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Dont Expect Increase In Interest Rates By Bank Of Canada In 2019

As I wrote a Blog couple days ago about the Real Estate Market Surrey Bc In 2019 about having one interest rate hike in 2019 as economy is looming, cause the price of Canadian oil known as Western Canada Select briefly dipped below $15 a barrel last fall. Today CBC wrote an article Expecting higher rates in 2019? Don’t bet on it just yet . It`s a must read for all to see what`s happening in 2019 with economy and interest rate hike`s. As of today it will be hard to predict which way Bank of Canada is heading but number`s don’t lie and looks like with economy slowing down, there might be no interest rate hike in 2019 if not a cut in interest rate.
Some economist were still predicting interest rate hikes in 2019 some weeks ago, But that scenario is changing which might move into a interest rate cut predicted by some economists. Some statements made are as follow :-

“At present, there is not a single hike priced for 2019.” Say`s Pollick.
By Pollick’s math, there’s only about a 40 per cent chance of any sort of rate hike this year, and some in the market think a cut is on the table. Ian Pollick is head of North American rates strategy with CIBC.

Stephen Brown at Capital Economics predicts the slump in the world price of oil could be enough to take the wind out of Canada’s economic sails, slowing GDP growth to just 1.5 per cent this year. “We would not be surprised if the Bank of Canada continues to argue that it needs to raise interest rates,” he said. “But as it becomes clear that the economy is performing worse than the bank anticipated, we expect the bank to drop this line and ultimately cut interest rates at the tail end of this year.”

As a Experienced Realtor in Surrey for years it might change the current Real Estate Market Conditions, which will be determined in coming month`s with the decision Bank of Canada makes. Your suggestions are very important to me as a writer to improve my writing skills. I am a novice writer who likes to write about current market conditions and  important issues that needs to be discussed for better daily life improvements. Signing off for today, Jashan Grewal Your Neighbourhood Realtor.

 

Fraser Valley Homes Have Biggest Gains in Assessment Value in 2019

The Bc assessment authority starts mailing property assessments to owners in January, based on market values as of July 1 of previous year, in 2019 Assessment values in Metro Vancouver show declining values for the first time in about a decade but gains in assessment values in Fraser Valley.
In Fraser valley house values average range is negative 10 per cent to plus 15 per cent compared to Metro Vancouver which is opposite negative 15 per cent to plus 10 per cent.

According to the new numbers from Bc Assessment authority, The city of Vancouver, detached homes dropped an average of four per cent in value, while condo values rose six per cent as compared to Surrey, detached homes gained an average four per cent rise and 14 per cent for condos.
City of Langley condo owners will see a 27 per cent average jump in valuation. Abbotsford, condo owners will see their assessed values jump on average 28 per cent while detached homeowners will see an average 9 per cent rise. Chilliwack values growing 10 per cent, District of Hope rising 17 per cent and District of Mission 10 per cent. Single family homeowners in White Rock and Richmond will see an average two per cent drop.

Realtors in Bc acknowledge the change in market conditions, as 2018 has been a slowest year in sales for real estate since 2013 as Government policy and natural market cycles are slowly cooling down real estate. With Mortgage rules changed and interest rates rising in 2018 made a huge contribution in slowing down the hot real estate market in Metro Vancouver and Fraser Valley. With years of experience as a realtor in Surrey , i have seen these market change cycle year after year in exception of last three years of hot real estate market in BC.

You can appeal your assessment value, if you think its high or low. Please note that the deadline to appeal your 2019 Assessment is January 31. Here Below is the link with the information about how to appeal and what is the process of the appeal.

https://info.bcassessment.ca/Services-products/appeals

City of Parks Surrey

As we all know City of surrey is also known as The City of Parks, which translate City of Surrey as Green city. City of Surrey has over 200 Parks which consist of over 6,000 acres of land ( That’s Huge Green Space for a City ). Even in the Urban Area of the city you are never far away from a park, trail or riverbank. Get outdoors, and experience Surrey’s stunning natural beauty, Especially the giant second growth forest at Green Timbers Urban Forest or the running track, nature trails and gardens at Bear Creek Park
City of Surrey has lot of bike parks, and each of them have been carefully designed to offer a variety of tracks and trails to fit all ages. From the dirt jumps and pump track at South Surrey Bike Park offers the dirt jumps and pump track, at Invergarry Mountain Bike Park you can experience technical downhill trails, you’ll find a level and style that works for all ages. Go for a peaceful walk, explore our dog parks or take the kids to a nearby playground. There’s plenty of fun things to do in our parks at any age or experience level. Our parks are open from dawn until dusk
Surrey Has beautiful display gardens that are diverse and vibrant, showcasing variety of flowering plants, shrubs, trees and art work. To name a few Display gardens that are rare and extraordinary are Darts Hill Garden Park, to the woodland gardens in The Glades, and the labyrinth and sculpture art in the Fleetwood Gardens.
City of surrey offers community gardens like every other city, which are more than just Community gardens to grow healthy vegetables. As community gardens benefits its residents with local grown vegetables at home, it also bring the community together to get involved, meet new people and enjoy the beautiful outdoors.
I can keep on writing for hours about the parks of surrey which makes city of surrey different than other cities. As city of Surrey population is growing it just matter of time when it will surpass City of Vancouver. City of Surrey is the second largest city in the province with more that 500,000 people living in the city. Which makes Surrey Real Estate demanding as population is growing at more speed than the city`s housing development which I have been experiencing as realtor in surrey for years.

