WELCOME to 4052-4054 OXFORD STREET in Port Coquitlam. This NON-STRATA DUPLEX located across from GREENBELT offers it all! Original owner. Updated through the years. Priced at assessment. This large FLAT LOT is over 8,500 square feet with two driveways. Great RENT potential for an INVESTOR, SUBDIVISION POTENTIAL from RS1 to RS2 (2 lots) for a developer. For more potential options contact Port Coquitlam City Hall. Great family home with two full size homes in one! Perfect for an EXTENDED FAMILY. Great Opportunity! IMAGE THE POSSIBILITIES!

30-year mortgage amortization period extended for all first-time homebuyers and all new construction purchasers, plus a $500,000 increase to the insured mortgage cap

Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy. 

On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.

By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing. 

This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.

Insured mortgage cap increased to $1.5 million 

In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million. 

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”

Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million. 

“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. 

“The implementation of these new rules will likely follow another cut to interest rates, or two.  The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”

Do you qualify under the new mortgage policies?

In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:

• The borrower has never purchased a home before.
• In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.
• If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.
• To be considered a new construction property, the new home must not have been previously occupied for residential purposes.

Thirty-year amortizations were first announced in the 2024 federal budget released earlier this year, alongside other housing measures for Canadians. Read more about all of the proposed housing measures here. 

Sales of luxury homes were up in the first eight months of 2024 compared to the same period last year in most major cities

From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.

According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.

Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.

Luxury buyers feel boost of confidence, fueling sales

According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.

“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.

“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”

Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.
• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.
• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.
• 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets

Canada’s central bank has made a third cut to its overnight lending rate this year, lowering borrowing costs for existing and aspiring homebuyers yet again.

In its scheduled September 2024 announcement, the Bank of Canada dropped the target for the overnight lending rate by 25 basis points to 4.25%.

In July, Canada’s Consumer Price Index rose 2.5% year-over-year, increasing at the slowest pace since March 2021. Continued easing of inflationary pressures were a contributing factor of the Bank’s decision to lower interest rates by another 25 basis points.

“Our decision reflects two main considerations. First, headline and core inflation have continued to ease as expected. Second, as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy so inflation returns sustainably to the 2% target. Inflation continues to reflect the push and pull of opposing forces. Overall weakness in the economy continues to pull inflation down. But price pressures in shelter and some other services are holding inflation up,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement.

“If inflation continues to ease broadly in line with our July forecast, it is reasonable to expect further cuts in our policy rate. We will continue to assess the opposing forces on inflation, and take our monetary policy decisions one at a time,” he continued.

Listed for $1,788,000.00

Welcome to 4052-4054 Oxford Street in Port Coquitlam. This Non-Strata Duplex located across from greenbelt offers it all! Original owner. Updated through the years. Priced at assessment. Lot is over 8,500 square feet. Great rent potential for an investor, subdivision potential from RS1 to RS2 (2 lots) for a developer. For more potential options contact Port Coquitlam City Hall. Great family home with two full size homes in one! Perfect for an extended family. Great Opportunity!

Call for more details

Listed $679,000.00

SPACIOUS TOP FLOOR BRIGHT CORNER UNIT with VAULTED 2 bed & 2 full bath condo. Located at Huntington West on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace+VAULTED ceiling. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom for your king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 PARKING spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood. OPEN HOUSE SUNDAY SEPT 8th 1:00-4:00pm

Curb appeal encompasses the attractiveness, charm, and overall visual impact of a property’s exterior. It can include landscaping, architectural features, cleanliness, maintenance, and exterior design elements, all of which contribute to the initial impression potential buyers or visitors have of the home.

A change of the season often brings a change in décor, maintenance and care for your outdoor space. Whether you’re preparing to sell your house, or simply take pride in a well-kept home, there are many simple solutions to make your home’s exterior sparkle this summer.

Here are five ways to improve curb appeal:

1. Touch up the driveway

Your driveway is the first thing you’ll see when you arrive at your home, making it one of the most important exterior elements to give attention to when improving your property’s curb appeal.

