B.C. Premier to lift foreign buyers tax for those with work permits

Premier Christy Clark announced Sunday that foreigners with work permits who live and work in B.C. will be exempted from the province’s 15-per-cent homebuyers tax.

Clark made the statement during a scrum at Vancouver’s Chinatown Lunar New Year Parade in response to questions on U.S. President Donald Trump’s travel ban on people from seven predominantly Muslim countries.

“We believe that people who are seeking refuge around the world should be able to find safe haven here in our province,” Clark said. “We believe that people, the best and the brightest, should be able to come to British Columbia.

“We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage…

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How Buyers can win in a Seller’s Market

The housing market is crazy and out of balance right now.

It’s 2017 and interest rates are still low, home values are up, but something is lacking. It’s SELLERS! Inventory is down from this time last year, and we were thin on inventory at that time. What does this all mean? It means that we are seeing homes sell the first day they are on the market, with multiple offers, and with many offers over asking price. It is tough sledding for buyers right now. This makes for a hard time for people moving with their job to Kamloops and are forced to maybe overpay or cannot find a great home.

There are always some steps you can take to get at the front of the queue, get a great Realtor working for you, get yourself put on the MLS PCS (Private Client Services)…

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7 things you may not know about mortgages

A mortgage is a huge undertaking

Just getting one sometimes can be hard. You have got your mortgage but did you look at the small print and read it? Here are some handy facts that you may not know.

1. How much of your payments go toward interest

Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once. When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal. Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well. As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that…

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Is now a good time to get a mortgage?

January is the time for resolutions, and for many people, one of those resolutions is getting a mortgage and buying a house.

But if you’ve been keeping abreast of the recent changes in the mortgage industry or even casually following economic forecasts, then the prospect of 2017 may have you a little wary.
 

Assessing your personal situation

Only about half of Canadians think that this this is a good time to buy a home or a condominium in their community, according to a survey that was part of the latest Annual State of the Residential Mortgage Market in Canada.
 
“The fall 2016 responses to this question have been contrasted with consumer opinions on how the new mortgage insurance rules would affect their ability to buy a home or condominium.…

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Do You Need a Listing Agent and a Buying Agent?

Do you need two agents to buy and sell?

A listing agent and a buying agent? Because very few buyers and sellers really understand how real estate agents operate, this huge question often pops up over and over: "How many agents do I need when listing and buying at the same time?" Should one agent represent you in both transactions? Or should you hire a buying agent to help you buy and a listing agent to help you sell?

WHATS THE DIFFERENCE BETWEEN A SELLING AGENT AND A BUYERS AGENT

Before you can adequately weigh the two scenarios, let's look at what each of those job descriptions entails. Many ​agents excel at either selling or listing and promote themselves in that manner. It's not out of the question for an agent to specialize only in listing…

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How to Buy and Sell a Home at the Same Time

Now that the real estate market is picking up again, many people are looking to sell their homes at last.

But when you sell, you have to move somewhere — which usually means buying another home. Buying and selling at the same time brings up a whole new set of challenges, but those who plan well in advance can make it happen smoothly.

DO YOU NEED TWO REALTORS TO BUY AND SELL A HOME

Before you start ask your self some questions.

Question 1. Is your home ready to buy? 

Prep your house to make a great impression on your potential buyers.

• Make small and large home fixes and improve curb appeal
• Know the comps for your neighborhood and price range
• Select a real estate agent to sell your home
• Optimize the interior space: remove…

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Low Housing Inventory - Should I sell my Kamloops Real Estate now?

So what does LOW HOUSING INVENTORY mean to you?

Real estate is always subject to cycles, especially around growing and expanding communities like Kamloops. The reality is this area is now facing a 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. If you are selling and buying within Kamloops then there is even more need for a great local Realtor to get you the best of both sides of your deal.

From the Bank of…

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Appraisal Value vs Assessment Value in Kamloops

I am frequently asked from home owners (as well as some buyers) what is the difference between an appraisal and the assessment value of a property?

The two are completely different and are used for different reasons. They have no correlation to each other at the current time. KAMLOOPS 2017 Property Tax Estimator

Assessment Value

What is Property Assessment?

Property assessment for taxation purposes and its administration is a complex and technical process that is vital to the financial health of local government. Property Assessment is the process of establishing a dollar value for property for property tax purposes. Property tax is an “ad valorem” tax based on the principle that the amount of tax paid should depend on the value of the…

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Advantages of Buying a Duplex, Triplex or Fourplex

There’s Strength in Numbers, Especially When It Comes To Making Mortgage Payments

So you’ve been renting for several years and you’ve worked your way into a sound financial situation. Time to buy a house, right? Absolutely. But the important question is: what kind of a house? After sharing buildings with other tenants you’ll probably be imagining moving your family into a snug little single dwelling castle of your own. However, that isn’t necessarily the wisest decision for everyone. Of course, there is something undeniably appealing about having a place all to yourself – but don’t forget to consider the charms of sheltering a tenant or two under your newly purchased roof. Buying a Duplex, Triplex or Fourplex can have a huge impact on your future as a…

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What to do with a Low Home Appraisal

Low Home Appraisal - What now?

In the home-buying process, there are several crucial steps along the way that Sellers and Buyers alike will have to navigate: the home inspection, title issues, getting a survey and negotiating when an appraisal comes in significantly lower than the accepted offer.

When this happens both sides can go through many different emotions.

Either you, as the Seller, will feel as though you paid more than the property’s worth, especially if you just recently completed renovations, or, if you’re the Buyer, and you don’t have extra cash to hand over, the deal can fall apart. (Your lender’s not going to spring for a higher loan amount if the appraisal came in lower than expected, so Buyers will have to make up that difference…

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