How the U.S. Federal Reserve rate hike might affect Canadians

The U.S. Federal Reserve raised its key interest rate from 0.75 per cent to 1 per cent today, in a move widely anticipated by economists and investors.

The hike is the second increase since December and reflects growing confidence at the central bank that the U.S. economy is now on solid footing.

Meanwhile, Canada’s key interest rate has remained at 0.5 per cent since July of 2015. What does this mean for Canadians and their finances?

1. The spread between fixed-rate and variable-rate mortgages could grow wider

The Fed’s move could lead to higher interest rates for fixed-rates mortgages in Canada, but it won’t have an effect on variable-rate mortgages.

Traditionally, a hike in the U.S. benchmark interest rate will also push up long-term…

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Steps to a Successful Home Sale

Some real estate brokerages have ads and billboards that imply that all real estate transactions are as easy as 1-2-3! 

In reality, a lot of work goes on, both on-scene and off, to ensure the smooth, successful sale of your home.  Here is a snapshot of Danielle’s services and what you can expect during the home selling process:

Pre-listing Preparation

To prepare your property for listing, Danielle will help you take a look at your home through the eyes of a potential buyer. What impression does your house give — both inside and out? A small investment in repairs, decoration and organization, both inside and outside your home, could add thousands of dollars to your property value.

Opinion of Value

Danielle’s comparative market analysis…

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B.C. real estate market forecast for 2017

Turns out 2017 might be the year when B.C. home buyers will finally get a break. But don’t bother throwing a party, yet.

Price drop is due to a lack of supply 

The Canadian Real Estate Association (CREA) predicts prices will drop by about 7.8% in 2017 in B.C., primarily due to a lack of supply of higher-priced single family homes in the Lower Mainland and Vancouver areas.

CREA’s Chief Economist, Gregory Klump, likens this forecasted price decline as the equivalent of removing the basketball team from a Grade 8 class. “Throw in the basketball team and the average height shoots up. The same applies to markets with higher-end homes.” He continues by saying that, “The forecasted drop in B.C. home prices largely reflects an anticipated decline in…

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What Home Sellers Should Know About New Capital Gains Tax Rules

As this year’s tax deadline approaches, recent home sellers should take note of a new rule introduced by Ottawa last year.

Canadians now have to report the sale of their principal residence on their tax return to the Canada Revenue Agency.

The sale is still exempt from the 50% capital gains tax, provided it meets all of the guidelines outlined by the CRA. But while in the past the sale of a principal residence did not need to be flagged, home sellers are now required to provide details of the sale – including the address, the year it was bought and how much it sold for – on their tax return form.

Although the administrative change wasn’t announced until Oct. 3, it applies to all sales that took place in 2016, as well as going forward.

Read…

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B.C. real estate reform: What you need to know

You will have heard about the changes to British Columbia real estate laws

The British Columbia government is in the midst of a wide-ranging overhaul of how the housing market is regulated and taxed, amid growing concerns that foreign ownership, rampant speculation and unscrupulous real estate agents are fueling an affordability crisis.

On Aug. 2 2016, a 15-per-cent tax took effect for home purchases in the Metro Vancouver area involving foreigners. During the past several months, the province has also announced an end to self-regulation, largely in response to a series of Globe and Mail investigations into questionable practices within the industry. This has included a tax on vacant homes in the City of Vancouver.

These are in addition to what…

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Fast Facts About Kamloops, British Columbia

Considering moving to Kamloops BC?

Or do you live here and want to know more about your town? Checkout some of these Kamloops BC facts.

Population Data

Population - 85,678

Growth Rate - 6.6%

Unemployment Rate - August 2016 - 6.8%

(Source: Venture Kamloops 2015)

Climate Facts

Annual Hours of Sunshine - over 2,000 hours annually

Mean Maximum Temperature: 26.94°C

Mean Minimum Temperature: (-4.2°C)

Growing Season - 166 days

Annual Rainfall - 279 mm

Annual Snowfall - 75.5 cm

Elevation - 347 m (1,140 ft) (Thompson River Intake)

Visit some Kamloops Webcams

Major Employers

Interior Health Authority - 3398 (2014)

Thompson Rivers University - 1149

School District #73 - 1898

Highland Valley Copper Mine…

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CMHC raising mortgage insurance premiums for new buyers

OTTAWA, ON. – The Canada Mortgage and Housing Corporation is raising the cost of mortgage loan insurance for new home buyers effective March 17th. The Crown Corporation estimates the increases will add about $5 to a monthly mortgage payment for its average home buyer.

TO READ THE FULL NEWS RELEASE CLICK HERE

Regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital. The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.

For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.

For the…

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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 To Interview A Seller’s Agent When Selling A Home

When you are selling your home, choosing the real estate agent who will represent your best interests is one of the first steps in the process and probably one of, if not, the most important. 

Follow these tips and common questions when interviewing a Realtor to sell your home and you will be on your way to a smooth and relatively stress-free sale!

How Long Have You Been Selling Real Estate

• How long have you been Selling Real Estate?

Probably one of the most obvious questions that will come to mind in your interview process. Generally speaking, the more years of experience an agent has, the more sales they have had - increasing their experience in different situations. However, this is not always the case though as there can be new…

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The Data is In – NOW is the time to sell!

There's never been a better time to sell your home in Kamloops

The statistics have been compiled from 2016, the data is in, the analysis has been done, and the verdict is quite simple – NOW is the time to sell your home. If you’ve been thinking, debating, contemplating a sale, an upgrade, a downsize, or any other reason you might sell your home, there has never been a better time than right now. Seriously.

Here are a few reasons why it is in your best interest to sell now….

1. Home prices are up!

People used to be underwater on their home from the recession. That is no longer the case. Home prices have rebounded well. Home prices rose 6% last year. Tight inventory has caused home prices to sky rocket. That will level out soon. With home…

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