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NEW GOALS NEW YEAR
MARLENE EISNER
EDITOR
New Home + Condo Guide
EMAIL: marlene.eisner@nexthome.ca
TWITTER: @MarleneEisner
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Making a New Year’s resolution is so passé, don’t you think? Well, maybe it’s not old-fashioned for some people, but for anyone who has trouble keeping their resolutions, perhaps it’s better to re-phrase it as goals. After all, most of us have goals we’d like to reach, some of which are long term. If you have picked up this issue of New Home + Condo Guide, then owning a home is most probably a goal you’re working toward.
Just like a resolution, however, stating a goal is easy; achieving it is another story. For that you should have a plan, and regardless of that plan, you need to start at the beginning and be prepared for the middle (getting that home) and the end (keeping and staying in that home).
To ensure you’re successful in every stage of the homebuying and home-ownership game, it’s best to set up a budget and stick to it. Yes, even after you have settled comfortably into your new home, rising costs, interest rates, the arrival of children and even the loss of a job can change the landscape of your comfort zone.
If you don’t have control over your finances, you can become overwhelmed. The best way to protect yourself is to understand and manage your money. Our mortgage expert, Alisa Aragon Lloyd, offers up a simple guide to creating a budget. Turn to page 32 and customize your situation so that you can reach your goals and not become stressed if circumstances change.
Thank you for picking up this copy of New Home + Condo Guide. As always, we have other interesting articles to help you look for your new home. Let us know what you think. We’d love to hear from you.
Surrey City Centre A dynamic new downtown hub Page 20
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THE PEOPLE HAVE SPOKEN AND ELIZA IS A SUCCESS
At over 60% sold you don’t want to miss the chance to own one of these beautiful homes in Royal Bay. Designed by award winning Proscenium Architecture & Interiors your new condo at Eliza includes:
• air conditioning
• curated chef-inspired kitchens
• access to common rooftop patio
• over height ceilings with open floorplans
Here in the seaside community of Royal Bay you’re only steps away from walking trails, bike paths, beaches, as well as the convenience of The Commons retail village, for all your daily needs.
2-Bedroom Condos starting from only $579,900
• EV ready, secure underground parking Find out why so many people have already decided to call ELIZA home.
#InsideVan
by MICHELLE HOPKINS Vancouver
A SUCCESSFUL CAMPAIGN
By the time HAVAN’s 27th annual Coats for Kids campaign in support of the Lower Mainland and Surrey Christmas bureaus ended in Dec. 2022, HAVAN members had collectively raised $11,100, more than $500 than in 2021. Donations included new and gently used coats, scarves, gloves, blankets and new unwrapped toys and gifts for children of all ages. Ron Rapp, HAVAN CEO, said during the campaign, “The weather may be mild, but the forecast is for tougher times ahead. Faced with increasing food and gas prices, many families will be challenged this year to put food on the table over the holiday season while ensuring their children have warm coats to wear and presents under the tree.” Pictured from left to right: Chris Bayliss, executive director, Lower Mainland Christmas Bureau; Lisa Werring, executive director, Surrey Christmas Bureau; Ron Rapp, HAVAN CEO; Mark Cooper, Shakespeare Homes & Renovations Inc, HAVAN board member.
The nature of the East
The Cut, a collection of 36 townhomes and garden flats, is coming soon to East Vancouver’s Trout Lake neighbourhood and features one, two- and threebedroom homes with roof-top patios, surrounding a central courtyard. Located on the Central Valley Greenway, The Cut is a short walk from rapid transit, Trout Lake and
the Drive. “Living at The Cut is about the intersection of experience and a juxtaposition of things,” says Theresa Dillon, sales and marketing director at Fabric. “Beauty and grit. Quiet and connection. Old and new. It’s the nature of the East.” The Cut will be launching early this year. Register at thecuteastvan.com for more information.
DID YOU KNOW?
The Stack, a brand-new 37-storey tower in the heart of Vancouver’s business district is the tallest commercial building in the city, with 540,000 sq. ft. of office space.
