How Much Has Your Home Increased in Value?

How Much Has Your Home Increased in Value?

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor which determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range. As a realtor in surrey for 7 years, i can provide you free home evaluation, no obligation.

Is It Time To Upsize?

Is It Time To Upsize?

This is great news if you own a starter home and are looking to move up to a larger home. If you bought your starter home more than 3 years ago then the equity in your home has risen as prices have gone up in last 3 years. Even better is the fact that there is a large pool of buyers out there searching for starter home cause that`s all they can afford now. Which gives your home an advantage to sell quicker.

There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment.

It may seem hard to imagine that the first home you purchased  might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs!


If you have outgrown your starter home, contact a local realtor in surrey or real estate professional in your city who can explain the market conditions in your area and help you find your next home!

9 Things Every First Time Home Buyer Needs to Know

Buying a home is an exhilarating, exciting process even though there are many steps and factors to consider. Knowing what to expect, can make this journey easy. Here are some steps that can help you to prepare for home ownership. 

1. Cut unnecessary spending

Four-dollar lattes can quickly add up. Get serious about reducing expenses on carry-out food, restaurant meals, entertainment and new clothes. Make a realistic budget of how much you can afford to spend on costs that add up, such as eating out or shopping. When I bought my first home, I had to cut lot of extra spending to make my budget work out

2. Build a savings account

This is very important if you just started to think about buying your first home. Set up an automatic transfer to your savings account from each paycheck. You’ll need money for your down payment, and you may be responsible for closing costs on the loan. In addition to your mortgage payment, there will always be unexpected expenses and maintenance costs that come with owning a home. 

3. Review your credit report

Credit score is very important for loan approvals. If you have missed payments or maxed out credit cards, consider delaying the purchase of a home until you improve your credit score so you can qualify for a lower interest rate.

4. Buy within your financial comfort zone

Determine a price range that’s realistic for you by getting prequalified for a mortgage. By prequalifying  you will look at homes that are affordable and in your budget.

5. Make a list of priorities

Be honest with what is important to you. Is lack of public transportation a deal breaker? Do you want an older home to fix up or newer construction? Is the neighborhood walkable? Is the home energy-efficient?

6. Check out the neighborhood

Visit the neighborhood of your potential home at different times of the day to get a feel for what life is like there. Evaluate the condition of surrounding homes and access to your priorities, such as shopping, parks, schools or expressways.

7. Test-drive your commute

Try out your potential commute on more than one weekday. The longer your commute, the less likely you are to engage in community events, go for a workout or cook at home after work.

8. Know the pros

Who’s involved with home buying? Familiarize yourself with the key professionals involved in a real estate transaction.

  • Real estate agents are licensed to negotiate the sale and purchase of real estate. To find an agent who suits your needs. Be sure to find an agent familiar with the area where you want to live.
  • Home lending advisors will determine how much money you will be able to borrow and help you choose a mortgage option that best suits your financial situation.
  • An underwriter will assess whether you are eligible for the mortgage loan. The underwriter will approve or reject your loan application based on your credit history, employment history, assets, debts and other factors.
  • A real estate appraiser will examine the property you are purchasing and determine its fair market value.
  • A professional home inspector will make sure the home and its components and systems are in good condition. Make sure you have your home inspected before you sign on the dotted line.

9. Close on your new home

The closing occurs when all contractual conditions have been met and financing is in place. You will review and sign papers and ownership of the property will be transferred to you. Once the meeting is complete, it’s time to move into your new home.

If you think you are Ready to purchase your first home, what are you waiting for ????

Click Here to start searching your Dream Home Today.

Exploring Newton Neighborhood Of Surrey

I have been a resident of Newton Surrey for 14 years since I moved to Canada when i was 21 years old  and Realtor in Surrey for 7 years. Newton is named after settler E.J. Newton who settled in the area in 1886. Today, Newton is home to a variety of educational, recreational and cultural facilities, including the Bell Centre for Performing Arts and the Newton Cultural Centre which hosts lot of cultural shows and events. Newton is a culturally diverse community that plays host to one of the largest Vaisakhi Parades outside India with gathering of approximately close to 500,000+ people. Newton has Khalsa School, Sikh temple, mosque and churches for its diverse residents. 

