Real Estate Guide - October 30, 2015

Real Estate

FALL / WINTER 2015-16

RESOURCE GUIDE

Your complete resource guide for everything real estate.

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Why more people choose Abbotsford For many it goes by “the City in the Country” or the “Raspberry Capital of Canada”, but for others, Abbotsford is simply considered home. It fittingly suits all names by offering a balance of urban convenience, expansive greenspace, a network of trails and parks, and unparalleled agriculture offerings. People don’t just move to Abbotsford for its reasonable housing market but also for the many activities available in the surrounding areas.

“As the third most diverse community in Canada, we are fortunate to enjoy a wealth of cultural events and activities that serve to enhance our quality of life and help to make us a complete community,” says Abbotsford Mayor, Henry Braun.

Some of those community assets include the Abbotsford International Airport, the University of the Fraser Valley, the Reach Gallery Museum, recreation and entertainment facil-

ities, all of which contribute to a superior quality of life for residents.

According to Braun, one of the most exciting undertakings happening right now in Abbotsford is the update to the Official Community Plan (OCP) – a project they are calling Abbotsforward.

“Once completed, the OCP will serve as a roadmap for growth and development in our community for years to come, however, in order for us to imagine the Abbotsford of the future, we needed to understand the Abbotsford of today,” he says.

“For example, did you know that 65 percent of Abbotsford residents also work in Abbotsford?”

It’s proof that people are building their lives here.

“Even though we are a ‘City’ it still has the small town feel; a feel we can identify with,” says Yvonne Hayden, Director of Business Development at

Tourism Abbotsford, on why people love living in Abbotsford. “This community is open to newcomers, and people take the time to say hello.

Even though some of us think that Abbotsford is busy – comparatively speaking it is not that busy – our traffic is really a dream, [there is a] good variety of shopping and services, and wonderful parks and trails.”

There is no doubt that Abbotsford is evolving from a small community into a vibrant focal point of the Fraser Valley, all without losing its charm.

What’s not to love?

Find all of the information on the Abbotsforward project at www.abbotsforward.ca

THE ABBOTSFORD NEWS 3

Housing Market in Abbotsford Considered Healthy The community of Abbotsford is evolving into a regional hub city for the Fraser Valley. This, according to Abbotsford Mayor Henry Braun when asked was one of the biggest changes he has noticed over the years.

Showing healthy signs of progression mixed with affordable housing is proving to be enticing for buyers.

According to Jorda Maisey, president of the Fraser Valley Real Estate Board, of all the communities in the Fraser Valley, Abbotsford saw the biggest increase in sales in September.

The variety and selection of townhome developments - attached, detached, rowhomes, and so on - has boomed in the last five years.

“People love the price, convenience and amenities,” says Maisey, with detached homes also proving to be an appealing option.

“In September, the benchmark price for a detached home in Abbotsford was $481,800 compared to Greater Vancouver’s $1,179,700, meaning it cost 59 percent less to buy a typical home in Abbotsford compared to

ph: 604-852-2234 fax: 888-869-4876

a typical home in Greater Vancouver.” Sales of single-family detached homes were up 42 percent compared to September 2014, and town homes and apartment sales were also higher than last year.

“We attribute the thriving market to Abbotsford’s affordability and liveability, bolstered by low mortgage rates and B.C.’s strong

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www.ValleyRealtyAbbotsford.com

People love the price, convenience and amenities. economy,” she says.

Abbotsford is second only to Mission for affordability in the Fraser Valley. Maisey says that a typical single family home in Mission costs about $75,000 to $80,000 less than in Abbotsford, whereas townhomes are about the same.

According to the experts - senior economists at BC Real Estate Association and Canada Mortgage & Housing Corporation (CMHC), they’re forecasting home sales in the Fraser Valley will decrease in 2016 by 6.5 percent, while prices will continue to rise, but at a slower rate of three to five percent.

CMHC’s dedicated forecast for Abbotsford-Mission paints a slightly different story, predicting a 3.5 percent increase in homes sales and modest price growth of 1.4 percent for that area.