Lunar New Year incentive
Ulmus Development’s Ōku is closing its presentation centre at the end of January. The developer’s newest project in the South Oak neighbourhood has been selling well, with two of the three low-rise buildings sold out. There is still a
selection of one-, two- and threebedroom homes available in Oak, the third and final building. To celebrate the Chinese Lunar New Year, the developer is offering an incentive featuring a premium Gaggenau appliance package, standard in each
residence. Ōku is a 132-suite concrete residential development featuring a zero-emissions design with an emphasis on livability. Ōku zeroemissions homes will use 45 per cent less energy and reduce greenhouse gas emissions by 92 per cent.
Wellness-centered features
Tera Development’s Otto recently completed its showroom featuring a full suite of its fourbedroom home, which opens by appointment to the public for previews sometime this month. Located in West Richmond at 9099 No. 2 Road, Otto is a collection of three, four and fivebedroom family-size duplexes with generous yards. Otto has made its name by offering several wellness-centered features, such as an advanced ventilation and air circulation system, doublefiltered water and a drinking water filtration system. The development is scheduled for completion in spring 2023. Register at teraliving.ca/projects/otto.
HOT PROPERTIES
SURREY – LANGLEY – ABBOTSFORD – MISSION
SURREY
1. PIANO 105A & City Parkway concordpiano.ca
2. PARK GEORGE 9908 King George Blvd 604-583-9866 parkgeorge.com
3. DISTRICT NW University Drive & 105 Avenue thind.ca
4. CENTURY CITY HOLLAND PARK 13583 98 Avenue centurycitysurrey.com
5. PURA 105 Ave & 132 St mypuracondo.com
6. AMAYA LIVING 106 Ave & 140 St amayaliving.ca
LANGLEY
7. ALDERGROVE TOWN CENTRE 3100 272 Street atcliving.com
8. HAYER TOWN CENTRE 76 Avenue & 200 Street 604-800-9662 hayerbuildersgroup.com
9. THE HIVE AT WILLOUGHBY 206222 80 Avenue 778-686-8572 thehivewtc.com
10. WESTBROOKE AT WILLOUGHBY 604-385-3540 foxridgehomesbc.com
11. HEATH 80 Ave & 206 St heathliving.com
ABBOTSFORD
12. THE RAIL DISTRICT 2774 Montrose Avenue 604-850-0040 raildistrict.ca
LUCENT THE FUTURE OF SMART LIVING
Think you know Surrey Central? Well think again, because a new residential tower is coming that’s going to change the way you view this popular neighbourhood.
Introducing Lucent. Brought to you by Landa Global Properties, Lucent is a 26-storey highrise that will become Surrey’s first to incorporate a robust offering of smart building and home technology to make daily life less complicated, more efficient, and a whole lot more fun.
Here’s just a hint of the many ways Lucent is poised to simplify your life. Keyless entry is enabled by facial recognition or a digital key, thus allowing residents to open doors with their phone or a smile. Give your visitors access to the spectacular lobby or secure parkade with a onetime code sent directly from your phone to theirs. When it’s time for a gathering of friends and family, booking one of the amenities spaces is as simple as pushing a button. It’s
all part of the state-of-the-art 1Valet app that’s wowing homebuyers. Need a helping hand balancing everything that’s happening in your life? Lucent’s concierge will be at your service. And, of course, there’s secure delivery lockers for your online purchases or other deliveries. Life just doesn’t get any easier.
SOPHISTICATED BY DESIGN
Lucent interiors offer a sleek, contemporary ambience with elegant COVER STORY
kitchens featuring stylish, two-tone cabinetry plus quartz counters and backsplashes, serenely luxurious ensuites, and spacious rooms filled with natural light.
But these homes are far more than just good looking—they’re Smart Homes too.
Every suite’s front door is equipped with a state-of-the-art smart lock that’s activated either from your phone or by thumbprint, so there’s no more fumbling with keys or fobs. Inside, residents will have the convenience of a smart thermostat.
Most homes also include smart home technology integration where there is a central panel that allows you to control everything from heat and light to what music is playing on your Sonos speakers. Plus, the exclusive collection of townhomes is prewired for connection to your preference of security companies.