Clean the driveway with a pressure-washer to get rid of dirt and debris. This may be all you need to do! However, if there are any cracks, loose stones or bricks, be sure to repair or replace them. You could also choose to have your driveway sealed to freshen up the look of it while providing protection against deterioration.

A rock garden or hedge can further enhance the aesthetic appeal of the driveway, lending a natural and visually-pleasing border that complements the existing landscaping.

2. Gussy up your grass and gardens

An overgrown lawn full of weeds can be unsightly and is often unappreciated by neighbours. Give your lawn some love by seeding, fertilizing and aerating the grass. Be sure to water your lawn enough for new grass to grow and old grass to remain healthy.

Revitalize existing gardens with fresh mulch and a new plant or two! If you’re starting from scratch, an expert tip to keep your garden looking wonderful and weedless is to lay down landscaping fabric. This will allow water and air to penetrate the soil, while keeping weeds from popping through.

3. Add character to your front entrance

This is the place you can pour your heart into – the area that greets you every day when you come home, and is the space that invites guests in. You want your front entryway to be warm and welcoming.

Always clean up the space first, removing any clutter or cobwebs, repairing or replacing anything that is broken, and swapping burnt out bulbs in outdoor light fixtures.

Take your front entrance style a step further and paint your front door in a colour that pops. Painting the door not only brightens the home’s facade, but also protects the door from environmental damage.

Next, decorate! Add hanging or potted plants, some comfortable seating if the space allows, and a seasonal wreath as the finishing touch.

4. Update the deck and patio

Pressure wash the patio and deck to remove dirt and any uneven surfaces of the wood. Add a fresh coat of protective stain to the deck, and weed between patio stones. While you have the pressure washer out, consider cleaning off the siding and windows too.

Clean, refinish or replace any weathered patio furniture and arrange them so they’re ready to be enjoyed.

Add potted plants to your deck or patio space for privacy. When large enough, they can provide a barrier from neighbours. They also add to the aesthetic of the space and are appreciated by bees, birds and butterflies.

5. Amp up your lighting

Outdoor lighting can bring your home from looking drab to looking fab after the sun goes down!

Pot lights under the eaves will illuminate the entire exterior, adding a touch of grandeur to your home.

Installing solar powered lights along the driveway or path to the front door is not only welcoming, but also makes it easier to see where you’re going at night. If space permits, try adding a pendant light to your front porch — it’ll make for a cozy and inviting entrance.

The subtle light given off by lanterns or twinkle lights will make your home’s patio, deck or backyard a usable outdoor space for relaxing or entertaining guests.

As you work to enhance your home’s curb appeal, remember that even small changes can have a significant impact. By following these tips, you can create a welcoming and visually stunning exterior that reflects your style and pride of ownership.

Contributor

Michelle McNally

Communications manager, Royal LePage

Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.

Royal LePage® professionals understand that a house is only a home if the people who live there feel safe. That’s why, more than 25 years ago, we unanimously agreed that helping women and children find safety from intimate partner violence should be where we channeled our big hearts and charitable efforts. In addition to granting millions of dollars to shelters and transition houses in communities across Canada, the Royal LePage® Shelter Foundation™ also funds organizations helping to prevent domestic violence, as well as those addressing emerging needs in the Violence Against Women sector. This series shares how your donations are being put to work in support of these vital priorities.

Your donations at work 

In Canada, 44% of women report experiencing violence from an intimate partner during their lifetime. Alarmingly, research reveals that as many as 92% of these women may endure one or more brain injuries as a direct result of this abuse.When you consider that most physical abuse involves blows to the head, face, neck, and strangulation, it’s not surprising. 

Yet, despite sports concussion stories continuing to dominate news headlines, little attention is paid to how common brain injury (BI) is among survivors of Intimate Partner Violence (IPV).

Supporting Survivors of Abuse and Brain Injury through Research (SOAR) is working to change that. This British Columbia-based charity is one of the few  non-profit organizations in Canada with a singular focus on the intersection of IPV and BI. The Royal LePage® Shelter FoundationTM is proud to support their groundbreaking work with a grant of $75,000. These funds will be used to help kick start a training program for women’s shelters from coast to coast, equipping front line staff with the knowledge and skills they need to better support women who’ve experienced a BI from IPV.

