Keeping you updated about what's happening in Real Estate and in the Fraser Valley!

I have listed a new property at 315 2700 MCCALLUM RD in Abbotsford.
They just don't build them this size for this price anymore! Enjoy the privacy of greenery and trees that surround you here in this TOP floor, corner unit in "The Seasons". New dark laminate flooring in the living & dining areas. The bathroom & kitchen renos include new cabinets, tile floors & backsplash. Open kitchen to living room concept and loads of windows make this a bright, warm space to live. In-suite laundry with new washer & dryer, storage unit & 2 parking stalls+ recreation facility usage all included! Super clean, well managed & maintained building. An investors delight with rentals, pets and kids welcome here! Bring your offer! You'll love this unit!
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I have listed a new property at 204 2700 MCCALLUM RD in Abbotsford.
Wow what a beauty! 2 bedroom, corner unit in "The Seasons". Bright, open layout with a spacious wrap around deck. Complex and building is superbly maintained and located within walking distance to all ammenities but backing against greenspace keeps it quiet and private. Unit has had a total make over with new hand scraped flooring, tile and kitchen reno. Gorgeous dark cabinets, new counter tops, S/S applianes & large pantry. Complete with necessary conveniences like In Suite laundry (new washer/dryer) & storage on the same floor, but also with two parking spots! The perfect catch for all types of buyers as kids, pets and rentals are welcome here. A highly sought after buy for investors! Walk to schools, dining & shopping.
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I have listed a new property at LOT 40 Mountainview RD in Pender Harbour.
Excellent building opportunity in this 0.64 Acre lot to have a view of the Jervis Inlet. 10 minute walk down to the BC ferries to cross to Saltery Bay. Close to hiking, kayaking, boat tours, mountain biking, paddle boarding and fishing. An outdoor fanatic's dream! There is water and electricity at the lot line.
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I have listed a new property at 348 27358 32nd Ave in Langley.
A beautiful, well maintained 1 bedroom 1 bath unit in Willow Creek Estates. In-suite stacking clothes washer and dryer. Access to the bathroom through your walk in closet in the master bedroom. Sit on your balcony drinking your coffee while looking at Mt. Baker.
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Fyi: CMHC has announced a restriction on the amount of mortgages they will guarantee. This will push prices up by 20+ bps for all lenders according to this article.
CMHC moves to take steam out of housing market
Ottawa is taking new steps to cool the country’s housing market.
Canada Mortgage and Housing Corp. is limiting guarantees it offers banks and other lenders on mortgage-backed securities. The measure comes amid the federal government’s efforts to protect taxpayers from financial risks in the housing sector, further cool lending and add upward pressure to mortgage rates.
The Crown corporation has notified banks, credit unions and other mortgage lenders that they will each be restricted to a maximum of $350-million of new guarantees this month under its National Housing Act Mortgage-Backed Securities (NHA MBS) program. The decision comes in the wake of “unexpected demand” for the guarantees, a spokeswoman for CMHC said in an e-mailed statement.
The conversion of loans into securities with CMHC backing has become a popular way for lenders to tap funds from a broad range of investors, enabling banks to issue more mortgages and at a lower cost.
Federal Finance Minister Jim Flaherty, concerned that Canada’s housing market might overheat and infect the economy, has been taking steps to cut back the flow of mortgage credit. This spring, he went as far as to publicly chastise some banks for dropping their mortgage rates too low.
He is also taking steps to reduce the degree to which taxpayers backstop the housing market.
This year, he announced he would restrict the ability of banks to buy bulk insurance from CMHC, and he curtailed the use of government-backed insurance in securities sold by the private sector. Ottawa released a legal framework for covered bonds, another type of bond backed by pools of mortgages, last year. It said banks could not use insured mortgages in such securities.
In addition to removing fuel from the housing market, these moves force banks and other lenders to take on more of the risk of mortgage defaults, rather than offloading that risk to Ottawa.
Canada’s housing market slowed in the wake of the government’s moves, namely Mr. Flaherty’s decision last summer to tighten mortgage insurance rules. Still, prices in most areas continued to climb, and sales have begun to bounce back.