AMENITIES FOR YOUR LIFESTYLE
Level Three is where you’ll discover the heart and soul of active, highenergy living, with more than
11,500 sq. ft. of indoor and outdoor amenities divided into three vibrant zones.
Get set to break a sweat in Lucent’s Fitness Zone, featuring a club-style gym with top-of-the-line fitness equipment, a spin studio featuring Peloton bikes, a dedicated yoga studio, plus a private workout studio with Lululemon’s Mirror, the very latest in high-tech fitness.
When you’re ready to unwind, the Entertainment Zone is where you’ll want to be. After a relaxing soak in the hot tub, perhaps a friendly game of pool sounds good or chilling out in the fireside lounge.
And whether you’re looking for an inspiring place to work on a passion project, a change of scenery from the home office, or a quiet place to study for exams, Lucent’s Co-Working Zone has you covered.
Then there’s Lucent’s Level 17 amenities. Boasting magnificent views in all directions, Level 17 brings a whole new dynamic to entertaining with more than 5,000 sq. ft. of indoor/outdoor spaces. Invite friends
LOCATION
Surrey
BUILDER
Landa Global
HOME TYPE
Highrise
SALES CENTRE
Coming soon
CONTACT
lucentliving.ca
for a culinary experience in the Executive Dining Lounge, followed by an après dinner stroll through the lush Sky Garden. In summer, the outdoor Sky Lounge is sure to become a hit for social gatherings—whether planned or impromptu.
TRUSTED BUILDER
The Landa Global team has established itself as one of Vancouver’s top luxury developers, with eight premier residences in Vancouver, two in Richmond, and now Lucent in Surrey. It also recently acquired a six-acre property in Toronto. The company is committed to developing iconic buildings in the best urban locations available and focuses on liveability through a seamless blend of form and function.
The Lucent presentation centre and display homes open early 2023. Prices start at $399,900, with 150 homes under $549,900. Register today at lucentliving.ca for exclusive updates as they become available.
SURREY CITY CENTRE
by MICHELLE HOPKINS
Considered the province’s newest and emerging metropolis, Surrey City Centre is evolving into a dynamic and exciting new downtown hub. This will be home to a concentrated business district, while it expands its downtown core southward to accommodate the approved SkyTrain extension along Fraser Highway. In fact, the City envisions Surrey City Centre as the Lower Mainland’s future second downtown.
LIFESTYLE
Fair to say, it’s hip, it’s happening and it’s exciting. It’s perfect for urbanites wanting to be at the pulse of a thriving city centre.
VIBE
Over the last 10 years, this neighbourhood has eclipsed into a diverse downtown centre with rapid transit, services, amenities, parks, and more – all in a vibrant, walkable, cosmopolitan community.
MEET THE NEIGHBOURS
Currently home to 45,260 residents, this diverse enclave is experiencing a 5.1 per cent population growth; many of which are young professionals attracted to what this lively community offers. With campuses of two major universities and numerous colleges including Simon Fraser University (SFU), Kwantlen Polytechnic University
King George Hub
(KPU), Douglas College, Sprott Shaw College, Stenberg College, and a technology district, you could say some cool, bright people have chosen to reside here.
IN THE AREA
This walkable, transit-friendly community is Surrey’s developing wellness and technology hub, close to Surrey Memorial Hospital. Among its highlights are Holland Park, Civic Plaza, City Hall, the library and restaurants. It is also close to some of Surrey’s top schools.
PLANES. TRAINS & AUTOMOBILES
There are three Expo Line SkyTrain stations located within this neighbourhood, providing direct access to Downtown Vancouver in 40 minutes, along with numerous
other regional centres. Additionally, there is a Planned Expo Line extension from City Centre to Fleetwood by 2025, and Langley in the future.
REAL ESTATE: (NEW BUILDS)
As expected, growth is exploding here with an anticipated 43,000 more housing units by 2041. As of November 30, 2020, there were at least 28,000 homes, 4.4 million square feet of office space, and 250,000 square feet of retail space either under construction, approved, or proposed. One of the most significant developments is PCI Developments’ King George Hub. Plaza One and Two alone will create 886 homes in 41 and 44 storey towers, and 45,500 sq. ft. of office and retail space.
