The pros and cons of rent-to-own

As the real estate landscape changes, renting to own may provide a win-win for both owners and tenants.

The changes to the mortgage rules last July are making it more difficult for first time buyers to get approved for a mortgage. Other buyers may have good credit but not enough of a down payment. At the same time, landlords are looking for good tenants to rent their units. Rent-to-own may provide a win-win for both owners and tenants.

Here’s how it works:

A landlord rents the home or condominium under a basic home lease. For an extra payment, the tenant receives an option to buy the home at a later date, for a set price. Let’s say the home is worth $250,000. The parties agree the tenant will have the right, but not the obligation, to buy the…

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What Are The Risks When You Waive Subjects To Buy a Home?

In a hot sellers market, you may feel pressure to make some concessions to win over a seller.

When you make an offer on a home, it's standard to throw in some subjects—telling the seller that if the home isn't up to snuff for a variety of reasons, you have the right to walk away from the deal—with all of your cash in hand.

That's all hunky-dory in a buyer's market but as the housing market has moved towards a sellers one buyers are getting competitive—more and more are waiving those subjects, or protections, in order to sweeten their offer and speed the deal through to closing.

You want the house, and the seller doesn't want any hiccups. So getting those pesky contingencies out of the way is a win-win, right?

Of course not!

It's riskier to…

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New Mortgage Rules in 2018: Everything You Should Know

What Are the Three New Mortgage Rules That Arrived In January 2018?

New rules by Canada’s federal financial regulator announced in October 2017 mean that even borrowers with a down payment of 20 per cent or more will now face a stress test, as has been the case since January of 2017, for applicants with smaller down payments who require mortgage insurance.

Ottawa has already moved to tighten the rules around the mortgage market six times since July 2008, with a series of regulatory tweaks aimed at limiting the amount of debt that Canadians and financial institutions take on.

This is the seventh turn of the screw — and it could have a big impact. Some 10 per cent of Canadians who got an uninsured mortgage between mid-2016 and mid-2017 would not…

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Kamloops and District home sales set new December record to end 2017

Kamloops Real Estate Sales

The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association recorded a year-over-year increase in December 2017.

According to the Association’s statistics, home sales totaled 185 units in December 2017, up 28.5% from December 2016. This marked the best December sales figure on record, breaking the previous record for the month which had stood for 28 years.

On an annual basis, home sales totaled 3,345 units for 2017, this was up 5.2% compared to 2016. This was the second highest annual level on record after 2007.

“2017 as a whole came in fewer than 50 sales below the all-time annual record set a decade earlier, and with record level momentum heading into the New Year,” said…

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Kamloops home values in 2018 - property assessment numbers are up again

KAMLOOPS - Property owners in the Thompson region can expect to get their property assessment notices in the mail within the next few days and you might find your home has appreciated in value — some significantly.

B.C. Assessment says in a news release that homeowners can expect a moderate increase, which will reflect the market value as of July 2017.

Compared to 2017, numbers for residential single detached homes in urban areas of the Thompson are up between zero and 15 per cent, while rural properties range from a decrease of five per cent to an increase of 25 per cent.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by…

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6 Reasons Why Your Home Did Not Sell

6 Reasons Why Your Home Expired Without An Offer

When a home listed for sale expires off of the market without so much as an offer there are a number of common reasons as to why that happened.  Some of the causes of having an unsold home are the responsibility of the real estate agent if there is one involved.  Other aspects of selling a home are done in coordination with the real estate agent but is the primary responsibility of the home seller (setting the listing price for example).  If a home seller still has in mind the goal of selling their home this list of six common reasons why a home does not sell will help home sellers get back on track and get their home sold.

1.  Pricing

Overpricing is one of the main reasons a house will not sell. …

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BC Election: What's Next for Housing Affordability?

On May 9, British Columbians cast their votes for the next provincial government.

It took a couple of weeks to get the final results, and now the elected parties—the Liberals, the NDP and the Greens—must work together to govern this diverse province.

A topic that all three elected parties agree on is the importance of housing affordability. Housing was a key election issue throughout the campaign period, and all three parties made numerous policy promises about it in their election platforms.

The parties took differing positions on some aspects of housing affordability. The Liberals highlighted financial incentives for home buyers and homeowners that they introduced in the last legislative session, proposing a gradual approach to expand these…

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Housing Supply Not Keeping Pace with Demand in Most BC Regions

Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

"Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

"The entire…

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8 Tasks To Do Before Your Kamloops Home Appraisal

Whatever your reasons for re-financing, the condition of your property is always important if it needs an appraisal.

If you need to re-mortgage or just renew your existing mortgage you may find that the lender will request an appraisal, this is at the lenders expense mostly but if your home does not appraise correctly then then you maybe forced into situations such as putting the home for sale or having to come up with cash to bridge the gap. Lenders look at the property to see what the house would yield in a foreclosure sale, in the unlikely event that you default on this mortgage agreement. These steps are helpful no matter why you are having a home appraisal. Some appraisers will only walk around the outside and check the overall condition of your…

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Valuable Home Improvements to improve your home value

When it comes down to selling your home, there are certain home improvements that will generate more value than others.

Knowing which ones are right for you can be tricky; after all you want to maximize your return on investment (ROI) without sacrificing too much. Replacing the practical, everyday, features of your home, remembering to landscape your yard, and constantly maintaining your home are some of our top tips for valuable home improvements.  

Replacing the Practical Features

The practical, everyday, features of your home are the ones that will add significant value. Updating outdated windows, either by replacing or painting, can create a great first impression; as the exterior of your home will look fresh and new!

Then there’s…

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