“When we first heard the horrifying statistics on how many women were suffering a brain injury from intimate partner violence, and learned how many shelter workers still didn’t know how to recognize or respond to it, we knew this was a project we had to support as part of our commitment to helping women and children find safety and healing from domestic abuse,” said Lisa Gibbs, executive director of the Royal LePage Shelter Foundation.

The Royal LePage Shelter Foundation first became aware of this invisible public health crisis through hockey legend Trevor Linden, and  a powerful public service announcement with YWCA Metro Vancouver. Highlighted in this video is a chilling reminder that for every one concussion in the NHL, more than 7,000 women, girls and gender diverse people in Canada suffer the same injury due to IPV every year.

BI can cause a range of devastating and often long-term psychological and emotional effects, all of which are that much more challenging for women who’ve experienced IPV, and are trying to keep a job, maintain safe and affordable housing, parent their kids, and manage their lives day to day. Many survivors don’t even realize they’ve suffered a BI. When service providers also aren’t educated on the issue, it can lead to survivors being perceived as forgetful, emotionally unstable, oppositional, and mentally ill.

“This project has the potential to form the basis for new, standardized best practices in  identifying and supporting survivors at what is often their first point of contact after leaving an abusive relationship – a shelter – leading to better outcomes overall,” points out Karen Mason, co-founder and executive director of SOAR. “We’re so grateful to the Royal LePage Shelter Foundation for supporting such impactful work, and can’t wait to get started.”

Visit rlp.ca/donate to make a donation in support of the Royal LePage Shelter Foundation.

To learn more about SOAR, visit soarproject.ca.

Contributor

Carly Neill

Fundraising and Communications Manager,
Royal LePage Shelter Foundation

As the Royal LePage Shelter Foundation‘s Fundraising & Communications Manager, Carly Neill serves as a resource for Royal LePage brokerages, agents, and staff who are keen to support their local women’s shelter and national domestic violence prevention. She aims to inform, inspire and celebrate Royal LePage Shelter Foundation fundraisers and supporters from coast to coast. An important part of her job is coaching Royal LePage ‘Challenge for Shelter’ trekkers, who trek across the world in support of Canadian women and children seeking safety from domestic violence. 

Buying your first home is surely a major milestone, which can be full of excitement, but also some anxiety. From mortgages and down payments, to government programs and house hunting, there’s a lot to take in.

Luckily, it’s easy to understand how to buy your first home with the right tools and expertise. The first step on the journey is to make sure you’re financially ready to purchase your first home.

When buying a home, everything comes down to your wallet. Your monthly income, debts, and credit score will determine the size of the mortgage you qualify for, which will decide what kind of home you can buy and in which location.

Here are five financial factors to consider on your path to home ownership:

1. Assess your fixed and variable expenses

To get a clear picture of the type of home you can afford, you need to understand your finances, which includes net income, expenses, debts, and your credit score.

First, determine your monthly income and expenses, both fixed and variable.

• Monthly net income: This includes your after-tax, take-home income. This also includes other income sources like commissions, bonuses and dividend profits.

• Fixed expenses: These are regular, monthly expenses like rent, car loans, insurance fees, utilities, etc.

• Variable expenses: These expenses can change from month to month, like groceries, gas, pet care, and discretionary spending, such as dining out, concert tickets, personal care, and other lifestyle expenditures.

2. Calculate your debt-to-income ratio

When assessing your finances for a mortgage, a lender will consider your debt-to-income (DTI) ratio to determine your borrowing risk. The lower the percentage of your DTI, the better.

To calculate your DTI, divide your total monthly debt payments by your gross monthly income. This includes debt such as car payments, student loans, rent and utilities. If your DTI ratio is above 50%, you may need to take steps to lower your debts and expenses to improve your ratio.

3. Conduct a credit score check

A solid credit score is vital for first-time homebuyers. Usually, a score above 660 is good, and will improve your odds of accessing your preferred mortgage products, but a score above 760 is ideal, giving you the best offers and credits available.

