CMHC raising mortgage insurance premiums for new buyers

OTTAWA, ON. – The Canada Mortgage and Housing Corporation is raising the cost of mortgage loan insurance for new home buyers effective March 17th. The Crown Corporation estimates the increases will add about $5 to a monthly mortgage payment for its average home buyer.

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Regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital. The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.

For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.

For the…

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B.C. Premier to lift foreign buyers tax for those with work permits

Premier Christy Clark announced Sunday that foreigners with work permits who live and work in B.C. will be exempted from the province’s 15-per-cent homebuyers tax.

Clark made the statement during a scrum at Vancouver’s Chinatown Lunar New Year Parade in response to questions on U.S. President Donald Trump’s travel ban on people from seven predominantly Muslim countries.

“We believe that people who are seeking refuge around the world should be able to find safe haven here in our province,” Clark said. “We believe that people, the best and the brightest, should be able to come to British Columbia.

“We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage…

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How To Interview A Seller’s Agent When Selling A Home

When you are selling your home, choosing the real estate agent who will represent your best interests is one of the first steps in the process and probably one of, if not, the most important. 

Follow these tips and common questions when interviewing a Realtor to sell your home and you will be on your way to a smooth and relatively stress-free sale!

How Long Have You Been Selling Real Estate

• How long have you been Selling Real Estate?

Probably one of the most obvious questions that will come to mind in your interview process. Generally speaking, the more years of experience an agent has, the more sales they have had - increasing their experience in different situations. However, this is not always the case though as there can be new…

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The Data is In – NOW is the time to sell!

There's never been a better time to sell your home in Kamloops

The statistics have been compiled from 2016, the data is in, the analysis has been done, and the verdict is quite simple – NOW is the time to sell your home. If you’ve been thinking, debating, contemplating a sale, an upgrade, a downsize, or any other reason you might sell your home, there has never been a better time than right now. Seriously.

Here are a few reasons why it is in your best interest to sell now….

1. Home prices are up!

People used to be underwater on their home from the recession. That is no longer the case. Home prices have rebounded well. Home prices rose 6% last year. Tight inventory has caused home prices to sky rocket. That will level out soon. With home…

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How Buyers can win in a Seller’s Market

The housing market is crazy and out of balance right now.

It’s 2017 and interest rates are still low, home values are up, but something is lacking. It’s SELLERS! Inventory is down from this time last year, and we were thin on inventory at that time. What does this all mean? It means that we are seeing homes sell the first day they are on the market, with multiple offers, and with many offers over asking price. It is tough sledding for buyers right now. This makes for a hard time for people moving with their job to Kamloops and are forced to maybe overpay or cannot find a great home.

There are always some steps you can take to get at the front of the queue, get a great Realtor working for you, get yourself put on the MLS PCS (Private Client Services)…

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You’ve Inherited Some Kamloops Real Estate. Now What?

Canadian Estate Sale

A tough time when family are faced with an Estate Sale, it's an emotional time and there are a number of factors to take into consideration. Most executors have to deal with selling some personal or household items for an estate and then the home itself. As most executors are new at that  job, they may have questions about how to proceed. This post will explore ideas for selling the house and items properly, without short-changing the estate or getting the executor into trouble. A huge benefit to an executor is a professional Realtor who has the communication skills to work with all involved and make it as stress free and open as possible.

Unlike the U.S., Canada no longer has any form of estate or inheritance tax. Yet despite…

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7 things you may not know about mortgages

A mortgage is a huge undertaking

Just getting one sometimes can be hard. You have got your mortgage but did you look at the small print and read it? Here are some handy facts that you may not know.

1. How much of your payments go toward interest

Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once. When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal. Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well. As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that…

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Is now a good time to get a mortgage?

January is the time for resolutions, and for many people, one of those resolutions is getting a mortgage and buying a house.

But if you’ve been keeping abreast of the recent changes in the mortgage industry or even casually following economic forecasts, then the prospect of 2017 may have you a little wary.
 

Assessing your personal situation

Only about half of Canadians think that this this is a good time to buy a home or a condominium in their community, according to a survey that was part of the latest Annual State of the Residential Mortgage Market in Canada.
 
“The fall 2016 responses to this question have been contrasted with consumer opinions on how the new mortgage insurance rules would affect their ability to buy a home or condominium.…

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Royal LePage shares expectations for home prices in 2017

2017 Royal LePage real estate forecast

Canada’s residential real estate market saw significant year-over-year home price appreciation in the fourth quarter of 2016, supported by considerable gains in the Greater Toronto Area (GTA) and Greater Vancouver, according to the latest Royal LePage House Price Survey and Market Survey Forecast.

The prediction for 2017 isn't as dire as some experts would have you believe; in the year ahead, Royal LePage expects the regional extremes in house price appreciation to narrow in 2017, primarily due to a price correction in the Greater Vancouver housing market, strong but moderating price appreciation in the GTA, and welcomed upward price trends in Quebec, Atlantic Canada and Alberta.

“The disparity in home price…

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A kitchen SELLS a house..simple low cost tips to help your home sell

Home Staging Tips for the Kitchen

Kitchens are the first things you’ll hear about when you ask someone what they’re looking for in their dream house. A kitchen can sell a home or keep a home from selling. The importance placed on kitchens is a good reason to take the staging of your kitchen seriously. You want to show your kitchen in the best light possible. These home staging tips for the kitchen should help you get started.

1. Cleaning Tips for Your Kitchen

We spend a great deal of time in the kitchen. All of the baking, grilling, and deep frying can leave marks on your kitchen by adding dirt and grease to places you might not consider when doing your usual cleaning. Clean the baseboards, areas under the cabinets, top shelves, areas above…

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