Below you will find all the active Maple Ridge Townhome and Condo Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple …
Permalink: /mls-search/maple-ridge-mls-search/maple-ridge-townhome-and-condo-foreclosures/
Below you will find all the active Maple Ridge Home Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)”
Your Maple Ridge Home Foreclosure Resource.
QUICK SEARCH ON THE RIGHT
Below you will find all the active Chilliwack townhome and condo foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)
Below you will find all the active Chilliwack home foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley)
Mission, BC Luxury homes for sale. These are homes over priced at over $1,000,000 and are generally considered luxury homes. For other Mission real estate, please use the quick search options on the right hand side.
Below you will find all the active Mission Townhome and Condo Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)”
Below you will find all the active Mission Home Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)”
| Terms | Posted Rates | Our Rates |
| 6 MONTHS | 4.60% | 4.50% |
| 1 YEAR | 3.65% | 2.55% |
| 2 YEARS | 3.95% | 2.85% |
| 3 YEARS | 4.50% | 3.40% |
| 4 YEARS | 5.14% | 3.79% |
| 5 YEARS | 5.49% | 3.89% |
| 6 YEARS | 6.10% | 4.75% |
| 7 YEARS | 6.60% | 5.20% |
| 10 YEARS | 6.70% | 5.30% |
| 1 YEAR
VARIABLE |
Prime = 2.25% | Prime – 0.25% =
2.00% |
| 3 YEAR
VARIABLE |
Prime = 2.25% | Prime – .25% =
2.00% |
| 5 YEAR
VARIABLE |
Prime = 2.25% | Prime – 0.20% =
2.05% |
HST QUICK LINKS:
The Province is proposing to increase the threshold for the B.C. HST new-housing rebate from $400,000 to $525,000 to ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization than is currently embedded as PST.
The Province is also proposing transitional rules for new housing. The provincial portion of the HST would not apply to sales of new homes where ownership or possession is transferred before July 1, 2010. In addition, sales of new homes under written agreements of purchase and sale entered into on or before November 18, 2009, would generally not be subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010.
“Benefits” for Home Buyers
Currently, new homes in B.C. are subject to the GST, and also carry an estimated two per cent embedded tax as a result of the PST paid on most construction materials.
Under the proposed Harmonized Sales Tax, new homes will be subject to the HST but the embedded PST will be eliminated because builders will be able to recover the tax paid on materials through input tax credits.
Used homes will not be subject to the HST. An essential part of the BC HST will be a tax rebate for new homes.
- A rebate of up to $26,250 will ensure that purchasers of new homes up to $525,000 do not pay more tax due to harmonization than is currently embedded in the price of a new home.
- New homes above $525,000 will be eligible for a $26,250 rebate.
- This enhanced rebate represents a 30 per cent increase in the threshold and maximum rebate available.
- New home sales will be subject to the HST
- Sales of used homes will not be subject to HST.
The Province is also proposing an enhanced rebate for new rental housing, similar to the enhanced rebate for new homes, to support the construction or substantial renovation of affordable rental housing in B.C.
- The new rental housing rebate would ensure that, on average, new rental housing up to $525,000 would not be subject to any more tax due to harmonization than is currently embedded as PST in the price of new rental housing.
We will also provide a provincially-administered point-ofsale rebate for residential energy, ensuring the HST will not increase consumers’ costs for oil, electricity, natural gas or propane used to heat or power homes.
ENHANCED NEW HOUSING REBATES
B.C. is proposing to provide an enhancement to the new housing rebate that was announced on July 23, 2009.1 The new housing rebate would be enhanced so that new homes purchased as a primary residence would receive a rebate of 71.43 per cent of the provincial component of the HST paid, up to a maximum of $26,250. This enhanced rebate represents a 30 per cent increase in the maximum rebate available.
While sales of new homes in B.C. are not directly subject to the PST, building materials used in the construction of homes are subject to the seven per cent PST. The amount of PST, on average, embedded in the selling price of a new home is estimated to be equal to two per cent. As a result of the decision to enhance this proposed rebate, purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current PST.
New housing rebates would be available for the provincial component of the HST paid for all types of housing eligible for GST new housing rebates. Qualifying housing2 would generally include the following types of newly constructed and substantially renovated homes used as a primary place of residence by an individual or qualifying relation of the individual:
- purchase of new houses together with land;
- purchase of new houses together with leased land;
- purchase of new mobile homes and floating homes;
- houses acquired through the purchase of qualifying shares in a housing co-op; and
- houses constructed or substantially renovated by the owner who is an individual (i.e., owner-built homes).
The new housing rebates would be subject to the same eligibility conditions as new housing rebates under the GST. However, as previously announced, the rebate rates (or factors) and maximum rebate amounts for the B.C. new housing rebates would be different to address the particular circumstances of the housing industry in B.C.
The new housing rebates would be federally administered in a manner similar to the GST rebates for new housing. Individuals would be able to file an application for the rebate directly with the Canada Revenue Agency (CRA). However, in the case of homes sold by the builder, similar to the GST new housing rebates, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of purchase.
New housing rebate – for purchases of new houses together with land
A new housing rebate would be provided for purchases of new single-unit houses or duplexes together with land from a builder where the home is purchased by an individual for use as a primary place of residence of the individual or a relation of the individual.3
The new housing rebate would be 71.43 per cent of the provincial component of the HST paid for qualifying housing, up to a maximum amount of $26,250. There would be no phase out of this rebate, such that homes priced above $525,000 would qualify for the maximum rebate amount of $26,250.
New housing rebate – for purchases of new houses together with leased land
A new housing rebate would be provided for purchases of new single-unit houses or duplexes together with leased land from a builder where the home is purchased by an individual for use as a primary place of residence of the individual or a relation of the individual.
In these circumstances, it is the builder who would be required to self-assess and pay the HST under the self-supply rules. As a result, the HST generally would be embedded in the price paid by the purchaser for the new house together with the leased land.
The new housing rebate available to the purchaser would be 4.47 per cent of the price attributable to the building, up to a maximum rebate of $26,250. There would be no phase out of this rebate, such that homes priced above $588,000 would qualify for the maximum rebate amount of $26,250.
New housing rebate – for purchases of new mobile homes and floating homes
A new housing rebate would be provided for purchases of new mobile homes and floating homes where the home is purchased by an individual for use as a primary place of residence of the individual or a relation of the individual. For purposes of the GST and the HST, a mobile home includes certain modular homes.
The new housing rebate would be 71.43 per cent of the provincial component of the HST paid for qualifying mobile and floating homes, up to a maximum rebate amount of $26,250. There would be no phase out of this rebate, such that mobile and floating homes priced above $525,000 would qualify for the maximum rebate amount of $26,250.
Where a mobile home is purchased and placed on a site in a residential trailer park, or a floating home is purchased and docked at a moorage facility, this rebate would only apply to the provincial component of the HST paid on the purchase of the mobile home or floating home, as the case may be, not the HST that may be paid on the site or the moorage.
Where the mobile home and the land on which the mobile home is placed are purchased together, the new housing rebate would be based on the provincial component of the HST paid on the purchase of the mobile home together with the land – see the “New housing rebate – for purchases of new houses together with land” section above.
Where the mobile home is purchased together with leased land (other than a site in a residential trailer park), the new housing rebate for the purchase of houses on leased land would apply — see the “New housing rebate – for purchases of new houses together with leased land” section above.
Where the mobile home is purchased and placed on land purchased from a separate supplier, the individual purchaser would have the choice of claiming the new housing rebate for owner-built homes — see the “New housing rebate – for owner-built housing” section below.