By checking your credit score before pursuing a mortgage loan, you can assess what areas may be helping or hurting your score, such as a missed payment or outstanding balance.

4. Understand a pre-qualification vs. pre-approval

Before you get your heart set on a home, it’s important to differentiate between a mortgage pre-qualification and a pre-approval.

Essentially, pre-qualification is a general (sometimes self-report) estimate of your finances, showing a ballpark range of a mortgage and interest rate you would qualify for today. This can help you to narrow down your home search to property within your price range. A pre-approval is an official assessment by a lender into your financial situation, which will show you the actual mortgage size and rates available to you.

5. Determine your down payment and closing costs

Besides the sale price and mortgage payments, there are other visible and hidden expenses that you need to consider when it comes to buying a home. Down payments and closing costs are the main two.

• Minimum down payment requirements: Your down payment can range from as little as 5% to more than 20%, depending on how much you have available to put down. Any homes purchased over $1 million in Canada require a minimum 20% down payment. Homes purchased with less than 20% down will require mortgage insurance.

• Closing costs and fees: You should estimate that closing costs will equal approximately 3-4% of the purchase price, including legal fees and land transfer tax. Plus, there are additional costs related to moving, inspection, etc. you should prepare for.

Contributor

Jatin Gill

Broker, Royal LePage® Your Community Realty, Brokerage

More than 4 out of 5 Canadians aged 18-38 believe that home ownership is a worthwhile investment

While young homebuyer hopefuls in Canada are facing more financial obstacles today – including higher home prices, interest rates and cost of living than their parents – many continue to aspire to own real estate one day. Despite chronic housing affordability and supply challenges, Canada’s next generation1 of buyers believes that owning a home of their own remains advantageous as a long-term investment.

According to a recent Royal LePage® survey, conducted by Hill & Knowlton,2 84% of Canadians belonging to the adult generation Z and young millennial cohort – those aged 18 to 38 or born between 1986 and 2006, and referred to in this release as the next generation – believe that home ownership is a worthwhile investment.

Among respondents who do not currently own a primary residence, three quarters (74%) of those in the next generation of homebuyers say that owning a home is a priority for them and a milestone they hope to achieve in their lifetime. Young buyers understand home ownership is expensive. Just over half (54%) of respondents believe that home ownership is an achievable goal; 26% are unsure; and, 20% do not believe it is achievable for them at all.

“It is not surprising that young buyer hopefuls see immense benefits in home ownership,” said Phil Soper, president and CEO of Royal LePage. “What is both surprising and promising in these findings is the practical and purposeful manner in which these people are tackling affordability barriers. They are well educated on the state of the real estate market and the wide variety of government programs put in place to assist young families find homes. They are hyper-focused on saving for a down payment, which is often the biggest hurdle buyers face. And, they are open to creative solutions, such as shared ownership with friends and family, or buying a property with the express intention of renting a portion of the home to a tenant.”

Young Canadians confident in their financial future

Among young Canadians who do not currently own a home, 75% say they are planning to purchase a property as a primary residence in their lifetime.

“The youngest cohort of homebuyers in Canada have no shortage of barriers on their path to ownership. Though the cost of borrowing has begun to come down, chronic supply shortages have kept housing prices from dropping, even as demand softened under the weight of high interest rates,” said Soper. “Despite these hurdles, the next generation of homebuyers remains committed to their pursuit of owning real estate, and are remarkably optimistic that they can make their dream a reality.”

Of those who say they believe home ownership is achievable, when asked why, 45% of respondents say that they are saving diligently and feel confident that they will have enough savings in the near future to make a home purchase. 31% of respondents say they are on a career trajectory that will earn them a high income and therefore provide them with enough savings to buy a home, while 26% say that they and their spouse have a high enough combined household income to afford a future home purchase. Respondents were able to select more than one answer to this question.

Young buyer hopefuls making sacrifices to reach home ownership goals

40% of respondents who are planning to purchase a home say that their timeline to buy a property is within the next five to 10 years, while 25% say they are planning to purchase a home more than 10 years from now. Buoyed by the prospect of lower borrowing costs, nearly one in five respondents (18%) say they plan to purchase a home within the next three years, and another 13% plan to buy in three to five years.

