Canadian home sales rebound in October

Ottawa, ON, November 16, 2015 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month.

Highlights:

• National home sales rose by 1.8% from September to October.
• Actual (not seasonally adjusted) activity was little changed (+0.1%) compared to October 2014.
• The number of newly listed homes was up 0.9% from September to October.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.7% year-over-year in October.
• The national average sale price rose 8.3% on a year-over-year basis in October; excluding Greater Vancouver and Greater Toronto, it increased by 2.5%.

The number of homes trading…

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Thompson-Nicola Rental Housing Situation Poor, But Better Than Most

Kamloops and the Thompson-Nicola region is facing a rental housing shortage, but compared to the rest of the country the area is not fairing too poorly.

According to the Canadian Rental Housing Index, in the region there are 53,375 renter households and of those 10,995 people are renting accommodations. That represents 21 per cent of the population as renters, with a median household income of $37,384. The average rent in the area is $835 including utilities. Of those renting, more than 48 per cent of people spend 30 per cent or more of their income for housing. Another 2,425 people spend more than 50 per cent of their income on housing needs, representing 22 per cent of all renters.

The number of renters living in overcrowded conditions represents…

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Renters: Are You Ready to Buy a Home?

While you save up your down payment, take these 5 steps to get you closer to closing.

For renters planning to buy a home, preliminary steps like creating a budget and saving for a down payment are obvious. Here are five more advanced steps toward moving out of your rental and into a dream home of your own.

Understand the full cost of home ownership

As a renter, a single rental fee covers your monthly housing payment. But as a homeowner, four main factors go into your monthly housing payment: principal, interest, taxes and insurance (P.I.T.I.). Understanding these costs will help you determine how much house you can afford.

Together, principal and interest comprise your monthly mortgage payment, with the principal paying down your loan balance…

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Mortgage's explained - Part 2 - Fixed versus variable

The gap between variable rate mortgage and fixed rate mortgage products has narrowed in recent years. And while fixed rate mortgages are starting to rise they offer certainty in a monthly payment. On the flip-side, variable rate mortgages remain low, but are the riskier of the two choices – so how do you choose?   Your income, lifestyle and risk tolerance will weigh heavily on your decision and will inevitably determine which product suits your circumstance.   Risk versus reward   The appeal of variable rate mortgages (also called adjustable rate mortgages) is that the interest rate is typically lower than that of fixed rate mortgage products. However, the main drawback is the risk involved. Without warning, interest rates could increase…

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2 Benefits of MLS® listings

A key concern of many home owners looking to sell a home is the exposure that their home will receive, reports the Digital Journal.

In the world of real estate, the more people that see the listings of homes for sale, the better the deal will be in the end for the home sellers. However, it is vital to ensure that those who are viewing the property are actually qualified and motivated homebuyers.

MLS® listings are one of the best ways to ensure that a property get the maximum and best possible exposure. The MLS® system spans most of North American, and the majority of home sales are done through the MLS®.

It's important to note, however, that simply listing a home on the MLS® can only go so far. With that in mind, here are two ways to get the most…

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Time to test home for radon gas?

Radon gas is the second-leading cause of lung cancer after smoking.

What is Radon?

Radon is a radioactive gas that occurs naturally when the uranium in soil and rock breaks down. It is invisible, odourless and tasteless. When radon is released from the ground into the outdoor air, it is diluted and is not a concern. However, in enclosed spaces, like homes, it can sometimes accumulate to high levels, which can be a risk to the health of you and your family.

Most homes in contact with the ground will contain some amount of radon gas. Radon becomes more of a concern when it reaches high levels, with levels varying across the country. According to Health Canada, about seven per cent of Canadian homes have radon levels that may be putting…

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4 Home Buyer’s Nightmare to Avoid!

One of the two things to remember when you are buying a house; first, it’s a long term deal, and second, it is a big financial decision. You have to decide wisely because what you may think as the home of your dreams may turn into a nightmare if you are not careful.

Here are 4 home buyer’s nightmares to avoid

1. Not knowing how much you can afford. It is easy to overestimate what you can afford. Before you even decide to look at houses, take a good look at your income and expenses. It is best to have a precise idea of how much you can afford for a home so you wouldn’t waste your time looking at houses not within your reach.

2. Buyer’s remorse. Many home buyers who didn’t think through and decided to buy a home without thinking of other…

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Robust Housing Demand Continues in October

Vancouver, BC – November 12, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014. - See more at: http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2015-10-statistical-release#sthash.t0dDvUa5.dpuf Vancouver, BC – November 12, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing…

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Liberal win: Good for first-time home buyers, investors

But prepare for an “uptick” in interest rates

The Canadian 2015 election. “It was a very clear verdict that Canadians were seeking real change,” said Pramod Udiaver, CEO of online advisor service, Invisor. “The Liberals campaigned and won with a focus on the middle-class,” says Udiaver, “with many of their promises attempting to make a meaningful difference for middle-income families.”

While most Canadians still struggle with paying too much in taxes, trying to maximize savings while making sound financial decisions, the new Liberal majority government will have real impact on the nation’s real estate market.

Continued interest by foreign investors

“From a fiscal point of view, the Liberal government will be moving Canada from a modestly…

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6 questions to ask during an open house

Consider it an opportunity to learn more about the house, the sellers and the neighbourhood

An open house is the real estate world’s version of window shopping. It’s an opportunity to sneak a peak at a neighbour’s home, and a chance to size up a potential house or neighbourhood.

But for most window-shoppers, ignoring or minimizing talk with the real estate agent at an open house lands somewhere between a challenge and a sport. It shouldn’t. While there’s no question that the realtor hopes to drum up business by holding an open house, they can also be a wealth of information. It’s just a matter of asking the right questions. Here are six questions to ask at the next open house you visit.

1. Why do the sellers want to move?

Listen, we all read…

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