Buying a home is an exciting milestone, and having a professional, experienced realtor by your side can make all the difference in navigating the process smoothly and successfully.

For first-time homebuyers who may be wondering, “Is hiring a real estate agent worth it?” the answer is a resounding yes. The real estate market moves quickly, with buyers and sellers constantly negotiating one of life’s most significant investments.

When you hire a realtor, you gain a knowledgeable advocate who will guide you through every step, from searching for the perfect home to handling legal paperwork, negotiating prices, and protecting your best interests.

To help you make an informed decision, we’ve compiled a list of essential factors to consider when hiring a realtor.

Questions to Ask When Choosing a Realtor

A realtor plays a crucial role in your home-buying journey, so it's important to choose one who aligns with your needs and goals. Here are some key questions to ask:

How long have you been in real estate?

Experience is invaluable in the real estate industry. A seasoned realtor possesses extensive market knowledge and insights into local neighborhoods, ensuring they can recommend the best options tailored to your needs.

An experienced realtor also brings problem-solving skills, effective negotiation strategies, and a seamless approach to managing challenges that may arise during the buying process.

How many homes have you sold recently?

A realtor's track record can provide insight into their expertise and effectiveness. Realtors with a history of successful transactions and satisfied clients demonstrate their ability to navigate the market efficiently and secure the best deals for buyers.

Additionally, consider asking how long, on average, their clients take from the first home showing to closing. While timelines vary, this information can help set expectations for your journey.

What services do you offer buyers?

Realtors provide varying levels of service. Understanding what a realtor offers can help you gauge their approach and resources. A full-service realtor typically provides market insights, home search assistance, contract negotiations, and post-purchase guidance, ensuring a smooth experience from start to finish.

Tips for Hiring the Right Realtor

Finding the right realtor is a significant step toward achieving your homeownership goals. Here are some final tips to ensure you choose the best professional for your needs:

Work with a Realtor You Trust

Your realtor is more than just a professional guide—they're your partner in this important life decision. It’s essential to work with someone who understands your needs, values your goals, and makes you feel comfortable throughout the process.

A great realtor will prioritize your interests, identify homes that match your lifestyle, and help you make informed decisions with confidence.

Verify Licensing and Read Reviews

Before hiring a realtor, confirm that their licensing is up to date. Additionally, reading client reviews can offer valuable insights into their reputation, work ethic, and level of service.

At the end of the day, past clients’ experiences can be a strong indicator of what you can expect.

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Are you seeking a reliable realtor in the Lower Mainland? Reach out to Jennifer & Colleen today to begin your journey!

SURREY, BC — Fraser Valley home sales climbed for the second straight month in October, a sign that some buyers may be responding to steadily easing prices.

The Fraser Valley Real Estate Board recorded 1,123 sales on its Multiple Listing Service® (MLS®) in October, a 17 per cent increase from September, but 16 per cent below sales from the same month last year.

After a short-lived rise in September, new listings slowed in October, down 14 per cent month-over-month and seven per cent year-over-year, to 2,967. Overall inventory remains well above seasonal norms for the Fraser Valley, with 10,121 active listings, down four per cent from September but up 15 per cent year-over-year.

“Motivated sellers are responding to increasingly competitive market conditions with more realistic pricing strategies,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “As a result, we’re seeing prices soften—a shift that’s helping to facilitate sales in a slower market.”

Contact us today for more details or to explore your options, discuss your needs, and benefit from our expertise. We're just a phone call or email away

Phone: 604-329-8787
Email: jen@jenniferclancey.com / colleen@colleenfisher.ca

So you’ve been asking yourself the age-old question:
Should I buy a house?
When’s the best time to buy?
What do I need to know before buying?
There’s never a perfect time to buy, but there are a few steps you can take to prepare for homeownership.

Deciding whether it’s the right time to enter the market often depends on you and your financial situation more than the state of the market in any given month.

