Often I am asked what is the best deal in the Fraser Valley.
Right now?
I'd have to say that you can’t beat new construction.
The HST had a negative impact on new construction and therefore there are many new and finished homes sitting, waiting for the past 3 months for a buyer. Many builders have reduced the prices to the point that they're effectively paying the HST for the buyer. Example: A home in East Abby in a desirable neighborhood sold in June (before the HST) for $564,000.
An identical home is on the market right now for $508,000 plus HST ($35,559).
That is over $21,000 less then the one for $ 564,000.
Where can you find the best deals? You can’t beat the Chilliwack market. You can buy a brand new home for under $425,000 and that will include the HST, appliances, blinds and more. I have not seen a more affordable market in the past 10 years.
On the Chilliwack homes that I mentioned, your monthly mortgage installments would be $1,615, providing that you have a 5% down payment. If you don’t have the down payment then talk to me I could help guide you in the right direction.
Take advantage of it! If you don’t know how, let me help you.
Tibor
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Abbotsford Market Watch
 What is a pre-sale? Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms. Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public. If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices. The question is, how do you get the invitation to buy a pre-sale? In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast. Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more. A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well. If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects. Kind regards,
Tibor Bogdan
Century 21 Creekside Realty Ltd. 45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9 cell: 604-855-2521 |
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