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leffersandrook.com

March 2020 Issue
604-530-0231
Leffers and Rook Real Estate
Market Insider

Hello Everyone!

February was a very busy month in real estate. We have run into multiple offers, and low inventory across the Fraser Valley, especially in the detached market under $1,000,000. So far in March the trend has continued, sellers are seeing some offers come in over ask again, and buyers are patiently waiting for more inventory. The only thing that may change the upward trajectory is the COVID-19 virus. We are monitoring daily how this may affect the values and busyness of our current market. The bank of Canada has tried to resist a slowdown by lowering the prime rate by .5 a point! So get out to the grocery store, buy some food, and toilet paper (if there is any left) and please follow our Instagram/Facebook for more updates!

Thank you,
Brent & Darren.

Leffers and Rook Real Estate
Leffers and Rook Real Estate
Royal LePage Wolstencroft
604-530-0231
leffersandrook.com

What is Prime Rate?

Prime rate is a floating rate that lenders use as the foundation for various lending products, like variable mortgage rates, credit cards and HELOCs.

The prime interest rate typically moves up and down with the Bank of Canada’s overnight target rate. For that reason, some people refer to it as “Bank of Canada prime rate.” That is incorrect because the Bank does not directly set prime. Lenders do.

People also refer to it as the “prime mortgage rate.” In Canada, very few lenders have a separate prime rate for mortgages; TD being one notable exception.

It’s important to remember that each lender sets its own prime rate. For that reason, lenders don’t always follow the Bank of Canada’s lead. In fact, there are multiple cases where lenders have not followed the Bank in dropping prime, much to the frustration of borrowers.

Check out their full website

3 Tips for Quicker Spring Cleaning

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With the first day of Spring just over the horizon, it’s time for—you guessed it—spring cleaning! Whether you love or hate this annual chore, here are the top tips for getting it done in record time.

Make a Plan
A surefire way to speed things up is to start with a proper plan. Create a checklist so that you a) know when each thing is done, b) can plan the work around your schedule, and c) get the satisfaction of checking things off.

Declutter First
Some people like to declutter as they go, but it’s best to get this done first. If there’s less in your home, there’s less to clean.

Set Yourself Up for Success
Use spring cleaning as a time to set cleaning habits for the year ahead. Use your spring cleaning plan or checklist to define quick tasks you can complete regularly throughout the year and lessen the workload for next year’s spring clean.

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Fraser Valley Real Estate Board

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February home sales outpace new listings in Fraser Valley

In February, property sales in the Fraser Valley finished slightly above the 10‐year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below‐average levels.

The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year.

Click here for the full report

Homes

There are 2012 homes for sale right now, with an average list price of $2,411,673.
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4552 192 Street, Surrey, BC Serpentine / R2330848

$25,000,000
6 Bedrooms 12 Bathrooms 10994 Sq Ft
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558 248th Street, Langley, BC Otter District / R2411567

$15,680,000
5 Bedrooms 7 Bathrooms 11954 Sq Ft
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7247 180 Street, Surrey, BC Clayton / R2394273

$15,000,000
7 Bedrooms 3 Bathrooms 5479 Sq Ft
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This is not intended to solicit properties currently listed for sale or individuals currently under contract with a brokerage. All information was current on Mar 16, 2020.


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