Here are 6 key factors to consider before buying a home:
1️⃣ You have plenty of savings
2️⃣ You’ve paid off your debts
3️⃣ Your income outweighs your monthly payments
4️⃣ You’re staying put for a few years
5️⃣ You’ve found the right mortgage
6️⃣ You have a good real estate agent

1. You Have Savings on Top of Savings

The number one sign you’re ready to buy a house is having a healthy savings account. Homeownership comes with many costs, and you’ll need money set aside for:
✅ A down payment – 5-10% is common, but 20% or more helps avoid CMHC insurance.
✅ An emergency fund – Covering 4-6 months of expenses is ideal.
✅ Moving costs – Professional movers, truck rentals, and supplies add up quickly.
✅ Closing costs – Typically 3-4% of your purchase price, covering inspections, appraisals, and more.

2. You’ve Minimized or Eliminated Your Debt

It’s tough to save for a home while juggling credit card debt, student loans, or car payments. A mortgage is a big commitment, so being debt-free (or close to it) will make homeownership far less stressful.

3. Your Total House Payment Is Less Than 25% of Your Take-Home Pay

To avoid being house-poor, aim to keep total home expenses (including mortgage, insurance, and taxes) under 25% of your take-home pay.

Breakdown of costs:
🏠 Principal – The amount you borrowed
💰 Interest – What lenders charge to finance your loan
🔒 CMHC Insurance – Required if your down payment is under 20%
🛡️ Homeowners Insurance – Protects against fires, floods, and more
🏡 Property Taxes – Supports schools, law enforcement, and public services

4. You’re Planning on Staying in Your Home

If you plan to stay in your home for at least five years, you’ll likely build enough equity to make it a smart investment.

Equity Formula:
📈 Your Home’s Value – Your Mortgage Balance = Equity

The longer you stay, the more you benefit from appreciation and mortgage payments lowering your balance.

5. You’ve Chosen a Mortgage That Fits Your Needs

Most people don’t pay 100% cash for a home, so a mortgage is essential. A mortgage broker can help you compare rates from different lenders, negotiate better terms, and find the best fit.

Look for a mortgage broker who has:
✔️ Experience & professional credentials
✔️ Positive online reviews & testimonials
✔️ A wide network of lenders
✔️ Transparency & good communication

6. You Have a Good Real Estate Agent

A knowledgeable real estate agent will guide you through the process, negotiate on your behalf, and ensure a smooth transaction.

Key qualities of a great real estate agent:
🏡 Local market expertise
💬 Strong communication skills
🤝 Excellent negotiation skills
🔍 Attention to detail

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Final Thoughts

Buying a home is a big step, but if you’ve checked off these six factors, you’re well on your way to becoming a homeowner!

The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth. However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada. The economic outlook continues to be subject to more-than-usual uncertainty because of the rapidly evolving policy landscape.

After a period of solid growth, the US economy looks to have slowed in recent months. US inflation remains slightly above target. Economic growth in the euro zone was modest in late 2024. China’s economy has posted strong gains, supported by government policies. Equity prices have fallen and bond yields have eased on market expectations of weaker North American growth. Oil prices have been volatile and are trading below the assumptions in the Bank’s January Monetary Policy Report (MPR). The Canadian dollar is broadly unchanged against the US dollar but weaker against other currencies.

Canada’s economy grew by 2.6% in the fourth quarter of 2024 following upwardly revised growth of 2.2% in the third quarter. This growth path is stronger than was expected at the time of the January MPR. Past cuts to interest rates have boosted economic activity, particularly consumption and housing. However, economic growth in the first quarter of 2025 will likely slow as the intensifying trade conflict weighs on sentiment and activity. Recent surveys suggest a sharp drop in consumer confidence and a slowdown in business spending as companies postpone or cancel investments. The negative impact of slowing domestic demand has been partially offset by a surge in exports in advance of tariffs being imposed. 

Employment growth strengthened in November through January and the unemployment rate declined to 6.6%. In February, job growth stalled. While past interest rate cuts have boosted demand for labour in recent months, there are warning signs that heightened trade tensions could disrupt the recovery in the jobs market. Meanwhile, wage growth has shown signs of moderation.

