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new home development in Langley, the Civic exterior rendering

5 Langley Developments to Keep an Eye On

Now that Langley is in the middle of a buyer’s market, and 2019 federal budget announcing the creation of a first-time buyer’s fund, new buyers now have a much more favorable situation to fulfill their homeownership dreams.

If you’re a first-time buyer looking to buy a home in the Langley area, here are 5 amazing new developments to keep in your radar in the near future.

Oakway

Oakway, developed by Nova Properties, is a new three-story townhome development by Nova Properties, located at 20689 Eastleigh Crescent, right at the heart of Langley. This community is expected to be completed in early September 2018 and will offer 23 units, 3 and four bedroom units, starting at around $699,888. Units boast a mix of modern and timeless materials such as brick, wood, painted panels, and glass.

Thanks to its privileged location, this charming new community is only a few steps away from excellent schools, shops, eateries, boutiques, as well as the nature trails of the Nicomekl River Habitat.

Legacy on Park Avenue

Legacy on Park Avenue is a new luxurious, 6 story condo complex constructed by veteran developer MDM Construction. Located at 20416 Park Ave. Langley, Legacy on Park Avenue will feature a total of 69 spacious units, ranging from 2 and 3 bedroom units.

Features include rounded patios, large ceilings and windows, fitness and amenity areas, concierge, and a grand lobby lounge area. It’s scheduled for completion in July 2020, and prices start at $695,000.

The Civic

The Civic is a new 88 unit condo low-rise development by Creada, currently under construction at 5640 201A Street, Langley.

Scheduled for completion later this year, it will carry a total of 88 units, ranging from studio, 1, 2 and 3 bedrooms and 607 – 999 sq. ft. Thanks to the Civic’s central location, its residents are only a few steps away from several shopping centers such as the Valley Centre Shopping Centre, Willowbrook Shopping center, and a large variety of shops, restaurants, health centers, and other amenities.

Although not a lot of details are available without registration, prices for available units range between $328,000 to $515,000.

Winston Terraces

Winston Terraces is a new townhouse development by Quadstar Development. Located at 19608 56 Avenue, only a few minutes from downtown, this project will feature 26 luxurious units ranging from 2-4 bedrooms. Families with children will love its close proximity to Brydon Park, as well as a number of schools.

As the name indicates, Winston Terraces will feature stunning rooftop terraces, which provide a 360-degree view of the surrounding area. Prices start in the mid 500’s.

The Terraces Three

Just a few blocks away Winston Terraces, you can find The Terraces Three, another new townhouse project, developed by Brydon Projects. Located at 19760 55 A Avenue, this 64 unit project is scheduled to be completed in autumn of this year.  

All units have 3 bedrooms, 2.5 bedrooms, as well as a roof terrace. Unit sizes range from 1406 to 1510 square feet, and prices range from $599,900 to $649,900.

 

Contact team Rassak to learn more about these new developments in Langley.

Lisa Rassak

Email:  

Phone: 778-855-9634

Arthur Rassak

Email:

Phone:  604-767-2335

 

paying off mortgage or investing cash

Should you pay off your mortgage earlier or invest your extra money?

Few questions cause more disagreement among real estate brokers, investors, and economists than asking if it’s better to pay off your mortgage earlier or invest your money. And there’s a good reason why that debate exists, both sides have make valid arguments.

On the one hand, your mortgage is likely the largest debt you will ever incur in your life. If you have the means to pay it off faster, why wouldn’t you? On the other hand, mortgages have low-interest rates, meaning your mortgage is quite possibly the cheapest money you will ever borrow. You could be dedicating your extra money towards investments.

To help you decide which option would be better for you, let’s compare some of the advantages on each side.

Benefits of paying off your mortgage earlier

Reduced interest payments: The more money you dedicate towards your principal, the less interest you’ll pay overall. If you have a $350,000 mortgage at a 4% fixed rate amortized over a 30 year period, your monthly payment would be around $1,670. By the time you completely off your mortgage, you would have paid a total of $601,543. From that amount, $251,343 would have been interest.

If you were to increase your monthly payments by an additional $100, you would save $29,339 in interest, and your mortgage would be paid 3 years earlier.

Although this example is overly simplified (and skips many factors that affect your mortgage payments), it gives you a good idea of how even a small increase in monthly payments makes a huge difference in the long run.

A guaranteed return on investment: Each additional payment lowers total amount of interest you pay, meaning that every additional dollar made towards paying off your mortgage has a guaranteed return on your investment.

Lower risk: Once you own your home outright, you can dedicate more money towards other investments. And even if the economy tanks, you wouldn’t have to worry about having a place to live.

Advantages of investing your money

A greater return on your investment: While every additional payment towards your mortgage has a guaranteed return on your investment, that amount can never exceed your mortgage interest rate. On the other hand, even relatively conservative index funds (such as the S&P 500) see yearly average returns exceeding 5%.

Higher liquidity: It takes time to sell a home even during a seller’s market. On the other hand, you can quickly sell your stocks and bonds in the case of an emergency.

Greater diversification: Though real estate is one of the safest investments you can make, it’s still affected by the forces of supply and demand. The forces that affect the value of stocks and bonds are not always the same as the ones that affect real estate prices. Real estate prices can be affected at a local level.

So if you’re relying exclusively on the value of your home for your retirement, you are effectively putting all your eggs in the same basket.

Team Rassak real estate

Lisa and Arthur Rassak are Team Rassak, full-service realtors in Langley. We are here to help guide you on where your next investment in the Fraser Valley should be. If you have any questions about real estate investments, mortgages, and opportunities in Langley, please contact us today and we’ll be happy to chat with you.

Lisa Rassak

Email:  

Phone: 778-855-9634

Arthur Rassak

Email:

Phone:  604-767-2335

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Not ready to sell but want a change?

It might be time for a renovation. But which improvement will net you the highest return when you do decide to sell?

Energy Efficient Renovations

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