MARIE TAVERNA & KIM TAVERNA

TAVERNA REAL ESTATE GROUP

Direct : 604-802-7759   

RSS

311-1009 HOWAY STREET NEW WESTMINSTER OPEN HOUSE WEEKEND $699,000.00

Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood. OPEN HOUSES SATURDAY & SUNDAY JULY 6 & 7 1:00 to 3:00pm… See you there 

Read

SOLD* 1508 2789 SHAUGHNESSY STREET PORT COQUITLAM

Welcome to “The Shaughnessy”. Lovely 2 bedroom & 2 bath corner unit condo with panoramic view in the only concrete tower in Port Coquitlam. Large floor to ceiling windows allows the natural light to stream in. Gas range cook-top/white stone counter tops/stainless steel appliances/tall cabinets are featured in the kitchen. Primary bedroom has 2 closets with organizers. Ensuite with soaker tub/shower. 2nd bedroom would be a great nursery or home office space. 2nd bath with walk-in shower. Tiled entrance. In-suite laundry. Building includes gym, amenity room, garden terrace & more. Lions Park is at your doorstep. Perfect for kids & dogs to visit. Shopping & restaurants across the street. Easy access to major highways & transit.

The new buyers will love this area. 

Read

SOLD* 11860 MEADOWLARK DRIVE MAPLE RIDGE BC

Welcome to 11860 Meadowlark Drive in the popular Cottonwood neighbourhood in Maple Ridge. This lovely home is perfect for your family to settle into. Split level design home with 3 bedrooms & 3 baths. Living room with fireplace & vaulted ceiling for your very tall Christmas tree. White & bright kitchen has white cabinets+ stainless steel appliances+quartz counter tops. 3 bedrooms upstairs. 4-piece main bath & 3-piece ensuite. Lower-level rec room/playroom/home gym/craft area, you chooses plus a fireplace. Cozy family room with glass sliders to the fabulous back yard. Laundry room & 2-piece bath down. Cool off in the above ground pool. Multi level sundecks for summer fun. Fully fenced backyard. Double car garage, quiet street & so much more...

A lovely family is moving to the neighbourhood

Read

How to embrace eco-friendly cleaning habits without breaking the bank

Read

HOME TIPS

The Devil’s in the Details: Home Insurance Coverage

 
 
When you suffer damage to (or the loss of) your home or its contents, you expect your insurance company to come to the rescue, and most do. 

Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. For example, if you have a flood in your laundry room, you don’t want to discover then that the damage is not covered. 

Some events that often require additional coverage, or may not be covered at all are:

  • Overland water (interior home damage from water outside the home)
  • Sewer backup
  • Poor maintenance (e.g., you could be denied if you didn’t maintain your foundation or repair a leaky pipe)
  • Valuables beyond a specific amount

Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, ensure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage, or would you rather only insure for the actual cash value?

Knowing you have the right insurance policy will give you peace of mind and is an important part of enjoying your home.

 
 

3 Lists for Selling Your Home With

 
 
When you put your property up for sale, you want to ensure that potential buyers get all the information they need on the features of your home and its surrounding area. For example, if a buyer doesn’t realize a great school is just around the corner, they might just walk away.
An effective way to make sure something like that doesn’t happen is to create these three lists: 

#1: The “bittersweet goodbyes” list
Chances are, there are things about your home or neighborhood that you’re really going to miss when you move. It may be the spacious living room, ideal for entertaining. Or maybe it’s the nearby park with scenic trails, perfect for walking and biking, or the large deck with just the right combination of shade and sun. Whatever you’ll miss, add it to the list. Those are features that will probably pique the interest of potential buyers too.

#2: The “just the facts” list
What are the facts about your property that a buyer needs to know to consider purchasing it? Such items may include total square footage, number of bedrooms and washrooms, property taxes, size of yard, etc. This list should also include special attributes, such as upgraded kitchen features and the local golf course.

