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New listing in Sunshine Valley, Hope & Area

We have listed a new property at 14894 PARKHILL BLVD in Sunshine Valley. See details here

So named for the trees on the property beautifully framed in the abundance of windows on all 3 floors; The Hemlock House is a custom built oasis nestled into the hills of Sunshine Valley. This contemporary chalet located in the gated community of Sunshine Village boasts stellar finishing and is being sold fully furnished. No luxury was overlooked from the custom sofas to the infrared sauna in the primary bathroom, the home was built as a retreat to foster a deep connection with nature. The home has a suite with separate entry that sleeps 6, ready for your visiting family wishing to go skiing or listing on AirBnB. There are too many features to list about this stunning abode and its location, please see the dedicated landing page for The Hemlock House. Link in Virtual Tour/Media/Brochure, and here: https://growrealestategroup.ca/thehemlockhouse.html

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Rebates, Incentives and Grants: Our Top 10 Ways to Save Money

This list of incentives, rebates, and grants available to current and future homeowners is our version of professional coupon clipping; Home Owner Edition.

Whether you're upgrading an appliance or saving for your first home, saving money where possible and taking advantage of free money is always a good idea.

Two new programs were launched this year: one for seniors (including family members living with seniors) and one for first-time homebuyers. If you can't benefit from any of these, chances are you know someone who can, so please feel free to share!



Property Transfer TaxThere are two ways to save on the P.T.T.: be a first time home buyer or purchase a new build. The exemption is available for first time buyers on properties priced up to $500,000 (and a partial exemption on prices up to $525,000) and on purchasing a new build up to $750,000 (and a partial exemption on prices up to $800,000). P.T.T. is a tax on home buyers only (not sellers) and if you qualify it can be a significant saving as rates are 1% on the 1st $100,000 (of the purchase price) and 2% on the remainder. Click here for detailed qualifications.


Tax Free First Home Savings Account

This new program to help first-time home buyers save for a home began this April 2023. The yearly limit is $8000, contributions are tax-deductible, withdrawals are tax-free and can be combined with your spouse to put towards your new home.  Lifetime limits are $40,000 per individual and $80,000 per couple. This can be combined with the HBP.


RRSP Home Buyers Plan

The HBP allows you to withdraw up to $35,000 from your RRSP to buy a qualifying home for yourself or a related person with a disability, and is required to be paid back in 15 years. This can be combined with the new FHSA.


First Time Home Buyers Tax CreditYou can claim up to $10,000 in 2022 ($5,000 in 2021 and previous years) for the purchase of a qualifying home if both of the following apply: You (or your spouse/common-law partner) acquired a qualifying home & you didn't live in a home that you or your spouse owned in the current year or in the 4previous calendar years to be considered a first time home buyer.  Our accountant sees A LOT of people missing out on this one and you can claim this retroactively.


Multigenerational Home Renovation Tax Credit

Another new program this year is available to families interested in constructing a secondary unit on their property. Eligible families can claim 15% on expenses up to $50,000, so long as the expenses are related to the renovation and incurred after January 1, 2023. The maximum claim is $7,500 and the secondary suite must be for seniors aged 65+ or adults over the age of 18 who are eligible for the disability tax credit within the taxation year that includes the end of the renovation period.


First Time Home Buyers Incentive The Canada Mortgage and Housing Corp offers a shared equity mortgage offered by the government, in which they invest in the property with you. The incentive is not interest bearing and does not require on-going payments, but you do have to repay the loan within a 25 year period or when sold, whichever comes first. CMHC will add to your down payment 5% of the purchase price on a resale property and 10% on a new property.


BC Home Owner GrantThis reduces property taxes for home owners with an assessed or partitioned value up to $1.65 million. Basic grant: up to $570 for principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; an additional grant of $200 to rural home owners elsewhere in BC; and an additional grant of $275 to seniors aged 65+, those permanently disabled, and veterans of certain wars. (Grant is available but reduced above the threshold of $1.65 million. Grant may be available retroactively if you qualified last year and didn’t apply.)


BC Seniors Home Renovation Tax CreditThe Home renovation tax credit for seniors and persons with disabilities (and family members living with seniors and persons with disabilities) assists eligible individuals with the cost of certain permanent home renovations to improve accessibility or be more functional or mobile at home. You can receive up to $1000.00 as a refundable tax credit.


