You  may have quickly answered, ‘Don’t they all?’ to this question. But,  this isn’t a run-of-the-mill warranty on the service or your inspector –  it’s a unique warranty attached to the property itself that protects  the property’s new owner.

Our Warranty and Client Protection  Program guards against surprises that show up after you take possession  of your new home – things that weren’t evident at the time of  inspection. We all know that it’s possible for sellers to hide certain  deficiencies with their property by cleaning or staging in order to not  have to disclose all issues. While full disclosure is required, key  information is often not shared between the seller and their real estate  professional.

What happens if issues are uncovered after possession?

If  sellers take extra measures to hide problem areas, it’s difficult for a  home inspector to detect every issue. Common coverups include using  bleach to temporarily clean away mould or painting the ceiling to hide  evidence of a leaky roof.

We’ve seen sellers take drastic  measures to avoid disclosure. That’s why we think it’s important to go  above and beyond for homeowners and our realtor partners to ensure the  property’s covered if issues arise after you’ve taken possession of your  new home – with coverage up to five years for some items (check  specifics with your inspector).

By this time, mould would have  returned or rain would have leaked through the roof, for instance, if  these were issues covered up during listing and selling of the property.

This  added protection can be another selling feature to set potential  buyers’ minds at ease. Also included with each inspection are  complimentary: technical advice for as long as the new buyer owns the  property; and appliance recall check, which scans consumer recalls for  dangerous flaws with home appliances. As an added bonus, the homeowner  can then register any other appliance acquired in the future and have  them checked for recalls at no extra cost.

Article provided by A Buyer's Choice Home inspection: https://bit.ly/2AJ3tvD

Home sales in B.C. appear to be recovering from a downturn, according to the B.C. Real Estate Association.

In  a report released Thursday, the association says 7,093 residential  homes listed on the MLS were sold in August, a 4.9 per cent increase  over the same month last year.

The average price of all types of homes in the province was $685,575, an increase of 2.6 per cent from August 2018.

Brendon  Ogmundson, a deputy chief economist with the association, says home  sales continue to recover from a policy-driven downturn.

“Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels,” he said.

The  mortgage-lending restrictions, or B20 stress tests, which were brought  in at the start of 2018, require lenders to prove they can make payments  at two percentage points higher than the qualifying mortgage rate.

The association says active listings were also up 10 per cent last month over the previous August to 40,098 units.

Overall  market conditions remained in a balanced range with a sales-to-active  listings ratio of about 18 per cent, the report said.

Year-to-date,  residential sales dollar volume was down 16 per cent to $34.9 billion,  compared with the same period in 2018. Residential unit sales were 12.2  per cent lower at 50,806 units, while the average MLS residential price  was down 4.4 per cent year-to-date at $686,303.

To read the full article, click here: https://vancouversun.com/business/real-estate/b-c-home-sales-slowly-recovering-real-estate-report

Housing  affordability is front and centre in the current federal election  campaign, so much so that even policies that haven’t yet been announced —  and may never have been destined for a platform — are courting  controversy.

This week, the Conservatives accused the Liberals  of harbouring a plan to impose capital gains tax on the proceeds from  the sale of a principal residence, a charge the Liberals have flat out  refuted. Currently, income generated from the sale of a principal  residence is exempted fully from capital gains, and removing such an  exemption would be no small matter.

With the issue in the  spotlight again, we thought it was a good time to look back at the  interesting history of the capital gains tax in Canada, and its  particularly significant ramifications for the real estate market.

To read full article click here: https://bit.ly/2kx6HxY

The new First-Time Home Buyer Incentive is a 3 year program offered by the  Federal Government as a "Shared Equity Mortgage", with the Federal  Government being your partner.

This  website help to determine your eligibility, calculate your maximum  purchase price, and select the incentive that is right for you.The incentive  allows eligible first-time home buyers, who have the minimum down  payment for an insured mortgage, to apply to finance a portion of their  home purchase through a form of shared equity mortgage with the  Government of Canada. Essentially, the incentive helps qualified  first-time home buyers reduce their monthly mortgage carrying costs  without adding to their financial burdens.

-Lower Monthly Mortgage Payments

-Interest-free Incentive Program

-No Pre-payment Penalty

-Newly Constructed Homes eligible for 5% or 10%

-Existing Homes eligible for 5%

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

For mortgage advice, contact an experienced mortgage professional:

Linda Fleming, AMP

 Accredited Mortgage Professional

 Dominion Lending Centres - A Better Way

 201-2600 Gladys Ave., Abbotsford, BC V2S 0E9

lfleming@lindafleming.com

 Phone:  604-857-2970

 Toll Free:  1-877-304-5656

A new CMHC program designed to make it easier to buy a home would be limited to first-time buyers who earn less than $120,000 a year.

