TD and Royal bank just made a change to borrowers who have a Home Equity Line of Credit or Heloc. Stay tuned as I will discuss all the details.
Home equity lines of credits or HELOCS are line of credits secured against your home. These lines of credits were promoted by banks to one stimulate more borrowing and two to secure your mortgage business. When you have a HELOC it costs about $300 to discharge it.
On Nov 5th, TD and Royal bank have decided to stress test your credit limit on your HELOC when you are planning to get a new mortgage on an investment property. This even applies if you have a zero balance on your existing HELOC. The reason they are doing this is because the banks have no idea if or when you will advance the entire balance of of your HELOC.
How will this affect the Vancouver Real estate market?
Since its introduction in Canada. In year 2000 the outstanding balance was at 35 billion, in 2016 that balance has grown to about 211 billion. Many buyers and real estate investors use these HELOCS as downpayment to secure a mortgage and used HELOC money as deposits for presales. If anybody plans on securing a new mortgage who already has a HELOC in place good luck. And remember the stress test has already cut your purchase power by 20% since its implementation this year.
Is there a work around? Yes of course. This new policy change is only happening with TD and Royal Bank. But I have a feeling the other big banks will follow soon. So if you intend to get a new mortgage I would suggest
Don’t apply for a new mortgage with TD or Royal Bank.
IF you have a HELOC that you are not using, close that account.
If you have a HELOC balance consider closing the account and refinance your mortgage.
Question of the day, do you think this HELOC Policy Change will affect the real estate market? Please leave it in the comments below. I will try my best to personally answer all comments myself.
THE BC Government just announced a Condo Flipping registry that will take into effect Jan 1, 2019, stay tuned as I will discuss all the details.
When I attend presale purchasing events across Metro Vancouver a large majority of the people there are real estate investors. With Presales these investors would most likely flip these properties for a small profit. After all the only investment the investor had to make was to come up with the deposit payment.
In the past most buyers of presales who had the intention of flipping their property may have done so without reporting the capital gains to CRA. Also the buyers of the presale assignments may have reported the property value incorrectly when it came time for completion. Some buyers of assignment contracts may have reported the original purchase price not the assignment purchase price to the land title office, thus avoiding the payment of the extra property transfer tax and GST. With the implementation of this new Condo Flipping Registry this will force the Assignor to report the correct capital gains amount, and the assignee to report the correct purchase price. The developer will also be forced to collect information for the registry.
Full legal name
Date of birth
Citizenship information. For individuals who are not Canadian citizens or permanent residents of Canada as defined in the Immigration and Refugee Protection Act, the foreign country or state of citizenship
Tax identifiers: Social Insurance Number (SIN) or Individual Tax Number(ITN)
Residency status for federal income tax purposes
The postal address, and
The principal residence address of the individual. If the postal address and the principal residence address are the same, provide it only once
Email address, if applicable
If the proposed party to an assignment is a corporation:
The legal corporation name
The 9-digit business number (BN) assigned by the Canada Revenue Agency (CRA)
The head office address
Information about an individual who can be contacted on behalf the corporation to answer questions about the assignment agreement. The information about the individual includes:
Email address, if applicable
Also the developer must collect details about the assignment contract.
Date of the purchase agreement
The unit number, the strata lot number and the parcel identifier (PID) of the strata lot need to be reported, if ascertainable
Date of developer’s consent date to the assignment agreement
Effective date of the assignment, if it can be determined, and if different from the developer’s consent date
Assignment fee paid to the developer for the consent
Purchase price of the strata lot. The purchase price includes any amendments to the purchase agreement or subsequent assignments, including any upgrades or prior “lifts” (the increase in value of the strata lot assigned)
Assignment amount. This is the amount payable to the assignor for the assignment and it is commonly referred to as a “lift”
Reimbursement of the deposit paid. This is the amount payable to the assignor for the deposit paid to the deposit trustee
So there you have it. If you are an assignor or an assignee you need to know about this new condo flipping registry.
Question of the day, do you think this registration will reduce the amount of presale flipping? Please leave it in the comments below. I will try my best to personally answer all comments myself.
What happens when you get your offer accepted as a buyer in real estate and walk away? Its called a breach of contract.