HOT SPOTS
CENTRAL CITY BREWERS & DISTILLERS
A gold medal awardwinning brewery, it has emerged into one of Canada’s best craft breweries. Besides its great selection of craft beers, it’s a destination for craft beer snobs and their friends.
Simon Fraser University (SFU) opened its Central City Campus in 2005, and opened their new cuttingedge Sustainable Energy & Environmental Engineering Building in 2019. It’s a hotbed of intellectual gatherings.
DOMINION BAR + KITCHEN
Inside the Civic Hotel, this upscale casual restaurant garners five-stars for its locally sourced ingredients, beautifully prepared and paired with equally inspiring handcrafted cocktails and beers.
SFU
FIND YOUR NEXT HOME
PREVIEWS & REGISTRATIONS
BODEN
Home type: Townhomes
Developer: Listraor
On the map: Vancouver
Web: listraor.com/boden/
Info: Boden is an evolved collection of garden-access townhomes conveniently positioned at the corner of Oak and 52nd. With no one below you and nothing stacked above you, the spacious courtyard-level homes offer the security of direct-access parking and a community for growing families in Oakridge. Register today.
NOLITA
Home type: Condominiums and townhomes
Developer: Fifth Avenue Properties
On the map: Kelowna
Web: nolita.ca
Info: Nestled in a charming residential neighbourhood within downtown Kelowna, Nolita is a boutique collection of 60 curated homes comprised of stylish studio, one-, and two- bedroom condos in addition to a limited collection of garden-style townhomes. Register today.
PURA
Home type: Condominiums
Developer: Adera
On the map: Surrey
Web: livepura.ca
Info: Enjoy PURA’s expansive courtyard, incredible rooftop terrace and other wellnesscentered amenities for fitness, study, work and socializing. PURA is a well-designed
collection of one to two-plus-den bedroom urban homes, and a place where connections are made and stories begin. Bold architectural features, designer finishes and carefully curated colour palettes will energize you, while its unique design and convenient, walkable corner location connects you to the world beyond your home. Register today.
WOODWARD
Home type: Townhomes
Developer: Mosaic
On the map: Surrey
Web: mosaichomes.com/property/woodward/ Info: Tucked away in a quiet neighbourhood, Woodward is a collection of two- and threebedroom plus den townhomes well connected to the lower mainland. With a brand-new city park and a greenway as your next-door neighbour, the best schools and universities and shops a short drive away, this is right where you want to be. Register today
SEQUOIA
A NEW ICON OF URBAN
BALANCE
Poised to become the future Coal Harbour of Surrey, West Village is a dynamic, vibrant neighbourhood near the new downtown of B.C.’s fastest-growing municipality. Here, you’re strolling distance to a diverse array of amenities including worldclass shopping, restaurants featuring globally inspired cuisines, parks, schools at all levels, plus transit and SkyTrain connections to take you anywhere you want to go. So, it’s no wonder savvy homebuyers are delighted by a new opportunity to be part of this urban hub. Introducing Sequoia, an iconic, 36-storey tower that’s about to redefine this neighbourhood’s skyline forever.
URBAN OASIS
Sequoia’s distinctive architecture pays homage to the site’s majestic, 45-ft.
sequoia tree. “The façade’s graceful curve mirrors the tree’s shape,” says Jacqueline Huynh, ML Emporio’s senior development manager. “When we purchased the property, we were adamant about preserving the tree. We worked closely with city staff to create an extension to the existing West Village Park, and now the sequoia will be enjoyed by many more, future generations.”
CULTIVATED LIVING EXPERIENCE
Ready to talk amenities? Get set to be wowed. Sequoia Club will provide more than 20,000-sq.-ft. of meticulously curated indoor and outdoor amenity spaces, spread over multiple floors.
Level 9 is where you’ll find a formal dining-room and entertainment kitchen with eclipse doors to a landscaped terrace featuring
barbecue area, al fresco dining, a kids’ playground, and an urban garden. There’s also a well-appointed gym, TRX space, yoga and spin rooms, games room with pool and foosball, plus an innovative dedicated kickboxing room, perfect for when you want to spice up your workout.
