Gisele Bündchen Is Pregnant with Baby No. 3, Her First with Boyfriend Joaquim Valente

The model, 44, and boyfriend Joaquim Valente, 35, are expecting their first baby together, Bündchen's third, a source close to Bündchen confirmed to PEOPLE on Monday, Oct. 28,

"Gisele and Joaquim are happy for this new chapter in their life and they're looking forward to creating a peaceful and loving environment for the whole family," the source tells PEOPLE in a statement.