BC Hydro and Fortis BC Home Energy RebatesBC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce your energy bill. There’s even a bonus offer for completing three or more upgrades, and if you complete all of them, you can get up to $10,000.  Click here to see what you can do.


Clean BC Plan: EV Car and Home Charging Station IncentivesThe BC government (along with the Federal Government) offers rebates of up to $9000 for the purchase of a new electric vehicle. The BC Gov offers a rebate of up to $350 for a level 2 charger installed at home, and purchasing a used EV is P.S.T. exempt. BC also offers a program called Scrap-It: if you scrap your old gas vehicle under the program, you can receive a rebate of up to $500 on a qualifying new or used BEV, or up to $400 on a new or used PHEV.




We hope you found this list useful!  If you need help accessing any of these opportunities, or have a question, get in touch.

Steve & Selena

Follow along with us on social media:

Call or text us:
Steve604-302-3882
Selena236-258-6606

Email us:
Steve: hello@stevegobeil.com
Selena: hello@selenawallace.com 

On Google:
Steve Here & Selena Here 
 

#GrowWithUs


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How to stage your home to sell FOR FREE

 You're thinking of selling your home, so you search on Google for "how to stage your home to sell". However, all you find are before-and-after pictures of completely renovated spaces. If you had the funds to update your home, our guess is you probably would have done so already.

 It's no secret that homes that are prepared for the market, staged and cleaned tend to sell faster and for more money. While there are companies that can do this for you, what if you want to do it yourself? Is it possible? The answer is yes, it can be done with a little hard work and for free.

How to prep your home to sell for more

 The first step is to adjust your thinking.  If you're going to sell, look at your home for what it is right now; your asset. Start thinking like a buyer. If you were looking at buying this particular home, what do you want to see? You want a clean, bright home that you can envision your life in.

Prevent complaints and avoid incentivizing buyers to make lowball offers. Don't make the selling process longer and more difficult than it needs to be, especially when there are things you can control.


Cleaned homes sell faster

 There are things you should pay attention to and things you can ignore when preparing your home for sale. Focus on what you can see during a quick walkthrough of the house; you can ignore the areas under the sink, in the cupboards and closets. 

Buyers will expect the house they're considering to be cleaner than their own and yes, this may be judgemental! This will most likely be the largest purchase in their lives, so you have to expect some discernment.
  • Bathrooms:  Pay special attention to grout, tubs, toilets, and glass. Bar Keepers Friend works wonders on these and will remove any lime, soap scum, and rust buildup with ease, even on glass shower doors.

  • Kitchens: Stove tops, fridge doors, and sinks should be thoroughly cleaned and stainless steel polished.
     
  • Walls: We know you probably don't want to paint (if you do, that's great!), so grab a Magic Eraser and get rid of all the scuffs on the walls.
     
  • Windows: So important! Clean windows not only let in more light, but they can also help rooms feel larger. Dirty windows are VERY noticeable, so clean inside and out.
     
Declutter your house to prep for sale
  
 We understand that you don’t live in a hotel room, and your belongings are part of what makes your house a home. However, when there are too many personal belongings, buyers may struggle to envision themselves living in the space. It can make them feel like they are intruding rather than feeling welcomed. If they can’t get past YOUR stuff, they can’t see THEIR stuff in the house. 
 

So get some boxes, start packing up all the personal items: family photos, excess decor and that mystery remote.

  • Kitchens: This may be a tough task, but it's important to remove almost everything from your countertops. It's okay to have a few small appliances, but not an excessive amount. Only leave out your absolute essentials. To make it look more organized, group those items together - we'll explain this trick a bit further down.
     
  • Bathrooms: Most of your things should be put away. Bathroom items tend to be seen as personal, but you can leave out some decor, clean towels, and add a plant. Plants go a long way in adding an aesthetic appeal to the bathroom. When it comes to the items to be left out, you're going to want to group them together.
     
  • Surfaces: Coffee, dining, and side tables should be clear of clutter and personal items, except for a small amount of decor such as a few books, a reading lamp, or some flowers. you're aiming for "Ikea Showroom". Again, use the grouping trick here too.
Staging your house for sale for free
  
 You can definitely stage your home with the furniture you already have. You don't need an impractical white sofa and chairs in the living room to make an impact. The key is in placement and reduction to create flow.
  • Unless you have a long and narrow space, avoid placing furniture flush with walls. This can make the room look smaller. Give the furniture as much breathing room as possible and focus on grouping them in the center of the room. Create a gathering space within the room.
     