Overall, the real estate market in

Abbotsford is considered healthy, given that the demand for detached homes and townhomes has been brisk. In September, it took only 15 days on average for a detached home to sell in Central Abbotsford, which is why, according to Maisey, it’s so important for buyers to have an expert guide them and ensure they’re prepared for when the right home comes available.

The next best areas for price are further afield in Chilliwack or on the Sunshine Coast.

The most accurate reflection of home prices is the MLS® Home Price Index Benchmark Price, which reflects the price of a ‘typical’ home with characteristics ‘typical’ to that area. Average prices can be quite misleading because they can be easily skewed by sales of higher-end or lower-end homes.

To confirm REBGV statistics, visit rebgv.org.

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If you are buying or selling, Mindy can make it easier!

Get to know Mindy Fraser Valley’s #1 Agent with 30 years of experience. Mindy McPherson has become the Fraser Valley’s “Go to” agent and a consistent leader with a reputation for tenaciously protecting her clients’ interests. Savvy negotiations and cutting edge marketing strategies join uncompromising integrity as the hallmark’s of Mindy’s service. Mindy is exceptionally well-respected in the Fraser Valley, not only for her unparalleled professional track record and high ethical standards but for being an honest, hard-working family woman who does absolutely everything in her power to ensure her clients’ success.

Thanks to her exceptionally loyal clientele, personal referrals and repeat business form the foundation of Mindy’s career. To ensure efficient, complete service for you, Mindy’s associates have been carefully selected from the very finest agents in the business to form a close-knit “family” offering seamless assistance to you for every aspect of your home purchase or sale.

Please call Mindy anytime without obligation. Put your trust and dreams in the hands of a Realtor who excels at achieving only the best for her NUMBER ONE priority; her clients! Why settle for less! Whether it's Buying, Selling or investing, let Mindy work for you! Phone #604.826.1000 Email – mindy@mindymcpherson.com Website –www.mindymcpherson.com

Mindy McPherson 604.826.1000 For 1000’s of listings visit Mindy’s website www.mindymcpherson.com

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THE ABBOTSFORD NEWS 7

Prepare your home for winter With frigid temperatures fast approaching, the winter months in British Columbia are the most challenging for your home.

“They are colder, wetter and darker,” says James Dobney, president of James Dobney Inspections - a commercial and residential building inspection company that has inspected tens of thousands of

homes since 1986.

Fortunately, there are steps that homeowners can take ahead of the big freeze to create a more energy efficient home, all while remaining safe and comfortable.

“The age old saying, ‘an ounce of prevention is worth a pound of cure,’ certainly applies,” says Dobney.

He has provided a list of suggestions to help save costs and avoid issues by winterizing the interior and exterior of your home.

Outside: Disconnect and drain all garden hoses and shut off the water to your outside faucets if they are not the “frost-free” type.

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8 REAL ESTATE RESOURCE GUIDE

Clean out your gutters (or drains on flat roofs) and make sure the water from your downpipes is directed into your perimeter drain system or away from your house. This will lessen the possibility of basement or crawlspace leakage.

Clean all exterior drains in stairwells and driveways.

Install a non-slip surface on all

exterior stairs and have de-icing compound ready for your stairs and walkways.

Check the bulbs in all exterior light fixtures and consider installing motion sensor lights. Your entrances will be darker and slipperier than at any other time of the year, so good visibility is important.

Have your roof checked for missing or damaged shingles. Your roof is most vulnerable to leaking in the winter and it is the most difficult and expensive time for repairs.

Close your crawlspace vents. You don’t want your waterlines to freeze.

Service your snowblower and find your snow shovel.

Trim any tree branches that overhang your roof or utility lines.

Inside: Have your heating system serviced (check filters if you have a furnace).

Have your chimneys, fireplaces and wood burning stoves inspected and cleaned if necessary (especially if

you use a wood stove for heating).

Check your smoke and carbon monoxide alarms (replace them if they are ten years old).