Fancy a casual evening with friends? Check out the Level 5 outdoor patio or the rooftop deck with firepits and plenty of lounge seating on the 36th floor. “By only having two penthouse homes, we were able to create a space where everyone can enjoy the dazzling views to the mountains and ocean,” Jacqueline says.
And just in case you need more enticements, residents also have access to a bike repair station, golf simulator room and full-time concierge, three more reasons why Sequoia is the perfect place to call home.
Sequoia will be located on the northwest corner of 133 Street and 104 Avenue in Surrey. Homes range from one- to three-bedroom condominiums plus six exclusive two-bedroom townhomes. Presentation centre opens spring 2023, so be sure to register today for priority access. Visit sequoiawestvillage.ca for more information and updates.
LOCATION Surrey
BUILDER
ML Emporio
HOME TYPE
Highrise
SALES CENTRE
Coming early 2023
CONTACT
sequoiawestvillage.ca
BURNABY – NEW WESTMINSTER
1. OASIS AT CONCORD BRENTWOOD 4863 Dawson Street concordoasis.com
2. JUNEAU 604-299-9191 juneaubyamacon.com
3. CEDAR CREEK 7166 14th Street 604-529-8868 liveatcedarcreek.com
8. O2 METROTOWN 6620 Sussex Ave o2metrotown.ca
9. AZURE AT SOUTHGATE CITY 7662 18th Street 604-544-8800 azureatsouthgate.com
10. THE STANDARD Metrotown thestandardbyanthem.com
19. MOODY ON THE HILL 228 6th Street moodyonthehill.com 778-895-5533
20. THE KEARY 230 Keary Street thekearybywesgroup.ca
Positively Presale
MaxiMize the benefits
Presales have long been integrated into the fabric of purchasing a new multi-family home, whether it’s a condo, a townhouse, or a stratified single-family home. The basic process is straightforward: purchasers pay a deposit before their home is built, often before construction starts, to secure the unit of their choice. Then they can watch their new home evolve before their eyes.
A pre-sale unit offers many positive advantages. Jamie Squires, president and managing broker of Fifth Avenue Real Estate Marketing, shares her insights about how you can maximize these benefits and potentially enjoy greater bang for your home-buying buck.
by susan M boyce
New Home + Condo Guide: What are some of the financial advantages of purchasing a presale?
Jamie Squires: The most obvious one is that you’re locking in at today’s prices. Historically, housing prices continue to go up, so you’re building equity even before you take possession. That means that at completion, you could use this increased equity to get a line of credit to purchase new furniture, go on a vacation, or apply it directly to the down payment at a favourable rate.
And one thing many people don’t realize is that since you’re now financing a smaller portion of your home’s value, it can reduce the percentage you’ll pay for the
required Canada Mortgage and Housing Corporation (CMHC) loan insurance. There’s a huge difference between paying 0.6 per cent if your loan-to-value ratio is 65 per cent and paying 6.3 percent if the loanto-value ratio is 90 per cent.
Plus, you’ll have the extra time to save up more money toward your down payment.
NH+CG: For most, getting preapproval on a mortgage is a standard part of homeownership. Should buyers be concerned about rising interest rates that could impact their ability to borrow?
JS: Blanket appraisals are now becoming more common as a
Jamie Squires
safeguard against this. Rather than the old practice of a rate hold that lasts several months, a blanket appraisal will hold the negotiated rate until completion. And if, by some fluke, interest rates do go down, you’ll get the lower rate. So, it’s a win-win situation.
NH+CG: What about the added cost of the GSt on a new home?
JS: Yes, your new home is subject to the five per cent GST, which a resale isn’t. But unlike the property transfer tax (PTT) that has to be paid in cash on closing with a resale, you can finance a presale’s GST into your mortgage. So, while the GST is technically higher, the long-term effect is less.
NH+CG: during the pandemic slowdown, developers began offering increasingly creative incentives during the pre-sale phase. is that still true?
JS: It depends on where a property is located. In an area like Willoughby in Langley, there’s still plenty of
competition, so developers are more likely to offer incentives like free upgrades, a decorating allowance, reduced assignment fees, or gift cards to local merchants.
On the other hand, municipalities where there is limited pre-sale supply, such as Abbotsford or Aldergrove, there isn’t the same need to get creative.
