Two-thirds of B.C. residents say foreign ownership tax won’t cool real estate market: poll

Two-thirds of British Columbians don’t believe the new foreign ownership tax introduced by the B.C. government in July will help to cool down the red-hot real estate market in the province, according to a new poll.

On July 25, B.C. Finance Minister Mike de Jong announced foreign nationals who buy real estate in Metro Vancouver would pay an additional property transfer tax of 15 per cent. The additional tax means that a home selling for $2 million will amount to an additional $300,000 for a foreign buyer.

But a new poll conducted by Insights West suggests British Columbians have their doubts when it comes to the effectiveness of the tax.

Sixty-eight per cent say the new tax will be unsuccessful in “making it easier for British Columbians to afford…

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Want to buy a house in Canada? It’ll cost you 400 weeks of work

Millennials looking to get into Canada’s hot housing market don’t just have to pay more than their grandparents did, they’re having to work twice as long too.

New research from the Broadbent Institute in Ottawa on Thursday measured prices in terms of how many weeks of work are required to pay for it.

Marc Lavoie, a researcher with Broadbent Institute, found it took just over 200 weeks of work to buy the average Canadian home in 1970. That’s shot up to more than 400 weeks’ pay in 2015.

He said there are several reasons behind the dramatic rise.

“It’s much easier to get credit for mortgages now than it used to be, and the amount that can be obtained is much larger,” said Lavoie, who’s also an economics professor at the University of Ottawa.…

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5 Crucial Tips Anyone Buying a House Should Know

You’ve made up your mind to purchase a new home.

You have started looking at online listings to get a feel for the types of houses that are currently available. Before you give into those real estate temptations, there are a few crucial tips you need to bear in mind.

1. Know your Purchase Power
Before you even start looking at houses know how much your lender will pre-approve you for. Getting your heart set on a listing you can’t afford will taint your entire home buying journey. Keep in mind that there is usually negotiating room on a listing price, but try not to look at homes more than 10% above your pre-approved mortgage amount.

See our article on pre-approval/qualification

2. Decide what you are looking for
Know exactly what you are…

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Frequently Used Real Estate Terms

Frequently Used Real Estate Terms

If you are new to real estate and hear terms and phrases that you are not quite sure on their meaning why not bookmark this page and get your real estate terms explained.

Acceleration Clause

The acceleration clause in a mortgage contract states that the entire balance of the debt is due and payable in full should the mortgagee default on the mortgage.

Acquisition Cost

The acquisition cost combines the purchase price with the estimated closing costs of the home.

Adjustable Rate Mortgage

An adjustable rate mortgage is also referred to as an ARM. This type of mortgage includes a lower initial rate of interest that changes after a predetermined time has passed and it is adjusted periodically. At that…

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Real estate Myths, Fact or Fiction?

Have you heard or been told things that you think "that doesn't seem right" in regards to Real Estate?

A home is likely the most expensive purchase you'll ever make. And the best way to protect yourself from costly mistakes is to go in with a solid understanding of all aspects of the home-buying process. Feel like you're swimming in misinformation?

Well lets look at a few of these "myths" and debunk them. Here is a list of the “Top Real Estate Myths.” There is no particular order. A typical consumer would not encounter all of these (and may not experience any of them) in a transaction. We could substitute many different “myths” for the list above. Some of these may surprise you, so there are general comments about each myth.

1. Experienced agents…

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What things Realtors should tell you....

The vast majority of successful real estate agents are true professionals who take the long view.

Their advice is in their clients' best interests. Some agents go further by being fully transparent when conflicts arise (which often do) and make certain they are fully disclosed to their clients.

Realtors live a conflicted life.

On the one hand, they are salespeople that only make money when their deal closes.

On the other hand, they are consultants. They advise buyers and sellers throughout the process, ideally giving clients advice that is disinterested from their own financial outcome.

Often, these two objectives are aligned and there is no issue. For example, a listing agent makes more money if he is able to sell a house for a higher…

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Pre-Approval vs. Pre-Qualification

We know that getting ready to purchase a home can be confusing.

It is important to know the difference between a pre-qualification and a pre-approval, as one could lead you on, while the other nurtures your path to home ownership.

One of the primary steps of Buying a Home, is getting pre-approved for a mortgage. You should do this before the house hunt begins, so we (your Realtor) can show you houses that you can afford, to ensure we don’t waste any time or get your hopes up. There should be an open line of communication between your Realtor and your Mortgage Agent throughout the process, from determining the price range criteria, to putting forth an offer.

In the grand scope of things, a Pre-Qualification is a birds eye view of your ability to…

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Condo vs House - What You Need to Know...

With the average price of a detached home in cities such as Toronto now above the $1million mark, for many, condos have become the new starter home and possibly the domicile option for years to come.

First time home buyers are plagued with a whirlwind of decisions when looking for the perfect place to settle down. From locations to schools and public transportation, there’s one major consideration that will determine your type of lifestyle for the years to come, house or Condo. After coming to terms with the loads of money you’ll be borrowing, you’ll have to decide on whether you want to live in a condo vs house. But there are some major differences between house ownership and owning a condo. Here are some key factors to keep in mind.

Fees For All

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7 Tips for Buyers to Keep From Feeling Overwhelmed

You just made an offer on the house you love and it has just been accepted!

Congratulations!!

But then the panic and feeling of being overwhelmed sets in.  It’s a time filled with many different emotions, a seemingly endless To Do List, critical due dates, and a multitude of important decisions to be made. Buying a house is a tough challenge, no matter how well qualified you are, or even if you’ve done it before, and it’s pretty normal to feel stressed out.

Especially when you already lead a busy life and now have what feels like another full time job to do!  But there are some things you can do to manage that overwhelmed feeling and get done what has to be done. It's your responsibility!

1. Rely on your Buyer Agent

It’s his or her job to…

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What Does "Low Housing Inventory" Mean?

If you’re like many Canadians, you may still have a perspective of the real estate market influenced by media coverage of the 2008 crisis. However, real estate is always subject to cycles, especially around growing and expanding communities like Kamloops. The reality is this area is now facing a looming shortage of housing inventory. If your a buyer moving to the area it is key to find a local experienced realtor who can get you up to speed on your knowledge of Kamloops real estate market, its not all doom and gloom as we show in this article. IF you are a seller then the local "know-how" of a realtor is key in getting your house listed at the correct price with the best exposure possible.

From the Bank of Canada to local real estate firms, the level…

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