New housing rebate – for owner-built homes
A new housing rebate would be provided for owner-built homes where an individual constructs or substantially renovates his or her primary place of residence or that of a relation of the individual or who hires another person to do such new construction or substantial renovation.
The maximum rebate for owner-built homes would depend on whether the individual paid the provincial component of the HST on the land.
Provincial component of HST paid on land
Where the provincial component of the HST was paid on the land, an individual would be entitled to a new housing rebate of 71.43 per cent of the provincial component of the HST paid on qualifying construction expenses (including land), up to a maximum rebate amount of $26,250. There would be no phase out of this rebate, such that owner-built homes with qualifying construction expenses over $525,000 would qualify for the maximum rebate amount of $26,250.
No provincial component of HST paid on land
Where the provincial component of the HST was not paid on the land, an individual would be entitled to a new housing rebate of 71.43 per cent of the provincial component of the HST paid on qualifying construction expenses (not including land), up to a maximum rebate amount of $17,588 (i.e., 67 per cent of $26,250).
Welcome to The Falls townhome complex at the base of Eagle Mountain in Abbotsford. Built in a few phases between 2000 and 2004, this is one of the most popular family townhome complexes in Abbotsford. Located just seconds from Yale Secondary and in the Mountain Elementary catchment provide excellent access for schools.
Unit square footages range from just over 1,500sqft to just under 1,800sqft with either tandem garages on the uphill units or side by side garages on the downhill side. There are 97 units in total in the complex.
In a volatile real estate market like the one we are still experiencing in Abbotsford (although it is a lot more mellow than it was a year ago) there tends to be a lot more foreclosures and court ordered sales in Abbotsford. These are great buys if you can get them at the right time and right price. Below are links to both foreclosure homes in Abbotsford and foreclosure townhomes and condos as well.
Abbotsford, BC Home Foreclosures
Abbotsford, BC Condos and Townhome Foreclosures and Court Ordered Sales
Below you will find all the active Maple Ridge Home Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)”
Your Langley Foreclosure Resource.
Below you will find all the active Langley Condo and townhome Foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley or areas in between)”
Your Langley Townhome/Townhouse and Condo Foreclosure Resource.
Abbotsford townhomes and townhouses priced above $425,000.
Find all Abbotsford townhomes and townhouses for sale between $325,000 and $425,000.
Abbotsford townhomes and townhouses priced between $200,000 and $325,000.
Abbotsford townhomes and townhouses priced between $0 and $200,000.
Abbotsford condos for sale priced from $225,000 and above.
Abbotsford condos for sale priced between $150,000 and $225,000.
There are convenient quick searches on the right side of the page…
Below you will find all the active Abbotsford home foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live to the public) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley and areas in between) and also put whether you are interested in Homes and/or strata (condos and townhomes) and also the price range you would like to receive foreclosures in.
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10 – 15 years ago, when I started looking into my first home purchase, you could head out on any given Saturday or Sunday afternoon and find open houses on almost every street where there were homes for sale. As years went by and I decided to join the real estate industry I noticed that fewer and fewer open houses were occuring. Sure, in big subdivisions (Nottman Estates) you would have one or more show homes with a realtor there but the other parts of the towns were becoming void of Open Houses.
There are many reasons that realtors do not host open houses anymore, but the number one reason is that the numbers do not lie. NAR (National Association of Realtors) released their yearly home buyers and sellers survey and the results for open houses were staggering. LESS THAN 1% OF REAL ESTATE TRANSACTIONS OCCURED AS A RESULT OF AN OPEN HOUSE. Now, there are other reasons (security risks, taking up the homeowners valuable time, etc…) but I know I would prefer to spend my time and effort on other forms of Innovative Marketing Techniques that have proven to work much better than 1% of the time.
So the next time your selling your home and interviewing agents, make sure that you let them know that less than 1% of homes sell because of an open house if they use open houses as part of their sales pitch. Ask them to be creative and innovative, or have them call me and I will give them some advice… or feel free to list with me!
Below you will find all the active Abbotsford strata foreclosures. This is a great resource for looking at foreclosures currently on the market. However, to receive an updated list as new foreclosures are listed (before they even go live on MLS.ca) just fill out the form and in the comments put “Please send me updated foreclosure lists for (Abbotsford, Mission, Chilliwack, Maple Ridge, Langley”
All Abbotsford homes priced for sale above $600,000.
Find Abbotsford homes for sale priced between $450,000 and $600,000. There are also quick searches on the right side for your convenience.
QUICK SEARCHES ON THE RIGHT
Abbotsford homes for sale priced between $0 and $300,000
I was fortunate to be the first agent to bring SMS texting of real estate data to BC. Here is a link to the article
Rod took the time to show us several listings without knowing much about us. This approached worked very well for us because we needed a lot of education about what was available.
He was never pushy, appeared to genuinely enjoy his clients, was easy to access, and he made our search pleasant. During this time Rod kept us up-to-date, and in the end he has shown us a great deal of skill and professionalism.
After having dealt with Rod I can heartily recommend him to our friends and acquaintances for their real estate needs.
Thanks for all of your help, Rod.
WELCOME HOME! Completely renovated non-conforming duplex on nearly a 1/3 of an acre. 1 bedroom and 1 bathroom upstairs and 2 bedrooms and 1 bathroom downstairs backing onto the second hole of Sandpiper Golf Course. New floor, paint, lighting, windows and so much more. Very peaceful and just minutes away from Hemlock ski resort. Perfect for first time home buyers or investors. 10 minutes East of Mission, BC CALL TODAY TO VIEW!
46161 Lougheed Hwy, Harrison Mills, BC
WELCOME HOME! 2 bedroom, 1 bathroom home on a 1/3 of an acre has been completely renovated upstairs. Open floor plan concept. Updates include new windows, flooring, paint, wiring, kitchen cabinets, window coverings and so much more. 15 minutes to Hemlock ski resort, walking distance to Sandpiper Golf Course and across the road from a major boat launch. The laundry has been moved upstairs. Perfect for first time home buyers, investors or someone looking to be out of the city. CALL TODAY TO VIEW!
46151 Lougheed Hwy, Harrison Mills, BC
The best home in Abbotsford under $300,000. This 4 bedroom, 3 bathroom 1,680 sqft home backs onto a park. Huge treated deck off the front and large covered deck off of the master bedroom are just a few of the features this home offers. New paint throughout. Home is perfect for a handyman and needs a little TLC. Lots of parking in the front and lots of storage in the house.
We met Rod when looking at a new property which we fell in love with. Our problem was we already owned a home and needed to sell it quickly in order for the purchase to happen. Rod came up with an action plan for us and he was able to list our current home and had it sold within three weeks.
Throughout the process of selling and buying our house Rod was very helpful. He was always there to answer our questions and guide us through the process. Rod was up to date with current marketing resources and not only had our listing on MLS, but Craigslist, Facebook, Twitter and many more that we had never heard of.
Thank you Rod for all your hard work and for making our sale and purchase as easy and stress free as possible!
We would highly recommend Rod Friesen to all our friends and family. click here for more…
We now have 4 homes sold in Nottman Estates. All were sold prior to completion with 2 families now moved in. There has been a steady amount of Buyer’s interest in Nottman Estates. For more information, click here: http://www.rodfriesen.com/nottman/
Come take a look at Missions newest development this Saturday between 12 and 2pm on Nottman St.
You can now see the latest elementary and secondary school educational scoring here: Abbotsford School Rankings
Below is a list of 50 recent home sales. We get asked often what a home sold for and here is a quick and easy way to find out what my listings sold for.
