Buying a home

Buying your homeFinding the perfect home doesn't happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process.

Let these articles give you the information you need to make the right decision on buying real estate in Kamloops.

We have a page dedicated to buying real estate in Kamloops

Found 402 blog entries about Buying a home.

Rent to own in CanadaRent-to-own is an alternative route to home ownership for those who can’t obtain financing due to poor credit or because they don’t have enough money for a down payment (or both).

Most Canadians probably haven’t heard about rent-to-own housing. Unlike the U.S., this arrangement is still not that common in Canada.

What is a rent to own home?  It’s pretty much exactly as it sounds.  It’s where an investor, or home owner, rents out their property to a tenant, but gives the tenant the “option” to purchase the home after a certain period of time at a predetermined price. The idea is that you rent a home for a certain period of time with the goal of buying the property at the end of your lease. If all goes according to plan, by then you’ll have repaired

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British Columbia AcreagesThe Province is proposing more residential flexibility for people living in the Agricultural Land Reserve (ALR) as outlined in a new policy intentions paper released Jan. 27, 2020, by the Ministry of Agriculture.

In order to support farmers and non-farmers living in the ALR, government is considering regulatory changes to enable landowners to have both a principal residence and a small secondary residence on their property, provided they have approval from their local government. ALR property owners would not be required to apply to the Agricultural Land Commission (ALC) for approval.

“We are continuing to do the work necessary to help farmers farm and protect farmland for future generations,” said Lana Popham, Minister of Agriculture. “The ALR is

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How to choose your Kamloops Realtor

Are your instincts telling you that you have the wrong Realtor? Trust those instincts and watch out for these telltale signs you’re working with the wrong person

There are many wonderful REALTORS® out there who work hard for their clients and help them with every detail of their transaction, but this type of service isn't always guaranteed.

Perhaps you’re preparing to list your home or currently searching for a new one. Either way, it’s absolutely essential that you hire the right Realtor for the job. The home purchase and sale process can stress out buyers and sellers, including their agents and brokers. This stress can be caused or amplified when personalities clash or when the real estate transaction does not go as planned.

Your agent will

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Kamloops Septic Systems ExplainedThis article provides you with advice for people who are considering the purchase of a home with a private septic system, both in terms of testing and inspecting the system to make sure that it is functional and passes local standards of operation.

Obviously, there is no test that will guarantee that all of the defects have been purged from a septic system. However, regular inspections can minimize your chances of getting septic failure – which can lead to hazardous conditions and significant cost for repairs – not to mention provincial fines that come when you have let your system get out of inspection.

So, as the buyer, there are several questions you should ask about the system.

  1. How long ago was the property built?
  2. Does anyone occupy the
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First time home buyerBuying your first house can feel overwhelming, but it’s oh-so-worth-it to leave the rental life behind.

We break down the process for you to help get you on the right path to living in your dream home.

1. Save, save, save

First things first: You need to start a savings fund for your home purchase. “Home buyers should have at least 10 percent of the purchase price of the home in their savings account,” says Randall Yates, CEO, The Lenders Network. “In addition, lenders like to see at least two to three months’ worth of mortgage payments in reserves.”

There are also different types of mortgage programs available for new or low-income buyers that require a lower down payment, so be sure to research your qualifications for these programs while

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Managing your moneyThe cost of owning a house and starting a family just might be the lost opportunity to get a good head start on saving for retirement.

With the March 1 deadline for contributions to registered retirement savings plans just ahead, it’s a good time to look at how to balance life’s biggest financial responsibilities. Home ownership, starting a family and retirement saving – can you do it all?

In cities with reasonably priced housing, you certainly can. But in expensive markets such as Toronto, Vancouver and their satellite cities, only high earners will manage this balance. Something will have to give in the household budgets of everyone else, and it’s probably going to be retirement saving.

There’s more to this than the average $770,745 cost of a

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BCREA 2020 First Quarter Housing Forecast Update

Vancouver, BC – January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021. BC real estate sales

“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving

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CMHC Mortgage Insurance CanadaCanada Mortgage and Housing Corporation (CMHC) has defended mortgage stress test rules and warned federal policymakers to hold the line amid calls from industry associations to ease the rules.

“My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences,” Evan Siddall, CMHC’s president and CEO, said in a letter to the Standing Committee on Finance dated Thursday.

Siddall urged the committee to “look past the plain self-interest” of the parties lobbying for easing the rules. The Mortgage Professionals Association of Canada (MPAC), the Canadian Home Builders Association (CHBA), and the Ontario Real Estate Association (OREA) have all called for such change, according to a report by The Canadian

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Real estate association offers optimistic forecast, saying buyers are gradually “adjusting” to mortgage stress test

Home sales in B.C. are likely to rise slightly this year, and more in 2020, according to a forecast released February 25 by the B.C. Real Estate Association (BCREA).BC home sales 2019

 

The association said it expects residential sales in the province to rise two per cent to 80,000 units this year. This follows a slow 2018 in which 78,345 homes traded hands on B.C.’s MLS®, which was 24.9 per cent lower than in 2017.

BCREA also predicted home sales to increase a further 6.9 per cent to 85,500 units in 2020. This would be a very normal level of activity, as the 10-year average for home sales in the province is 85,800 units.

 

The association

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Cost of borrowing in KamloopsThe cost of borrowing for a home is predicted to get a little cheaper this year.

That's according to the latest mortgage rate forecast from the B.C. Real Estate Association.

"The average contract rate for 5-year mortgages has declined about 30 basis points from its peak in 2018, reaching 3.44 per cent in March," the BCREA states in a two-page report. "Unfortunately, this still means a stress test rate of 5.44 per cent, even for the highest quality borrowers."

However, the association points out that if five-year bond yields remain at the current level, "a 5-year qualifying rate of under 5 per cent should follow suit." The contract rate refers to the interest percentage listed on the face of a note or a bond.

The qualifying rate refers to a

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