I just met up with a first time home buyer the other day, and they were writing an offer on a home. They asked what would happen if they ended up walking away from the deal that ends up getting accepted. In this video, I will discuss the 3 likely results, if you breach a real estate contract as a buyer.
The Deposit - when you write an offer in real estate most likely you would have put up a deposit in good faith to secure the contract for the home. The deposit on a real estate contract is usually 5% of the purchase price. This contract when agreed upon is firm and the deposits are non refundable. Some times as a buyer things happen, maybe your mortgage fell thru before completion, or you just lost your job. Another situation is that the market shifts in an extreme negative direction, and you would rather walk away from the deal than to complete it. If you breach your real estate contract you would first lose your deposit.
Lawyer Fees - all real estate contracts involve a seller and a buyer. If you walk away with any contract there will be penalties. In most cases the seller will take you to court and you will end up spending money toward lawyer fees. Remember, Lawyers are not cheap, at about $500 per hour.
Equity loss - the real estate market is up and down, once you have an offer accepted the seller puts the home on hold for you to complete the transaction. Over this time period, the market could have shifted from a really good market for the seller to a really bad market for the seller. An example could be a home that sold for $1.5 MILLION during a good market, but the same home is only worth $1.3 million during a bad market. The seller can end up suing the buyer for that $200,000 difference.
So the total penalties that can occur if you are unfaithful to your real estate contract is the loss of your deposit, the lawyer fees, and the total equity loss.
Question of the day, would you walk away from a real estate contract? Please leave it in the comments below. I will try my best to personally answer all comments myself.
Are you planning to visit an open house without an agent? Do you know what to look for?
Every weekend at open houses, I see buyers visiting open houses without their agents. This got me thinking, did their agents coach them on what look for ahead of time?
I will share with you 8 tips to successfully view open houses yourself.
The Space - Is the space adequate for your needs? What about the back yard is it big enough. Clever home staging can make you over look many things. Such as does the home have a formal dining area? This is especially true in Condos or small homes when they use small tables to represent dining areas or remove the dining area altogether to make the living room look larger and more comfortable. I also recommend bringing a measuring tape with you as measurements are always approximate.
Any Upgrades - Ask the agent for a list of upgrades to the home. Then go and check the condition of items that have not been upgraded such as the roof or hot water tank.
Important documents - If it is a house, ask if the home has an oil tank in the past and if has a recent oil tank certificate indicating that no oil tank exists. If it is a condo ask if there is any special assessments coming up and if there are any bylaws that may effect your enjoyment.
Don’t get too excited - Open houses may seem busy, but don’t be fooled, a certain percentage of visitors are nosy neighbours, and the other portion of viewers may not even qualify for a mortgage.
Listen for Noise - are they playing soft music in the background. This could be hiding the fact that the street maybe noisy, or they have nosy neighbour. Always check for noise even after the open house.
Check the amenities - walk around the neighbourhood to check proximity to schools, transit, shopping and community centres. If this is a condo double check the condition of the gym, party-room, parking and locker if any.
Take photos and notes - if you are visiting many open houses, make sure you take detailed notes. If the agent allows it, feel free to take photos of any defects or problems you come across.
Contact Your Agent - If you like the property please contact your agent. As the listing agent works for the seller, your agent will work for your best interests as a buyer. Your agent will go over all the neighbourhood comps and figure out the best home purchasing strategy for you.
So the thats it, if you have any questions about this topic please feel free to reach out to me.
Question of the day, would you visit open houses by yourself? Or would you go with your agent? Please leave it in the comments below. I will try my best to personally answer all comments myself.
The real estate market is up and down, but over the last 10 years we have seen a steady uptick in price growth. If you had purchased in 2008, you would have already doubled your investment. Although we are currently in a buyers market now, it is always a good idea to buy and hold real estate. In this video I will discuss 6 reasons why you should consider the buy and hold approach.
#1. Appreciation - even if you had purchased real estate at its peak in 2007 homes prices have already doubled since then. And yes real estate markets are up and down, and no prices will not correct 80 percent. That is just dreaming. If that was a reality it would throw the entire economy into shock.