NOW SOLD! – Welcome Home! 5 bedrooms and 3 bathrooms in over 2,800 sq. ft. of finished living space. This home features an open floor plan concept, with a huge granite kitchen and an island. The master features a large ensuite and huge walk in closet. There is an office/den off the main entrance and the basement contains a huge rec room. These homes are priced to sell. CALL TO VIEW TODAY!
NOW SOLD! – C3 zoned office space off of the future McCallum Thoroughfare. Completely re-modeled and setup perfectly for a doctor or dentist office. Contains 6 offices all with their own sink vanity, 3 washrooms, reception area, large seating area and a finished basement for file management and a lounge.
Multiple offers are starting to return as buyers flock back to the market
Buyers returned to the market in droves last month, as the total number of property sales in Greater Victoria hit the fifth-highest monthly level since 1991.
June saw 946 sales through the Greater Victoria Real Estate Board’s Multiple Listing Service. The sales represented mostly capital region residential properties, but also included some out-of-town properties and a dozen commercial sales.
Everything from single-family homes to lots and manufactured homes is included.
“I was quite astounded,” Michael Holmes, Pemberton Holmes managing broker, said yesterday.
The robust market, where multiple offers are showing up again, likely reflects pent-up demand and low interest rates, Holmes said, adding strong sales in other parts of the country translate into sales in the capital region when people move to Greater Victoria.
In the capital region’s most recent real estate boom, in May 2007, sales hit 963, followed by June of that year at 949.
The previous high was set in May 1991 with 1,083 sales, while April 1991 saw 1,003 sales, said Chris Markham, Victoria Real Estate Board president.
“We’re on fire,” Markham said.
The total value of all June sales was $447.6 million.
“This takes me right back to 2006-2007,” he said, referring to years when the local market was hot.
June sales reflect a 31 per cent increase from 723 in June 2008, and are up by seven per cent from May 2009, when 879 properties changed hands.
Markham said the market has been growing stronger for the past couple of months as many people who were waiting to see which direction the market would move have decided it’s time to buy.
“Housing that we didn’t sell last year, we are seeing multiples [offers] at the same price level.”
This isn’t a market of speculators, Markham said. Normally, 75 per cent of buyers are from within the region, but he believes that number is higher now.
After a “brutal” January and February, sales numbers have been steadily climbing.
The strongest part of the market is in the $600,000-and-lower price range, Markham said.
Many condominium projects were built in the capital region and inventory is “clearing out nicely,” Markham said.
The average price of a single-family house sold through the board’s Multiple Listing Service increased to $588,186 last month, up from $573,442 in May. The median in June was $529,900.
Saanich East led the region in the number of total single-family sales, at 94, followed by Langford at 60, and Victoria at 42.
The average price for condominiums edged down to $298,200 in June. May’s average was $306,971. The median in June was $275,000.
Victoria had the highest number of condo sales, at 99, followed by Langford at 40.
Townhomes saw an average price increase, rising to $413,218 in June, up from $400,788 in May. The median remained the same month-over-month at $375,000.
Last month brought 26 sales of more than $1 million, including one Uplands home sold for more than $5 million, the board said.
Inventory has tightened up since June of last year, helping drive demand. Last month, there were 3,794 properties for sale, a decrease of 16 per cent from the 4,513 on the market in June 2008.
“The drop in available inventory is also reflected in the price increases for single-family homes and townhomes that we saw
last month,” Markham said.
Times Colonist (Victoria)
Fri Jul 3 2009
Byline: Carla Wilson
Source: Times Colonist
cjwilson@tc.canwest.com
June 4 (Bloomberg) — The Bank of Canada kept its key lending rate at a record low as expected, cautioning that the strengthening currency could “fully offset” recent improvements in financial markets and consumer confidence, and prolong the recession.
The target rate for overnight loans between commercial banks remains at 0.25 percent, a decision forecast by all 22 economists surveyed by Bloomberg News. Policy makers also reiterated they have no plan to change the rate over the next year, and that they still have “flexibility” to use other measures should more stimulus be needed.
The world’s eighth-largest economy shrank at a 5.4 percent annual pace in the first quarter, less than the 7.3 percent central bankers had predicted, a sign the recession is easing. The strengthening Canadian dollar, which posted its biggest monthly gain in more than 50 years in May, is hobbling a return to growth by reducing demand for the country’s already frail exports of goods such as cars and lumber to the U.S.
“If the unprecedentedly rapid rise in the Canadian dollar, which reflects a combination of higher commodity prices and generalized weakness in the U.S. currency, proves persistent, it could fully offset these positive factors,” the Bank of Canada said in a statement today from Ottawa.
Confidence Improved
The bank said consumer and business confidence, prices for exported commodities and financial conditions have all improved in the past few weeks. Still, the recovery of the global and Canadian economies will be “more muted than usual,” the statement said.
The Canadian currency strengthened 1.3 percent to C$1.0964 per U.S. dollar at 11:25 a.m. in Toronto, from C$1.1104 yesterday. Canada’s dollar touched C$1.0785 on June 1, the highest level in eight months, and Scotia Capital said today it will reach parity by the end of 2010.
“It’s a concern for the Bank of Canada, but not so large it demands a policy response,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. The central bank may react later if the currency keeps rising while commodity prices fall, he said.
Policy makers didn’t provide specific updated projections today for economic growth or inflation.
Rate to Stay Unchanged
The central bank’s mandate is setting interest rates to keep inflation at 2 percent. It said in April that the consumer price index will fall by 0.8 percent in the third quarter of this year, and not return to target before the second half of 2011.
“Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target,” the central bank said today.
“The bank retains considerable flexibility in the conduct of monetary policy at low interest rates,” the statement said.
The Bank of Canada said April 23 it’s ready to purchase debt if the outlook for the economy deteriorates further, a development it doesn’t expect.
The central bank’s past rate cuts are working, said Patrick Daniel, chief executive officer of Enbridge Inc., the biggest transporter of oil to the U.S. from Canada’s oil sands. He also said Canadian energy companies are benefiting from a rise in the price of crude oil, which has gained 52 percent this year.
‘Still a Lot of Pain’
“The spreads are still quite wide on bonds, corporate bonds, but they are narrowing in and getting better every day,” he said in an interview. “There is still a lot of pain and agony as a result of the recession, and the GDP growth rate is almost non-existent, so we still have a long way to go.”
Exports fell an annualized 30 percent in the first quarter, led by the automotive industry, Statistics Canada said June 1. Canada is among the most export-dependent countries in the Group of Seven, generating 30 percent of its output from shipments of goods and services abroad.
Canada and Ontario are investing $9.5 billion in General Motors Corp. to keep production of the bankrupt company in Canada. Those governments have also pledged $2.42 billion for Chrysler LLC’s local operations, joining with the U.S. to try to rescue the auto firms.
The economy will shrink by 3 percent this year, the central bank predicts. That would be the biggest drop since 1933, according to Statistics Canada.
“Traffic is down significantly, we are just hanging on,” said Ron Lennox, vice president of the Canadian Trucking Alliance in Ottawa, which represents 4,500 companies. “Keep interest rates low to help us in this economy, don’t pull them up too fast.”
Visit the new web page here: http://www.rodfriesen.com/nottman.
Paradigm Homes is proud to bring to Mission the most beautiful new homes at the best prices on the real estate market today! Using efficient floor plans designed by Darren Hall (D & D Design) Paradigm Homes is going to provide families with a fantastic opporunity to own a brand new home, fully finished for under $399,999 and THAT INCLUDES THE GST!