  • Unless you have angled walls in the room, don’t place large furniture on an angle; stick to a grid pattern for furniture placement.
     
  • Ensure that the room has good flow. If you have a combined living and dining space, use your sofa or a chair to separate the areas. Avoid clustering all your furniture in one corner to create space, as it will only make the room feel cramped. Instead, ensure that there are clear pathways through the rooms. 

  • If you have large pieces of furniture (looking at you lazy boys and leather sectionals) pare down the rest of the room by removing excess side table, chairs and decor.
     
  • Most of us arrange our furniture for maximum TV watching and while this may be practical, it will rarely yield an inviting room. Create a cozy gathering space where you can actually interact with other human beings (yikes, we know!). Position your chairs and sofas facing each other, keep windows and fireplaces unobstructed. 
     
TIP
 
Staging your home for sale for free
 
 When it comes to organizing countertops, forget about even spacing. Instead, jam everything together and put it on top of a tray or wooden cutting board, even a couple of books. This trick works on all surfaces, from living room tables to kitchen counters. Give it a try with your essential items like S&P shakers, toaster, and utensils in the kitchen. Voilà - instant organization.

 
 We hope you found this helpful!  At Grow we offer free in-home staging assistance for all properties we list for sale.  So if you're thinking of selling and this all seems too overwhelming; reach out and say hello!

Steve & Selena

Follow along with us on social media:

Call or text us:
Steve:
604-302-3882
Selena:
236-258-6606

Email us:
Steve: hello@stevegobeil.com
Selena: hello@selenawallace.com 

On Google:
Steve & Selena


Grow With Us, Grow Your Wealth 

 
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I have sold a property at 34636 7TH AVE in Abbotsford

We have sold a property at 34636 7TH AVE in Abbotsford. See details here

Lovely 3 bed/3 bath 2 storey home on a quiet cul-d-sac in Huntington Village! Bright open layout with 9' ceilings. Spacious kitchen with solid raised maple cabinets, cozy gas fireplace in the living room, laminate flooring throughout and large bedrooms including master with ensuite. Loads of storage with 5' crawl and single detached garage with lane access. Brand new hot water tank. Fully fenced south-facing yard with huge patio area. Fantastic location close to Hwy-1, US border, shopping and recreation. Call for your private viewing today!

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IS IT WORTH IT TO BUY PRESALE?

A newly built home; a clean oven, scuff-free floors, pristine countertops. Oh and that new home smell, it’s hard to resist! If you're a first time home buyer, wanting to downsize or have considered taking advantage of the new strata rules allowing for rentals then a presale condo or townhouse in the Fraser Valley might be right for you.

The process IS different and can be daunting. Let’s walk through everything to expect.

WHAT IS A PRESALE?

Purchasing a pre-sale is not the purchase of an existing physical property, but rather a contract for the right to receive, and an obligation to pay for, a finished unit at a point in the future.

THE STEPS:

Presale Condos and Townhouses Abbotsford and Fraser Valley-The Mortgage Process

The Pre-Approval Process

Getting pre-approved for a mortgage is standard for any purchase. Where it differs is the time between the approval and when you start making payments.  It could be years, and interest rates and your financial situation could change.  What happens if things DO change and how will this affect your mortgage qualifications?

You’ll need to know this from your lender. RBC offers firm approvals for clients purchasing presales with completion dates as distant as three years. This means that as the completion date draws near there is no need for updated employment/income, credit checks, etc. This may not be the case with all lenders, and the “what-ifs” need to be known.  More info from RBC here.

Presale Condos and Townhouses Abbotsford and Fraser Valley-The Payment Process

The Payment Process

Developers set the amount required as a down payment, it’s not uncommon to see 5%. They may require more, and there may be a payment schedule set up to raise that amount over time to 10% or even 20%.

As stated above, you absolutely should get pre-approved for a mortgage before signing your contract even though you will not need your mortgage nor need to make payments on that mortgage until you take possession.

If you're an "I'll worry about it later" person, you're putting your down payment at risk and could be liable for damages to be paid to the developer.

 Presale Condos and Townhouses Abbotsford and Fraser Valley-The Contract
 

The Contract

Contracts for purchase from a developer differ from the norm. Usually as a buyer your realtor will draft an offer with conditions that benefit you; the buyer. In a presale, the contract for purchase is more often than not written by lawyers working for the developer and they favour their interests. 

