Indo-Canadian Voice Realty - Feb 15 2020

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Saturday, Feb 15, 2020

Volume 29 Number 7

Phone: 604-502-6100

Fax: 604-501-6111 Email: voicerealtyads@gmail.com

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Housing starts in Canada slowed in December, Canadian real estate group says BC Housing Markets Off to a Strong Start in 2020

Vancouver, BC – February 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing ServiceŽ (MLSŽ) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLSŽ residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019. “Housing markets in BC are off to a strong start in 2020,� said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.�

cent from just 12.1 per cent last January. “While many markets are showing strong signs of recovery, the struggling forestry sec-

tor is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,� added Ogmundson.

Manufacturers Of Quality Cabinetry “Celebrating 30 years in Business� Sohan Singh Bhogal

Single Family Homes Multi Family Projects Hi-rise Apartments

Ph: (604) 597-0364 • Fax: (604) 597-2638

13375 comber way, Surrey, BC V3W 5V8 Canada, www.sunrisekitchens.com info@sunrisekitchens.com

Buying or Selling... Call for all your real estate need and a FREE EVALUATION of your property • RESIDENTIAL • COMMERCIAL • INVESTMENT • LAND ASSEMBLY • FARM LAND • TOWN HOUSE • CONDOMINIUMS • WAREHOUSE • APARTMENTS

Total MLSÂŽ residential active listings fell 12.6

per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per

SEARCH. FINANCE. BUY.

LIVE.

604 724 6000 WWW.AKSHAYSINGLA.COM

Indo-Canadian Voice Saturday, Feb. 15, 2020

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RESIDENTIAL, COMMERCIAL & PRIVATE MORTGAGES

Refinance & Renew Your Mortgage

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• Low Income • Self Employed • Bad Credit • New Immigrant • Land Development • Second Mortgages

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#202-12830, 80th Ave. (York Business Centre) Surrey Tel: 604-501-9837 Fax: 604-501-9847 amhc@shawbiz.ca

muPq sl`h mSvry leI huxy Pon kro *Lender/Broker Fee may apply but not without prior written consent of the client

GURHIMAT S. GILL

604.825.4880

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SUKHKARAN S. BHATTY

604.765.4023

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Saturday, Feb. 15, 2020

Indo-Canadian Voice

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LOOKING FOR

MORTGAGE I WORK FOR YOU, NOT FOR LENDERS

With over 14 years of banking and lending experience, I make your financial journey to home ownership a hassle free experience.

PRIVATE MORTGAGES We have large pool of in house funds available

I specialize in working with

FIRST TIME HOME BUYERu S so let me help yo take the journey from tenancy to m ho e ownership

I SPECIALIZE IN : • Residential mortgages Purchases and refinances • Commercial mortgages • Self-employed programs • New to Canada programs

Axis Mortgage Corp. #204-12885-80th Ave Surrey BC V3W 0E6

NEETU DHILLON Email : neetu_dhillon46@hotmail.com Email : dhillon_n@mortgagecentre.com

www.neetudhillonmortgageadvisor.com

MORTGAGE SPECIALIST

PH: 604.780.0458

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Indo-Canadian Voice

Saturday, Feb. 15, 2020

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Mini-mortgage refinance boom continues as coronavirus keeps rates low Refinance demand drove the volume, rising 5% for the week and a remarkable 207% compared with the same week one year ago. Mortgage rates stopped falling this week, and could move higher if coronavirus fears calm. GS: Realtor and prospective buyer for house 090602 A real estate agent shows a home to a prospective buyer in Miami. Mortgage lenders were busy last week, but mostly with current homeowners looking to take advantage of low mortgage rates. Total mortgage application volume increased 1.1% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance demand drove the volume, rising 5% for the week and a remarkable 207% compared with the same week one year ago. Mortgage rates began falling about a month ago, as fears of the coronavirus hit financial markets. Mortgage rates loosely follow the yield of the 10-year Treasury. Rates are hovering around a three-year low, sparking an unexpected refinance boom. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.72% from 3.71%, with points remaining unchanged at 0.28