Check your fire extinguishers and make sure that all family members know where they are located. Many fire extinguishers have a pressure gauge; if yours has one, ensure that the gauge’s needle indicates that the pressure is in the proper operating range. Most of the time, the correct pressure will be marked in green on the gauge.

Examine your door and window weather-stripping and caulking and improve them as needed. Upgrading your weather-stripping is one of the most cost effective ways to improve comfort and lower your heating costs.

If you have a problem with condensation on your windows in cold weather, control the humidity level (use bathroom and kitchen exhaust fans) and raise the glass temperature by keeping blinds and curtains open and the heat on in all rooms.

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THE ABBOTSFORD NEWS 9

Abbotsford parks and trails offer endless exploration Nature is a source of pride for Abbotsford, evident by the number of well-maintained trails, parks and playgrounds available in the area.

“We have 157 parks in Abbotsford along with 66 sports fields and

numerous trails and hiking paths – including the city-wide Discovery Trail network that winds its way across our entire city,” says Abbotsford Mayor, Henry Braun.

Whether you prefer to walk, run,

What’s your home worth?

bike, or rollerblade, the extensive trail system is perfect for a day outside and is a chance to marvel at the many ponds, creeks, towering trees and meadows right in your neighborhood.

“People love to have a place to experience the outdoors and we have such a wonderful variety all across our community,” says Yvonne Hayden, Director of Business Development at Tourism Abbotsford.

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Call me for a FREE Market Evaluation

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Nancy Olson 604.615.0619 ®

Little Oak Realty

anthonydehaan@remax.net | anthonydehaan.com 10 REAL ESTATE RESOURCE GUIDE

Sales Associate Medallion Club Member ®

Little Oak Realty Ltd. Each Office Independently owned and Operated

The Tourism Abbotsford website contains extensive profiles on each of the trails, including features, amenities, and detailed information about what makes each location special and worth exploring.

The Albert Dyck Trail: The dog-friendly trail provides a leisurely stroll around the outer rim of an average sized man-made lake, which hosts the Abbotsford ski club.

Delair Park: Offering paved and gravel terrain; the park has a covered picnic area, playground, tennis courts, soccer and football fields, and baseball diamond.

Downes Bowl Trail at Clearbrook Park There is lots of activity here, with mountain bike trails, soccer fields, cross-country running and a baseball diamond all adjacent to the main walking trail.

Ellwood Park: Known primarily for its baseball diamonds, field lights and scoreboard, this is the perfect place to catch a game. There is also a large play-

ground onsite.

Fishtrap Creek Trail This trail has an abundance of nature including creeks, wetlands, and islands. There are many lookout points to enjoy fish and wildlife spotting, as well as picnic shelters that overlook the water.

McKay Creek Trail: Walk, jog or ride a bike, this petfriendly trail is ideal to get active or enjoy a stroll with the family. Interesting facts about the area, including the flood of 1990, can be found along the way.

Mill Lake Trail Loop: It’s the ultimate wildlife walk, with plenty of ducks, geese, and eagles in their natural habitat. There are several playgrounds and a waterpark for children.

Willband Creek Trail at Willbank Creek Park: This park has two small lakes, a variety of trees, and beautiful views of surrounding mountains. Plus, it’s located near blueberry fields, Lepp Farm Market and Historic Clayburn Village.

Explore them all or pick a couple of favorite trails to revisit. Whichever you choose and during whatever season you prefer, the joys of the great outdoors in Abbotsford are

always available just beyond your doorstep.

For more information, visit tourismabbotsford.ca

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pattievansremax@gmail.com • www.pattievans.com THE ABBOTSFORD NEWS 11

12 REAL ESTATE RESOURCE GUIDE

THE ABBOTSFORD NEWS 13

12 REAL ESTATE RESOURCE GUIDE

THE ABBOTSFORD NEWS 13

a few legal considerations away: Costs: If this is your first home and under $500K, you may qualify for a first time home buyer’s grant, otherwise you will need to set aside an extra 1-2% of the purchase price for the Property Transfer Tax (PTT). In addition to your down payment, you may need additional funds for legal fees, home and title insurance, property taxes, strata fees, and GST (on new homes).

