The guide to selling your Kamloops real estate

How to put your home on the market and attract buyers

So you're interested in selling? Want to know how much your home is worth?

In today's highly competitive real estate market, pricing your home right is critical. When you request your CMA, you receive a comprehensive market analysis based on comparable recently sold homes with similar features and conditions in your area. By filling out an on-line price evaluation you might not get the results you are seeking.

Everyone has heard of “comps” but what are they, exactly? A look at the sale prices of other homes in the neighborhood is just the start. There can be value differences for location within the same neighborhood. Sure, sometimes they’re subtle, but an agent who knows the area well will…

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Who is responsible for what when you rent?

As a tenant, do you know who is responsible for damage done to the property you are renting?

The BC Residential Tenancy Act says that the landlord must make sure that the property is “suitable for occupation,” while the Ontario Residential Tenancies Act similarly dictates that the unit be in “good state of repair and fit for habitation.” This means that landlords are responsible for the repair of the unit, including such things:

• Electrical systems;
• Plumbing systems;
• Heating systems;
• Door locks; and,
• Structural items such as, ceilings, floors and walls.

Landlords are also responsible to repair anything else that may be included in the rent, such as:

• Furniture;
• Appliances; and,
• Outbuildings such as garages or sheds.
…

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'Mission accomplished' on cooling markets, but affordability gap aiding 'unequal society'

Canada’s federal housing agency says new mortgage rules intended to cool hot markets are “working better than hoped.” However, housing markets remain out of balance with recent price spikes driven by large single family homes at the expense of much needed rental stock, Evan Siddall, CEO of Canada Housing and Mortgage Corp.

“I think the evidence shows that worked out a little better than we hoped,” said Siddall. “People either bought smaller houses or found another way to find a down payment and that’s okay. We were worried about the strong housing market taking money out of the productive economy – out of business investment, and I think mission accomplished.”

Siddall acknowledged the new guidelines, known as B20, are keeping many young people out…

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What to do about your debt and mortgages after the interest rate hike

Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.

Personal finance expert Laleh Samarbakhsh shares her advice on the best ways to take advantage of the increased rates.

The country’s biggest banks raised their prime rates after the Bank of Canada hiked its overnight lending rate earlier this month by a quarter of a percentage point to 1.25 per cent.

It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including…

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Five Signs It’s Time to Replace Your Asphalt Shingle Roof

A Little Knowledge Can Save You Money

While there is no substitute for the opinion of an experienced professional, having a little knowledge about what to look for will help you make an informed choice about what action to take.

No one can predict exactly when a roof will start to fail and leak, but there are signs you can look for that show it’s time to start thinking about replacement:

Missing Granules from the Asphalt

Missing granules: viewed from the ground this looks like dark patches (or lighter patches if the shingles are black). What you are looking at are patches on the shingles where the granules have fallen off.You will also notice large amounts of granules in the gutters when you clean them. The granules themselves are not…

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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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Down Payment Dilemma? Consider your RRSP.

Are you looking to buy your first home? Are you short on the down payment needed to qualify for a mortgage? That money you’ve been locking away into your RRSP could make the difference. The Canadian government offers borrowers The Home Buyers’ Plan (HBP), which lets you borrow funds from an RRSP to make a down payment for your first home purchase.

How does it work?

• The home has to be your principal residence.
• You can borrow as much as $25,000 from your RRSP to go toward a home purchase.
• You have to live in Canada.
• If you buy with another first time buyer you can both add to make $50,000
• You can’t take contributions to an RRSP out unless those contributions have been in your account for a minimum of 90 days.
• You pay no interest…

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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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With Airbnb regulated, what are the tax implications for hosts?

As Vancouver becomes Canada’s first major city to regulate short-term home rentals, many prospective hosts have questions about how it could work for them.

Thousands of hosts in Vancouver have been renting out rooms and entire homes, operating in a legal grey area through online platforms, the largest of which is Airbnb. But starting in April, Vancouver homeowners will have to become a part of the city’s new regulatory regime for short-term home rentals, approved by council last week.

Becoming part of the city’s licensing system will cost a $49 annual licence and a $54 one-time activation fee. But some prospective hosts had questions about whether there could be other costs or implications to consider.

The typical Vancouver Airbnb host earns…

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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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