Under the fine print for the First Time Home Buyer Incentive program, which was announced in March and will officially launch in September, a first-time homebuyer who earns less than $120,000 can qualify. The Canada Mortgage and Housing Corporation would kick in up to 10 per cent of the purchase price of the home, providing the borrower comes up with the minimum amount for an insured mortgage, which is now at five per cent.

There's also a requirement that the total value of the mortgage plus the CMHC's portion don't eclipse $480,000. A government official says that effectively means the program is only available for properties worth a maximum of about $565,000, regardless of whether or not they have met the other requirements.

If that bar is met, the CMHC may kick in an additional five per cent of the purchase price of a resale home. For a newly built home, the CMHC may contribute up to 10 per cent.

The stakes from the CMHC would be interest free, meaning no ongoing cost to pay down, like a mortgage does.

But the government says in exchange for its stake, the CMHC would get to participate, "in the upside and downside of the change in the property value" —which means they would be entitled to any corresponding  increase in the value of a home when the buyer eventually sells. On the flip side, the government would also be on the hook for any share of the loss if the property depreciates.

On a home costing $500,000, if the borrower puts up $25,000 and the CMHC puts up the same amount, the CMHC would then own five per cent of that home. So if, down the line, the house appreciates to $600,000 and the borrower wants to sell, they would have to give the CMHC five per cent of the sale price — $30,000 in this example — not the $25,000 the CMHC put down in the first place.

While a bill would be paid down the line, the savings over the years could add up. In the example above, the program would save a would-be borrower $286 a month in mortgage costs over the life of the loan, $3,430 a year.

"This will mean more money in the pockets of Canadians and will help up to an estimated 100,000 families across Canada," said Jean-Yves Duclos, the Liberal MP and cabinet member in charge of the CMHC.

Click here to read more from this article: https://bit.ly/2IY4TWR

The term "as-is" in a real estate listing indicates that the buyer must be willing to accept the home exactly as it currently is, foregoing any opportunity to request that the seller make repairs or offer credits for problems with the property. Let’s take a look at how you may encounter the term “as-is” in a real estate transaction.

The Entire Property Being Sold “As-Is”

When the entire property is being listed and sold “as-is”, the seller will not make any repairs, nor offer any credits for potential defects of the home or grounds.

Some examples of major defects that the seller would not have to correct might include:

•     Structural problems
•     Leaking or faulty roof
•     Active insect infestation or damage
•     Non-functioning systems (HVAC, septic system, etc.)
•     Mold or mildew problems
•     Presence of asbestos or other harmful materials

It's very important to have a home inspection so you'll be prepared to make  any repairs yourself upon possession. There are also circumstances that  don't guarantee that the home will be in the same condition as when you viewed it, or that the appliances will still be present when you get the  keys to the home. These are all chances you take when buying "as-is, where-is", so make sure you have professionals walking you through the process and you do all your research beforehand.

Planning to buy a home soon? Make sure that you are aware of all the factors that can affect your ability to qualify for a mortgage approval. To allow for a higher probability for an approval and the best terms, follow these 10 home buying commandments.

• Thou shalt not change jobs, become self-employed, or quit your job.
• Thou shalt not buy a car, truck, or van, boat, RV, etc.
• Thou shalt not use credit cards excessively.
• Thou shalt not let current accounts fall behind.
• Thou shalt not spend money you have set aside for down payment and closing costs.
• Thou shalt not finance any new furniture.
• Thou shalt not originate any inquires into your credit.
• Thou shalt not make cash deposits without checking with your loan officer.
• Thou shalt not change bank accounts.
• Thou shalt not co-sign a loan for anyone.

B.C. Finance Minister Carole James will exempt the Gulf Islands and cottages in rural areas from the government’s new speculation tax, part of a suite of reforms she unveiled Monday to respond to weeks of criticism that the new tax unfairly penalized British Columbians.
The  changes include limiting the geographic areas of the tax to Nanaimo and Greater Victoria, exempting Parksville, Qualicum Beach, the Gulf Islands and Juan de Fuca areas that had originally fallen under the regional districts in both areas that were to be subject to the new tax.
Metro Vancouver’s scope is tightened too, with the original Fraser Valley location being reduced to Mission, Abbotsford and Chilliwack, meaning Kent, Hope and Harrison Hot Springs are now exempt. Bowen Island is also exempt. Whistler, which is suffering a rental crisis, was not included  in the tax. However, the municipalities of Kelowna and West Kelowna remain part of the tax, despite a request to government to be exempted.

Article Source: The Vancouver Sun https://bit.ly/2I9zIYm