To reach their goal of home ownership, almost half (47%) of those planning to purchase say they are regularly saving a portion of their earnings for a down payment. 42% say they are diligently paying their loans and bills to ensure a good credit rating, and 34% say they are reducing their discretionary spending in an effort to save more. 30% are living with family and saving for a down payment, paying little to no rent. Respondents were able to select more than one answer to this question.

“In pursuit of home ownership, many young people are not only pausing small daily indulgences but also making compromises that impact their long-term financial stability. This includes sacrifices like delaying education and retirement savings, and putting off other major investments,” noted Soper. “If policy makers needed yet another example of the impact of our nation’s chronic housing supply crisis on the financial security and well-being of young people, this is it.”

While parental involvement in first-time home purchases has become increasingly common in Canada, not all young buyers will be withdrawing from the bank of mom and dad. Nearly half (47%) of respondents say they will not receive any financial assistance from family members towards their home purchase. Meanwhile, 32% say they will receive some form of financial support toward the purchase of their first home.

Read the full press release and review the data chart for more information and regional insights:

PRESS RELEASE

DATA CHART

Royal LePage resources for aspiring homeowners

To help aspiring homeowners, Royal LePage has published a number of online resources available at the following links:

• 30-year amortizations on insured mortgages for new build homes now available for first-time buyers

• From renter to homeowner: Your complete guide to home ownership in a competitive real estate market

• 8 new housing policies announced in the 2024 federal budget

• Real estate terminology 101

• Expert Q&A: What you need to know about buying a property pre-construction

• Saving for your first home? Here’s what you need to know about Canada’s First Home Savings Account (FHSA)

• What is the Home Buyers’ Plan?

• Get matched with Your Perfect Neighbourhood!

Contributor

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

Listed at $539,900.00

Welcome to the “Terraces."

Cute 1 bed & den unit, perfect for a 1st time buyer or empty nester wanting to downsize,or something in between.

From the moment you walk in you will love the nature light streaming in.

Large living room with wood burning fireplace.

Sliders to balcony facing south & enjoy view to Metro Town.

Cozy kitchen with stain glass window. Dining room with retro light fixture.

Good size primary bedroom with walk through closet to the bathroom.4-piece bath.

Bonus, den/office/guest bedroom/shoe closet, you decide!

Laundry closet, just add washer & dryer. Also a shared laundry room in the building.

Easy care flooring.1 parking spot.1 Locker on the same floor as unit.

Transit, shopping & recreation close by. Great for students commuting to SFU or BCIT.

Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood. OPEN HOUSES SATURDAY & SUNDAY JULY 6 & 7 1:00 to 3:00pm… See you there 

Welcome to “The Shaughnessy”. Lovely 2 bedroom & 2 bath corner unit condo with panoramic view in the only concrete tower in Port Coquitlam. Large floor to ceiling windows allows the natural light to stream in. Gas range cook-top/white stone counter tops/stainless steel appliances/tall cabinets are featured in the kitchen. Primary bedroom has 2 closets with organizers. Ensuite with soaker tub/shower. 2nd bedroom would be a great nursery or home office space. 2nd bath with walk-in shower. Tiled entrance. In-suite laundry. Building includes gym, amenity room, garden terrace & more. Lions Park is at your doorstep. Perfect for kids & dogs to visit. Shopping & restaurants across the street. Easy access to major highways & transit.

The new buyers will love this area. 

Welcome to 11860 Meadowlark Drive in the popular Cottonwood neighbourhood in Maple Ridge. This lovely home is perfect for your family to settle into. Split level design home with 3 bedrooms & 3 baths. Living room with fireplace & vaulted ceiling for your very tall Christmas tree. White & bright kitchen has white cabinets+ stainless steel appliances+quartz counter tops. 3 bedrooms upstairs. 4-piece main bath & 3-piece ensuite. Lower-level rec room/playroom/home gym/craft area, you chooses plus a fireplace. Cozy family room with glass sliders to the fabulous back yard. Laundry room & 2-piece bath down. Cool off in the above ground pool. Multi level sundecks for summer fun. Fully fenced backyard. Double car garage, quiet street & so much more...