Home Ownership: Who’s on title?

Courtesy of Daniel Grice, a conveyancing and estate planning lawyer at Integra Law Group in Abbotsford.

lercoaster ride. You spend months

Buying a home can feel like a rol-

ing all of the subjects. Closing is just

finding the perfect home, locking in a mortgage rate, and finally remov-

Title: Property law allows owners to register as either joint tenants or tenants-in-common on title. I often recommend couples purchase a home in “joint tenancy”, which means if one owner dies the survivor receives the home without having to probate a will. Some first time home buyers purchase the home in one spouse’s name to preserve the other’s first time home buyers grant. If one spouse previously owned a home, you may purchase property as “tenants-in-common” with one spouse owning 99%, so the previous owner only pays PTT on 1%. Tenants-in-common do not automatically inherit a home, rather it will fall under a will or intestacy rules.

Trust Agreements: Some seniors put a child on title to avoid probate fees down the road (there are risks).

Blended families with children from previous relationships may look at ways of letting their spouse continue to live in the house, while still ensuring their own children receive a fair share of the estate. In both cases, a lawyer can draft a trust agreement to state what should happen to the home on death, including when the home should be sold and requiring the proceeds of the sale to be fairly divided amongst children and/or step-children.

Power of Attorney: As a real estate lawyer, I recommend anyone purchasing a home have an enduring Power of Attorney (POA). Spouses often assume they can sign sale or refinancing forms for each other.

However, under the Land Title Act, each owner requires a POA or an expensive court order if either owner becomes incapacitated.

I often remind clients that your home may be your family’s inheritance, so pay attention to your title.

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| integralaw.ca | 604.859.7187

Basic Mortgage Rules: to Follow Whether this is your first home or fourth, really understanding your mortgage and how it works is crucial. After all, it’ll probably be the biggest loan of your life!

What Is a Mortgage?

In the most basic sense a mortgage is a loan to buy a property. The process of securing a mortgage means lender approval based on your income, credit rating and other debt.

Understand Your Fixed Costs Before you decide what you can – or should – spend on a mortgage it’s important to take stock of your habits and your true fixed costs. Be honest with yourself when putting together your household budget, if you’re going to be miserable without your daily premium cup of coffee, then along with your student debt and car payments, consider that a fixed cost.

Be PITH Safe According to the CHMC (Canadian Housing & Mortgage Corporation), your monthly housing costs should be less than 32% of your gross monthly income. These are considered your PITH or Principle and Interest (of your mortgage payments), Property Tax, and Heating bills.

Get A Mortgage You Can Afford If you pass the PITH test, the second test of what you can afford mortgage-wise is that your entire

monthly debt load (car payments, credit card debt, student loans, etc) should be less than 40% of your gross monthly income. The CMHC even has a handy Mortgage Affordability Calculator on their site: cmhc.ca.

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Paying Off Your Mortgage Once you’re approved for a mortgage and buy your home (congratulations!), now you have to actually start paying off the loan. There are several factors involved in this like your interest rate, payment schedule (monthly, twice a month, every two weeks, or weekly) and your amortization period, which is the amount of time you’ve selected to pay back the mortgage (usually ranging from 15-25 years).

Picking The Right Interest Rate The interest rate at which you select to pay off your mortgage varies from “fixed”—whereby the rate will NOT change for the term of the mortgage, and is generally a bit higher but considered more stable, or “variable” whereby the interest rate can fluctuate with the current state of the market.

Finally, owning a home can truly be an amazing thing. Thankfully there are many resources out there to help make the process a smooth one like mortgage brokers and financial advisors, so remember, you’re never alone through this daunting process!

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Greg is one of the original founders, and coowner, of BC Farm & Ranch Realty Corp. He was born and raised in the South Okanagan on a campground and soft fruit orchard. Greg understands the challenges and rewards facing farmers as he has owned Broiler Farms in BC as well as Broiler Farms and a Commercial Egg farm in Saskatchewan.