#3: The “new and improved” list
Buyers are interested in the state of repair of your home, and in any improvements you have made to it. On this list, include all repairs completed during the past 3 years and, if possible, attach receipts. It’s especially important to include anything that’s been replaced, such as a furnace or roof shingles. If you’ve done any major remodeling or renovations, include those details too.

Want more tips on selling your home? Call today.
 
 

Eco-Friendly Floors

 
 
Choosing new or replacement eco-friendly flooring is one of the emerging trends among house and condo owners. Eco-friendly flooring is made from, or with, more sustainable resources, such as materials that don’t deplete or permanently damage the environment (such as toxic laminates), or reusable or recyclable materials. Here are some examples:
  • Renewable and Sustainable - Bamboo, cork, hardwood, natural stone, linoleum, and wool carpet are just a few of the options out there. Before you buy natural flooring products, ask if the harvesting methods are verified through an accredited authority.

  • Repurposed and Reclaimed - Flooring made from old building structures (e.g., posts, beams, walls, and planks) is a viable alternative to grown and harvested resources. Likewise, recycled glass, plastic, and rubber provide ample raw materials for creative flooring effects. Using them also reduces landfill waste. These products can be found through decorative flooring dealers.

When purchasing any flooring, be it natural or synthetic, it is important to know how the product is manufactured, and that it can easily be recycled when it is beyond its usefulness, as opposed to ending up in a landfill.

Read

Fraser Valley home sales fall despite Bank of Canada rate cut

SURREY, BC – The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month. The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average. While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.

“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”

New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”

Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell. Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023. MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,528,900, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to May 2024 and increased 0.5 per cent compared to June 2023.

• Townhomes: At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to May 2024 and increased 0.8 per cent compared to June 2023.

• Apartments: At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 per cent compared to May 2024 and increased 0.4 per cent compared to June 2023.

Read

Fixed or variable rate? Here’s how to prepare for your mortgage renewal

More than half of Canadian mortgages will renew before the end of 2026, and with the Bank of Canada lowering its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now wondering which mortgage type they should opt for upon renewal — a fixed or variable rate. Understanding the options available and anticipating changes is essential to successfully navigating today’s evolving mortgage landscape.

With a significant cohort of homeowners needing to renegotiate their mortgages within the next three years, those who opted for variable-rate mortgages -– or who took out a loan in 2021 at the trough of historically low rates — will be particularly affected by the planned adjustments. For those who will soon have to deal with the current higher-rate mortgage environment, below are some considerations to help you make an informed decision about an upcoming mortgage renewal.

Current situation

While variable rates were historically lower during the height of the pandemic real estate boom, the trend has recently reversed, with variable rates now higher than fixed rates. The average five-year variable interest rate offered by mortgage lenders currently hovers around 6.7%, while most fixed rates are typically 5.6%.

A variable mortgage rate depends on a number of economic factors, such as the key overnight lending rate, which is set by the Bank of Canada. Although Canada’s central bank recently cut its key rate for the first time in four years, the institution could change course if inflation levels increase in the months ahead. However, economists widely expect further cuts to the lending rate by the end of 2024. The trend is set to continue into 2025, unless economic conditions change significantly. Regardless of declining interest rates, the historically-low rates Canadians have been accustomed to over the last two decades are now a thing of the past.

What you need to know about variable rates

When it comes to variable-rate mortgages, when the prime rate rises – which is influenced by the Bank of Canada’s overnight lending rate – mortgage payments automatically increase.

However, with variable loan structures with fixed-payment options, monthly payments remain unchanged, even in the event of a rate increase. Instead, this type of variable-rate mortgage adjusts the mortgage amortization period (the time it takes to repay the mortgage in full). This is due to the fact that a smaller proportion of each payment is allocated to repaying the mortgage principal.