A lovely family is moving to the neighbourhood

SURREY, BC – The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month. The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average. While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell. Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023. MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,528,900, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to May 2024 and increased 0.5 per cent compared to June 2023.

• Townhomes: At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to May 2024 and increased 0.8 per cent compared to June 2023.

• Apartments: At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 per cent compared to May 2024 and increased 0.4 per cent compared to June 2023.

More than half of Canadian mortgages will renew before the end of 2026, and with the Bank of Canada lowering its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now wondering which mortgage type they should opt for upon renewal — a fixed or variable rate. Understanding the options available and anticipating changes is essential to successfully navigating today’s evolving mortgage landscape.

With a significant cohort of homeowners needing to renegotiate their mortgages within the next three years, those who opted for variable-rate mortgages -– or who took out a loan in 2021 at the trough of historically low rates — will be particularly affected by the planned adjustments. For those who will soon have to deal with the current higher-rate mortgage environment, below are some considerations to help you make an informed decision about an upcoming mortgage renewal.

Current situation

While variable rates were historically lower during the height of the pandemic real estate boom, the trend has recently reversed, with variable rates now higher than fixed rates. The average five-year variable interest rate offered by mortgage lenders currently hovers around 6.7%, while most fixed rates are typically 5.6%.

A variable mortgage rate depends on a number of economic factors, such as the key overnight lending rate, which is set by the Bank of Canada. Although Canada’s central bank recently cut its key rate for the first time in four years, the institution could change course if inflation levels increase in the months ahead. However, economists widely expect further cuts to the lending rate by the end of 2024. The trend is set to continue into 2025, unless economic conditions change significantly. Regardless of declining interest rates, the historically-low rates Canadians have been accustomed to over the last two decades are now a thing of the past.

What you need to know about variable rates

When it comes to variable-rate mortgages, when the prime rate rises – which is influenced by the Bank of Canada’s overnight lending rate – mortgage payments automatically increase.

However, with variable loan structures with fixed-payment options, monthly payments remain unchanged, even in the event of a rate increase. Instead, this type of variable-rate mortgage adjusts the mortgage amortization period (the time it takes to repay the mortgage in full). This is due to the fact that a smaller proportion of each payment is allocated to repaying the mortgage principal.

Understanding your needs

The choice between a fixed- and variable-rate mortgage largely depends on the borrower’s risk tolerance and personal situation. Since variable rates are subject to fluctuations, is your lifestyle conducive to these changes? Even if interest rates begin to fall, there are many economic factors influencing their direction, which can occur at various times during your mortgage term.

The right mortgage product for you depends on your short- and medium-term situation. If you’re currently in a period of transition (career change, separation, etc.), you may want to opt for a fixed-rate that offers you some stability.

Strategic options for borrowers

Fixed-rate mortgage with a shorter term

Amidst economic uncertainty, more borrowers are opting for fixed-rate mortgages with shorter terms (one, two or three years). This way, in an environment where rates are quickly changing, borrowers can lock in predictable monthly payments without the need to stay with the same rate long term.

Hybrid-rate mortgage

This option combines customized features of both a variable and a fixed rate — part of the mortgage has a fixed interest rate and the other has a variable interest rate. This way, the borrower can benefit from the best of both worlds.

Convertible mortgage

This type of loan offers the possibility of converting a variable interest rate loan into a fixed-rate mortgage, or vice versa, before maturity, thus allowing borrowers to adapt their mortgage financial strategy to market conditions.

Consult a professional

At a time when real estate prices remain high due to sustained demand, choosing the right mortgage product is crucial. It is advisable to consult a mortgage broker to explore scenarios best suited to each individual situation. Anticipating interest rate fluctuations and adjusting your financial strategy accordingly can make a big difference in managing your long-term mortgage.

Roseline Joyal-Guillot

Director, Communications & Marketing, Quebec
Royal LePage