Paradigm Homes has built over 350 homes over the last 5 years in the Mission and Abbotsford area. They are renowned for their attention to detail and their ability to build great homes for great prices. While many builders have decided not to build anymore, Paradigm Homes has decided there is no better time than the present to do just that.
With interest rates at their lowest levels ever, now is the perfect chance to own a brand new home that is protected by the 2-5-10 Home Owners Warranty. Register today and you can view floor plans and other information!
Previous to March 2009, the only legally enforceable age restriction in stratified condo/townhomes in Abbotsford had been the 55+ age restrictions. In a building that was previously 19+ or 30+ etc… they were not legally enforceable and often stratas had to fine owners who did not follow. The stories of stratas causing trouble with owners are too numerous to name, but a few examples are constant fines, liens on title and other sorts of trouble.
All that has changed now. They are now legally enforceable.
If you are 30 years old and your partner is 28 and you are trying to by into a strata building that has a 30+ age restriction, you no longer are legally allowed to do so without expressed written consent by the strata corporation. Permission to do so would likely require a vote by the strata.
Please ensure your Abbotsford Realtor knows the all the age restrictions and rules pertaining to age restricted buildings in Abbotsford.
Welcome Home! 5 bedrooms, 4 bathroom rancher with basement located at the end of a cul-de-sac in one of the best areas of Mission. This fully finished home offers an open floor plan with a living room and family room upstairs, as well as a huge rec room in the basement and a full 4 pc bathroom downstairs and an extra bedroom. The basement can be accessed from a separate entrance and includes a 2 bedroom inlaw suite, complete with a kitchen. This home has room for the entire family. CALL TO VIEW TODAY!
Welcome Home! Fantastic 5 bedroom, 3 bathroom home on a 1/4 acre of private, fenced yard. Completely updated incl. new windows, roof, 3/4 inch hardwood flooring and so much more. Relax beside your 36 foot in ground pool or take a soak in your hot tub which is built in to the custom, two tiered deck. The master bedroom has vaulted cilings with a bay window overlooking your pool. Rec room in the basement as well as the possibility to run a home based salon or business. Close to all levels of school and walking distance to a great park. CALL TODAY TO VIEW!
Welcome Home! Terrific 3 bedroom and 2 bathroom home on nearly a 1/4 acre. Recently updated including new electrical, plumbing, furnace, windows, paint, lighting fixtures, baseboards, kitchen counter tops and more. The original hardwood has been maintained and re-stained and the cove ceilings give this home great style. Relax in the hot tub on your custom built 20 x 14 deck in the fully fenced backyard. The fully finished basement has a separate entrance and has a full bathroom and kitchen. CALL TO VIEW TODAY!
With the current economic state and the housing market in a daily state of volatility, there is a record number of Realtors NOT renewing their license when it comes up for renewal. RE Council of BC has seen a drop of nearly 70% of agents who are up for renewal but have chosen not to renew.
Agents in BC renew their license once a year at a cost of roughly $1000. If an agent does not renew their license, they have to take the Real Estate test over again if they want to ‘activate’ it. This is a good indicator in the business as to who is in it for the long haul.
Many of the agents who leave at this point are usually part time agents who have second jobs.
As television moves to the digital area in mid-February, I have now completed a transition to providing Abbotsford home buyers and sellers the benefit of High Definition Video Home Tours.
This state of the art technology is viewable on all forms of data devices (blackberry, iphone etc…) and provides HD video of the homes I have for sale.
The response to these have been amazing, both home buyers and home sellers are ecstatic at the chance to not only see homes in HD but to also get a more true feel of a home online.
To see current homes with HD video tours, click below:
The federal budget introduced by federal Finance Minister James Flaherty in the House of Commons on Tuesday, January 27 proposes initiatives that, if passed, could benefit both home buyers and owners.
Here are some of the highlights:
• Home Buyer’s Plan: The RRSP withdrawal limits under the popular program would be raised by $5,000. That means individuals would be able to withdraw up to $25,000 each and married or common-law couples would be able to withdrawal up to $50,000 for the purchase of a home. REALTORS® lobbying federal MPs have been asking for this change.
• First-Time Home Buyer’s Tax Credit: A new non-refundable tax credit based on an amount of $5,000 is proposed for first-time home buyers who acquire a qualifying home after January 27, 2009.
• Home Renovation Tax Credit: A temporary 15% tax credit would be made available for eligible renovations and enduring alterations made to a dwelling after January 27, 2009 and before February 1, 2010. Eligible renovations are those valued at over $1,000 but not more than $10,000. Click here for a brochure.
• ecoENERGY Retrofit program: The program offers home owners grants of up to $5,000 to offset the costs of making energy-efficient improvements. Building on the success of the program, Budget 2009 would provide an additional $300 million over two years for the program to support an estimated 200,000 additional home retrofits.
Sold today after the court ordered sale.
This foreclosure in Agassiz was on the market for 77 days when it sold.
I was fortunate enough to sell this beautiful 2 bedroom, 2 bathroom condo for FULL PRICE!
#204-32063 Mt. Waddington Ave. Condo
This unit was on the market for 9 days and sold.
There were 9 homes sold today in the Abbotsford and Mission Real Estate markets. The average time on the market of these 9 homes was 79 days.
I plan to update these daily to track how the market continues to adjust.
Here is a link to the homes that sold: http://mlslink.mlxchange.com/Pub/EmailView.asp?r=773686118&s=BRC&t=BRC
There will be public open houses in Abbotsford this weekend in the desirable Sandyhill Estates. There will be 3 houses open for viewing on both Saturday and Sunday between 12pm and 3pm.
Here are the details on all three open houses in Abbotsford:
$489900 5 Bedroom, 3 bath, 2 bedroom legal suite
$484900 5 Bedroom, 3 bath, 2 bedroom unauthorized suite
$469900 5 Bedroom, 3 bath, huge finished basement
OPEN HOUSE BETWEEN 12PM and 3PM
City of Abbotsford’s New Mayor:
With 15186 votes is George W. Peary
Elected Office of Councillor:
Patricia ROSS 15465
Lynne HARRIS 13281
Moe GILL 13248
John SMITH 11319
Simon GIBSON 10549
Les BARKMAN 10409
Dave LOEWEN 10308
Bill MACGREGOR 9390
Elected Office of School Trustees:
Shirley WILSON 12730
Korky NEUFELD 10702
Joanne FIELD 10398
Cindy SCHAFER 10028
John R. SUTHERLAND 9034
Uultsje DEJONG 8947
Preet S. RAI 7582
Congratulations to all those who were elected and who ran for office.
Here is your chance to buy one of the best deals in a Buyer’s Market. These three new homes include GST, one has a legal 2 bedroom suite, one has an unauthorized suite and one has 5 bedrooms and a huge rec. room. These are three of the best deals in the Abbotsford Real Estate Market. You can buy a home in the desirable Sandyhill Estates. These homes have fully finished basements.
For more information:
$489,900 – 5 Bedroom Home with 2 Bedroom Legal Suite
Just listed this property which is in Foreclosure and is a court ordered sale. Beautiful 1.03 acres with an 1800+ square foot rancher. Zoning is RR2. There are four out buildings and a very nicely landscaped yard. List price is set at $309,000.
For more details: Chilliwack Agassiz Harrison Kent Foreclosures
The below article is from the President of the Real Estate Board. Our real estate market should be thriving, but the media has put a fear in people that even Orson Welles would be proud of. Don’t let the doom and gloom of the media affect you. Sellers, be patient, there are still Buyers out there everyday looking for houses. Buyers, now is a great time to buy, you have a lot to choose from.