#2. Passive Income - with possible higher returns than other investment options like mutual funds,
#3. High ROI on Investment - as with any real estate investment you are just putting a downpayment, making mortgage payments, and paying for property maintenance. But you are getting the the gains on the full market value of the property. In comparison to the initial investment, you are getting really good ROI.
#4. Principal Pay Down - If you are renting out your home, don’t forget with every monthly rental payment you are also reducing the principle on your mortgage. This also saves you interest the longer you hold the property ultimately paying off the property in full.
#5. No Re-qualification Mortgages - Applying for a mortgage for the first time maybe be painful, but once you are approved, and when it is time for renewal, the lender will not ask you to provide more documentation, they will just as you to sign a renewal. This is great especially if you own multiple properties and plan to own them for a long time.
#6 Retirement Income - Look at your RRSP’s and when you can access those funds? Age 70?? When you invest in real estate, you have more control. You can decide when you want to pay yourself. After you pay off all your property expenses you can treat your rental income as your retirement income.
So there you have it the 6 reasons why you should consider buying and holding real estate. If you have any questions please reach out to me.
Question of the day, would you buy and hold real estate? Please leave it in the comments below. I will try my best to personally answer all comments myself.
As always please like, share and subscribe and become smart savvy consumer. I make educational videos every Tuesday and videos every Friday. This is Alex from Vancouver and Thank you so much for watching this video eh?
I will discuss 5 positives and 5 negatives that you should consider before purchasing a presale condo in vancouver.
First lets talk about the Positives
Good Rate of return on deposit if condos go up in value. Think about it, your only investment is the deposit for the purchase of the presale. What happens when the property goes up in value? Say it went up 100k and your deposit was only 50k. You essentially doubled your investment. Thats an awesome rate of return.
You are buying brand new - Everyone likes buying brand new, in the newest and hottest new neighborhoods.
It has a warranty - all presale condos have 2-5-10 warranty, so you can rest assured that any repairs will be taken care of for the next ten years.
No PPT - Now thats an incentive. You can qualify for this exemption if its is going to be your primary residence and the purchase price is under $750k
You may assign it the contract for profit - Since you are holding this investment for about 2-3 years, that this investment has gone up in value. Many investors cash out if they see a gain a big gain. Gains are treated as business income though.
Now lets talk about the Negatives
Bump in price after sale. Their was a story recently in new Westminster, of a developer asking for more money to continue on a struggling project. One has asked for as much as an extra 15%. Unless stated in the contract, their is nothing stopping the developer for demanding more money.
Return of deposit - if developer does not want to complete the project, they have the option of returning your deposit.
Floor plans can be altered from the time of purchase till completion - this actually happened to a client of mine who originally purchased a 2 bedroom with 2 bathrooms. The developer wanted to change the floorpan to 2 bedroom with 1 bath.
Prices Going Down? - 2 years is a long time, and anything can happen. The market can go up but it can also go down. I have seen presale buyers selling for a loss back in 2007 and 2008.
Purchase price - Are they a good deal? Most assume they are a good deal. But the fact is the developer is future pricing all the homes. They are pricing out homes on what they think homes will value in 2 to 3 years time.
So there you have it the 5 Positive and 5 Negatives you should know about if you are buying a presale in vancouver. If you have any questions please reach out to me. If you are interested in purchasing a presale I can get you vip access on some popular projects across the lowermainland.
Every industry has its tricks. Wanna know a few realtor tricks?
The real estate industry has many tricks. It is important to know these tricks, and how they may influence your decision as a buyer or seller. In this video I will discuss 4 tricks that should be disclosed when working with a realtor.
#1. Property Dimensions: Property dimensions are always approximate. And this is indicated in small print in all realtor advertising. Nothing is stopping a realtor from approximating these dimensions. Realtors can easily market say a 960 square foot condo for 1000 square feet. This is great for sellers but bad for buyers. I recommend referencing the strata plan for condos, and the building plans if you are purchasing a house.
#2. Number of Bedrooms - a defined as a bedroom is defined a a room with 4 walls, a closet and a window. Even though you may not care if that den is labelled a bedroom, you should care when it is time for you to sell that home. The number of real bedrooms will affect your homes value.