NH+CG: What’s your number-one piece of advice for anyone looking at the pre-sale market?
JS: Read the sales contract. If there’s something you don’t understand, ask questions until you do. And when an addendum is released, read that as well—every page of it.
More than 90 per cent of buyers now work with a realtor who should be able to explain your contract, especially the sections about completion dates. People don’t realize that a completion date can never be guaranteed, especially now with the ongoing supply chain issues we’re experiencing as well as the bottlenecks caused by slowdowns in
municipal approvals or services like hydro. These are totally outside a developer’s control, but they can have a big impact on a buyer.
One of the things I see over and over again is that people don’t pay attention to the difference between the anticipated completion date and the outside date for completion, dates that can range from a few weeks to more than a year.
Make sure you have accommodations in case your possession date is delayed, especially if you’re renting and need to give notice. It’s a lot cheaper to pay an extra month of rent than to be forced to live in a hotel for four or five months or even longer.
NH+CG: What excites you most about presale?
JS: The choices you get to make. Usually, you can pick things like which colour palette you prefer, flooring, and appliance upgrades. Plus, you get the best selection of location within a development and the lowest pricing.
2. LUXE LANSDOWNE Lansdowne Road & Number 3 Road luxelansdowne.com
3. PARK RESIDENCES II AT MINORU PARK 6333 Mah Bing Street 604-563-8899 parkresidences.ca
4. RC RICHMOND 6331 No. 3 Road 604-788-6608
5. GALLERIA 8555 Capstan Way 604-233-7748 concordgalleria.com 1
Discover a new way of living in Richmond just steps away from the Lansdowne SkyTrain Station. Minoru Square’s curated collection of homes and amenities is the ultimate expression of holistic living, and a world centered around your well-being.
ASK ABOUT OUR EXTENDED DEPOSIT STRUCTURE
the Presentation Centre at 5740 Minoru Boulevard Open daily 12-5 PM (Except Fridays)
VANCOUVER – DOWNTOWN VANCOUVER
1. CLARIDGE HOUSE 498 West 41st Avenue
604-941-8305 polyhomes.com
2. GRYPHON HOUSE
6191 West Boulevard 604.620.8295 gryphonhousevancouver.com
3. WEST WIND 2620 Acadia Road 604-260-8446
5. AMBER
604-871-8600 aragon.ca/amber
6. THESIS W 49 Ave & Cambie St liveatthesis.com
7. SHIFT 35th Ave & Quebec St. aragon.ca/shift
8. THE CONSERVATORY
10. GRACE Ash & W30th gracewestside.com
11. FORM 1558 West 6th Ave formbyanthem.com
12 PARK 1698 West Georgia Street anthemproperties.com
13. GRYPHON NOVA Oak & 67th
GET CONTROL OF YOUR FINANCES
A SIMPLE GUIDE TO CREATING A BUDGET
ALISA ARAGON-LLOYD
With rising interest rates, inflation, rising prices, and economic challenges, many Canadians are feeling the financial stress.
In the annual fall 2022 Debt Survey conducted by Manulife Bank of Canada and Ipsos, it was found that:
• Most respondants (87 per cent) said they believe we will soon enter a recession or are already in one. The majority (56 per cent) said they think it will last at least a year.
• In fact, six in 10 (59 per cent) of the people surveyed claimed
that increased spending is now outpacing their income growth.
• Forty-eight per cent of those who participated in the survey said they feel overwhelmed by their financial situation.
• One in four homeowners with a mortgage responded if rates rise much further, they will be forced to sell their homes when their mortgage renews
This is the time to take control of your finances. One of the best ways to understand where your money is going and where you can make
changes, is by creating a monthly budget. Budgeting is a core ingredient that helps alleviate the stress associated with money issues. The key is to create a realistic budget based on your situation and goals. Track your spending and make your dollars go further by sticking to your budget once it’s in place. Budgeting offers a step-bystep formula to figure out how your income is compared to your spending. It also helps you review all your costs and helps you make changes either to increase your monthly cash flow or just feel less stressed.
“
” One of the best ways to understand where your money is going and where you can make changes, is by creating a monthly budget.
