BC real Estate Facts and Forecast for 2021

What will Kamloops Real Estate do in 2021? Is it time to sell or buy your Kamloops real estate?

Read what the BC Real Estate Association thinks and the stats for 2020

Fourth Quarter – November 2020

The COVID-19 pandemic and associated recession have impacted housing markets in unexpected and unpredictable ways. Despite what may be the worst recession in BC history, the housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market.
As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.

The average Canadian…

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What is a good credit score?

Your credit scores are an important aspect of your financial profile.

They may be used to determine some of the most important financial factors in your life, such as whether you’ll be able to lease a vehicle, qualify for a mortgage or even land that cool new job.

And considering 71 percent of Canadian families carry debt in some form (think mortgages, car loans, lines of credit, personal loans or student debt), good credit health should be a part of your current and future plans.  High, low, positive, negative – there’s more to your scores than you might think. And depending on where your numbers fall, your lending and credit options will vary. So what is a good credit score? What about a great one? Let’s take a look at the numbers.

In a…

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Buying a home in BC - All you need to know.

Buying a Home in British Columbia

Buying a home is the largest investment most of us ever become involved in. Yet people sometimes take less time over it than they do when buying a new car. That’s because it’s unfamiliar territory to many of us. We don’t know what questions to ask. We may take things for granted, rely on others when we shouldn’t, and sometimes we later wish we had known more about the process involved.

It is important for you to understand the the process that is normally involved in the purchase of a home, to recognize the significance of the documents you will encounter, and to understand the role of other people who may be involved in the transaction. Buying a home is a major event. This information will help you better…

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B.C. cancels loan program for first-time homebuyers

Latest government numbers show B.C. HOME Partnership program was missing targets

For the current provincial government, it was never HOME sweet HOME.

The province announced today that it will cancel HOME — formally the B.C. Home Owner Mortgage and Equity Partnership program — a government loan program that aimed to help first-time home buyers get into the B.C. housing market. HOME provides loans of up to $37,500 or five per cent of the home's purchase price (up to a maximum of $750,000) to first-time home buyers for a down payment.  .

In announcing the cancellation, the government said the program had failed to meet expectations. When it was announced in late 2016, it was expected that 42,000 British Columbians would use the program over three…

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To Rent Or Buy? Another look at the age old question.

When making the decision either to rent or buy a place to live, there are two broad categories of factors that must be considered.

The first and most obvious category represents the financial aspects of your decision. The second category is a set of personal and emotional factors, which are more intangible but play an important role in the decision to rent or buy. Here, we look at the financial factors, including the initial and ongoing costs as well as the long-term pros and cons of owning your home.

Examining Your Finances

The first step in the decision-making process is to determine whether or not you can afford to purchase a home. Issues to consider include your ability to make a down payment (generally between 5% and 20% of the home's purchase…

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Five tips for investing in rental property

Local real estate has proven to be an effective long-term wealth creator

By owning rental housing you get the added advantage of earning regular income from your investment.

Could stepping up now and getting into the rental property market be the right choice? If so, how can you help ensure it's a profitable venture?

Understand why you're buying

There are three main reasons people invest in rental property, and a lot depends on whether you're an investor or a speculator. If you're a speculator, timing is everything. When's the best time to invest in a rental property? Catch the market in an upswing and you might make money. But stretch your finances to buy in as the market peaks and you could lose. Do you want to bet on what housing…

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FAQ on getting a mortgage

FAQ Sheet on Getting a Mortgage

Getting a mortgage is a big thing. For first time buyers this can be a tough and complicated process. Here are some common questions that get asked and some answers that may help with your mortgage application process.

SEE OUR MORTGAGE BROKER DIRECTORY HERE

Q: What is the minimum down payment on a home in BC?

A: A minimum down payment for someone who is fully income qualified is five per cent. However, if the purchase price of a property is over $500K, a minimum down payment of five per cent on the first $500K is required. After that, you will be required to come up with 10 per cent on the remaining amount. For example: The down payment for a property valued at $600K would be five per cent of $500K ($25K) plus…

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How to Calculate Your Mortgage Affordability

For many first time home buyers, one of the most confusing – and frustrating – parts of the purchasing process is knowing how much mortgage they’ll qualify for.

While it’s always a smart idea to get a pre-approval before embarking on the house hunt, they are usually a more conservative estimate of your affordable home purchase range. Buyers paying less than 20% own must now also factor in the Bank of Canada’s 4.64% stress test, regardless of the mortgage rate they actually qualify for.

Related: Are there other options if I fail the stress test?

What do Mortgage Lenders Look At?

While the size of your down payment will certainly impact your mortgage qualification, other factors such as debt levels, income and credit score are closely…

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To rent or buy? That is the question

Most Canadians dream about buying and owning their first home

A significant rite of passage, buying a home is not only a big financial deal, it's a big life deal.

Most people assume it's better to buy a home than to rent, and to be honest, I have a bias toward home ownership, too. That being said, I have counseled people on the merits of renting. But there are circumstances where renting maybe better for you.

RENT OR OWN

Every new homebuyer should first understand the differences between "renting and saving" and "buying and owning."

For most people, renting is better on cash flow, not just because mortgage payments are often higher (although with the current interest rates that may not be the case) than rent but because of all the other…

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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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