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.

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

• 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

• 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