Mir's Corner - Real Estate Blog

Dear Friends, present Clients' & future Clients',

The CERB was just launched today - 06th of April 2020 - an application portal for all Canadians facing unemployment due to COVID-19 crisis and I wanted to provide as much as possible information I can, initially.

The best source of information is definitely the Government of Canada site on CERB (click here to visit this site)

Service Canada and Canada Revenue Agency are jointly administering the CERB and this is a tax-able benefit.

All Canadians who apply will get the funds into their direct deposit (if already setup with CRA), and are expected to receive a first payment within three to five days. Those who use mail should receive a first payment within 10 days. Payment is $2,000 a month for up

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Stats from March 2020



To view the YouTube stats video, please click here or click below:

 

The Real Estate market in the Fraser Valley had been very busy for the first half of March 2020 with many multiple offers on both detached and attached homes in Surrey, BC - once we were declared in a 'state of emergency' due to coronavirus - the market started to slowdown (it is not dead and sales are still happening). For the sake of simplicity, and just focusing on sales ratios for: February 2020 at sales ratio of 30%, and the exact same in March 2020 as well, at sales ratio of 30% -- overall (for all property types) -- still in a strong 'Sellers Market'.

Looking at Surrey, BC, Canada (for single family detached homes); the February 2020 sales ratio

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Hello my Clients, Friends and Future-clients',

The novel Coronavirus (COVID-19) pandemic in BC, Canada & rest of the World; we have new information almost daily with evolving news. Being a Full-time Real Estate Professional, it is my responsibility to work with members of the public and share information to prevent the spread of this virus. I am not a public health expert and merely acting as a good citizen to share information that I feel is relevant and resourceful. There maybe other sources of information that you can also check to make your own informed decisions for the well-being of: Yourself, your Family, Friends, Neighbours and others.

Key information sources for up-to-date information about COVID-19 in BC include:

Health Link BC
BC Centre

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Hello my current and past Clients, new Clients and Friends,

If you own a strata property in B.C., Canada, please make sure you are well prepared and involved with your Strata - making sure that you are aware of the price change along with the deductibles and coverages. Plus, contact your own personal insurance for your home (regardless if this is your primary residence or a rental property), to making sure that your deductibles are appropriately covering you.

Please see the attached files below that will give you more details on this topic.

It is a very crucial time for you (if you are a Strata Owner) -- please stay ahead to avoid any monetary, mental and insurance issues, later.

B.C. condo owners face bankruptcies as insurance costs soar:

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Stats from February 2020



To view the YouTube stats video, please click here or click below:


The Real Estate market in the Fraser Valley has been significantly better since January 2020 at sales ratio of 24%, and now in February 2020 at sales ratio of 30% -- overall (for all property types) -- now in a strong 'Sellers Market'.

Looking at Surrey, BC, Canada (for detached homes); the Jan 2020 sales ratio was at 21% -- just at 'Sellers Market'; and, for Feb 2020 sales ratio at 31% -- even stronger 'Sellers Market'. The average sales price slightly increased from Jan 2020 to Feb 2020 for detached homes in Surrey, BC, by 2% averaging at: $1,050,000. The inventory slightly increased in Feb by 4% -- to 588 homes listed; and the sales WHOPPING 52% MORE

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Stats from September 2019

To view the YouTube stats video, please click here or click below:



The Real Estate market in the Fraser Valley has been significantly better since June 2019 at sales ratio of 18%, July 2019 at sales ratio of 21%, August 2019 at sales ratio of 20%, and for September 2019 at sales ratio of 21% -- overall (for all property types) -- switched from a 'Balanced Market' back to a 'Sellers Market'.

Looking at Surrey, BC, Canada (for detached homes); the Aug 2019 sales ratio was at 16%, and it is closer to a 'Sellers Market' in Sept 2019, with the much better sales ratio at 20% -- still in a 'Balanced Market'. The average sales price slightly increased from Aug 2019 to Sept 2019 for detached homes in Surrey, BC, by 4%

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Stats from July 2019

The Real Estate market in the Fraser Valley has been significantly better since June 2019 at sales ratio of 18%, verses, July 2019 at sales ratio of 21% overall (for all property types) -- switched from a 'Balanced Market' back to a 'Sellers Market'.

Looking at Surrey, BC, Canada (for detached homes); the June 2019 sales ratio was at 14%, and it is still unchanged in July 2019, with the same sales ratio at 14% -- still in a 'Balanced Market'. The average sales price slightly decreased from June 2019 to July 2019 for detached homes in Surrey, BC, by 4% averaging at: $931,000. The inventory slightly rising in July by 4%; and the sales 1% less in comparison to June 2019 for all detached homes in Surrey, BC. Lastly, the Days-On-Market

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For the first time since the introduction of the stress-test when qualifying would-be home buyers - both insured and uninsured - the rate for qualifications has dropped from 5.34% to 5.19%

This is also GREAT NEWS since the 'First-Time Buyers Incentive' is also being launched on 02nd of September 2019.

Please contact me directly for more details and any questions, I will do my best to address all questions and concerns in a timely manner.

Feel free to leave to comment or ask me something by entering it below 'Leave a Comment' box ...

Thanks for reading.

Mir Khan
Certified International Property Specialist, International Realtor
Century 21 AAA Realty Inc.
(778) 558-4427
mir@mirkhan.ca
www.MirKhan.ca

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The First-Time Home Buyer Incentive is a program that the Government of Canada is launching on the 02nd of September 2019 to help reduce the monthly mortgage payments by owning equity in the buyer's home. Please see below most of the details on this incentive:

  • Total Grant Amount that the Government of Canada is set aside for all First-Time Home Buyer's: $1.25 Billion over 3-years
  • Starting September 02nd, 2019 with the closing for the sale - starting on or after November 01st, 2019
  • Easy 1-page application - the mortgage broker can help with this during application process
  • To qualify, the buyer must be:
    • A Canadian citizens, permanent residents, and non-permanent residents who is legally authorized to work in Canada
    • At least one
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Prepare for an Earthquake:

BC sits in one of the world’s most seismically active regions, with more than 3,000 earthquakes every year. Most aren’t felt, but there’s a one in three chance for a damaging earthquake within the next 50 years. If those were lottery odds, you’d be buying a ticket. Instead, take time to prepare yourself and your family. During an earthquake, follow these steps to stay safe: Drop to your hands and knees. This prevents falling, but still allows you to move if necessary. Cover your head and neck. If possible, get under a sturdy piece of furniture, like a table or desk. Hold on to your cover until the shaking stops.

To learn more, visit: www.gov.bc.ca/PreparedBC

Prepare for a Tsunami:

Areas of BC’s coast are

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