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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Top 10 Ways To Scare Away A Potential Home Buyer

Home owners who are currently selling their home or are thinking about selling their home are likely to face challenges before and during the home selling process.  

Many of the challenges that are faced during the home selling process cannot be controlled by the home owner. Things such as local market conditions, unrealistic home buyers, and low-ball offers are just a few examples.

When buying a home, there are many things that can scare away a potential buyer from a seller’s home. Keep in mind, some buyer’s can be scared away by very minimal things.  Many of the things that can scare away a potential buyer are things that a seller has complete control over.  Many of the things that can scare away a potential buyer are actually fairly minimal while…

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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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Why It’s Critical to Teach Your Children Financial Life Skills

Today’s world is moving faster than ever, and that includes the exchange of money.

How often do you make financial decisions per day, 10, 20, 30 times? Whether it’s the decision to buy organic food, new sports equipment for the kids, or gas for the car, financial decisions are a huge and fundamental part of our everyday life. Would it help if our kids had some guidance on how to make all those little decisions effectively, so they can create a solid financial future? You bet; there is an epidemic of adult children staying in their parents’ homes or moving back home because they cannot financially support themselves. Check out this NEFE study on parents financially supporting adult children.

When do you need to start? Now. There is a real urgency to…

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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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Avoid mistakes that can derail selling a house

Things that can affect a home sale

Are the neighbours nice? What's the kid's favourite spot to play? What repairs have you made? What does THIS thing do? How long does it take to get to the airport? Really, that quick? Well, what about in rush hour?

No one's better able to answer those and a million other buyers' questions than you. You can be a font of wisdom and confidence and expertise, the ideal person to advocate for your biggest asset.

But there are some common mistakes, errors we see in the real estate industry every day, that could make you, let's say ... the less-than-best person.

Beautiful pictures, a thoughtful comparative market analysis, a smartly worded MLS listing, great exposure through Internet real estate sites and your own…

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Small Down Payment Doesn’t Mean The Buyer is Not Qualified

Even with lending standards tightening up following the financial crisis, there are still a number of low-down payment loan options for qualified buyers.

Unfortunately, some sellers and their Realtors are making the mistake of pushing away these buyers by demanding a higher down payment than is truly necessary.

There seems to be some confusion on the part of these sellers and their agents as to what qualifies a buyer to get a loan, and whether that no-down payment buyer will be a good person to sell to. In many cases, a buyer with a twenty percent or more down payment is no more likely to get a loan than a no or low down payment borrower but don’t make the mistake of brushing aside a qualified buyer by demanding too high a down payment when selling…

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