mortgage helper.
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Please visit our Open House at 7055 RIDGE DR in Burnaby.
Open House on Saturday, November 10, 2018 2:00PM - 4:00PM
Breathtaking brand new view home in North Burnaby! UNOBSTRUCTED VIEWS from the rear & a spectacular private rooftop patio to take it all in. This home offers a functional floor plan; on the main the huge kitchen overlooks the views to the north, and even offers a WOK kitchen. Above, offers 3 beds & 2 baths including an ensuite with soaker tub & frame-less glass shower + access to your private roof top deck. Below offers a media room with wet bar & 2 bed legal suite! Features include radiant heating on all levels, HRV & air conditioning! Great attention to detail & design throughout. Close to Simon Fraser University, transit, parks & great restaurants on Hastings. Not many new homes in this neighborhood, act fast.
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Muhammad Arif Omari, a driver from Edmonton, was set to renew his mortgage in September when he was told he wouldn’t be able to switch to a new lender offering a lower rate because he was self-employed.


Mr. Omari, a truck driver who did not like the long stretches away from home, quit his job over the summer after many years, with plans to become a self-employed cab driver. But he soon learned no new lender would approve a mortgage under the circumstances, despite the fact he had enough savings to cover payments and other household expenses, and his wife was employed.


"I was told [by a mortgage broker], ‘Just stick with your bank. No matter that the interest rate is greater – you have no other choice for now,’ ” he says. Being unable switch lenders meant renewing at a rate that was 25 basis points higher than what a competitor would have offered (100 basis points equal one percentage point).

 

New guidelines from Canada Mortgage and Housing Corp. (CMHC) come into effect Monday that could make it easier for self-employed borrowers such as Mr. Omari to qualify for financing. The changes apply to borrowers putting down less than a 20-per-cent down payment and seeking CMHC’s high ratio default insurance, as well as, in certain cases, where borrowers are putting down more than 20 per cent but default insurance is required by the lender.


The move falls in line with the federal government’s Canadian Housing Strategy, a 10-year, $40-billion plan to help more Canadians access affordable housing.

 

Prior to Monday’s changes, it was tricky for prospective borrowers to get a loan if they had been self-employed for less than 24 months. The new enhancements allow newly self-employed people to be considered through additional factors such as whether they acquired an established business, whether they have enough cash reserves or predictable earnings, and what kind of training and education they have.


In addition, various income documentation can now be included to help satisfy the necessary requirements, such as Canada Revenue Agency’s notice of assessment and the Statement of Business or Professional Activities (form T2125).


“We felt that there is a definite need to address this particular demographic and to make sure they get a fair chance at qualifying for financing,” said Olga Coulter, a senior account manager at CMHC.


According to the agency, some 15 per cent of Canadians – entrepreneurs, doctors, small-business owners and many others – are considered to be self-employed. That percentage is projected to increase, owing to the growing

“gig” economy.


Those in the self-employment and housing sectors welcome the changes, saying it opens the door for self-employed individuals who have the means but were previously unable to qualify.

 

“We had experienced a lot more difficulty or push-back from the lenders … it makes mortgage brokers not like to deal with self-employed people as much,” said Nalie Nguyen, an executive director at broker Dash Mortgage, who added the new guidelines should ease some of those challenges.


Ms. Coulter emphasizes that the new changes are only guidelines, and that lenders and other CMHC partners have leeway to interpret and apply them at their own discretion. “They can choose to take them the way they are, they can choose to add their own enhancements to it, they can choose to add only a portion,” she said.


Toronto-Dominion Bank, for example, said in an e-mail statement that it reviews all potential borrowers on a case-by-case basis, and that it would be making changes “to reflect some of CMHC’s new guidelines," including looking at documents, such as the personal income tax T1 General Form, to help meet requirements.


Ted Mallett of the Canadian Federation of Independent Businesses says limited options for borrowing have long been a concern for self-employed individuals. “It may have pushed people towards the shadow banking sector, the Wild West,” said Mr. Mallett, the organization’s vice-president and chief economist.


Alternative lenders tend to charge higher interest rates, which can boost costs considerably. According to Justin Thouin, chief executive of rate-comparison site LowestRates.ca, a borrower in Toronto or Vancouver paying an extra percentage point could pay $5,000 more in interest a year, and more than $125,000 extra over 25 years.


The CMHC enhancements follow new federal guidelines that took effect at the start of this year, which required major lenders to apply a “stress test” to potential borrowers.

 

David Binn, a real estate agent in Toronto for more than a dozen years, said he experienced firsthand the double impact of being both self-employed and getting a mortgage under the tighter rules.


“I’ve done quite well over the last number of years, and the amount of scrutiny I was put under to purchase a home was mind-boggling,” said Mr. Binn, a realtor at The Binns Group with Keller Williams Advantage Realty brokerage.


“It’s so refreshing the CMHC is finally recognizing that self-employed people play such a vital role in the Canadian economy.”






Source:https://www.theglobeandmail.com/business/small-business/money/article-new-cmhc-guidelines-could-open-doors-to-financing-for-self-employed/

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