Property sales in the Fraser Valley decreased by 48 per cent in October compared to the same month last year, moving from 1,464 sales on the Multiple Listing Service (MLS) in October 2007 to 768 sales for the same period in 2008.
Although REALTORS have seen month-to-month price fluctuations in a number of Fraser Valley communities the overall change in home prices over the past six months is downward, with average prices of detached homes showing a decrease of 6.5 per cent, average prices of townhomes down 9.2 per cent and average prices of apartments down 2.6 per cent.
“The decrease in home sales does not reflect BC’s positive economic reality of record low unemployment and interest rates and consistent population growth,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “While the global economic picture is causing individual buyers to wait on the sidelines, there are property developers across the Lower Mainland who remain confident in BC’s economic fundamentals and continue to move forward with current and long-term projects.
“In some areas of the Fraser Valley, the number of days on the market has doubled in the past year putting more pressure on sellers to lower their asking prices,” Neufeld says. “The benefit of lower sales and higher inventory is that homes are becoming more affordable. Currently, there are some excellent buys in the Fraser Valley. With our typically slower, ‘winter’ months ahead it presents consumers with the best buying conditions we’ve seen this year.”
The Board received 2,794 new listings last month, an 11 per cent decrease from the 3,124 new listings received during the same month last year and also 8 per cent fewer than the 3,053 listings received in September 2008. This decrease in new listings lowered the number of active listings to 11,715 in October, still 42 per cent higher than October of last year, yet a 5 per cent decrease from September 2008.
The average price of a single family detached home in the Fraser Valley was $513,892 in October 2008, a decrease of 0.6 per cent compared to $517,087 in October of last year and a decrease of 6.5 per cent compared to $549,512 in May 2008.
Townhomes went for an average $309,834 last month, reflecting a 6.1 per cent decrease from October 2007 when they averaged $329,991, and reflecting a decrease of 9.2 per cent compared to the average price of $341,149 in May 2008. The average price of an apartment in October was $223,669, a decrease of 1.6 per cent compared to $227,358 last year and a decrease of 2.6 per cent compared to $229,727 in May 2008.
I dont usually get caught up in the US politics, but this was a great video and I felt I should share it.
Here are the three best priced homes for sale in East Abbotsford. One with a legal suite, all with fully finished basements:
East Abbotsford Home, 2 bedroom legal suite, 1/2 acre lot, GST Included
New East Abbotsford Home for Sale, 5 bedrooms and 3 bathrooms, GST Included
New Home for Sale, Private Yard, North Shore Mountain Views, GST Included
So today I came across a graph that shows the average real estate sales price in BC since 1974 when stats first started being kept.
Other than 1982 and 2001 there has never been a real down turn in the real estate market. Even today, in what is considered a very volatile market, it is not bad and Buyers and Sellers should continue to be active.
The graph shows prices for single family homes in 1974 and prices for single family homes in 2007
Here are some interesting numbers relating to the Abbotsford real estate market.
Abbotsford New Listings (Homes) for August: 259
Abbotsford Sold Listings (Homes) for August: 58
The Abbotsford market has turned sharply to a Buyer’s market (the furthest degree of a buyers market since 2000).
If you are thinking of buying or selling a home in the Abbotsford area, give me a call.
I just listed this great house on a private cul-de-sac near a park in Mission, BC. Here are more details:
Welcome Home! What a charmer! Completely updated 4 bedroom and 2 bathroom home with a huge flat lot covered in Kentucky Bluegrass. Brand new contemporary kitchen with lots of counter space and rare subway tile backsplash. Designer colours abound. All new 3/4 inch plumbing through the entire home. Enjoy the stunning view of Mount Baker from your private 20 x 12 Deck. 3 year old torch on roof. New paint, flooring, baseboards, blinds, lighting and more. It must be seen to be appreciated!
Click here for more details: http://www.rodfriesen.com/listings/7516-Blott-St.html
Please come and take a look at this beautiful home for sale in Chilliwack, BC on Sunday August 31, 2008 between 1pm and 3pm.
Here are more details: Chilliwack, BC Home For Sale
Here it is! The perfect chance to own your own hair salon. This high traffic business (both foot and drive by traffic) is located on the corner of two of the busiest streets in Abbotsford (South Fraser Way and Clearbrook Road). With 6 workstations and 2 hair wash stations your business can expand and add employees as needed. Over 1000 sq. ft. also contains a facial room, kitchen area and laundry area. Turn key. Don’t miss this opportunity, call us today for more information.
Click for more details: Abbotsford Hair Salon for Sale
Please come and take a look at this beautiful home for sale on Sunday August 24m 2008 between 1pm and 3pm.
Here are more details: Mission, BC Home for Sale
Now live is the new virtual home tour of 46202 McCaffrey Blvd. This home is perfect for the first time home buyer or investor. Click the link below for the virtual tour.
As the financial industry sits down with Ottawa this week to assess tighter mortgage rules, another lending product could find its way into the spotlight – cash-back mortgages.
Keen to avoid a U.S.-style housing bubble, the federal government recently cracked down on lenders and insurers through a series of reforms. Major changes already announced include a planned withdrawal of government guarantees for mortgage loans where the down payment is less than 5 per cent of the home’s value, and for those with amortizations of more than 35 years.
Yet while lenders are phasing out so-called zero-down mortgages, many are still offering buyers a similar option through the use of cash-back incentives in lieu of a down payment. This practice will be up for discussion this week, said Finance Department spokesman Jack Aubry.
Cash-back mortgages could be more contentious if lenders start using them to attract leveraged home buyers who otherwise cannot afford to buy – filling a void created with the loss of zero-down-payment.
This week, Toronto-Dominion Bank rebranded its No Down Payment Mortgage as the CashBack Down Payment Mortgage.
In an e-mail to brokers, TD Canada Trust said the product’s terms and conditions hadn’t changed.
Canada Mortgage and Housing Corp. (CMHC) has also said it will continue to offer a similar product, CMHC Flex Down. In fact, most major lenders have some type of cash-back or “flexible” down payment mortgage option.
In essence, the products aren’t much different than a 100-per-cent mortgage loan. The difference is that they allow buyers 95-per-cent financing through their mortgage, and the remaining 5 per cent down is paid by the bank in exchange for the borrower taking on a much higher rate. That’s usually the posted mortgage rate instead of the discounted rate available to most home buyers, which can mean a cost difference of 1.5 percentage points.
Since the mortgage loan itself meets the new 95-per-cent loan-to-value maximum, all but the 5 per cent in funds borrowed for the down payment is eligible for government backing, which protects the lender against the risk of default by the home buyer, Mr. Aubry said.
Cash-back products were available before the government changes and aren’t a new product emerging to fill a niche, said Joan Dal Bianco, vice-president of real estate secured lending at TD Canada Trust.
In fact, with more clarity from the government regarding the changes, which also include new credit score requirements and loan documentation standards, TD Canada Trust will reassess the CashBack Down Payment product to decide whether it is still appropriate, Ms. Dal Bianco added.
“For this particular product, I will be revisiting whether we keep it in the market or not once we have clarified things. We may pull this particular one, where it goes to the lawyer specifically for the down payment …”
Mortgage broker John Panagakos said he plans to steer his clients clear of cash-back mortgages.
The monthly payments and interest costs are higher than those of traditional mortgages in the early years, meaning little financial flexibility for stretched buyers, he said.
Instead, it’s worth it to wait and save the down payment or borrow it from a family member, he added.
“To me, this basically looks like no money down, but wearing a new suit,” Mr. Panagakos said.