Best practise to really understand what is in the contract and get a realtor to negotiate on your behalf. What happens if the project gets delayed? Or doesn’t complete? Rare but a possibility, your contract will have information on the developers rights of termination.


Presale Condos and Townhouses Abbotsford and Fraser Valley-The Assignment Rules

The Assignment Rules

As you are purchasing something that you may not take possession of for years, you might think: "ok well, if life changes I can sell before that".  When you are buying a presale, there will be language in the contract stating the rules around selling, or “assigning” your presale.  Assignments may be prohibited, allowed only with developer approval and may come with penalties.

Presale Condos and Townhouses Abbotsford and Fraser Valley-The Developers Disclosure Statement

The Disclosure Statement

This is legally required for the developer to provide to buyers and it’s important to you. Understanding this statement is key to understanding what you are buying. This statement can be lengthy and complex; so what’s in it?

  • Information about the developers background and experience
  • How your deposit is handled
  • Strata information and budgets
  • Construction and warranties
  • Where everything will be: parking, storage, the unit, the site and phasing map
  • Entitlements and utilities
  • Your legal right to rescind the contract in the 7 days after signing
  • Permitted uses in the development

Presale Condos and Townhouses Abbotsford and Fraser Valley-The Deficiency Statement

The Must Do

Once the developer has received an occupancy permit from the city, you will receive a notice of completion and date for you to attend the walkthrough. This is your first time to see your new home, and your time to check for any flaws.

Is the paint job complete? Do the appliances, faucets and showers all work? Do the doors and windows open and close smoothly? You need to come armed with a checklist and a few tools to document any deficiencies so you can to address them with the developer immediately.

Presale Condos and Townhouses Abbotsford and Fraser Valley-Taxes and Exemptions

TAXES, EXEMPTIONS & REBATES

Property Transfer Tax: For presale of $750,000 and under (and on a sliding scale for a partial exemption up to $800,000) for a home you plan on living in as your principal residence; you are exempt from paying the P.T.T. This can be a significant savings in closing costs as P.T.T is 1% on the first $200,000, and 2% on the remainder up to 2 million of the purchase price (and it goes up even more from there).

G.S.T.: 5% is due upon completion for all new homes in B.C. If your purchase is under $450,000 you may be eligible for a partial rebate.

Presale Condos and Townhouses Abbotsford and Fraser Valley-Is it worth it to buy presale

NEW. You can’t say it enough, new is amazing. And a presale is a great investment if you know what you’re getting into. There is a reason the government enacted a 7 day rescission period for buyers; you must read and understand everything and oh it is a lot!

If you are selling a home to move into your presale, timing could get very tricky as changes to the building schedule can occur.

Get a Realtor. This is not an exhaustive list of all the ins and outs and a realtor is legally required to act in your best interest. Did we mention we are free when purchasing a property? We are paid a portion of the commission from the seller, so there is no cost to you. And one thing we do well is contracts.

If you have questions or comments, say hello and Grow with Us.

Steve & Selena
@TheGrowRealEstateGroup 

For a video of us discussing the new Strata Rules in BC click here.

Call or text us
Steve: 604-302-3882
Selena: 236-258-6606 

Local Experts based in Abbostford

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Open House. Open House on Sunday, February 26, 2023 2:00PM - 4:00PM

Please visit our Open House at 34636 7TH AVE in Abbotsford. See details here

Open House on Sunday, February 26, 2023 2:00PM - 4:00PM

Lovely 3 bed/3 bath 2 storey home on a quiet cul-d-sac in Huntington Village! Bright open layout with 9' ceilings. Spacious kitchen with solid raised maple cabinets, cozy gas fireplace in the living room, laminate flooring throughout and large bedrooms including master with ensuite. Loads of storage with 5' crawl and single detached garage with lane access. Brand new hot water tank. Fully fenced south-facing yard with huge patio area. Fantastic location close to Hwy-1, US border, shopping and recreation. Call for your private viewing today!

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New property listed in Poplar, Abbotsford

We have listed a new property at 34636 7TH AVE in Abbotsford. See details here

Lovely 3 bed/3 bath 2 storey home on a quiet cul-d-sac in Huntington Village! Bright open layout with 9' ceilings. Spacious kitchen with solid raised maple cabinets, cozy gas fireplace in the living room, laminate flooring throughout and large bedrooms including master with ensuite. Loads of storage with 5' crawl and single detached garage with lane access. Brand new hot water tank. Fully fenced south-facing yard with huge patio area. Fantastic location close to Hwy-1, US border, shopping and recreation. Call for your private viewing today!