Inflation remains close to the 2% target. The temporary suspension of the GST/HST lowered some consumer prices, but January’s CPI was slightly firmer than expected at 1.9%. Inflation is expected to increase to about 2½% in March with the end of the tax break. The Bank’s preferred measures of core inflation remain above 2%, mainly because of the persistence of shelter price inflation. Short-term inflation expectations have risen in light of fears about the impact of tariffs on prices.

While economic growth has come in stronger than expected, the pervasive uncertainty created by continuously changing US tariff threats is restraining consumers’ spending intentions and businesses’ plans to hire and invest. Against this background, and with inflation close to the 2% target, Governing Council decided to reduce the policy rate by a further 25 basis points.

Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation. Governing Council will be carefully assessing the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs. The Council will also be closely monitoring inflation expectations. The Bank is committed to maintaining price stability for Canadians.

Information note

The next scheduled date for announcing the overnight rate target is April 16, 2025. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR at the same time.

Content Type(s): Press, Press releases
https://www.bankofcanada.ca/2025/03/fad-press-release-2025-03-12/ 

In today's rapidly evolving real estate market, homeowners and potential buyers are constantly looking for ways to enhance property value. One emerging trend is the integration of smart home technology. But do these modern upgrades boost a home’s resale value? The answer is a resounding yes, though there are certain nuances worth considering. 

The Value of Smart Home Upgrades
Recent studies, including insights from the National Association of Realtors (NAR), suggest that smart home features can potentially increase a home's resale value by up to 5%. This is particularly evident in markets where tech-savvy buyers are prevalent. Smart thermostats, security systems, and eco-friendly lighting are among the features that not only appeal to the convenience factor but also to energy efficiency, which is increasingly on buyers' radar.

ROI of Smart Technologies vs. Traditional Renovations
While traditional renovations such as updating kitchens and bathrooms still hold significant value, smart technology enhancements are carving out their niche. The return on investment (ROI) for smart upgrades can be substantial, but it isn’t as predictable as more conventional home improvements. Factors influencing the ROI include the type of technology installed, the integration within the home, and the market’s familiarity and comfort with smart home capabilities.

Considerations for Sellers
If you’re considering selling your home and have invested in smart technologies, it's essential to distinguish between removable and fixed smart features. Removable items like smart TVs and portable appliances can travel with you to your next home. However, built-in components such as smart ovens and integrated refrigerators are typically considered fixtures of the home. Removing these could necessitate replacement, which might affect the home’s market readiness and appeal.

For homeowners contemplating smart upgrades, careful planning is crucial. It’s important to assess which technologies will offer the best ROI and enhance the living experience for potential buyers. Consider consulting with a real estate professional who can provide insights into which features are most sought-after in your specific market.

The federal government has announced significant changes to mortgage rules, kicking off the new year with initiatives aimed at addressing Canada’s housing shortage. One of the most impactful updates is a new program designed to support the creation of secondary suites, offering homeowners increased flexibility and opportunities.

Starting January 15th, 2025, you can refinance up to 90% of your home’s value through default-insured mortgages to build secondary suites—an excellent way to increase long-term rental supply while offsetting rising mortgage costs.

Important details of the refinancing program include:

• Maximum loan to value (LTV) – The LTV ratio can be up to 90% of the “as improved” property value, with the total property value capped at $2 million

• Maximum amortization period – The maximum amortization for this refinancing is 30 years, allowing borrowers to spread payments over a longer term

• Number of units – Homeowners can have up to four units on their property, including the existing one

• Self-contained units – Each secondary suite must be a fully self-contained unit, meaning it has separate living facilities, such as a private entrance, kitchen, and bathroom. This ensures compliance with municipal zoning requirements

• No short-term rentals – The additional units must be long-term rentals, not used for short-term rental purposes such as Airbnb

Recent Changes to Keep in Mind

As we move into 2025, here’s a quick recap of three important mortgage changes that took effect late last year, bringing significant benefits for homeowners and homebuyers:

1. Stress-Test Rule Changes: As of November 21, 2024, homeowners switching lenders at mortgage renewal are no longer subject to stress-test rules, which previously added a 2% rate surcharge when qualifying for a mortgage. This change encourages competition among lenders, potentially leading to better rates and terms for borrowers.

