Posted on
October 4, 2019
by
Tibor Bogdan
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
Posted on
September 27, 2019
by
Tibor Bogdan
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
Posted on
September 20, 2019
by
Tibor Bogdan
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
Posted on
September 13, 2019
by
Tibor Bogdan
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
Posted on
June 21, 2019
by
Tibor Bogdan
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
Posted on
June 14, 2019
by
Tibor Bogdan
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.
Posted on
June 7, 2019
by
Tibor Bogdan
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.
Posted on
May 31, 2019
by
Tibor Bogdan
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
Posted on
May 24, 2019
by
Tibor Bogdan
Since we have officially entered a "buyers market," here are a few tips on how to sell your house faster and for more money then your competition.
Buyer’s market at-a-glance
- More homes on the market than buyers
- Prices tend to be lower because of increased supply
- Homes are more likely to sit unsold
- Housing surplus can slow rising prices and even lead to price reductions
- Buyers have more choices and more leverage to negotiate
If you’re looking to buy (or sell) a home, it’s important to know which type of market you’re entering into. If you’re unsure, ask your real estate agent. Of course, selling a home in a seller’s market is optimal, as is buying a property in a buyer’s market. But people don’t necessarily have the luxury of timing their home sale or purchase to coincide with the most advantageous market. It could be quite likely, for instance, that you’d be buying in a seller’s market or selling in a buyer’s market.
Tips on selling your home in different housing markets Selling in a seller’s market is generally quick and easy. In a buyer’s market, with an abundance of properties sitting idle, you may want to do some legwork to help sell your home. There are a number of things you can do to improve your chances for making a sale. These include:
- Understand the local market and your competition
- Price your home right (and conservatively)
- Make sure your home is ready to be shown at all times (consider using a professional home-stager who can help show off the best features of every room in your house)
- Be accommodating to prospective buyer’s schedules (think of every showing as the one that could get you the sale)
- Be flexible with your terms (offer an extended closing date or lower your asking price)
- Be patient (and stay positive)
- If you get an offer early on, give it serious consideration because a better offer may not come along
If you're looking to buy or sell and would like assistance, please give me a call and I'll be happy to assist.
Posted on
May 17, 2019
by
Tibor Bogdan
Get to know the Pros and Cons and the best option for you.
There once was a time when renting your entire life may have made reasonable financial sense. It was only a generation ago that mortgage rates were in the double digits and affordable rental units were aplenty. But over time, borrowing rates have fallen, and in major centres in Canada, rental rates have skyrocketed.
It now appears the attitude among Canadians is to buy as soon as you possibly can. While home ownership is a truly rewarding goal to achieve, you really need to assess your own situation to ensure you are making the best decision.
Below is a little graph to help you decide whether you should stay a renter or take the plunge and buy. If buying is not an option for you yet, get a head start by learning the in's and out's of the home buying process.If home ownership is a serious goal, partner with a mortgage broker in your area to discus your individual situation. As far away as the goal may seem, you might be surprised how a professional can help you get your foot in the door - or at least in the right direction!
Article from Dominion Lending Centres - 2019 Special Edition - The Mortgage Annual
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