Welcome Home! Perfect starter home with 3 bedrooms and 1 bathroom and a one room bachelors suite, includingx a separate entrance, separate kitchen and second washroom. This home features a brand new hickory kitchen, refinished original hardwood floors, updated paint, plumbing, newer appliances, 3 year old roof, new hot water heater and new washer and dryer.
The backyard is completely private and fenced with a large shop and 220v power. A second shed is perfect for all the garden tools. Also parking for 9+ vehicles (including an RV or Semi Tractor). Call me to set up your viewing today!
Click here for more information and pictures: Chilliwack Home for Sale
The vendor of this beautiful home has just reduced their price by $20,000.
Click here for details –> Mission, BC home for sale
C3 zoned office space off of the future McCallum Thoroughfare. Completely re-modeled and setup perfectly for a doctor or dentist office. Contains 6 offices all with their own sink vanity, 3 washrooms, reception area, large seating area and a finished basement for file management and a lounge.
Click here to view more details: Commercial Property for Sale in Abbotsford, Abbotsford, BC
Nicely updated 2 bedroom and 2 bathroom unit in the desirable College Park complex. New paint, light fixtures and window blinds are just a few of the updates in this beautiful home. Large kitchen, storage in the laundry room and a good sized deck are a few of the features that will help you settle in. Minutes from UCFV and the new hospital and cancer clinic and quick freeway access. The exercise room is just around the corner from this unit on the same floor for ease of use. Roof of building has just been upgraded at the current owner’s cost. CALL ME TO VIEW TODAY!
Click here to view more details: College Park Condos, Abbotsford, BC
Canadians overall have not changed their opinions about the housing market. They are knowledgeable, but not influenced by the speculation that the Canadian economy will be negatively affected by the U.S. economic downturn, according to a recent report by the Canadian Association of Accredited Mortgage Professionals (CAAMP). The report, authored by CAAMP Chief Economist Will Dunning, is based on information gathered by Maritz Research in an online survey in April 2008.
The report says that Canadians have shown themselves to be keen observers of the fallout from the subprime mortgage meltdown in the United States. Only 11 per cent of those surveyed said they were not at all aware of the U.S. housing crisis, down one-half compared to 22 per cent who were not aware in the Fall of 2007. Armed with this knowledge, Canadians view their own housing market through the lens of economic conditions and house prices in their own communities. One-third of respondents said now was a good time to buy a house, one-third said it was not a good time, and one-third were neutral.
In eastern Canada, Canadians feel good about the real estate market. The most positive attitudes are in the Atlantic region, where almost one-half (49 per cent) of residents feel it is a good time to purchase a home – this is double the percentage (24 per cent) who see it as a bad time. In western Canada, consumers are making decisions based on rising housing prices and deteriorating affordability. For example, 70 per cent of Saskatchewan residents have reacted to the province’s current hot housing market and felt it was not an appropriate time to buy (even higher than the 60 per cent who held this view last Fall).
“This report indicates mortgage consumers are educated, informed, and attuned to local market conditions,” said Jim Murphy, AMP, President and CEO of the Canadian Association of Accredited Mortgage Professionals. “Canadians are aware of the strength of the economy and remain confident in our housing and mortgage markets.”
Canadians have yet to react to suggestions that the economy will soon start feeling the impact of higher energy and food prices, and that Ontario is hovering close to a recession. “Job creation in Canada is still very strong. Moreover, the housing market doesn’t respond immediately to swings in employment; it takes people time to react to changes in personal circumstance,” said CAAMP Chief Economist Will Dunning. “Even if recent forecasts are right and the labour market in Canada should start to weaken, momentum from past job creation should result in continued strong housing demand well into 2009,” he added.
Alternative mortgage products, including longer amortization periods, no down-payment mortgages, and interest-only mortgages, continue to grow in popularity in Canada. In 2007, CAAMP found that 37 per cent of recent home purchases had been funded with extended amortization mortgages. In the current survey, the most positive opinions are held by people who are most likely to be in a position to use extended amortization products – renters looking to buy. Younger Canadians looking to become first-time home owners are most interested in alternative mortgage products and while cautious and conservative, they are optimistic about the overall future of these options.
“CAAMP members are committed to working with consumers to ensure they have the mortgage solution that is affordable and best suited for their needs,” said Andrew Moor, AMP, Chairman of CAAMP.
The report also says that the arrears rate for residential mortgages remains close to the very low levels that have held since mid-decade, about one quarter of a per cent. Canada has not experienced the sharp increase in arrears and defaults that has occurred in the United States.
The mortgage market and volume of mortgages outstanding continues to expand. Up from the 2007 year end figure of $821.5 billion, over 11 per cent growth is forecast for 2008 for a total of $913 billion. With this growth comes a shift in mortgage lending activity. Residential mortgages are provided by a wide variety of lending institutions, ranging from the chartered banks to credit unions and insurance companies, among others. “Mortgage brokers are fast becoming a trusted source and are growing in popularity with first time buyers and increasingly with other consumers,” said Moor. “Above one-third of mortgage transactions for new homeowners came through brokers.”
“Housing and Mortgage Market Trends in Canada” contains a wealth of additional industry data, including regional breakdowns of survey responses, information about Canada’s employment rate, the role of job creation in fuelling Canada’s housing market, and additional insight into housing forecasts in Canada and the U.S. Visit: www.caamp.org.
Home Inspectors |
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| Andre Vachon | Jim Vriend | Mike Bourdeau | |||
| Homeworks Home Inspections | Vriend Home Inspections LTD. | Pillar to Post | |||
| 778-549-8582 | 604-857-2413 | 604-855-1766 | |||
| 604-557-2884 | vhi@telus.net | Mike.Bourdeau@pillartopost.com | |||
| homeworkshomeinspections@shaw.ca | |||||
Mortgage Brokers |
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| Dan Anderson | Terry Enns | Gary Scherer | |||
| Royal Bank of Canada T. 604-309-4909 F.604-856-8156 dan.anderson@rbc.com |
National Mortgage Services Inc. 604-309-0620 terry@nationalmortgages.ca |
Origin Home Financial Partners 604-832-3178 garyscherer@origingroup.ca |
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| Warren Merkel | |||||
| Drake Financial 604-855-6661 warren@drakefinancial.com |
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Lawyers and Notaries |
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| Wayne Neufeld / David Thompson | Mark Warkentin | Amarjit Dhindsa | |||
| Valley Law Group 604-853-5401 info@valleylawgroup.com |
Linley Welwood LLC 604-850-6640 mark@linleywelwood.com |
Dhindsa Law Corp 604-851-2290 |
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| Terry Sidhu | |||||
| Terry Sidhu and Associates 604-859-4825 terry@abbotsfordnotary.com |
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Print Marketing |
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| Bourquin Printers – 604-859-7559 | Globe Printers – 604-864-2349 | ||||
Whether you’re a first time buyer or an experienced investor, you’ll find useful information about how to choose the right Mission, BC property, as well as making an offer, getting financing, negotiating, mortgage rates, moving, and everything involved in making an informed decision through Landmark Realty in today’s market.
| Featured Homes – Looking for just the right property? Check here first! | Home Buyer Guide – Read through helpful tips of information on buying your next home. |
| What is your Home’s Value? – Let me figure out how much your home is worth in today’s market. | Local Schools – Identify the best school district for your family with my schools reports. |
| Local Weather – Get up-to-date information on weather in the surrounding communities. | Map and Driving Directions – Need a map to my office or anywhere else? |
This comprehensive online tool offers direct access to the latest mls properties for sale in Mission, BC and the surrounding areas. Featuring extensive community information, consumer links, school information, free reports, answers to commonly asked questions, and more, you will find everything you need to know about Mission, BC from Landmark Realty Corp. within one easy source.