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Open House. Open House on Saturday, February 11, 2023 1:00PM - 3:00PM

Please visit our Open House at 34636 7TH AVE in Abbotsford. See details here

Open House on Saturday, February 11, 2023 1:00PM - 3:00PM

Lovely 3 bed/3 bath 2 storey home on a quiet cul-d-sac in Huntington Village! Bright open layout with 9' ceilings. Spacious kitchen with solid raised maple cabinets, cozy gas fireplace in the living room, laminate flooring throughout and large bedrooms including master with ensuite. Loads of storage with 5' crawl and single detached garage with lane access. Brand new hot water tank. Fully fenced south-facing yard with huge patio area. Fantastic location close to Hwy-1, US border, shopping and recreation. Call for your private viewing today!

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Is NOW the best time to invest in real estate?

There is a lot of fear in the market due to the raises in interest rates: no one wants to buyand no one wants to sell because no one wants to buy.  

BUT IS THIS FEAR FOUNDED IN REALITY? We crunched the numbers to find out.

We took one house in East Abbotsford, one townhouse in Central Abbotsford and one condo in West Abbotsford that sold last February before the Bank of Canada started raising interest rates. The market was moving then. Was it better to buy then? Home prices HAVE fallen. What would these properties cost you now?  We analyzed the data, found the prices we would list them for today, calculated interest rates to figure out what you would be paying for that property TODAY.

Using these parameters: 

  • Interest rates THEN: 3.19%, 5yr fixed.
  • Interest rates NOW: 5.54% 5yr fixed.
  • 25yr amortization.
  • 20% down payment.

Here we go!

 

WHAT A DIFFERENCE A YEAR CAN MAKE! There is a lot of opportunity in the market right now and opportunities general don't last long, people get smart, start to buy and prices start to rise.  Interest rates are temporary, but a wise investment is forever. Take it from this old guy who knows a thing or two about investing:

"Be fearful when others are greedy, and greedy when others are fearful.”


- Warren Buffett

If you have questions we'd love to hear from you.  Reach out and say hello!

Steve & Selena
@TheGrowRealEstateGroup

Grow with Us / Local Experts / Abbotsford Homes For Sale 


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Assessed Value, Insured Value, Market Value.  It’s the same home, yet these numbers are most likely all different. 

WHY? The difference lies in the purpose of each number. 

 The assessed value of a property is determined by the local government (we’ll use city herein) for the purpose of calculating property taxes. Similar but less in depth to a realtors market analysis; assessments are done in July and by the time homeowners receive them in January, they would seemingly be out of date. But this doesn’t matter. The PURPOSE of this value is to provide the city the money it needs to fund local services such as schools, roads, and emergency services.

 How much you pay in property taxes is calculated by the mill rate; the money needed by the city divided by the combined assessed value of all the properties in that class, in that city. Whether or not your personal taxes go up or down largely depends on whether your personal property rose above or dropped below the average property value.


 The insured value of a property is the amount for which the property is insured, typically for the purpose of protecting it in the event of damage or loss. This value may be different from the assessed or market value of a property because the PURPOSE of this value is to determine the cost of replacing the home should it be destroyed, based on current construction and materials costs.

Unlike market value and assessed value, insurable value does not factor in the cost of the land, but rather calculates the amount required to completely reconstruct your home.

The market value of a property is the estimated amount for which a property should sell on the date of valuation between a willing buyer and a willing seller (factoring in that it’s an arm's length transaction after proper marketing and with both parties having reasonable knowledge of the relevant facts. Oof, that’s a mouthful). The PURPOSE of this value is to assist in listing the asset for sale at an appropriate price to facilitate a successful sale.

Market values are dynamic in nature because they depend on an assortment of factors including supply and demand and can change rapidly.


If you have any questions about your home's value, reach out and say hello; we'd love to hear from you.


Selena & Steve

@TheGrowRealEstateGroup


Call or text us
Steve:
604-302-3882
Selena:
236-258-6606





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We aim to write content that is is engaging and of value to home buyers and sellers alike.  If you would like to hear more about a certain topic, we'd love to hear from you! 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.