Housing Market Snapshot January 2021


Home sales are up 76.4% across Fraser Valley with 1,718 units sold in January 2021, compared to 974 in January 2020

New listings are up 25.6% across Fraser Valley with 2,784 new listings added in January 2021, compared to 2,216 January 2020

The average price of homes sold across Fraser Valley in January 2021 was $948,610, up 27.6% from $743,174 in January 2020.



 

When it comes to mortgages and renovations it is important that you have your financing in place before you take the sledge hammer out of the garage! Lenders do not like coming into play half way through a renovation. Planning is essential to ensure you will have enough funds to cover the renovation costs. 


Did you know there are mortgage products available that may help you with the costs of renovations above the 80% loan-to-value refinancing rule. The Refinance Plus Improvements Mortgage is a great way to incorporate the costs of improvements into your mortgage. 


Here’s a list of typical Refinance Plus Improvements Guidelines: 


1. The improvement funds above the 80% loan-to-value mark for the current as-is market value of your home will be held back by the lender until your renovations are complete. 


2. Lending value is based on an Appraisal that states the As-Is Complete Value 


3. You will need quotes upfront for the proposed i ...