If you currently own a Mission, BC home and are thinking of placing your home on the market, this site contains information about preparing your home for sale through Landmark Realty Corp, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation.
Thanks for visiting my website. Please bookmark this site for future reference, and ENJOY!
Rod Friesen
Landmark Realty Corp.
#100-32555 Simon Avenue
Abbotsford, BC, V2T 4Y2 (Canada)
Direct: (604) 855-0800
Fax: (604) 855-0833
Toll Free: 1-866-855-0800
Welcome to RodFriesen.com, the online source of information and services for buying or selling Chilliwack, BC real estate. With over 9 years of local experience, I know the Chilliwack, BC real estate market and will provide you with the expertise and professional representation required in today’s challenging market. Interested in buying or selling property in the Fraser Valley or Chilliwack, BC? Contact me today.
Search, compare and select the Chilliwack, BC MLS listings that you might consider for your new home. Save your searches and favorite properties for later review, get email updates of new Chilliwack, BC listings and price reductions, even schedule your property showings online.
Distressed properties represent the majority of sales this year. Looking for a bank owned bargain? I can help. Upside down or facing foreclosure? I have been negotiating with banks since the late 90s and will guide you through this segment of the real estate market. I can help you with a deed in lieu or a walk away plan if a short sale isn’t your best or preferred option.
My dominate online presence offers unparalleled exposure, reaching millions of potential buyers worldwide. Our 32,000+ visitors per month search for homes in all Fraser Valley communities, so I may already have the perfect buyer for your property.
Ready to sell? Contact us today and find out how we can help you sell in this market while protecting your equity.
Save money with my Chilliwack, BC MLS flat fee listing option. Call me for more details BEFORE YOU LIST WITH ANYONE!
With the shifting landscape of today’s mortgage market, a pre-approved loan commitment is no longer an option, but a requirement, and just as important is the lender you chose. An approval from a lender who may not be in business tomorrow or fails to deliver the loan as promised can put you in jeopardy when it is time to close.
We offer professional relocation services for companies and individuals relocating into or out of the Fraser Valley or Chilliwack, BC. How can I assist you?
NEW YORK (CNNMoney.com) — More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.
The Mortgage Bankers Association’s first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That’s up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007.
The report also showed that 448,000 homes, or about 1% of loans being serviced, began the foreclosure process during the first quarter. That’s up from about 382,000 homes, or 0.83%, that entered foreclosure in the last three months of 2007.
The seasonally-adjusted rate of homeowners behind on their mortgage payments also hit a record high. Nearly 3 million home loans, or 6.4%, have missed at least one payment, while about 737,000 are at least three months past due, but not yet in foreclosure.
“The figures aren’t surprising, but they’re pretty ugly nonetheless,” said Michael Larson, real estate analyst with Weiss Research. “We’re talking higher delinquencies and foreclosures pretty much across the board.”
And he doubts that there’s much reason to expect the foreclosure crisis to abate until next year at the earliest, adding that it could be a couple of years or more before foreclosure rates retreat to more normal historical averages.
“It’s the same story we’ve been seeing for a while now – we had too much reckless lending, and buyers who got over-extended,” he said. “We’ve had an unprecedented decline in home prices on a nationwide basis, which is public enemy number one for mortgage loans. And now you’ve got an overall economy that has slowed adding to this toxic stew.”
Much of the problem lies with subprime loans given to borrowers with weaker credit records, especially those loans that had adjustable rates. Nearly four out of ten subprime ARM loans are a month or more late, or in foreclosure. And subprime ARMs account for 39% of the loans that fell into foreclosure during the quarter.
Prime fixed-rate loans, which are considered very low risk, have also seen sharp increases in their delinquency and foreclosure rates, although they are performing far better than the riskier loans on the market.
There are 431,000 prime loans in foreclosure, a seasonally adjusted rate of 1.2% that is more than double the 0.5% rate a year ago.
The report showed about 1.2 million prime mortgages are now a month or more past due, a seasonably adjusted rate of 3.7% of those loans. That’s up from a rate of 2.6% a year ago.
According to Jay Brinkman, MBA’s vice president for research and economics, the prime loan segment was hurt by so-called Alt-A loans, which didn’t require income verification for buyers with good credit. Prime loans are also getting into trouble in places such as Florida and California, which have seen sharp home price declines.
“You still have people with prime fixed rate loans who lose their jobs, who get a divorce or have an illness come up, and can no longer afford a house,” Brinkman said. “In areas where there’s been home price appreciation, you can get out of that with the sale of a home or some other negotiation.”
This marks the sixth straight quarter in which a record percentage of loans went into foreclosure.
The trend has led to a widespread decline in home prices, as well as huge losses for banks and other financial firms that issued or invested in the loans.
Nearly half of the homes in foreclosure are concentrated in six states. But those states are undergoing two very different types of housing meltdowns.
California, Florida, Arizona and Nevada have been hit by a hangover after a home building boom in the middle of the decade, which was fueled by rising home prices and investors snatching up real estate using risky mortgages. Those four states have nearly 400,000 homes in foreclosure, or a third of the nationwide total. Roughly 3.6% of all of the loans in these states are now in foreclosure.
“Clearly things in California and Florida are going to get worse before they get better,” said Brinkman.
The other two states that are ground zero for the crisis – Michigan and Ohio – have been hit by the more traditional economic woes stemming from rising job losses, particularly in the automotive sector.
Ohio has about 61,000 homes in foreclosure, while Michigan has about 54,000. The foreclosure rate in those two states is 3.9%.
There is a glimmer of good news. The rate of homes going into foreclosure in Ohio and Michigan was narrowly lower than it was in the fourth quarter, and 18 other states also saw a decline in that rate.
Brinkman said he hoped that means the crisis is at or near a bottom in much of the country, and that foreclosure prevention efforts have started to have an effect. But he added that a slight improvement in one quarter doesn’t necessarily mean the end is near.
Indeed, the rate of homes going into foreclosure continued to climb sharply higher in California and Florida, as has the rate of loans in those states that are 90 days or more past due but not yet in foreclosure. Brinkman said that in markets like these, where home prices have fallen so far from the market’s peak, finding solutions to keep a home out of foreclosure are more difficult.
He also added that, given the large impact California and Florida are having on the national foreclosure numbers, and the fact that historically foreclosures peak about three years into the loan’s life, he expects the number of foreclosures will continue to rise.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: June 5, 2008: 1:58 PM EDT
I received a call from a very grateful client today. Without going into names or addresses, I will let you know a little about the situation and what the result was. This client phoned me earlier this year to ask me a few questions about their Abbotsford Tax Assessment. I was more than happy to listen to their questions, which quickly turned to frustration for the client.
Their home had been assessed at close to 25% over what the other homes, and the real estate market said his home should be worth. To make sure we covered all things, I provided the homeowner with a Free Abbotsford Home Evaluation so they could be comfortable with my expertise.
When I provided them with their CMA (Comparative Market Analysis) I was stunned to see what the appraiser for the city said were comparables to their home. Property know where close to their own. Different styles of houses, better areas, amazing views, newer homes and houses with suites.
My client appealed their assessment and were initially declined. They continued their journey to a fair tax assessment and appealed the first dismissal. They were rewarded for their efforts.
Their tax assessment was reduced by nearly 25%. They are now in an accurate price point for tax.
They saved nearly $1000 dollars this year in taxes and it cost them around $30 and the time to appeal.
Please do not hesitate to call or email me regarding your tax assessment if you feel it is not accurate.