The following are steps that can help you get started:
1. deterMine your incoMe
When creating a budget, you need to know exactly how much money you are bringing in each month. This amount should be what you bring home every month and what gets deposited into your account. If you use your (gross) income before taxes are deducted, you will end up overspending.
2. track your Spending
Once you know how much money you are bringing in each month, you will need to review what your expenses are. Reviewing all your monthly bills will help you know exactly where your money is going. It is important to put down in your budget every expense you have, including fixed and variable expenses. Fixed expenses are items such as mortgage payments or rent, loans, strata fees, internet and cell phone bills, and child care, to name a few. Your variable expenses would be things like groceries, gas, gifts, clothing, entertainment, and eating out. Variable expenses are typically the costs that you can cut back on. You can start by averaging your costs and keeping track of all your expenses by saving the receipts for a month and entering the amounts into your budget.
“ ” In order to be in a better financial position and feel less stressed, it’s important to track your budget on a monthly basis to catch any changes in your spending habits. It’s always a good idea to review your budget on a quarterly basis...
3. Set realiStic goalS
Setting up realistic goals is key. It is critical to determine what you can live without and where you can cut costs. Ideally, when doing a monthly budget, you can consider the 50/30/20 rule:
• 50 per cent of what you spend is for needs such as your rent, mortgage
payments, utilities, car payments, groceries, gas.
• 30 per cent of your income goes to wants such as gifts, entertainment, vacations, eating out, etc.
• 20 per cent of your income goes to savings or paying down debt such as an emergency fund, retirement, children’s education, paying down credit cards, and loans.
4. Make a plan
Once you have your goals, you can plan to improve your monthly cash flow and have realistic spending limits for each of your categories. By taking a look at what is important and re-prioritizing, it can help you free up some cash, while at the same time, stop you from spending money on things you don’t really want or can do without.
5. adjuSt your Spending
Now that you know how much money you are bringing in each month and what you are spending it on, you can take a look at adjusting where you spend your money to ensure that you stay within your budget and identify your wants and the things you can do without. This is a great time to also review your fixed expenses, such as your mortgage
payments (for example, can you extend your amortization period or change your payment schedule?). Before considering this option, it is always best to talk to a mortgage expert to see what makes the most sense for you.
6. Stay on track
This exercise is not about just doing your budget and forgetting about it. In order to be in a better financial position and feel less stressed, it’s important to track your budget on a monthly basis to catch any changes in your spending habits. It’s always a good idea to review your budget on a quarterly basis and take into account any increases in expenses or wages that may require adjustments to your original calculations.
There is a free, online budget planner tool offered by the federal government that can help you. It can be found at https://itools-ioutils.fcacacfc.gc.ca/BP-PB/budget-planner
Alisa Aragon-Lloyd has been a mortgage expert for more than 11 years. She has her own company, Bridgestone Financing Pros, powered by DLC Origin Mortgages and is on the board of directors for the Homebuilder Association of Vancouver (HAVAN) and an award-winning member.
SOUTH SURREY – WHITE ROCK
1. ALTUS WHITE ROCK 1526 Finlay Street 778-294-7794 altuswhiterock.com
2. THE BOROUGHS 2070 Oak Meadows Drive 604-531-6767 theboroughs.ca
These listings are meant to offer a comprehensive overview of new home and condo developments currently being marketed throughout Metro Vancouver and the Fraser Valley.
ABBOTSFORD
Court MR
604-621-5888 Now Selling
Downtown Gate TH 604-357-1943 Coming Soon
Falcon Ridge SF 604-309-0540 From $789,000
High Street Village LR/TH highstreetvillage.ca Coming Soon
JEM LR jemliving.ca Coming Soon
McKenzie Mews TH mckenzie-mews.com Coming Soon
Montvue LR montvueliving.ca Coming Soon
Onyx at Mahogany LR 778-255-7099 Now Selling
The Peak at Mountainview TH mymountainview.ca Call
The Rail District TH raildistrict.ca Register Now
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O2 Metrotown HR o2metrotown.ca Coming Soon
Azure at Southgate HR azureatsouthgate.com Now Selling
