Please visit our Open House at 114 12635 190A ST in Pitt Meadows. See details here

Open House on Saturday, October 1, 2022 12:00PM - 2:00PM You will LOVE this spacious CEDAR DOWNS Condo 2B 2B + DEN Corner END UNIT condo with A/C and it feels like a private paradise. Ground level entry, lots of windows, bright and 940 sq ft living space. Cozy fireplace. Lovely extra large private patio for entertaining or relaxing PLUS bonus patio for BBQ. Quiet trees in the outlook, so Peaceful. You will appreciate the spacious bathrooms, large master with walk through closet and ensuite. You will notice the extra care and maintenance of this home: Well maintained home loved and cared for. 2 parking, and lots of Visitor parking. Super convenient location, schools, parks, trails, services and transportation! Friendly complex with a location you can't beat! Amenity Room, gym and bike room.

Best main floor suite, corner end 2 bed + den layout available in building. A/C Gourmet kitchen. Bonus wheelchair access, like your own rancher 220 sq ft ENORMOUS patio WITH glasses walls and a bonus 2nd Patio too. Master Bathroom has heated floors, heated fog free mirrors, built-in medicine cabinets, lighting in shower, have it all in the best floor plan. Huge private storage, 2 parking. Upgrade or downsize to this extremely desirable home, neighbourhood, and location. Spectacular Whistler inspired West Coast architecture & interior design. Cedar Downs. 2 pets, rentals ok. Bike Room, Gym, Amenity Room. Onsite Caretaker, Air conditioning, heating and a fireplace. Visitor Parking. Low Strata fees. Call for appt to view. Schools, shopping, transit, parks, trails = excellent location. OPEN SAT 12-2 SUN 3-5 MORE PHOTOS COMING AND VIDEO ETC.

Please visit our Open House at 114 12635 190A ST in Pitt Meadows. See details here

Open House on Sunday, October 2, 2022 3:00PM - 5:00PM You will LOVE this spacious CEDAR DOWNS Condo 2B 2B + DEN Corner END UNIT condo with A/C and it feels like a private paradise. Ground level entry, lots of windows, bright and 940 sq ft living space. Cozy fireplace. Lovely extra large private patio for entertaining or relaxing PLUS bonus patio for BBQ. Quiet trees in the outlook, so Peaceful. You will appreciate the spacious bathrooms, large master with walk through closet and ensuite. You will notice the extra care and maintenance of this home: Well maintained home loved and cared for. 2 parking, and lots of Visitor parking. Super convenient location, schools, parks, trails, services and transportation! Friendly complex with a location you can't beat! Amenity Room, gym and bike room.

Best main floor suite, corner end 2 bed + den layout available in building. A/C Gourmet kitchen. Bonus wheelchair access, like your own rancher 220 sq ft ENORMOUS patio WITH glasses walls and a bonus 2nd Patio too. Master Bathroom has heated floors, heated fog free mirrors, built-in medicine cabinets, lighting in shower, have it all in the best floor plan. Huge private storage, 2 parking. Upgrade or downsize to this extremely desirable home, neighbourhood, and location. Spectacular Whistler inspired West Coast architecture & interior design. Cedar Downs. 2 pets, rentals ok. Bike Room, Gym, Amenity Room. Onsite Caretaker, Air conditioning, heating and a fireplace. Visitor Parking. Low Strata fees. Call for appt to view. Schools, shopping, transit, parks, trails = excellent location. OPEN SAT 12-2 SUN 3-5 MORE PHOTOS COMING AND VIDEO ETC.