OPEN HOUSE SUNDAY MAY 25 FROM 1 – 3 PM!
32744 Hood Avenue Home for Sale
4 bedroom and 4 bathroom home has room for everyone. Large kitchen with eating bar and real wood cabinets. Above ground pool and central air for those hot days. 4 bedrooms upstairs and a finished basement.
An increase in choice continues to be the real estate story in the Fraser Valley, with the Fraser Valley Real Estate Board receiving a record number of new listings on the Multiple Listing Service (MLS®) in April.
The Fraser Valley Real Estate Board received 4,458 new listings last month compared to 2,922 new listings received during April of last year, an increase of 53 per cent. That swell of new inventory took the number of active listings to almost-record highs, reaching 11,111, an increase of 43 per cent compared to the 7,764 listings available during April 2007.
Even with the surge in listings, April sales remained strong at 1,787 total units sold, on par with the 1,781 sales sold in April of 2007.
Kelvin Neufeld, the president of the Board says the last time Fraser Valley buyers had so much to choose from, was in the spring of 1994. “What’s different today is the variety of properties available within every Fraser Valley community.
“Abbotsford condos were a rarity 14 years ago and so were one acre parcels of land in South Surrey. The volume of development right now in all property types across the Valley is opening up so many opportunities for buyers.”
The price of a single-family house in the Fraser Valley averaged $547,590, representing a 4.7 per cent increase from April 2007. Townhomes went for an average $344,659 in April, an increase of 7.5 per cent compared to the same month last year when they averaged $320,702.
Average apartment prices in the Valley continued to rise in the double digits increasing by 10.3 per cent compared to last year. They averaged $213,901 in April 2007, compared to $235,840 last month.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public website www.mls.ca. Using the services of a REALTOR®, who has detailed access to the full, private MLS® database is the most effective way to purchase your new home. Further market statistics can be found on the Board’s website at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 3,157 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.
With this weeks release of Fraser Valley Real Estate Statistics, there was an interesting trend emerging… We are on the verge of setting record highs for the amount of home listing available to the public.
Records have been kept since 1990, and in 1992 the record amount of listings were on the market at the same time, nearly 13,000 in the Fraser Valley. As of today we are closing in fast on the record and currently sit at about 11,500.
What does this mean? Well, it is surely a buyer’s market today. Lots of product to choose from and many, many price reductions. Some people are trying to sell their homes as they feel that the worst is yet to come, however, I believe (and many of my peers) that this is just a bit of a price adjustment caused by a few contributing factors.
We have the US Economy struggling. We have had a terrible string of bad weather here lately and a lot of the home buyers who purchased their homes a few years ago are now making that 3 year move… There has been a lot of panic among home sellers, but I think there is a needed patience right now. Reducing price is not the way to go at the moment as you will end up under valuing your home and taking less for it than you should.
The most active market currently is the 350k – 450k with a suite home. The condo and townhome markets have cooled as well. The market is taking a deep breath right now and I think we will see it pick back up soon.
(Surrey, BC) – In March, selection reached a 10-year high on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), with the number of active listings reaching 9,361, an increase of 27 per cent compared to the 7,351 listings available during the same month last year. The previous March that offered as much or greater inventory was in 1998, when Fraser Valley had 10,148 active listings.
The total number of sales processed through Fraser Valley’s MLS® in March was 1,315, a decrease of 25 per cent compared to March 2007 when 1,743 sales were processed.
The number of new listings in March also decreased slightly with the Board receiving 3,277 compared to 3,369 new listings received during the same month last year, a decrease of 3 per cent.
In March, average Fraser Valley home prices continued to increase in the strong single digits for detached and townhomes and remained in the double digits for condominiums.
Kelvin Neufeld, president of the Fraser Valley Real Estate Board explains, “With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards.
“Our advice is that to sell your home this spring, work with your REALTOR® to ensure it’s priced correctly because buyers are taking a careful look at the broader range of homes available on the MLS®.”
In March, it took almost four days longer on average to sell a Fraser Valley detached home, 50.7 days compared to the 46.9 days during March of last year. Apartments took almost eight days longer to sell with the average days to sell in March at 47.3 compared to 39.4 during the same month last year and townhomes saw the smallest increase in average days to sell, increasing 1.8 days, going from 33.6 in March 2007 to 35.4 days last month
. The price of a single-family detached home in March averaged $550,259, an 8.1 per cent increase in one year. The average price in March 2007 was $509,197. The average price of a Fraser Valley townhouse in March was $346,949, an increase of 8.6 per cent compared to last year’s average price of $319,592. Average apartment prices in the Fraser Valley increased by 13.6 per cent compared to last year. In March 2007, they averaged $203,874 compared to $231,669 last month.
You’ve likely heard and read about it, but did you know that Canada’s own ‘Do Not Call’ (DNC) list will be up and running by September 30, 2008? This development means changes for REALTORS® both as consumers and as businesses. Bell Canada has been awarded a five-year contract to establish and maintain the list. When they launch it, consumers, including REALTORS®, will be able to register their cellular, fax and landline numbers for free to reduce the number of telemarketing calls they receive. Sign-up will be available via a toll-free number and website set up by the company. Join the list once and you’ll be good for three years unless you renew your registration before the time is up.
However, you’ll still get calls from groups such as political parties, registered charities, pollsters and newspapers. If you get a telemarketing call 31 days after you sign- up, you will be able to submit a complaint to Bell Canada within two weeks of the unwanted call. Bell Canada will forward your complaint to the Canadian Radio-television Commission (CRTC) (or another investigative body to be determined) on your behalf if the company feels your complaint is valid. On the flip side, when the DNC list becomes active, consumers will also be able to file a complaint against you as a telemarketer if you try to cold call or send broadcast faxes to them after they join the list.
To avoid potential fines of up to $1,500 per call for individuals and $15,000 per call for companies (e.g. your brokerage), you’ll need to register yourself with Bell Canada as a telemarketer and download the ‘Do Not Call’ list regularly so you can compare the numbers you’d like to dial to the numbers on the list.
Bell Canada says you’ll also be able to verify individual numbers against the list without actually downloading the entire list. The only exemptions to the DNC list requirements for REALTORS® will be if you have a personal relationship or an ‘existing business relationship’ with someone who’s registered on the list. An ‘existing business relationship’ is defined by the Telecommunications Act as “a business relationship that has been formed by a voluntary two-way communication between the person making the telecommunication and the person to whom the telecommunication is made”.
According to the Act, a Business Relationship exists when: (a) The purchase of services or the purchase, lease or rental of products, has occurred within the previous 18 months; (b) An inquiry or application has been made within the previous six months; or (c) A written contract has been entered into within the previous 18 months. A written contract can be a signed real estate contract or written notice from the person you wish to reach stating that you may call them for business purposes. The U.S. experience If the United State’s experience in launching a national ‘Do Not Call’ list is any indication, the Canadian list will be popular among consumers and telemarketers could be fined substantially if they don’t respect the list.
Here are some interesting stats on the numbers registering on the U.S. list, which became active in:
June 2003: within four days:10 million numbers;
within 40 days: 30 million numbers;
by December 2004: 64 million numbers;
by December 2005: 107 million numbers;
By December 2005, the following companies found themselves facing fines for not complying with the list: AT & T: $800K Primus: $400K Dynasty Mortgage: $770K Direct TV: $5.3M
So far, it’s unclear how telemarketers will be able to access the Canadian ‘Do Not Call’ list. The subscription fees haven’t been finalized either, however we will keep you posted as these details become available. For more information, go to: www.bell.ca/donotcall.
