Spring has officially sprung and with it the Real Estate market has picked up! In the spring we typically begin to see the market’s inventory become more saturated, an increase in buyers and a sense of urgency to buy. Below are the statistics for March for detached homes.
In comparison below are February’s statistics, showcasing a clear growth especially in the Langley, Cloverdale and Abbotsford area.
Another area that has been of interest over the past few months is the foreign buyers tax’s overall effect. The interest of foreign buyers appears to be levelling off, as they accounted for little more than three per cent of both the value and number of all transactions, according to the most recent property transfer tax data.
It is still unclear of the overall effect of the tax and how the recent announcement of the exemption from the tax if one is a skilled worker here under the provincial nominee program and/or is a foreign national who obtained permanent Canadian residency within a year of living in Canada. To learn more about the exemptions check out this article.
Back to the Fraser Valley though! This month shows the general growth of the market and the increase in overall sales. This will continue over the next few months making it a great time to put your home on the market! It is a great time to look at selling your home and by partnering us at Young Real Estate we promise to work with you to sell your home for more!! #SellingHomesForMore
This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:
- Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
- The province has started accepting applications, started on January 16, 2017.
- To qualify, buyers must:
- be buying their first home
- obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
- have a combined gross household income not exceeding $150,000
- have saved a down payment amount at least equal to the loan amount
- be a Canadian citizen or permanent resident for at least five years
- have lived in BC for at least the full year preceding their application.
- The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
- The Facts:
- The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
- The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
- After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
- Loans through the program are due after 25 years.
- The Application:
- Applicate/purchaser applies for loan
- Expected fees are $560.00
- Expected turnaround time is 5 days
- Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
- Applicants selects a home and writes offer.
- Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
- BC Housing will send instructions to lawyer/notary 4 days before closing date
- Please allow extra time if your client is applying for the program for subject removals.
For easy reference, please view the PDF Flow chart, power point, and scenario’s.
If you or someone you know has questions about this program, please contact me. I would be delighted to help!