Please visit our Open House at 60 18883 65 AVE in Surrey. See details here

Open House on Saturday, September 24, 2022 12:00PM - 2:00PM You will LOVE this spacious APPLEWOOD Towhouse 3B 2B END UNIT feels like you own a house. Ground level entry, lots of windows, bright and 2 storey 1430 sq ft living space. Cozy gas fireplace. Lovely large private back yard for entertaining or relaxing. You will appreciate the elegant bathrooms renovated 2020, extra large master with walk-in. You will notice the extra care and maintenance of this home: New or newer Dishwasher, Furnace, Hot Water Tank, Washer/Dryer and Roof. Well maintained home see documents for all dates. 2 parking-one garage, Visitor parking, bonus safe play for kids and a Polygon build. Super convenient location, schools, parks, services and transportation – skytrain is coming! Friendly family complex with a location you can’t beat! Walk to Hillcrest Elementary, Clayton Heights Secondary & Salish Secondary School. Minutes walk to shops & transit.

APPLEWOOD end unit 3B 2B Polygon townhouse, fabulous family Cloverdale home with bonus larger master bedroom, beautifully renovated bathrooms 2020. Plus larger fenced back yard, a peaceful little paradise. Popular complex, park 2 cars. Family and pet friendly and visitor parking. Wide roadway, safe kids play and bike riding. Super conveniently located minutes to Hillcrest Elementary, Clayton Heights Secondary & Salish Secondary School. Transit and shopping galore in minutes. This well maintained home will make your family happy for years to come. EXTRAS: Furnace 2017 Hot Water Tank 2016 Dishwasher July 2022 Washer/Dryer 2017 Bathrooms reno 2020. Lots of storage! Clubhouse Amenity, and gym. OPEN SAT 12-2 PM SUN 3-5 PM

Please visit our Open House at 60 18883 65 AVE in Surrey. See details here

Open House on Sunday, September 25, 2022 3:00PM - 5:00PM You will LOVE this spacious APPLEWOOD Towhouse 3B 2B END UNIT feels like you own a house. Ground level entry, lots of windows, bright and 2 storey 1430 sq ft living space. Cozy gas fireplace. Lovely large private back yard for entertaining or relaxing. You will appreciate the elegant bathrooms renovated 2020, extra large master with walk-in. You will notice the extra care and maintenance of this home: New or newer Dishwasher, Furnace, Hot Water Tank, Washer/Dryer and Roof. Well maintained home see documents for all dates. 2 parking-one garage, Visitor parking, bonus safe play for kids and a Polygon build. Super convenient location, schools, parks, services and transportation – skytrain is coming! Friendly family complex with a location you can’t beat! Walk to Hillcrest Elementary, Clayton Heights Secondary & Salish Secondary School. Minutes walk to shops & transit.

APPLEWOOD end unit 3B 2B Polygon townhouse, fabulous family Cloverdale home with bonus larger master bedroom, beautifully renovated bathrooms 2020. Plus larger fenced back yard, a peaceful little paradise. Popular complex, park 2 cars. Family and pet friendly and visitor parking. Wide roadway, safe kids play and bike riding. Super conveniently located minutes to Hillcrest Elementary, Clayton Heights Secondary & Salish Secondary School. Transit and shopping galore in minutes. This well maintained home will make your family happy for years to come. EXTRAS: Furnace 2017 Hot Water Tank 2016 Dishwasher July 2022 Washer/Dryer 2017 Bathrooms reno 2020. Lots of storage! Clubhouse Amenity, and gym. OPEN SAT 12-2 PM SUN 3-5 PM