#3. Days on the market - Buyers typically at this stat. This stat indicates how long the home has been on the market. The lower the days on the market the better it is in the buyers perspective. If the Days on the market is greater than 30 days the buyers may feel that their is something wrong with the home and may shy away from viewing or writing an offer.
The seller and the realtor may decide to remove the property off the market. This would reset the days on the market back to zero so looking at days on the market is not an accurate figure. I would recommend looking at the property history on MULTIPLE LISTING SERVICE versus days on the market.
#4. Price- Like days on the market, buyers like to ask if the home has had any price reductions.
Their is nothing is stopping a realtor to list a home at 1.5 million and drop it to 1 million the next week. This makes it appear that a great deal can be had by the buyer. But the fact is that the price can be changed at anytime with the permission of the seller. It is always wise to look at the price history of the property and how it relates to market prices in the neighbourhood.
So there you have it the 4 realtor tricks you should know about if you are buying or selling real estate. If you have any questions please reach out to me.
Question of the day, what realtor trick do you come across that I didn’t mention? Please leave it in the comments below. I will try my best to personally answer all comments myself.
How to buy a house before selling your current house
Are you thinking about buying a new home but still need to sell your current one? Thats what I am going to talk about right now.
So your looking to upgrade, but need to sell your property as well. In this video I will tell you how to buy a house before selling your current one in 4 simple steps. Markets are always changing, but I would follow this approach during a buyers market. This is when there is lots of inventories and no bidding wars.
Step #1. First get approval in writing with your banker, that you would qualify for a new mortgage at the price point you are looking for. Most likely this mortgage will be approved subject to selling your current home. And if you current home has a mortgage if that can me moved to your new home, pay a penalty, or have that penalty included into your new mortgage. In Most cases if you terminate your current mortgage early it will cost your 3 months worth in interest payments.
Step #2. Find out the average days on the market and the value of your home. This way you will have a good estimate on how long it will take to sell your home and how much cash you will have to close on your new home.
Step #3 Look at new homes, and secure the property with an offer subject to sale of your current home. Also remember to negotiate for long move in dates. 2-3 months would be recommended.
Step #4 List your home, price the home at the market price, also make sure that if the buyer has a subject clause say for financing it is a few days before your subject to sale clause on the home buying side expires. This way you can ensure that your deal is firm on your home before proceeding to firm up your deal on the buying side of your new home. Also make sure that your move out dates match up with your move in dates of your new property.
There you have it, how to buy a home first before selling your current one and with zero risk of being on the hook for two homes. If you have any questions please reach out to me.
Question of the day, would you consider buying a home first or selling first? Please leave it in the comments below. I will try my best to personally answer all comments myself.
As always please like, share and subscribe and become smart savvy consumer. I make educational videos every Tuesday and videos every Friday. This is Alex from Vancouver and Thank you so much for watching this video eh?
Can’t find the home your are looking for in your price range? You should start looking at over priced listings, and write lowball offers on that house coming up next. (Me pointing to the camera)
If you have been house hunting for awhile, you may not be finding much available in your price range. I know it sucks……Why not look for properties at a higher price range and write low priced offers? In this video I will show you 5 things to be on the look out for so you can write that low ball offer.
#1 Look for Over priced properties - these are properties you know should be worth much much less but the seller has dreams of selling it for over market price. If you are searching for condos look at increments of over fifty to hundred thousand. If you are looking for a detached home look for homes that are over your price range by $100,000 to $200,000.
#2 Look for Stale Properties that have been listed for over 90 days - When properties are listed this long the sellers start to doubt themselves. At this time they maybe more vulnerable and look at low ball offers. Its best to keep tabs on these type of homes, because you want to write an offer on them before they do a price adjustment. In most cases you may get the home for much less than the sellers price reduction.
#3 Look at the realtor comments in the description - a realtor usually has a sense of what the market is doing, but if the realtor is unconfident on the pricing of the home, they may reveal this in the realtor or public comments. Be on the the look out for comments such as will look at all offers, and motivated seller.
#4 Look for Vacant homes - these are homes that you can tell nobody lives in. There is no furniture, no food in the cubboards, and maybe nobody maintaining that lawn outside. The sellers most likely already purchased another property, or this is just an investment property. They may look at your low offers. As these sellers may need the cash from the sale to fund other investments.