2. Higher Insured Mortgage Limit: On December 15, 2024, the insured mortgage limit increased to $1.5 million, expanding access for Canadians in high-priced housing markets. This change helps more borrowers qualify for a mortgage with a down payment below 20%, up from the previous $1 million cap set in 2012.

3. Expanded Access to 30-Year Amortizations: Also effective December 15, 2024, 30-year amortizations are now available to all first-time homebuyers and buyers of new builds, including condos, helping to reduce monthly payments and improve affordability.

West Coast Broker- Shannon Mayhew
Mortgage Broker

Exciting news for Canadians preparing to enter the housing market! Starting December 15, 2024, significant changes to insured mortgage rules will take effect, making homeownership more accessible and affordable. Here’s what’s new and how it could impact your plans.

What’s Changing?

1. Higher Insured Mortgage Cap

The insured mortgage cap will increase from $1 million to $1.5 million, opening doors for buyers in higher-priced markets to qualify for insured mortgages with less than a 20% down payment. This change gives buyers more flexibility and access to affordable financing options in today’s competitive housing market.

2. Expanded Access to 30-Year Amortizations

Previously limited to first-time buyers of newly built homes, 30-year amortizations will now be available to:

• All first-time homebuyers

• Anyone purchasing newly built homes

Longer amortization periods mean lower monthly payments, helping buyers manage housing costs while still securing the home they want.

Why Does This Matter?

These changes aim to address affordability challenges faced by Canadians trying to enter the housing market. Key benefits include:

• Lower monthly payments: A longer amortization period reduces payment amounts, easing budget pressures.

• Lower interest rates: Insured mortgages often come with more competitive rates, further reducing borrowing costs.

More opportunities: The increased cap allows buyers in pricier markets to qualify for financing that was previously out of reach

How Can You Prepare?

If you’re thinking about buying a home—whether it’s your first home or a newly built property—this is the perfect time to start planning. Here’s how to get ready:

• Assess your budget: Understand how these changes could impact your buying power.

• Get pre-approved: Secure your financing early to be ready when the right home comes along.

• Explore your options: Work with a mortgage professional to find the best solutions for your needs.

Let’s chat about how these upcoming changes can help you achieve your homeownership goals. Contact us today for a personalized consultation!

Nationally, home prices increased 1.5% on a quarterly basis in Q2 despite activity slowdown in major markets

Despite a strong first quarter for sales, Canada’s spring housing market was muted in many regions across the country in Q2 of 2024. Although the first cut to the overnight lending rate by the Bank of Canada in June generated much buzz among Canadians, the long-awaited drop did not translate into a noticeable return of homebuyers to the market. This hesitant approach from purchasers contrasts against rising inventory levels, which has resulted in more balanced market conditions as of late. 

Royal LePage® is forecasting that the aggregate price of a home in Canada will increase 9.0% in the fourth quarter of 2024, compared to the same quarter last year. Nationally, home prices are forecast to see continued moderate price appreciation throughout the second half of the year.

“Canada’s housing market is struggling to find a consistent rhythm, as the last three months clearly demonstrated,” said Phil Soper, president and CEO, Royal LePage. “Nationally, home prices rose while the number of properties bought and sold sagged; an unusual dynamic. The silver lining: inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.

“This trend dominates activity in two of the country’s largest and most expensive markets, the greater regions of Toronto and Vancouver, where sales are down yet prices remain sticky,” Soper continued. “There are exceptions. In the prairie provinces and Quebec, low supply and tight competition persist.”

Q2 reports modest uptick in home prices

According to the Royal LePage House Price Survey, the aggregate price of a home in Canada increased 1.9% year over year to $824,300 in the second quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price increased 1.5%, despite a slowdown in activity in the country’s most expensive markets. 