Skytrain as a long term investment for City of Surrey and Langley

Today, all we need is a rapid transit as communities around the Lower Mainland have population growing at a rapid pace, especially Surrey and Langley as being an anchor for new high density development. If we take a look at Metrotown, Surrey Central and Marine Gateway in south Vancouver for high density development, its been a success.

With the Real Estate prices rising and becoming unaffordable for a common household, we need high density developments to make housing affordable for everyone, which wont happen without rapid transit. Transit needs to go farther connecting communities as road infrastructure is not enough to hold the population growing at its current pace, We need to make our city smarter and connectable to communities.

City of Surrey website describes City of Surrey as second largest city in the province, with a population of more than 500,000. Our population continues to grow and it is estimated to surpass Vancouver in population as the largest city in BC by 2041. we are a growing city that welcomes about 1,000 new residents each month. Surrey is also a youthful city, with one-third of our population under the age of 19. This mean real estate in surrey will always be in demand as I have seen in last 7 years as a realtor in surrey.

As City of Surrey had decided to build the skytrain than the controversial LRT it makes sense. Skytrain will help bring in more high density development just like Surrey Central for Example along the way to Langley which will connect riders to Downtown Vancouver, Surrey, New west and Burnaby along the way. It will reduce congestion on the roads, as skytrain delivers immediate transit improvement for the entire fraser highway even only skytrain is built halfway to Langley City in the first phase, as it already one of surrey`s most congested stretches of road between 140 street to 148 street as it merges into a single lane traffic each way.

Here are some approximate transit time difference for reference between bus and skytrain.
With SkyTrain extending between City Centre and Fleetwood, a commute to Fleetwood that takes up to 28 minutes today by bus will take less than 10 minutes on the future SkyTrain. A commute to Downtown Langley that takes up to 58 minutes by bus today will be significantly reduced to 39 minutes.

Overview of Fraser Valley Real Estate 2018.

After three consecutive busy years of Real estate  sales surpassing 20,000 units annually, 2018 saw the Fraser Valley real estate market return to more Typical level for both sales and inventory.

New data released today by Fraser Valley Board shows slow down in sales in 2018, Lowest since 2013 and  most of realtors in bc acknowledge this.

Sales data by Fraser Valley Board

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013.

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

How to have a successful sale in 2019

In my experience as a realtor in surrey for years, it has always been a key for sellers to price effectively for a successful sale. In 2019 main key for sellers for a successful sale will be to price effectively and leverage their home’s appeal to stand out and find success. Having a realtor who specializes in your neighborhood makes a huge impact on a successful sale.

Surrey Municipal Police V/S RCMP

As a Surrey resident for over 14 years & realtor in surrey for 7 years, I have seen Crime in Surrey go up as the population has been growing at an incredible pace as well. Last year after municipal election, new council unanimously voted in favor of Municipal Police as they promised in there election manifest. Policing was a big issue in last year municipal election in surrey as homicide rate has been increasing year over year. There have been 14 homicides in surrey in 2018, 12 in 2017, eight in 2016 and 9 in 2015. Surrey had Overall decline in shooting incidents in 2018 as 38 shooting incidents happened in 2018 comparing to 56 shooting incidents in 2017, 61 in 2016 and 88 in 2015. With the Own Municipal Police, Officers are accountable to city and its residents then being accountable to Ottawa, more local officers prefer joining the Municipal Police as they get to stay with there families and which is good as they know the community, local issues and geographic area very well then a new Rcmp const. from Regina or New Brunswick. Local municipal police comes with a price tag as city loses 10% funding from federal government they get with having RCMP as Municipal Police. In my Opinion the city of surrey residents clearly decided what they wanted in last municipal election.

Real Estate Market Surrey Bc In 2019

Government policy and natural market cycles are slowly cooling down real estate. Surrey Real Estate hot  market is expected to slow over the next two years, CMHC new figures says that. House prices in the province are set to level out with Population growing , jobs and salaries. Vancouver real estate market predictions 2019 are similar to expect just like city of surrey.

Bank of Canada’s recently did not hike interest rate could affect that, but it still is  buyers’ market. Buyers offer on most of the properties are  being the only offer on the table and it helps negotiating the best price and terms for the buyers, Especially first time home buyers .

Bank of Canada earlier this month did not hike the interest rate, and most of  economists predict that Bank of Canada will opt to leave its interest-rate target unchanged in January as well which is at 1.75 as of now. Looking at the economy it looks like to get one interest rate hike in 2019, which doesn`t look like before 2nd Half of the year, Which will Keep the Real Estate In Surrey and Realtor in Surrey Busy.