#5 Look for Tenant Occupied homes - Sometime selling tenant occupied properties can be a nightmare. The tenants usually restrict the amount of viewings and this also hurts the realtors marketing. Look for these types of properties for writing offers as the sellers may begin to get desperate with the low viewing activity.
Question of the day, What other strategies have you ? If not why? Please leave it in the comments below. I will try my best to personally answer all comments myself.
If you want to view other helpful videos why not consider subscribing to my youtube channel here
As you may know purchasing real estate is already really expensive and closing costs can add thousands of dollars to your purchase price. Closing costs should really be considered first before planning your real estate search. In this video I will show you the 12 closing costs you should expect and the estimated costs of each.
#1 the Appraisal fees - Before your lender approves your mortgage, you may be required to have the property appraised. Sometimes your lender will cover this cost. If not, you're responsible. The fee ranges from $300 to $450 plus GST.
#2 the Land survey fees - Lenders may require a survey of the property. This is usually when you purchase a detached home. The fee ranges and is typically $500 plus GST.
#3 Home inspection fees- A home inspection is a report on the condition of the home and includes structural and moisture problems, as well as electrical, plumbing, roofing and insulation. The fees range and is typically $500-$900 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with a secondary suite, a crawlspace, or a laneway home. Check out the cards here on how to find a good home inspector.
#4 GST, Expect to pay 5% GST on all brand new homes with a purchase price of over $450,000.
#5 Property Transfer Tax - which is calculated at 1% of the first 200k and 2% on the balance up to 2million, and 3% on the amount over 2 million.
Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is Zero
Qualifying buyers of new homes may be exempt if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there's no rebate.
#6 Foreign Buyers Tax - This is an extra 20% applied onto your purchase price of your home if you are not a citizen of BC or a Permanent resident.
#7 Mortgage insurance
The federal government requires high-ratio mortgages with less than 20% down payment to be insured against default. The cost ranges between 0.60 to 4.5 %of the mortgage amount which is added to the mortgage principal. As of February 15, 2016, the federal government requires a 10 per cent down payment requirement on homes valued at $500,000 - $1 million, that need mortgage insurance. Homes valued at $1 million+ require a minimum down payment of 20 per cent. Mortgage insurance is not available for homes in this price range
#8 Mortgage life insurance
If the owner dies, this type of insurance will pay off the balance owing on their mortgage. You can purchase mortgage insurance from your lender or term life insurance.
#9 Home insurance
Most lenders require property buyers to carry fire and extended coverage insurance and liability insurance. I would recommend that your insurance also cover water damage. As one small water leak can cause up more than $50,000 worth in damages.
#10 Moving fees
Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary.
Depending on the Contract of Purchase and Sale, a property buyer will likely be required to reimburse the seller for any prepaid property taxes. The lender may require the buyer to add property tax instalments to monthly mortgage payments. Utility bills, A buyer is typically required to reimburse the seller for any prepayments for municipal sewer and water fees.
Rent and security deposits - If you are purchasing a tenant occupied property and the tenancy continues, the buyer receives the security deposit from the seller with accrued interest because the buyer is responsible for reimbursement when the tenant leaves.
#12 - The Lawyer or notary fee, this fee is necessary as they are the ones that process the paperwork at the land title office and transfer your money to the sellers lawyer. Expect to pay about $1000 for their services.
So thats it, the 12 closing costs here in Vancouver, if you are interested in viewing my buyers video please click the playlist in the description below or on top in the cards.
If you liked this post you can subscribe to my youtube channel here
Did you just miss out on your dream home? Let me show you how to use back up offers to your advantage, coming up next. As you may know purchasing real estate can be very competitive. When you finally find a property that you are interested in, their is a good chance that other buyers are interested in the same property. But as soon as you decide you want to purchase the property another buyer may have already tied it up. Hey, I understand!!!!! Its a bad feeling. As a realtor in this situation I would suggest writing a back up offer. In this video I will show you why you should write a back up offer and how it may save you money. New Videos: Real Estate Tips Every Tuesday, and Market Report Fridays. Subscribe: https://bit.ly/2yqdfVf
As you may know purchasing a brand new condo from the developer as a pre-sale is really difficult. You may line up for hours if not days outside a presentation centre and still miss out on an opportunity to purchase. Hey, I understand!!!!! Its frustrating, alot of these units are sold to “VIP buyers” or “insiders”. Another method to buy into these new condo developments is thru Assignment of Contract. The first place to look for an assignment of contract is thru www.realtor.ca. On realtor.ca all properties marketed are managed by the agent for the seller. Realtors have a duty to go thru all the paperwork to confirm the property details before uploading it to realtor.ca. In my opinion Realtor.ca is one of my go to trusted sources.
