Langley BC Real Estate | Condominums And Town Homes

Mortgages come in different shapes and sizes. Your mortgage may be a combination of different options. Before you approach lenders, it is a good idea to be familiar with the various types of mortgage.

Closed Mortgage
A closed mortgage has a fixed interest rate and a set, unchangeable term. They have lower interest rates than open mortgages. A buyer who uses a closed mortgage will likely have to pay the lender a penalty if the loan is fully paid before the end of the closed term.

Open Mortgage
An open mortgage allows you to pay off part or the entire mortgage at any time without penalties. It usually has a short term of six months or one year. The interest rates are higher than those for closed mortgages with similar terms. Despite a higher interest rate additional payments can save you thousands of dollars in interest charges.

ARM (Adjustable Rate Mortgage) or Variable Rate Mortgage
It is a mortgage with an interest rate that changes with the market. Although your monthly payment usually remains the same, the portion that goes towards interest varies each month. Variable interest rate is usually much lower than the fixed interest rate for a long period of time.

High-Ratio Mortgage
If you have between 5% and 25% of the purchase price as your down payment, you can apply for a high-ratio mortgage. This type of mortgage must be insured through CMHC or GE . The insurance premium is charged only once (per mortgage), when the mortgage funds are advanced.

Convertible Mortgage
A convertible mortgage allows homeowners to change the type of mortgage they hold during its term. If a homeowner wants to start with an open mortgage and then lock into a closed mortgage, a convertible mortgage is the right choice. It offers lower rates than an open mortgage.

Portable Mortgage
A portable mortgage is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. You can transfer your rate, balance and maturity date without pre-payment charges. If extra funds are required they can be borrowed at current rates. When the debt on the new house is smaller than on the old house you may pay a penalty on the amount of the reduction.

Assumable Mortgage
Assumable Mortgage allows a qualified buyer to take over the seller’s mortgage, often at an attractive interest rate.

Maximizing the curb appeal, a well kept lawn, fresh paint, uncluttered space. You know the basic tips to do what is necessary to make your house stand out from the competition. But there are a few other tips to maximize your home’s selling potential.

Make your home easy to show
Ideally, your MLS listing should read “call first, lockbox”. Requesting appointments or asking for tours only during certain hours may be restrictive. Agents are likely to show another listing that is more convenient to the buyer.

Offer a Competitive Buyer’s Agent Commission
Consider increasing the buyer’s agent commission to more than what other buyer’s agents receive in your area. Offering a higher commission to the buyer’s agent would attract more enquiries.

Market your house Online
In today’s world, one of the first places buyers will look for available homes is on the internet. We can’t over-estimate the power of the local MLS. Other places to advertise are real estate websites which have a proven track record. Once you have decided where you will advertise your home, be sure to promote it well. Buyers want to see pictures, virtual tours and data.

Offer buyer Incentives.
Offer incentives to attract buyers. These may include closing costs, move-in date flexibility, mortgage buy-down and down-payment help.

Make a Limited Time offer
Everybody wants a deal, and buyers are more motivated if an offer is going to soon vanish. Advertise a limited-time offer that buyers can snatch up if they act quickly.

VANCOUVER, B.C. – January 5, 2009 – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.

In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.

New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008.

Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007. The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent.

Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.

Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.

For Immediate Release: January 5, 2009

(Surrey, BC) – December’s sales statistics from the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) reflect the real estate story of 2008: change. Sales of all property types for the year declined 30 per cent in the Fraser Valley; however, sales for the month were down almost 50 per cent compared to December 2007 – punctuating how the move to a buyers’ real estate market, similar to changes overall in the economy, took place in the second half of 2008.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI)*, decreased 6.5 per cent this year, with December showing the seventh consecutive monthly decline. The benchmark price was $496,391 in December 2007 compared to $464,189 last month. That price has decreased 9.7 per cent since May 2008 when it was $513,798.

The HPI benchmark price of Fraser Valley townhouses decreased by 8 per cent in one year, going from $322,295 in December 2007 to $296,296 in December 2008, while the benchmark price of apartments decreased from $247,822 to $237,786, a - 4 per cent change in one year.

“Prices could not have continued to increase at the pace they were over the past six years,” says Kelvin Neufeld, President of the Fraser Valley Real Estate Board. “The change in the real estate cycle has created tremendous opportunities for consumers right now and they’re starting to recognize that fact.

“Fraser Valley REALTORS® were already seeing home sales in early December surpass those of November, signaling that buyers recognize the current advantages of price reductions combined with historically low interest rates and inventory at record levels.”

Fraser Valley’s total sales volume in 2008 was 13,194 compared to 18,862 in 2007. Over the course of the year, Fraser Valley REALTORS® listed 35,651 properties, an 8 per cent increase compared to 2007’s 32,953 listings. The number of active listings at year’s end finished at 9,960, 50 per cent higher compared to 6,646 active listings in December 2007.

Year-to-date average prices of single-family detached homes in the Fraser Valley increased 3.4 per cent going from $520,317 in December 2007 to $537,960 in December 2008. In one year, the average price of a townhouse increased 3.6 per cent going from $322,578 in 2007 to $334,259 in 2008. The average apartment price increased 5.8 per cent, reaching $229,488 in 2008 compared to $216,990 in 2007.