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The process of selling a strata property is not the same as selling a house, and it tends to be much more involved when it comes to drawing up the paperwork.
What Are You Actually Selling?
One of the major differences between selling a house and a strata property boils down to what exactly you are selling. When you sell a house, you are selling the home and the land it is on. With a strata property, you could be selling a unit with or without land depending on the development type. Typically, a strata property sale will also include areas that are under shared ownership by all unit owners in that complex.
It is important to understand…
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BCREA 2016 First Quarter Housing Forecast Update
Vancouver, BC – January 28, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.
Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to…
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With home prices moving ahead at a healthy clip, people are choosing to purchase a property with a friend or relative.
A lot of individuals, particularly younger adults, feel as if they have been priced out of the market so go in with a friend or a sibling to purchase the property. I see that as a trend that is going to gain momentum.
However, whether you are purchasing with a friend or relative this is essentially a business deal.
If you're looking at buying a property together, friends are no different from business partners. Consult a lawyer and consider what you are doing, the parties could enter into an agreement ... they should consider that they are business partners. The business is owning a…
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As the Canadian real estate market continues to rise, some investors want to put their RRSP money to work in a real estate investment. While there are limitations, there are also several options available to investors.
Unfortunately, those looking to buy a rental property with their RRSPs are out of luck. Tax-free RRSP withdrawals of up to $25,000 can be taken under the Home Buyer’s Plan (HBP) to buy or build a qualifying primary residence to live in, but not for a rental property investment.
Real estate investment trusts (REITs) are RRSP-eligible investments that pool together income-generating real estate. Typically the pool includes residential, office, retail, industrial, self-storage, healthcare or hotel properties. REITs are a way for…
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How much of a mortgage do you qualify for? You went to your bank and they told you $xxx,xxx – are they right? Your dream house costs a bit more, so is there any way to get the extra funds? If the property has a rental suite, and you have a good mortgage broker on your side, the answer is likely “yes”.
We have all heard the term “mortgage helper”. In fact, 25 per cent of detached houses in BC contain a rental suite and this rises to almost 40 per cent in the Lower Mainland. In Vancouver alone there are 26,600 rental suites (out of about 47,000 detached homes), and this accounts for roughly 20 per cent of all the rental stock in the…
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Got your property assessment and want to appeal, theres not much time left if you want to this year. IF you think that something is wrong it's always a good idea to check this year's property assessment against last year's for any kind of discrepancy.
BC Assessment determines values for all properties in BC so municipalities can tax property owners based on a single province-wide set of standards. Tax rates differ from one municipality to another because they're set by the local governments, so even if the valuation of your home goes down, you could still pay more tax. BC Assessment isn't responsible for that, only for the value it sets for your home. Your property is assessed according to its value on July 1 of the previous year.
So how do you…
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Many governments across the country are putting the final touches on their 2016 legislative agendas, including British Columbia’s. And on the West Coast it will probably be difficult to disconnect many of the announcements and policy directives from the provincial election just more than a year away.
Holding to tradition, the spring session will open some time in February, with a budget to be tabled shortly after. While Premier Christy Clark is expected to maintain a steady-as-she-goes course devoid of any major political gambles, there will certainly be moves that will attract attention and undoubtedly controversy.
Here are some of the things I’ll be looking for.
The cabinet
Since the 2013 election, Ms. Clark has only tinkered with the…
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If you fall in love with a fixer-upper, you may find yourself in a tough spot figuring out how to pay the mortgage and cover the cost of renovations or postponing renos until you can afford them.
Main Benefits of a Purchase-Plus Improvements Mortgage:
The little-known CMHC improvement mortgage (previously known as the purchase plus improvements program (PPIP)) allows home buyers in that scenario to borrow money to buy and immediately renovate a home with funds from their mortgage lender rather than taking out a separate line of credit that usually carries a higher interest rate and adds another layer of complication to their financial life.
PPIP is generally available with as little as five per cent down. However, buying with less than 20 per…
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Whether you are the buyer or the seller of real estate, it is important that you obtain a lawyer to represent your interests. There are many potential legal pitfalls for the unwary when buying real estate. The agreements for purchase and sale and other related documents are complex. To most people the purchase of a home is the largest investment of their life, and the agreement for purchase and sale is the most important legal contract they will ever sign, next to a will of course!
Don't forget to check our local business directory for lawyers - CLICK HERE
There are a number of ways to select the right lawyer for your needs:
Ask friends who have purchased real estate which lawyer they hired, whether they were satisfied, and why or why not.
…
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