A second source to find assignment of contracts can be from kijiji or craiglists. On these platforms you can easily be scammed as these photos can easily be copied from the developers website. If a realtor had posted the ad it should be more reliable.
A third source to find is thru your local realtor, which may have a personal database of assignment of contracts available to purchase. Why do they have this personal database? Because some developers do not allow assignments to be marketed on the MULTIPLE LISTING SERVICE system. So realtors, including the brokerages they work for form exclusive assignment groups to market properties between agents.
Now that we know where to find these assignments, what do you need to look out for as a buyer?
I would read all the developers disclosure statements, floor plans, and site plans to verify all the details of the project and the unit.
The second thing I would look out for is the residency of the seller. Why is this important?? If the seller is a foreigner you could be on the hook for unpaid taxes if you structured you deal incorrectly.
The third thing to consider is where will the assignment moneys be held and when it needs to be paid. Some contracts have it paid directly to the seller, while the safer bet would be to have the deposits paid in a real estate companies trust account or brokerage and monies to be released upon registration at land title office when the project completes.
The forth thing to do is go to the construction site. Is there people working? Is the construction progressing on time. There have been cases recently that the developer has halted construction and cancelled the project entirely. Why do they do that? They do it when it becomes more profitable to flip the land versus completing the project. The last thing I would be aware is the price the assignment is offered at. Is the price desirable and how does it compare to properties that are currently for sale?
Buying real estate? You may need a home inspection
Buying a home can be super stressful, and buying a home with problems can be a nightmare. This video will show you 5 great things you need to know about home inspections.
Spring and Summer time is usually the most busiest time for home inspectors as this is the time most buyers are purchasing real estate. Once you have an accepted offer, I would recommend finding a home inspector immediately
You can start your search online by going to a website www.hiabc.ca which is the home inspectors association of BC.
Then you can cross reference then on the Better Business Bureau Website and look for an A+ Grade, you can read their reviews there or you can even go to google to find home inspectors with good reviews.
When you have found your home inspector, checked that they are certified and have a A+ rating on the Better Business Bureau website you should ask one more question. Find out what is included in your home inspection contract. Is there an extra cost to inspect the garage, the appliances, and mold. You can find a complete list of whats included in a typical inspection and whats not included
If you’re a first-time homebuyer or haven’t purchased a home in awhile, today’s topic is for you. I have 10 tips you can use to make your next home purchase smoother and more efficient. The first tip I have is to check your credit. A good credit score is essential to buying a home, since it proves you’ve got a good track record for paying off past debts such as credit card bills and student loans, and help you qualify for lower interest rates. For the full list of tips, watch my latest video.
The market can be a highly competitive place. Today, I’ve got five tips that will help you win a bidding war.
Do your homework. Do you know if the seller has already bought a new home? If they haven’t, you could boost your chances by offering to let them close quickly and rent back the property from you until they find a new home. However, if they have already bought a home you can still get ahead by offering to match their closing date.
Write a clean offer without subjects. Get your financing and inspection approved before writing an offer. Submitting a subject-free offer puts you in a better position than those who have submitted offers with subject conditions.
Present the offer in person and quickly sign counteroffers. Face-to-face interactions are always better than those done via email or the phone. Since most offers aren’t carried out this way, your interaction with the seller is going to stand out.
Provide a deposit check with your offer. The deposit check will demonstrate your offer’s financial strength. Deposits for amounts greater than 5% will also help your offer go the extra mile.
Appeal to the seller’s emotional side. If you aren’t submitting your offer in person, take a photo of yourself and attach it to a letter explaining what you love about the seller’s home. Letting the sellers know how much this property would mean to you can add a lot of weight to your offer. I’ve personally seen a number of offers win using this strategy.
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