What to Know About the Latest Interest Rate Hikes

With recent Bank of Canada interest rate hikes, and more on the way, here is what you need to know about how these fiscal policy changes affect your mortgage. First and foremost, the interest rate hikes directly affect individuals that currently have an adjustable-rate mortgage. Depending on your mortgage amount, you're looking at a potential mortgage payment increase of $40 per month for every $100,000 of balance owing. For example, if your mortgage balance is $400,000 then your monthly payment will increase approximately $160 per month. As Canada’s lending prime has increased, variable rates increase as these rates are tied to prime. Payments need to increase respectively to ensure the scheduled amortization remains the same. Hence you will still pay off your mortgage as the original amortization shows. For those individuals on a fixed-mortgage, you will not be affected by these interim changes outside of renewing your mortgage. If you’re mortgage is up for renewal, you will likely be renewing at a higher rate depending on your lender. If you’re still six months away from renewing, it may be a good idea to look into the options for early renewal to avoid getting caught up in another interest rate hike later this year. All rates, fixed or variable are expected to rise more over the summer months. Please reach out to me today to discuss obtaining a rate hold. I can lock-in an interest rate for 90-120 days while you plan your next step whether it is renewing, purchasing or planning for changes. If you're not currently a homeowner, but were looking at getting into the marketplace, it is a good idea to revaluate your budget and potential calculations for homeownership to ensure that your estimates are in line with the new interest rates. Download my mobile app My Mortgage Planner to play around with calculators and review your budget. While interest rate hikes affect everyone, understanding the dollar value change for your situation and adjusting your budget accordingly, can help ease the pressure from increased mortgage costs. If you have any questions or are not sure what your next move should be, don’t hesitate to reach out to me today! I’d be happy to help review your situation and walk you through your options.

The prime rate has risen by 1% to 4.7%.  For example, if you have a prime - .9% variable rate mortgage, you now have a 3.8% variable rate mortgage.

According to social media, the entire world is collapsing. 

Let us break it down.  *I am not an economist. 

Where is our inflation coming from?
At any given moment in time, we have a fixed amount of goods and services versus a fixed amount of currency. 

If we increase the amount of currency available and the number of goods and services remains the same, the price of goods will inflate. 

If we decrease the production of goods and services versus a fixed amount of currency, the price of goods and services will inflate. 

If there is pent-up demand (increase) for goods and services versus a fixed amount of currency, the price of goods and services will inflate. 

The above three have all happened in the last 2 years due to covid and we are now seeing the result of these events.

How will inflation stop or slow down?
Decrease the demand for goods and services.
Increase the supply of goods and services.
Increase the demand for currency.
Decrease the supply of currency.

What can the Bank of Canada do?
The only thing they can do is increase the rate.  When they increase the rate, the demand for currency will decrease.  Less currency is available, in turn decreasing the price of goods and services and slowing down inflation.

How do you defend against this?
Do the math.  Let’s make some assumptions:
1. How long will it take to go back to normal: 2 Years
2. How much extra interest will you pay: 2%/year
3. Average mortgage size: $600,000

The above is my guestimate.

Total Cost: $600,000 x 2% x 2 Years = $24,000

If you can afford the extra $24,000 in cost over the next 2 years with your income, line of credits, investments etc., then you are ok. 

What should you do in this situation?
1. Run your numbers and know your numbers. 
2. Structure line of credits against your properties(s)
3. Look at converting to 1, 2, 3 year fixed rates if the variable rate = fixed rates

What are investors going to do?
“Be greedy when others are fearful.”
Investors are going to buy in this market.  They are going to structure line of credits/mortgages against their properties and prepare their financial position to qualify for lending.

What is a good strategy to buy as an investor?
With higher rates, cash flow is going to be restrictive.  So instead of buying a $800k property with $200k down, it makes more sense to buy a $500k property with $200k down.

Which homeowners are going to buy in this market?
1. New home buyers as they are still paying insane amounts of rent.    
2. Home buyers that want to upsize or downsize in a calm fashion.     

Are there more risks to consider?
Let us use a 40-year-old making $120,000/year and will work till age 65. 

Death: $120,000 x 25 years = $3,000,000 Risk
Disabled and can no longer work: $120,000 x 25 years = $3,000,00 Risk
Critically Ill: $120,000 x 3 Years = $360,000 Risk

The above risks make the interest rate risk look small.  Something to think about. 

What is the next step?
If you would like to discuss your options for mortgages & insurance, feel free to set a time: https://calendly.com/robertkleinmeeting/20min

Robert Klein                              
Mortgage Broker & Commercial Realtor
Pacific West Mortgages Inc. & NAI Commercial (Victoria) Inc.
C: 778.896.6732 | F:604.648.9701              
Email: robert@robertklein.ca               
Visit our website at www.robertklein.ca

No content currently posted.

No content currently posted.