Newton has everything to offer to its resident from parks to trails, recreational centre to seniors centre and Outdoor pools open all summer long. To name a few of those parks recreational centre and outdoor pools are Newton Recreation Centre, Newton Seniors Centre, Newton Arena Bear Creek Outdoor Pool and Unwin Outdoor Pool. 

Newton offers  trails around Surrey Lake, to the shoreline views and bird watching at Mud Bay Park and the athletic facilities at Newton Athletic Park for soccer, tennis, basketball courts and walking trail along the park. West Newton Community Park offers a regulation sized cricket Field for cricket lovers. Dog off-leash area at Panorama Park for dog lovers(A dog is the only thing on earth that loves you more than he loves himself). Newton is home for me and my family just like other residents of Newton and I love it.

What Makes a House a Home For You?

We frequently talk about why it makes sense to buy a home financially, but more often  the emotional reasons are the more powerful or compelling ones. When i bought my first home it was emotional reason for me and my wife. As we were expecting our second child and my parents just moved in with us.

No matter what shape or size your home is, the feeling of a home can mean different things to different people. Whether it’s a patio or recreational room, the emotional reasons are typically more important to us than the financial ones when we choose to buy our own home.

1. Owning your home offers stability to start and raise a family

From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.

This was the reason when i bought my first home and i`m glad we choose a great neighborhood.

2. There’s no place like home

Your own home is  a comfortable place that allows you to unwind after a long day! Enjoy the sun on patio with nice cold beer.

3. You have more space for you and your family

Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your kids and pets, you can take all this into consideration when buying your dream home!

My family all of the sudden was about to grew from three to six when i bought my first house.

4. You have control over renovations, updates, and style

Who’s to say what you can’t do all of these things in your own home? Its your home do what ever you feel like there is no one to stop you. Try the new paint color trending right now,  build a pool in backyard, install automation gadgets in the house. Need to update the bathroom or kitchen, go ahead no one can stop you.period

Whether you are a first-time home buyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.

How Speculation Tax Affect You If You Just Inherited A Property.

What is speculation tax?

Lets understand what speculation tax is. Its a tax introduced by government to bring revenue from homes that are sitting vacant. And to bring more homes in market for rent that are vacant. So, the home owner of vacant property has only two options only either rent it out or pay tax. Tax revenue generated from speculation tax will be used for more affordable housing. Most of British Colombians are expected to be exempt from tax. Anyone who doesn’t apply for the exemption will be declared a speculator and will be hit with the tax. And people will have to make this declaration year after year after year. British Colombians will be exempt if they either live in their home as their principal residence or rent out their property for at least three months of the year. Short-term rentals for periods of less than one month do not count towards the three-month total.

Please check if your property comes under speculation tax as not all of BC comes under speculation tax.

Here is the list of exemptions:-

Click on Exemption that applies you to, it will take you to the BC government official site with full details.

  1. Principal residence exemptions
  2. Occupied by a tenant
  3. Can’t live in the residence because it’s uninhabitable
  4. Secondary residence close to medical treatment facility
  5. Just bought or inherited the property
  6. Separation or divorce
  7. Bankruptcy
  8. Recent death of owner
  9. Property is in a trust created by a will for a minor
  10. Property has rental restrictions
  11. Property is a strata hotel
  12. Property includes a licenced child daycare
  13. No residence on the property
  14. Other exclusions from the tax

There are more exemptions for Land under development and corporations.

My Main concern is what if you just inherited a strata property that has rental restriction.

To my understanding, i might be wrong, Owners are exempt in the year legally inherited the property from speculation tax. When a covenant or a strata bylaw prevents the property from being rented out in a manner that would allow a rental exemption, all owners of a property are exempt for the 2018 and 2019 tax years only, as long as the rental restriction was in place on or before October 16, 2018. The owner must also have purchased the property before that date.If you just inherited strata property with no rental, then you might want to consult with a lawyer that specializes in Real Estate. I have contacted a lawyer who specializes in Surrey Real Estate to find out will update the blog as soon as i get the information. Please leave your review and information you have.

