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My wife and I – aged 66 and 62 – have our home paid off, and are thinking of getting a mortgage on our home and investing that money in a second property.

Q: My wife and I – aged 66 and 62 – have our home paid off, and are thinking of getting a mortgage on our home and investing that money in a second property. We like the Fraser Valley. Your thoughts?

A: Be careful. There is a wide divergence in activity in the Fraser Valley For instance, in the single-family detached market in February:

– In Richmond, 198 homes sold out of 619 listings, for a ratio of 32 per cent, and the average months inventory is just 3.1.

– In South Surrey/White Rock, however, only 126 homes sold out of 575 listings, for a ratio of 21.9 per cent. There is a 4.6-month supply of houses based on recent listings and sales.

– In Langley, only 11.3 per cent of active listings sold and there is 8.8-month supply of inventory. And in Abbotsford, there were only 41 sales among 745 listings.

Ozzie Jurock is a senior real estate adviser at www.jurock.com.

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd. Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock's Facts by Email.

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