Understanding your needs

The choice between a fixed- and variable-rate mortgage largely depends on the borrower’s risk tolerance and personal situation. Since variable rates are subject to fluctuations, is your lifestyle conducive to these changes? Even if interest rates begin to fall, there are many economic factors influencing their direction, which can occur at various times during your mortgage term.

The right mortgage product for you depends on your short- and medium-term situation. If you’re currently in a period of transition (career change, separation, etc.), you may want to opt for a fixed-rate that offers you some stability.

Strategic options for borrowers

Fixed-rate mortgage with a shorter term

Amidst economic uncertainty, more borrowers are opting for fixed-rate mortgages with shorter terms (one, two or three years). This way, in an environment where rates are quickly changing, borrowers can lock in predictable monthly payments without the need to stay with the same rate long term.

Hybrid-rate mortgage

This option combines customized features of both a variable and a fixed rate — part of the mortgage has a fixed interest rate and the other has a variable interest rate. This way, the borrower can benefit from the best of both worlds.

Convertible mortgage

This type of loan offers the possibility of converting a variable interest rate loan into a fixed-rate mortgage, or vice versa, before maturity, thus allowing borrowers to adapt their mortgage financial strategy to market conditions.

Consult a professional

At a time when real estate prices remain high due to sustained demand, choosing the right mortgage product is crucial. It is advisable to consult a mortgage broker to explore scenarios best suited to each individual situation. Anticipating interest rate fluctuations and adjusting your financial strategy accordingly can make a big difference in managing your long-term mortgage.

Roseline Joyal-Guillot

Director, Communications & Marketing, Quebec
Royal LePage

Read

Market shifting in buyers’ favour, though hesitation remains

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).

 

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

 

There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7 per cent increase compared to the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal average (5,554).

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20.3 per cent above the 10-year seasonal average (11,790).

 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes, 21.1 per cent for attached, and 20.3 per cent for apartments.

 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.

 

Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent decrease compared to May 2024.

 

Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to May 2024.

 

Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024. 

Download the June 2024 stats package

Read

More than a quarter of renters in Canada plan to purchase a home within the next two years

The Royal LePage 2024 Canadian Renters Report includes insights into regional rental market trends and the sentiments of renters from coast to coast, including their plans to transition into home ownership.

According to the report, 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34).

“The rental sector is not immune to the significant affordability challenges stemming from Canada’s acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market,” said Phil Soper, president and chief executive officer, Royal LePage. “Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low.”

Here are some key highlights from the report:

  • 27% of renters plan to buy a property in the next two years; 40% among renters aged 18-34

  • Of those who do not plan to buy a home in the next two years, 54% say they do not feel their income will be sufficient to afford a property they desire; 61% among those aged 18-34

  • 29% of Canadian renters say they considered buying a property before signing or renewing their lease; 41% of them lacked a sufficient down payment

  • In British Columbia, 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%

Read the full press release

Anne-Elise Cugliari Allegritti

Director, Communications

Read

NEW LISTING 311-1009 HOWAY STREET NEW WESTMINSTER BC $699,000.00

 

Welcome to this fabulous home at Huntington West. This spacious two bedroom and two full bathroom condo is a top floor plus corner unit with vaulted ceilings. Located on a quite tree lined street. Lots of windows to let the nature light pour in. Large living room with gas fireplace. Dining area perfect for family dinners. The kitchen white cabinets and appliances make it bright, plus window over sink to enjoy the view. Large primary bedroom, perfect for you king size furniture. Four-piece ensuite. Good size second bedroom. Three-piece main bath with walk in shower. Lovely wood flooring in living, dining and hallways. Newer carpeting in bedrooms for warmth. In suite laundry. Enjoy summer nights on the deck to enjoy the view. Two side by side parking spots plus a storage locker. A very short stroll to the beautiful and popular Moody Park, Lord Kelvin Elementary and to Royal City Centre for all your shopping needs. Local shops and restaurants make this a cozy and well sought out neighbourhood.

Read
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.