Nick’s Deal Of The Day!

As of right now there are 9 new listings on the market today. Here’s today’s deal of the day and reason why. 6605 Dayton Dr V2R 1V4, Sardis A nice starter home on a big lot in a great location of Sardis. Perfect opportunity to gain some sweat equity. It’s got a metal roof that was recently done, and a remodeled kitchen, two big expenses you wont have to worry about. With some flooring and paint you could have a really nice nice place in a great area for cheap. Also has RV parking.

February Post Strong Home Sales

It’s official, the spring market is in full swing. February’s nice weather brought the Buyers out and gave them the kick start they needed to boost home sales. Home Sales in Chilliwack and area jumped last month from 135 sales to 156, but equally important, the dollar value of almost $56.9 million represented a 15% increase, injecting a big boost to the local economy in sales completion and spin-off goods and services. The spike in dollar volume indicates a strong interest in single family homes, said Jake Siemens, incoming President of the Chilliwack and District Real Estate Board (CADREB).Of the 156 sales last month, 93 were single family detached homes. The most sold (28) were in the $300,000 – $349,999 range, followed by 23 sales in the $350,000 – $399,999 range. There were 8 sales of homes with acreage which contributed greatly to the total dollar volume in sales. Mr. Siemens, is optimistic about the local housing market in his first days of leading CADREB. “It’s a steady market locally, with no price increases overall. This maintains favourable conditions for both the buyer and seller. We are looking forward to a good spring, given that sales overall are up 14% from this time last year”. In order to maintain a buoyant market, a good supply of inventory is necessary. At the end of February, there were 1,454 homes on the local market, down slightly from this time last year.Thank you CAREB admin for providing these stats.

CMHC hikes mortgage insurance premiums

Yesterday we all anxiously waited for the “big” announcement Canada’s national housing agency had for us, and how it was going to effect you getting a mortgage in The Great White North. There were many speculations of what they were going to do. Of all the options they could have exercised, this one in my opinion is the least detrimental. CMHC has increased the amount of money that homeowners with less than 20 per cent down payments must pay to insure their mortgages. Starting in May, the housing agency will charge an average of about 15 per cent more to insure mortgages, CMHC said in a release Friday. Prior to the announcement, the premiums ranged between 0.5 per cent and 2.75 per cent. Under the new rules, they will range from 0.6 per cent to 3.15 per cent. The changes are unlikely to have a major impact on the housing market, but in real-dollar terms, the move makes it incrementally more expensive to buy a home. A heavily leveraged buyer — someone with only five per cent down, and therefore borrowing 95 per cent of the home’s value — would be most impacted by the hike, but even then not in a significant way. Under the old system, that borrower would pay an insurance premium of $6,875 to get a $250,000 mortgage. Under the new system, their premium would jump by $1,000 to $7,875. On a typical 25-year mortgage at 3.5 per cent, that person would be paying about $5 more on their mortgage payment, every month, to pay down the fee. Thanks to Pete Evans of CBC News for the prompt and informative update on how CMHC’s announcement effects people in Canada getting a mortgage.

Nick’s Deal Of the Day!

There are 5 new listings on the market today as of right now. Below is my deal of the day and reason why. This one actually came up yesterday. #13- 46858 Russell Rd, V2R 5T3 Promontory Panorama Springs is a solid complex in Promontory. With this property having 275 sqft unfinished in the basement, it gives you a good opportunity to get into a newer unit for a reasonable price. This property is perfect for a first time home buyer or young family.