RE/MAX Westcoast #110-6086 Russ Baker Way Richmond, BC V7B 1B4
December 2017
Each office independently owned and operated.
ATTENTION POSTMASTER:Time Sensitive Materials
LONDON LANDING
Real Estate Market Report
604-571-0909 MichaelTanlimco@hotmail.com www.MichaelTanlimco.com Published by REAL Marketing (REM) | www.REALMarketing4You.com | 604.880.5816 | Š2017
Visit www.HomesInSteveston.com for community info and recent sales.
New Year May every day of the New Year sparkle with happiness and prosperity for you and yours! Jonathan and Angela-Marie, We look forward to another year as your London Landing real estate experts. Call us at 604-571-0909 for assistance with any of your real estate needs!
Prepared Especially for Jonathan and Angela-Marie Williams
A FEW KIND WORDS
MICHAEL & JANET TANLIMCO The Right Agents For Today's Market RE/MAX Lifetime Achievement Award RE/MAX Platinum Club Team Award
"Thank you so much to both of you. Thanks for the hard work and patience in selling our home. Also, it’s a blessing for us to get our new home. We can relax now. We are very lucky to have you both as our Realtor." — R. Punzal A.M. Cochico
604-571-0909 MichaelTanlimco@hotmail.com www.MichaelTanlimco.com
WE HELP SUPPORT!
"Thank you so much for the wonderful job you did in marketing and selling our home so quickly. You both are awesome!" — R. & M. Wilson
A portion of every transaction goes to the Children's Miracle Network
LONDON LANDING
Real Estate Market Report
Jonathan and Angela-Marie, To receive a personalized market analysis and learn about how we can help your London Landing
THE REAL EFFECT OF THE NEW MORTGAGE STRESS TEST
home stand out to the most qualified buyers this holiday season, call us today at 604-571-0909.
London Landing Homes Currently Listed Status Active Active Active Active Active Active Active Active Active Active Active Active
Beds 1 1 1 2 2 2 2 2 3 2 3 2
Total Baths 1 1 1 2 3 2 3 3 3 3 3 2
Approx. Sq. Ft.* 600 600 600 800 1,200 1,100 1,200 1,200 1,500 1,200 1,300 1,100
List Price $446,000 $460,000 $478,800 $638,800 $698,000 $738,888 $778,900 $848,800 $939,900 $988,800 $999,800 $1,298,000
List Month July November October October November September October July August October November September
London Landing Homes Recently Sold Status Sold Sold Sold Sold Sold Sold Sold Sold
Dwelling Type Apartment Townhouse Townhouse Townhouse Townhouse Townhouse Townhouse
Beds 2 2 2 3 2 3 3
Total Baths N/A 1 1 1 1 1 1
Approx. Sq. Ft.* 1,100 1,300 1,300 1,200 1,200 2,300 1,500
Sold Date 09/20/17 11/03/17 10/22/17 09/27/17 08/31/17 07/31/17 07/30/17
SP/LP Ratio 99% 98% 100% 110% 98% 100% 100%
DOM 7 23 11 13 15 6 47
Townhouse
2
1
1,100
07/17/17
102%
4
*Rounded up to the nearest hundred. Due to REBGV regulations, full disclosure of all listings and sold data is only available upon request Michael Tanlimco, Janet Tanlimco, RE/MAX Collection, and RE/MAX Westcoast do not imply that this is in any way an official advertisement or publication of RE/MAX Westcoast. © 2017 All rights reserved. This representation is based on data reported as of November 30th, 2017 by multiple brokers/agents to the Real Estate Board of Greater Vancouver (REBGV). This information is not intended to represent any existing listings but is general marketing information based on REBGV data, however, neither RE/MAX Westcoast, REBGV nor its MLS® guarantees the accuracy of this data, which may not reflect all of the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor is it intended to cause or induce a breach of an existing agency agreement. If you do not wish to receive any further newsletter correspondence, please contact us by email or telephone. Each office independently owned and operated.
On January 1st, 2018, the revised Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures will go into effect. These new guidelines created by the Office of the Superintendent of Financial Institutions, or OSFI, strengthen the federal regulations for residential mortgage underwriting. What does this mean? Everyone will be subject to a ‘stress test’ if they wish to have an uninsured residential mortgage loan.
Who typically has an uninsured mortgage loan? Anyone who is putting down more than 20% on the purchase value of their home will generally get an uninsured loan. Anyone who puts down less than 20% is required by law to purchase insurance from Canada Mortgage and Housing Corporation (CMHC) in order to secure a mortgage from a lender.
What is the goal of this new Rule? It’s to ensure borrowers can afford their loans even if interest rates are two percentage points higher than the contractual mortgage rate being offered.
What is the Impact on Buyers? •
This could reduce the amount of an uninsured mortgage loan that a borrower could qualify to receive.
•
Mortgage rates are varied, offering different types (i.e. variable and fixed), timelines (1 - 5 years), and rates (currently 2.05% - 7.10%).
•
The probable result will be a shift in the type of mortgage chosen by home buyers to qualify for their desired loan amount.
What is the Impact on Sellers? •
In general, there is still a greater demand than supply for real estate in Canada.
•
Sellers should realize the importance of pricing their home to stay in-line with market forces.
•
The effect on overall prices for the average home may not be anything more than a slow down in the rate of appreciation.
Jonathan and Angela-Marie, Call us today at 604-571-0909 to learn more about these changes and how we can help you still achieve exceptional results if you’ve considered selling your home. Information Sourced From: OSFI: http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx and CMHC: https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/rean/rean_061.cfm