Kamloops Property For Sale Real Estate Blog - Investing in real estate

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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Strata rental laws partly to blame for high housing prices, says analyst

Strata laws that restrict renters 'prejudicial,' says real estate analyst

Strata laws that restrict rentals do more to raise housing prices than shadow flipping or foreign buyers, says one real estate analyst.

Both the B.C. government and opposition party last week signaled their support for legislation aimed at cooling the province's housing market, including the B.C. NDP's suggestion of having buyers pay property transfer taxes at the agreement of sale and of imposing a two per cent tax on vacant homes.

But one analyst says the Lower Mainland's vacant homes are partly the result of strata councils who are unwilling to allow more than a certain number of renters into the condo building.

"You've got these small little groups of three or four…

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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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Cooling of Canada’s Hottest Real Estate Markets Delayed Again

July 13, 2016

Canada’s residential real estate market posts strongest growth in five years in the second quarter of 2016

Central bankers expected to keep interest rates lower for longer in light of Brexit and global uncertainty

TORONTO, July 13, 2016 – Canada’s residential real estate market continued to show strong appreciation in the second quarter of 2016, posting the highest national year-over-year gain seen in five years, according to the Royal LePage House Price Survey[1] and Market Survey Forecast released today.  Amid continued world economic uncertainty, the historically low interest rate environment that has fueled Canada’s real estate market growth in recent years – most notably in Greater Vancouver and the Greater Toronto Area (GTA) –…

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The Best Builder Upgrades to Buy in a New Home

New home builders make money by selling upgrades.

Usually, if you get all the builder upgrades, you can easily double the price of your home or more. This article will explain which upgrades are best to purchase from the builder and which can be done at a later date.

Lot
Upgrading your lot to a larger lot or a more preferred location is a great upgrade to purchase since you generally cannot change your home's location in the future.

Structure
Structural changes are also good to upgrade before the home is built. Adding an additional garage, an extra bathroom, or a covered back porch are usually more difficult and costly after the home is built.

Electrical and Plumbing
Electrical or plumbing additions or changes are good to upgrade before a home…

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Investors: Here’s Why “Rental Owner” & “Landlord” Are Two VERY Different Roles

Is being a real estate investor and being a landlord the same thing?

Or are they two completely different roles? Knowing the distinctions is incredibly important and can make all the difference in getting what you really want out of real estate.

We are all more than aware of the need to invest. Owning rental properties is a way to invest in real estate and build wealth. But becoming a hands-on landlord can be distinctly different than pure investing for a number of very important reasons.

Being a hands-on landlord can be great. It can be therapeutic, rewarding, and a major upgrade from many people’s last job. Just make sure you know the difference BEFORE you get in. As we know, it’s always easy to get in than out.

A Mindset Difference

…

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Generation X Driving Increased Demand for Recreational Properties

Quintessentially Canadian Cottage-Life: Royal LePage finds foreign buyers account for few recreational property transactions

Retirement-bound boomers seek peaceful retreats

Toronto, ON, June 23, 2016 – Generation X buyers of cottages, cabins and chalets across Canada outnumber Baby Boomers by almost two to one, according to the Royal LePage 2016 Canadian Recreational Housing Report released today. Still, planning for retirement living is among the most common reasons potential buyers give for the purchase of a recreational property.  The annual report compiles information from a cross-Canada survey of real estate advisors who specialize in recreational property sales.

The survey found that 65 per cent of advisors polled indicated that…

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10 things to consider for any real estate investment property

I often get asked how to invest in real estate and what should investors should be looking for in an income producing property.

It can be overwhelming for a first-time investor, as the real estate investment industry is riddled with various scenarios and situations that can decimate your returns. While the returns can be lucrative, proceed with caution.

Toronto realtor Matt Smith has shared with me his extensive experiences in helping investors both acquire and manage single-unit condominium investment properties. These are a very popular vehicle for investment in both Vancouver and Toronto, where both supply and demand for these units seems to be endless. In Toronto’s Downtown Bloor Yorkville area alone, there are currently eleven projects, all…

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Taxing foreign investment in real estate: Let's be open and honest

There is no question that home affordability in cities like Vancouver and Toronto has become unattainable for most of us.

There is a significant supply problem which has not been adequately discussed and resolved.

With the news that foreign investors will now be taxed an additional 15% of the purchase price on residential properties in Vancouver, it looks as though a Canadian “Wall” is being built against free trade and immigration, as even the Ontario Finance Minister is suggesting that he is looking very closely at what his British Columbia counterpart has done. This is in addition to the additional taxes of current land transfer tax of 1% to 3% of the purchase price and the yet-to-be-disclosed new tax that will be applied to owners of…

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Which mortgage term will save you money over the next five years?

A significant “negative shock” to the economy: That’s what it’s going to take to lower interest rates again, says Canada’s most powerful banker.

And Bank of Canada head Stephen Poloz isn’t betting on that happening any time soon. Neither are bond traders, the big guns that bet billions of dollars every day on the direction of interest rates.

So let’s suppose – just for fun – that they’re right (since we all know how often markets and economists aren’t right). If we are actually near a bottom in rates for a few years, what’s the best way to play your mortgage?

Well, it just so happens that there’s an app for that. It’s called a spreadsheet and I’ve taken the liberty of putting mine through its paces and model out which mortgage term (or…

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