“The government is attempting to tighten credit conditions for home loans, for example the changes to CMHC’s underwriting standards last year, and this is the latest iteration of that effort,” said National Bank analyst Peter Routledge.
He said that the four largest mortgage underwriters, Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Nova Scotia, had made good use of the NHA MBS program “and I expect that their funding strategies will change as a consequence.”
“Given the differentials in funding costs via NHA MBS or unsecured long-term funding, I could see [an additional] 20 to 65 basis points in the cost of funding mortgages for the larger banks,” he said. “All else equal, we could see mortgage rates start to move up in unison.”
At the start of this year, after consultations with CMHC, Mr. Flaherty said the Crown corporation could guarantee a maximum of $85-billion worth of new NHA MBS this year. By the end of July, lenders had already issued $66-billion worth of the securities, compared to $76-billion during all of 2012. As a result, CMHC is imposing the $350-million cap on each issuer effective immediately, while it comes up with a formal allocation process this month that it will put in place for the final four months of the year.
The Crown corporation guarantees timely payment of interest and principal to investors in both types of securities, and charges the banks a fee for the service.
On its website, CMHC states that “MBS [have] helped to ensure a ready supply of low-cost funds for housing finance and to keep mortgage lending costs as low as possible for homeowners.”
Mr. Routledge said that smaller mortgage lenders don’t create enough NHA MBS to be materially affected by the new $350-million cap.
The amount of NHA MBS being issued shot up during the financial crisis, as banks sought cheaper sources of funds to continue lending mortgages. The securities are backed by pools of insured mortgages, and investors receive monthly principal and interest payments that stem from the payments homeowners make on the underlying mortgages. Banks sell the securities to investors, or to be used in the Canada Mortgage Bond program
Article Courtesy of Julie Tatla,
CIBC Mortgage Advisor
Retail & Business Banking
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I have listed a new property at 29912 SILVERDALE AVE in Mission.
Huge rancher with a full basement on 1.6 ACRES! Situated at the end of a long driveway in quaint Silverdale. Property is fenced & perfect for horses or other critters, big and small. This custom home is of genish home design & built with solid 2x6 construction. Don't worry about the roof, it's only 3 yrs old and the high efficiency furnace keeps the bills down. The detached 45'x30' shop is the ideal place for projects, storage & toys.2 driveways leave loads of space for your truck, trailor, RV/boat. Not far from the newly approved Genstar project means possible redevelopment potential! Spacious upstairs w/ 3 bdrms and 2 more+den down.And you just can't go wrong with seeing the gorgeous southern views of the Fraser River everyday!
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I have listed a new property at 408 33485 FRASER WAY S in Abbotsford.
Luxurios top floor unit at Citadel Ridge. Step into the gorgeous building, complete with optimum, top knotch security for that added piece of mind. Vaulted ceilings make this unit feel bright & airy. Overlook stunning mountain views fromthe office/solarium. Newly renovated dark hardwood flooring compliment the exquisite stone work in the kitchen & floor to ceiling fireplace. Includes a 50'" plasma screen to complete the contempory look. S/S appliances & granite in the workable kitchen. Oversized soaker tub in the bathroom, in suite laundry, A/C, & separate storage unit on the same floor. All of this plus a $10K upgraded secure & private double wide enclosed garage. Supreme location central to everything you would ever need.
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I have listed a new property at 1842 DAHL CREST in Abbotsford.
Quaint neighborhood, central location close to Costco & Walmart. This Rancher with a walk out basement backs onto greenbelt which keeps it quiet and peaceful. The large covered patio is great for year round use. Situated on a 9007 sq ft lot, there's room to park your RV or boat. Zoning allows for legalized accommodatations in the 2 bedroom/1 bath below, with it's own washer and dryer. Don't worry about walking up and down stairs, everything's easily accessable and on the main floor, including the laundry room. Close to everything you need, in a nice area with good neighbors. Come by and take a look for yourself! Call me today for your personal viewing.
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Keeping you updated about what's happening in Real Estate and in the Fraser Valley!