(including the origination fee) for loans with a 20% down payment. “The mortgage market continues to be active in early 2020, as applications increased for the third straight week. Rates also rose, but still remained close to their lowest levels since October 2016,” said Joel Kan, an MBA economist. “The refinance index climbed to its highest level since June 2013, and refinance loan sizes also increased as a result of an active jumbo lending market.” Low mortgage rates spark refinance boom Mortgage applications to purchase a home fell 6% for the week but were 16% higher compared with the same week one year ago. Buyer demand surged early this year, thanks to fierce competition for a record low supply of homes for sale. Price gains have begun to accelerate, so some started their search early, hoping to get in before the busy spring market. The lack of affordable homes available, however, is clearly keeping some buyers on the sidelines. The comparison to a

year ago is large, but mostly because mortgage rates were about a full percentage point higher a year ago. Sales should be even more robust now, but the tight inventory is holding them back. “Last month was the strongest January for purchase applications since 2009, which is perhaps a sign that mild weather brought out prospective buyers earlier than normal,” added Kan. Mortgage rates stopped falling this week, and could move higher if coronavirus fears calm. “Given that Chinese equities markets are already indicating the financial market psyche has shifted, it may only be a matter of time before US bond markets (which dictate mortgage rates) follow suit,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “If we assume that bond yields (aka rates) are only as low as they are because of coronavirus, any additional recovery in Chinese equities would likely coincide with upward pressure for interest rates.”

BANK MORTGAGES

2.58 2.89 2.99 3.89% %

%

5 YEAR FIXED INSURED

5 YEAR FIXED INSURABLE

%

ALTERNATIVE LENDING

5 YEAR FIXED CONVENTIONAL 1 TO 3 YRS FIXED

PRIVATE MORTGAGES

6.50% up 1 Year Fixed for 1st Mortgage. 7.95% up 1 Year Fixed for 2nd Mortgage. Call me for a NO OBLIGATION rate quote or fill out the secure application at crownfunding.ca

JEET SINGH Mortgage Advisor 20 years of mortgage experience

778-320-9494 www.crownfunding.ca

*Rates subject to change without notice. Conditions apply.

Saturday, Feb. 15, 2020

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Our unique products cater to those borrowers who do not t into today's conventional nancing box, to multimillion-dollar commercial and construction loans. Our focus is deliverying fast & easy access to money, even to the most challenging of cases.

WE SPECIALIZE IN O

Commercial Financing 250k to 150 mil O Land Only Financing O Cost Overrun Financing O Inventory Loans O Mezzanine Financing O Equity Takeout Financing OUR ADVANTAGES • Ultra Quick Closing • No Limit Financing • No Credit Quali cations • We take Deals with Limited Documents • No Stringent Bank Rules

1 866 944 7778 1 604 830 7080

*some conditions apply. * lender/broker fees may apply.

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Indo-Canadian Voice

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OFFICE SPACE FOR LEASE FURNISHED OR UNFURNISHED GROUND FLOOR LEVEL 4 Good size offices, Big 10 Chairs Board room and Nice reception area for rent on 120th Street and 93A Avenue. Approximately 1200 SF. Very good location. Good for Lawyers, Accountant, Immigration or Professional’s Office.

CALL FOR MORE INFORMATION

604.786.7000

Saturday, Feb. 15, 2020

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Saturday, Feb. 15, 2020

We Build Your Dream Home

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Traditions Begin at Home Bake cookies together, help with homework, plant your own kitchen garden and watch it grow — create your own traditions at Townsend. Enjoy the convenience of great commuter routes, the YMCA and more than 30 vibrant shops, restaurants and grocery stores all just down the block. The exceptional accessibility means you can spend time on the things that matter.

Three and four bedroom move-in ready and presale townhomes. 15111 Edmund Drive, Surrey Open noon to 5 pm daily (except Fridays) 604.239.3382 | townsend@polyhomes.com

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