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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.


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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.

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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.
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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

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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.
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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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- 4 in 10 households spend more than 30 percent of their pre-tax income on rent, this is above the commonly accepted affordability threshold.

Talk to anyone renting a place in a large city like Toronto or Vancouver, and you'll probably hear a common complaint: Rental units are hard to find and very expensive when you do.
The most recent comprehensive market survey by the Canada Mortgage Housing Corp. would seem to back up those claims. According to CMHC's rental market report published in late fall 2018, the national vacancy rate has dropped to 2.4 per cent, while the average rent is $987.
But a closer look at the report paints a stark picture in the larger markets. The largest increases in average rent for two-bedroom apartments from the previous year were in B.C., more specifically in Kelowna (+9.4 per cent), Victoria (+7.6 per cent), Abbotsford-Mission (+8.2 per cent) and Vancouver (+5.5 per cent).
Montreal, Calgary and Edmonton saw increases in rent by 2.8 per cent, 1.5 per cent and 1.3 per cent respectively
The average rent for a two-bedroom condo in Toronto topped the list at $2,393 while in Vancouver it was $2,034. Montreal, Calgary and Edmonton all had average rents at $1,208, 1,533 and $1,392 respectively.
Meanwhile, the lowest rental condominium vacancy rates were observed in Vancouver (0.3%), Victoria (0.4%), Kelowna (0.6%), Toronto (0.7%) and Hamilton (0.9%).
 
Article sourced from Dominion Lending Centres - 2019 Special Edition - The Mortgage Annual
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Here is a great tool that everyone looking for a property and a mortgage should have.
 
My Mortgage Toolbox is a new mobile app from Dominion Lending Centres designed to be a pocket-sized mortgage guide for everyday Canadians. A first-of-its-kind for the industry, the app makes it easy for consumers to find a mortgage broker nearest them and get the best mortgage product at the lowest rate available.
My Mortgage Toolbox guides the users while taking away all the stress of getting a mortgage.

Some of the feature of the app include:
• Affordability Calculator
• Minimum Down Payment Calculator
• Total Monthly Ownership Calculator
• Closing Cost Calculator
• A Stress Test Tool to calculate affordability
• Beautiful graphs and illustrations
The app has also been translated into several languages including English, French, Spanish Chinese and Hindi.
 
The My Mortgage Toolbox app is available for Apple and Android devices starting today, click here: https://www.dlcapp.ca/?lang=en
 
For more information about Dominion Lending Centres visit www.dominionlending.ca
If you wish to talk to a Mortgage Professional, we recommend contacting Linda Fleming or Matt Robinson at 604-852-1703.
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I have been watching this case for couple of years. I must say, the latest information to unfold has brought some clarity into an otherwise confusing issue of property disclosure.

Murder on B.C. property didn’t need to be disclosed before sale, court rules.

The Buyer had tried to break contract after learning a man with ties to crime had been murdered there.
A Vancouver woman has won her appeal and will not have to pay damages after she failed to tell a homebuyer that someone had been murdered on the sidewalk of her property.
The BC Court of Appeal on Tuesday reversed a lower court ruling that had said Mei Zhen Wang had misrepresented the sale of her $6.1-million Shaughnessy mansion.
Justice Mary V. Newbury wrote in the decision that Wang could not have known that the home buyer, Feng Yun Shao, would have any “sensitivity” to the killing of her son-in-law, Raymond Huang, in 2007 and that that did not alter the quality of the home or its usefulness.
 
Read the full article here: https://bit.ly/2XPFfcJ
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Here's an idea of what the current real estate statistics in Abbotsford for the month of March 2019.

Residential Detached in Abbotsford
Average sale price was $817,639, down from March 2018's average sale price of $836,591.
Townhomes
Average sale price was $464,450, down from March 2018's average sale price of $519,021.
Condo's/Apartments
Average sale price was $305,268, down from March 2018's average sale price of $333,463.
 
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Residential Detached in Chilliwack.
Average sale price was $651,024, down from March 2018's average sale price of $660,427.
Townhomes
Average sale price was $449,161, down from March 2018's average sale price of $479,029.
Condo's/Apartments
Average sale price was $245,210, down from March 2018's average sale price of $249,648.


If you wish to receive more detailed stats, reply to this email with your request.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.