When broken out by housing type, the national median price of a single-family detached home increased 2.2% year over year to $860,600, while the median price of a condominium increased 1.6% year over year to $596,500. On a quarter-over-quarter basis, the median price of a single-family detached home increased 1.8%, while the median price of a condominium increased 0.8%. 

Sustained high interest rates run risk of buyer rush

For the last two years, the national housing market has seen home prices fluctuate between modest declines and increases – with some regional exceptions – as a result of the impacts of higher interest rates. As the Bank of Canada cautiously navigates the delicate balance between lowering the key lending rate and keeping inflation in check, some segments of Canada’s housing market have stalled.

“Canada’s housing market faces pent-up demand after two stifling years of high borrowing costs. While inflation control is crucial, persistently high rates are increasing the risk of a surge in demand when buyers inevitably return. New household formation and immigration keep fueling the need for housing, and a sudden release could create much market instability. This highlights the need for a more nuanced approach that balances inflation control with economic vitality,” added Soper. 

Increased borrowing costs hamper new supply creation

Elevated borrowing rates are not only dampening housing market activity but also stifling the construction of new homes. Builders, who rely heavily on lending, are finding it increasingly difficult to finance new projects, exacerbating the country’s shortage of housing at a time when our population continues to grow.

“Canada’s housing market faces complex challenges. While raising interest rates was crucial to fighting inflation, it has unintentionally choked off the essential flow of new housing supply. Higher borrowing costs, coupled with labour shortages in the construction trades and rising material prices, have made it economically unsustainable for developers to launch new projects. This creates a perfect storm – our population is growing steadily, yet we’re building far fewer homes than what’s needed to meet that demand. This situation urgently needs innovative solutions to ensure Canadians have access to affordable housing options,” concluded Soper.

Read Royal LePage’s second quarter release for national and regional insights. 

Second quarter press release highlights:

• Toronto and Vancouver report slower-than-usual market activity this spring as inventory builds, while demand continues to outpace supply in prairie provinces and Quebec  

• Quebec City records highest year-over-year aggregate price increase (10.4%) in Q2 among report’s major regions

• Royal LePage maintains national year-end forecast with prices expected to increase 9.0% in Q4 2024 over the same period last year 

• According to a Royal LePage survey, conducted by Leger2 earlier this year, 51% of sidelined homebuyers said they would resume their search if interest rates reversed.

https://blog.royallepage.ca/where-was-the-spring-market-homebuyers-continue-to-wait-in-the-wings-despite-highly-anticipated-first-rate-cut-by-the-bank-of-canada/

The Bank of Canada has reduced the overnight rate to 4.75%, signaling a shift towards less restrictive monetary policy. This adjustment, paired with ongoing balance sheet normalization, is poised to influence both current and prospective homeowners significantly.

Current Economic Overview:

As we navigate through 2024, global economies are showing mixed signs of growth and stability. While the United States is experiencing a slower-than-expected expansion, Europe and China are witnessing a pickup in economic activities. Back home, after a brief stagnation, Canada's economy is back on a growth trajectory, albeit at a modest pace of 1.7% in the first quarter, underpinned by strong consumption and business investment.

Impact on Your Mortgage:

This rate cut is pivotal for variable-rate mortgage holders, potentially lowering the interest costs associated with these loans. With lenders expected to adjust their prime lending rates to 6.95%, now is an excellent time to review your mortgage strategy. Whether you're considering buying, refinancing, or renewing, the changing rates could impact your decisions and financial planning.

Looking Ahead:

The Bank's latest move reflects increased confidence that inflation will continue its descent toward the 2% target. However, with the economic landscape still presenting various risks, especially in terms of inflation dynamics, wage growth, and international developments, staying informed and proactive is more crucial than ever.

*Information provided by 
Shannon Mayhew, MBI - Mortgage Broker 
778-858-9848 / www.westcoastbroker.ca 

Are You Looking to Buy Your First Home?

Are You Thinking About Making a Move?

