17 Jan

No ban on foreign buyers says BC premier

General

Posted by: Kimberly Walker

The premier of British Columbia has rejected calls for a ban on foreign buyers of real estate in the province. John Horgan has reacted to the Green Party’s leader Andrew Weaver who has been calling for a ban similar to that implemented in New Zealand. “I just don’t believe, in an open economy, that’s an […]

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12 Jan

New mortgage changes decoded

General

Posted by: Kimberly Walker

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

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8 Jan

Bank of Canada Rate Change – Should I lock in?

General

Posted by: Kimberly Walker

This month, the Bank of Canada increased their lending rate for the 2nd time in as many months. The changes in the Prime Lender Rates means that those with a variable mortgage rates will have seen that their mortgages rates adjusted alongside the changes to Prime Rate. For those of you with variable rates, the […]

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5 Jan

Mortgage changes are coming—are you prepared?

General

Posted by: Kimberly Walker

We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for […]

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4 Jan

35% Down… The New Conventional Mortgage?

General

Posted by: Kimberly Walker

If you’re looking to buy a new home, one of the most difficult things can be putting together a down payment for the mortgage. So how much do you really need to put together before you can get into the home of your dreams? Let’s take a look at some of the different options, with […]

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4 Jan

Another big year for Fraser Valley real estate

General

Posted by: Kimberly Walker

SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity. The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set […]

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2 Jan

What Happens When a Home Sale Falls Through?

General

Posted by: Kimberly Walker

Every homebuyer eagerly anticipates closing day. With the home purchase process completed, ownership of the property transfers from the seller to the buyer – you! Closing date is negotiated as a condition of sale. You’ll typically have several weeks between the date that your agreement to purchase (sales contract) is signed and your closing date. […]

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20 Dec

10 First Time Homebuyer Mistakes

General

Posted by: Kimberly Walker

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes. 1. Thinking you don’t need a real estate agent You might be able to find a house on your own but there are still many aspects of buying real […]

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