Greg has been exclusively selling agricultural properties for the past 18 years and brings an extensive background in acreage and farm sales of all sizes including supply management farms, share sales, and court ordered sales.

Greg’s background degree in Sales and Marketing and vast experience make him a leader in sales, marketing, and negotiations on behalf of his clients.

Gord Houweling was born and raised in the Fraser Valley. For 30 years he and his wife Betty, and their 4 children, dairy farmed in Chilliwack. In 2001, Gord was approached by Greg Walton to join the BC Farm and Ranch Realty Corp team.

Gord made the choice to join BC Farm and Ranch – BC’s Leader in Agricultural Properties; a decision easily made because that is where his roots and knowledge lie. Over the years he has used his knowledge and expertise of various types of farming to list farms and ranches for sale across British Columbia as well as finding the perfect property or agribusiness for prospective buyers and investors.

Gord will provide his clients with honesty, knowledge, and expertise; and is proud to be your British Columbia agriculture connection. tion.

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Improve Your

Credit Score

Courtesy of Vancity Credit Union When you are buying a home, your credit rating (or score) is very important in the approval process.

The higher your score is, will also mean you can receive the best interest rates available to you. Many buyers are unaware of their score – good or bad. The first step is to check into your credit score to make sure it is accurate, and secondly to find out what your rating actually is. You can obtain your credit information on line, or through your financial institution. If you have had issues in the past which has affected your credit rating, here are a few ways to bring it back to a better standing.

Make all your monthly payments no matter how small.

Many people think that if they make a larger payment then necessary in one month then they are not required to make a payment the following month – this could not be

further from the truth – you must make a payment each and every month unless your balance owing is paid in full.

Always make your payments by the date required, any day after that may result in a mark against your credit.

Do not go over your credit limit, this will automatically result in a credit score reduction (this also includes any interest charges).

Keep credit seeking to a minimum.

Each time you fill out a credit application the creditor will do a credit check - multiple checks in a short period of time, may lower your credit score.

If you have never obtained a loan, or a credit card, you will need to find a way to establish credit by either using a co-signer for a loan or taking a credit card with a low limit until you have proven yourself as credit worthy.

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Will remodeling your house for

“Aging in Place”:

destroy its value?

Courtesy of Allen Unrau, Landmark Realty

to sell when they actually need to move on?

“Aging in Place” is what’s happening now with the Boomer generation.

Here’s the good news for Boomers and Seniors:

They don’t seem to want to pick their suite in Seniors Housing anytime soon.

As the population wave ages, universal design for “aging in place” will become more of the norm, and modified homes may even become more desirable than those without the appropriate changes.

Aging in place is all about keeping their independence. (like in the 1960s and 70s) In other words, they have decided to stay in their present home, as they grow old.

This means they may need to make some design changes and modifications.

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■ ”Backing” in place to easily install grab bars in the future ■ Changing soaker tubs to walk-in showers ■ Slightly taller toilets ■ Slip resistant flooring in rooms with faucets ■ Additional lighting in certain

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Know your

rights and obligations when purchasing a rented property!

Courtesy of Sita Mulder Valley Realty I am sure you have heard horror stories of rental homes being trashed, tenants not moving out, items being abandoned, and lots of clean up. It is a very real risk when purchasing a home that is occupied by a tenant. A rental property is like buying any other property, it comes with some real risks. Educating yourself of your responsibility will be crucial to ensure you have a smooth transition to home ownership.

In order to be protected when purchasing a property that has tenants for the purpose of your own family to reside in, it is so important to

20 REAL ESTATE RESOURCE GUIDE

make sure that you or your realtor representative is educated in regards to the Residential Tenancy Act, when written in your contract of purchase and sale you can ensure that the Seller has provided proper notice to the tenant (in accordance with the Residential Tenancy Act), and that the required compensation comes from the sellers/landlord pocket, and not yours, the new buyers, pocket!