No matter your goals, there are several steps you can take in advance to streamline the mortgage process and make it more manageable!

Getting Pre-Qualified

The purpose of mortgage pre-qualification is to help you understand what you can afford when shopping for a new home. Pre-qualification involves assessing your financial status, which allows you to establish a budget and determine your potential monthly payments.

By downloading my app, you can get pre-qualified in under 60 seconds! This tool will also provide you with an estimate of your monthly mortgage payments and help you compare various payment schedules.

Getting Pre-Approved

While pre-qualification gives you a general idea of your affordability, pre-approval is a step further. Pre-approval means that a lender has officially stated (in writing) that you qualify for a mortgage and specified the amount based on your submitted income and credit history documentation.

A pre-approval typically includes details such as term, interest rate, and mortgage amount, and is valid for a brief period, assuming all conditions are met.

Benefits of Pre-Approval

• Confirms Your Budget: It confirms the maximum amount you can afford.

• Locks in Interest Rates: It can secure an interest rate for 90-120 days while you shop for your new home.

• Strengthens Your Offer: It assures sellers that securing financing won't be an issue, which is crucial in competitive markets with multiple offers.

Important Considerations Post-Pre-Approval

Once you obtain pre-approval, it's crucial to maintain your financial and employment status until the mortgage application and sale are complete. Avoid making changes such as quitting or changing jobs, buying a new car, transferring large sums of money between bank accounts, leaving bills unpaid, or opening new credit cards. Any changes could jeopardize your pre-approval status.

By taking these steps, you'll be better prepared and positioned for a smooth and successful home-buying experience.

Let us help you find your dream home or guide you through a successful real estate transaction. Your satisfaction is our priority!

You may have seen this stat making headlines recently:  2.2 million Canadian mortgages are expected to be up for renewal by the end of 2025. This number represents half of Canadian Mortgage Holders!  This turning point presents a significant moment for homeowners, as the majority will likely face an increase in their monthly payments if they choose to renew their mortgages under the same terms. With the dynamic shifts in the mortgage landscape, it's crucial to understand what this means for you and how you can navigate your mortgage renewal strategically.

The Impact of Renewal
Renewing your mortgage typically means continuing with the same amortization schedule—the total time it will take to pay off your mortgage in full. This process does not inherently involve making adjustments, such as taking out equity or extending your amortization period. It’s a straightforward path but not necessarily the most advantageous.

Consider a hypothetical scenario reflective of the current market trends. In June 2019, a homeowner might have purchased a property with a $500,000 mortgage at a rate of 3.65%, with a 25-year amortization and a monthly payment of $2,536. Fast forward to a June 2024 renewal under new conditions with a decreased principal of $432,577 but a higher interest rate of 5.24%. This adjustment results in a new term and an increased monthly payment of $2,898, despite the shorter 20-year amortization schedule. 

You Have Options
It's important to remember that renewal is just one option. When your mortgage term comes to an end, you have the flexibility to renegotiate your mortgage terms or even switch lenders to secure a more favourable deal. This could involve adjusting the amortization period, locking in a different interest rate, or extracting equity for other financial needs.

Seeking Expert Advice
Before you sign on the dotted line, consider consulting with a mortgage expert. A professional review of your renewal offer could reveal opportunities to optimize your mortgage setup, potentially saving you thousands of dollars over the term of your mortgage. With so much at stake, personalized advice tailored to your financial situation and future goals is invaluable.

Act Now
For the 2.2 million Canadian homeowners facing renewals in the next couple of years, now is the time to start preparing. Assess your current financial health, consider how changes in the market might affect your mortgage payments, and explore your options. Don’t hesitate to reach out for expert advice to ensure that your mortgage renewal decisions align with your long-term financial stability.

As your mortgage term approaches its end, remember that you hold the power to shape your financial future. Take the initiative to understand your options, seek out the best possible conditions, and make informed decisions that will benefit you for years to come.

*SHANNON MAYHEW, MBI
MORTGAGE BROKER
T 778.858.9848
www.westcoastbroker.ca
Vancouver, B.C.