Tihana Cote 604-537-5173

Lulu Sorbara 604-377-8082

Email: info@propertiesinwhiterock.com

 

Big Changes in the Real Estate Industry

The Bank of Canada raised their interest rate yesterday by 25 basis points.This rate increase will most likely be followed by all lenders very shortly bringing the prime rate to 3.7% . The largest impact will be for those home owners with variable rateand large mortgages. 


The good news is that with these slightly higher interest rates, our market is slowly becoming more stable.  Buyers now have an opportunity to purchase a home with a lot more ease. For example, if you were a Buyer last year, you may have been able to borrow more funds from a bank, however you may have been greatly limited when buying a home and having to compete with cash investors or cash buyers who were downsizing.   Buyers were put in a position of having to writesubject-free contract, putting them at high risk due to multiple offers.  These type of situations now fading away. With thenew lending policies we are now seeing a more even playing field in which purchasing a new home is a much more comfortable and stress free experience. 


Do you wonder what all of this means for you? How does this affect you if you are Buyer or a Seller? Call us and let us answer any of your questions.  With over 30 years of combined Real Estate Experience and many satisfied clients,  we can assure you that you will be in good hands and have a positive experience when working with us.  We are at your service!

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On June 15, the BC Real Estate Council implemented some very important changes pertaining to new rules and disclosures.

 

Dual Agency is no longer permitted except for small market places and new detailed disclosure requirements are necessary when discussing real estate matters with the public.

 

We encourage you to stay informed via our future communications.



If you are a Buyer without a realtor representing you, we strongly advise you to work with a realtor who will explain the new forms:

The Disclosure Of Representation in Trading Services Form

 

 

Tihana and Lulu are two independent, designated agents with over 30 years of combined real estate experience who can guide you through the purchase or sale of your home.

Call Tihana Cote at 604-537-5173 or Lulu Sorbara at 604-377-8082. 

 

https://www.rebgv.org/realtors-encourage-property-buyers-and-sellers-understand-new-real-estate-rules
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