If a rental property is sold, there are two ways a tenancy can be ended if, in good faith, the buyer plans to occupy the unit or use the property for another purpose: 1. The buyer makes a written request to the seller to end the

tenancy before they take possession of the property (this cannot be a condition of sale) – the existing landlord then must give their tenant a Two Month Notice to End Tenancy for Landlord’s Use of Property.

2. Once the buyer takes possession of the property, they can serve a Two Month Notice to End Tenancy for Landlord’s Use of Property. With this option you, the buyer are now the landlord.

As a buyer of a rented home, in order to protect yourself and your family, educate yourself, and ensure that a qualified representative is ensuring the proper dates and clauses are put into your purchase agreement.

When purchasing a rented property make sure the sufficient days have been negotiated for the completion and possession date, or you may be taking over a rented home.

Important questions you as a Buyer of a rented property should ask your agent or the seller/sellers agent when purchasing a rental or previously rented property; ■ Was there a formal tenancy agreement?

■ Was there a formal walk through inspection completed?

■ Was there a security deposit collected from the tenant?

■ Are you as the buyer allowing sufficient time for the tenant to vacate the home?

■ Is the seller/landlord preforming a final walk out inspection with the tenant?

■ Is the seller/landlord ensuring the home be left clean and clear of debris, or tenant belongings?

■ Are you allowing sufficient time before your possession of the home for the seller to clean the property after the tenant has vacated?

Knowing your rights and responsibilities when purchasing a rented property is what is going to ensure your experience is a smooth one.

Keep in mind that home buying should be fun, exciting, and an extremely joyous time in your life.

Don’t let your experience be anything less than that! Educate yourself, know your responsibilities, and ask the right questions.

JOANNE BANDSTRA

604-807-4290 | abbyhomes.ca

Service that exceeds expectations.

Always.

604.855.7393 abbyhomes.ca

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Myth: Carpeting contributes to allergens constantly circulating throughout the home.

Fact: Carpeting is actually better at trapping allergens and dust in its fibers than smooth-surface floors.

That means with carpeting, there are fewer particles airborne and circulating. Regular vacuuming can remove trapped allergens.

Myth: Carpet is a source of indoor air quality problems.

Common Myths

About Carpeting

Carpeting has long been a reliable flooring option for home owners to keep rooms looking good and feeling comfortable underfoot. There’s something to be said about having a plush, warm cushion on the floors of a home. Carpeting can help buffer sounds and minimize injuries from falls. Walking around on a

padded surface may minimize back and joint pain as well as feel more comfortable when going barefoot.

Despite all of the advantages to carpeting, some people continue to avoid it when doing renovations or shopping for a new home for a variety of reasons, many of which are rooted in myth.

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Fact: Regular cleaning and vacuuming of carpet reduces the number of allergens contained within, which makes carpet no more likely to contribute to air quality issues than any other type of flooring.

Myth: Carpet has formaldehyde in it.

Fact: Formaldehyde was removed from the carpet-manufacturing process in 1978. It is unlikely anyone still has original carpeting from 35 years ago, and even if that is the case, the formaldehyde would have dissipated by now.

Myth: Carpeting is made from a host of chemical products.

Fact: Carpeting is made largely

from nylon, wool, polypropylene and polyester. These are the same materials used in clothing, which you wear against the skin. Polypropylene is one of the safer plastics that does not contain BPA and is used in some baby bottles.

Myth: Mold grows under carpeting.

Fact: Unless you have a flood or a leak that is keeping carpeting saturated, mold will not grow during regular use. Elevated humidity levels in a home also may contribute to mold growth. Remove the moisture and you will avoid mold issues.

Myth: Thicker carpeting will wear longer and better.

Fact: It is not the thickness or plushness of the carpeting but the density of the fibers that will be a telling clue of durability. Carpet that is woven densely will last for many years.

Myth: Carpeting can never be truly clean.

Fact: No surface can be 100 percent free from dirt. But with proper cleaning, carpeting can be just as clean as other flooring materials.

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