Interest Rate Cut By RBC

I wrote a Blog couple weeks ago about interest rate hikes this year. Well Bank Of Canada has not done anything about rate cut but it did not increase interest in last meeting. As i mentioned in the blog that there are chance of interest rate cut, yesterday RBC did reduce there fixed interest rate by 0.15 point basis, which means you can have little less monthly payments. What that means to current real estate market? it wont affect the real estate market. In my opinion, if Bank Of Canada cuts its interest rate and gets rid of stress test that might affect real estate market. Reason behind that is lot of  buyers and first time buyers are not qualifying for mortgages.

With stress test gone, more buyers will qualify and there borrowing limit will be more than what they can borrow as of now. Lot of buyers are holding back as they can`t afford the dream home they want cause of borrowing limit. Lot of Apartment and Townhouse owners who bought before the recent boom has lot of equity built up. They want to upsize with growing needs but cannot qualify for bigger mortgage. All this is speculation, Time will tell what course market takes. Good new for buyers that are looking to buy now will have lower monthly payments with interest rate cut by RBC. More Banks will follow RBC as they have to compete with each other for business. Whats next? dont know, time will tell as it all depends on economy and what Bank Of Canada will do.

As a Realtor in surrey for years, i have seen market upturn and downturns. If you have any question regarding real estate in surrey, feel free to text, email or call me. If you are active buyer or seller shoot me email for free Buyer`s guide or Seller`s guide.

To read in details about Interest rate hikes this year  Click Here.

The Best Time To List Your House? TODAY!

The Best Time to List Your House? TODAY!

You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were at this time last year. However, still there are active and qualified buyer`s out there in market.

When we look at available inventory numbers and sales numbers released by the Fraser Valley Real Estate Board, we see that the actual number of homes sold has decreased and inventory has built up in last five months. But there are lot of sellers waiting for spring market to list there home. What that means is more inventory and more competition in spring season months.

What does this mean to you as a seller?

The best time to sell is when there is less competition. That guarantees you a better price, more exposure to buyers and fewer hassles in the transaction.

If you are thinking of selling your house this year, the best time to put it on the market might be right now. Let’s get together to evaluate the demand for your house in our market!

Mistakes To Avoid While Selling Your Home


Basing the asking price on needs or emotions rather than market value. Many times sellers base their pricing on what they think there house is worth. This can be an expensive mistake. If your home is not priced competitively, buyers will Look at other larger homes for the same price or other homes that are priced right. At the same time, the buyers who should be looking at your house will not see it because it is priced over their budget but in real value it fits their budget. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy real estate that nobody else wants”. The result is low priced offers and an unwillingness to negotiate.


Failing to “Showcase” the home. Sellers who fail to make necessary repairs, and fail to keep it clean and neat, chase away buyers as fast as Realtors can bring them. It is an indication that there may be hidden defects that will result in increased cost of ownership. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time.


Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment – fine. But if you are thinking of selling, you should be aware that only certain upgrades to real estate are cost effective. Always consult with your Realtor Before committing to upgrading your home.

Choosing the wrong Realtor or choosing for the wrong reasons. Many homeowners list with the real estate agent who tells them the highest price. You need to choose an experienced agent with the best marketing plan to sell your home. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles.



Using the “Hard Sell” during showings. Buying a home is an emotional and big decision. Buyers like to “try on” a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good Realtor let the buyers discover the home on their own, pointing out only features they are sure are important to them.



Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. Real estate is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer.



Failure to effectively market the property. Good marketing opens the door that exposes real estate to the marketplace. It means distinguishing your home from hundreds of others on the market. It also means selling the benefits, as well as the features. The Right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.



A look at City of Surrey Population Growth In Last Decade.

  City of Parks, Surrey, has been home for me over 14 years and Realtor in Surrey for 7 years.

Surrey has been a destination for lot of new immigrants, especially for South Asian community.Reason behind being a popular place for new immigrants to settle has been its affordability than Metro Vancouver area. Its expensive to live in surrey now after the real estate boom in 2015, but still its lot cheaper than Vancouver, Burnaby and Richmond. Vancouver is only 25 Minutes ride on Skytrain and 40 Minutes to 1 hour on car depends on traffic. There is big price difference in housing between Surrey and Vancouver. Well there are lot of reasons behind the price difference, which will take hours of writing to differentiate. Lets look at the data available of population growth of Surrey and Its Neighbourhoods on City of Surrey official Website.

I couldn’t Put the Detailed Graph properly here in the blog, Please           Click Here for further information.