Spring Home Buying Tips

Spring can be the busiest season for buying and selling homes.

The rising temperatures and Spring flowers make it a pleasant time for house hunting.  It's good timing for families who want to move at the end of the school year.  There are good articles about "Selling" your home in the Spring.  Here are some tips for home buying in the Spring Real Estate market.

1 - No Surprise here - Hire a Good Realtor.  I know.  Everyone is tired of blogs that talk about how you need to hire a Realtor.  How they'll hold your hand through the process and they'll save you money.  No need to repeat all of that. Fact is, you can search homes for sale online. Some of the ones you see may still be available.  Some sites will let you see homes after they went into…

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Metro Vancouver ‘millionaire’ homeowners selling out and buying in rural areas

Millionaire homeowners cashing out of Metro Vancouver’s red-hot real estate market are seeking greener pastures elsewhere in B.C.

Real-estate experts say they’re seeing more city slickers selling off their urban homes and heading north or east to buy hobby farms and acreages, where they can live off the land with cash to spare.

And in regions where property prices haven’t yet been affected by the Vancouver market, some realtors say it’s only a matter of time. Landcor Data Corporation tallied 3,226 sales of single-family detached properties of more than two acres in 2015, up from 2,988 in 2014. The real estate data and analysis firm also counted 1,139 units of residential, vacant land larger than two acres sold in 2015, up from 803 in 2014.

Ian…

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Avoid Mistakes When Selecting A Realtor

Common Mistakes In Choosing A Real Estate Agent

You have come to that time in your life when you will be packing your bags and looking for your next housing gig. Part of this process will be picking a great Real Estate agent to work with. Unfortunately choosing the right Realtor is an area where many home sellers can make a mistake that leads to disappointment.

Your Realtor is the most important part of your team when it comes to selling or buying your home. He or she will be the link between your home and the housing market, particularly buyers and their agents. Because your Realtor can mean the difference between a quick and lucrative sale and a sale that is anything but, you should be exercising extreme discretion in your choice or Realtor. Like…

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How to choose a Kamloops income property

There are quite a number of variables to consider when purchasing a residential income property.

You’ll likely want to eventually engage with a real estate agent, but prior to doing so it is important to conduct as much research as possible. Remember to approach the purchase with an unbiased attitude and evaluate your options based on factual information.
 
Here’s a look at some of the top variables to consider when evaluating potential properties.
 
1. Economic outlook. Locations that are seeing employment growth will typically have more people moving to the area – this should also increase the potential renter pool. Conversely, locations that don’t offer as much employment opportunity or have/will see large employers leaving town, will often…

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Kamloops First Time Home Buyers

First-time Home buyer in Kamloops

Making an Informed Investment

If you’re in the market for a new home, take a moment to ask yourself a few key questions about what you should be looking for, how much you can comfortably afford to spend, and whether home ownership is right for you.

How much home can you afford?

• Before you begin shopping for a home, prepare a simple budget, so you can figure out where most of your money is going on a monthly basis. If you aren’t sure how much you’re spending each month, use CMHC’s Household Budget Calculator to take a realistic look at your current expenses.
• When preparing your budget, don’t forget that there are many up-front costs that come with buying a home. This can include a deposit, appraisal…

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How Non-Residents – including Americans – Can Qualify for a Mortgage in Canada

Vancouver real estate is an attractive option for buyers from all over the world.

With Vancouver’s heightened exposure during the winter Olympics in 2010, and, more recently, a sinking loonie, BC real estate is experiencing something of a renaissance with our neighbours to the south and overseas. Although buying property as a non-resident can be somewhat more involved, the right information will go a long way towards un-complicating the process.

So if you are a non-resident who is interested in investing in Canadian real estate and who would like to qualify for a mortgage, here are a few pointers to get you started.

Eligibility Requirements

As a non-resident of Canada, it is certain that you will be on the receiving end of additional review by…

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Inspection needed even when buying new condo?

Many buyers think it's unnecessary to hire a building inspector before purchasing a new condo.Is that correct? In most cases yes.

Prospective owners often assume a condo building and their unit of interest is fine and everything is to code and working properly. While this is usually the case, purchasers still need to protect themselves against those rare occasions where a problem exists.

A recent case, for example, someone moved into a newly constructed condo where someone had inadvertently dropped a piece of plywood down the chimney flu, blocking it off. When the new owner lit the fireplace, smoke backed up through the unit.

Although the condo corporation took care of the fireplace, the owner was responsible for the smoke cleanup. A pre-purchase…

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Fixed or floating? The great mortgage debate of our time

Fixed or floating?

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense. The issue becomes more complicated, though, because borrowers likely won’t find much advantage.Compared with times when interest rates were…

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How first-time home-buyers are bridging the gulf between their dreams and reality

Anyone wanting to buy her first home, especially in a big city, sees the gulf between her dreams and reality.

From the Financial post

A so-called starter house in Toronto and Vancouver may cost more than $1 million. In January, the average price of detached homes hit a record high of $1.83 million in the Vancouver region; meanwhile, a tiny fixer-upper in Vancouver’s posh Point Grey neighbourhood sold last month for $2.48 million.

“It’s that white picket fence dream; the dream of owning a home still exists but it needs to be augmented for today’s reality,” says Ryan McKinley, a senior mortgage development manager at Vancity, a Vancouver-based credit union.

“It used to be that you get out of school, get your first job and there you are with your…

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BC Home Sales Post All Time Record

Vancouver, BC – April 15, 2016.

The British Columbia Real Estate Association (BCREA) reports that a record 12,560 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 38 per cent from March of last year. Home sales last month eclipsed the previous record of 11,683 unit sales in May of 2007. Total sales dollar volume was $9.69 billion
in March, up 66.9 per cent compared to the previous year. The average MLS® residential price in the province was up 20.2 per cent year-over-year, to $771,620.

“Housing demand has never been stronger in the province,” said Cameron Muir, BCREA Chief Economist. “Most large population centres of the province are now experiencing record levels of housing demand.”
“Strong employment growth,…

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