October 2022 Newsletter
Andy Schildhorn • October 20, 2022
HELLO EVERYONE AND WELCOME TO OUR OCTOBER NEWSLETTER!
People looking to get a mortgage in B.C. will soon have enhanced consumer protection under new legislation for mortgage service providers.
The province is improving the regulation of mortgage brokers.Fort Langley Rancher? Take a look at 8825 Mcallister St. Here, we have a cute 3-bedroom home on the east side of the Village with a very private backyard.
This month’s Facebook Live talks about real estate stats and our community. Here is a detailed look at market statistics for the Fraser Valley and, more so – Langley.
Angela and Graham are long-term clients. With a growing family, it was decided a larger home was needed. All was done quickly and efficiently, and I look forward to seeing them in their new home for many years to come.
Our Langley Market Report is showing detached home prices are up 2.2% from last year, with listings up by 100.7% and sales volume down by 21.5% year over year. The same could be said for Condos and Townhomes in the Langley area. I should add pricing is down by about 17% from the market high in April.
Looking for a Halloween Pumpkin? Check out Tourism Langley’s event page. Lots to choose from. Plan your family outing here.
Rita Cousins, Mortgage Broker, discusses the value of going through a mortgage broker instead of dealing with only your bank.
Climate change can negatively impact the housing market. Especially here in British Columbia. Take a look and find out what forces can affect your home.
Well, that’s it for this month. Want to talk Real Estate? Let my 25-plus years help guide you through these changing market conditions? Text, Email, or Call, and we can set up a time to discuss your plans.
Thanks for dropping by, have a great day, and I look forward to meeting you soon.
Holiday magic is happening all across the Fraser Valley this season. From tree lighting ceremonies and festive markets to concerts, parades, and family-friendly celebrations, there's no shortage of ways to embrace the spirit of the season. 👉 Guide Here
The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Major economies around the world continue to show resilience to US trade protectionism, but uncertainty is still high. In the United States, economic growth is being supported by strong consumption and a surge in AI investment. The US government shutdown caused volatility in quarterly growth and delayed the release of some key economic data. Tariffs are causing some upward pressure on US inflation. In the euro area, economic growth has been stronger than expected, with the services sector showing particular resilience. In China, soft domestic demand, including more weakness in the housing market, is weighing on growth. Global financial conditions, oil prices, and the Canadian dollar are all roughly unchanged since the Bank’s October Monetary Policy Report (MPR). 👉 Read the Article Here 
Every January in BC, BC Assessment sends its valuations to property owners. These letters form the basis of property tax values on real estate across the province. They are based on many factors, but sometimes the assessed value may come as a shock to you. If this is the case, and you feel the assessment is incorrect, you can file an appeal. Why your BC Assessment value may not be what you expect. To help equip yourself for the best chance of success during an appeal, it’s best to review some reasons why your assessed value may not be what you expected. BC Assessment bases its valuations on the following factors: The location of the property. That is, how desirable is the place it’s located? The size of the property. Is it a tiny house or a multi-room mansion? The size of the lot. Is it a small lot, or a massive multi-acre estate? View from the home. A mountain view is worth more than a line of dumpsters. The property age. Is it newly built or an outdated structure? It could also be historically valuable. Home add-ons such as carports, garages and decks. The sales’ prices from similar homes in your area. In essence, that means that surrounding properties can have an impact on your property value, in addition to your own property. For example, if all your neighbours improve their properties by renovating their homes, upgrading landscaping and similar efforts, this could increase your assessed value as a knock-on effect. In situations like this, filing an appeal to show that you didn’t undertake similar efforts could help your appeal succeed. 👉 Read the Article Here
