Third of investors unprepared for buying process

It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.

The survey, published by the Real Estate Council of Ontario (RECO), also found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.

Other findings include:

• 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
• 36 per cent mistakenly think that after

Mobile deposit technology to be rolled out

The Canadian real estate market may be poised for transformation with the introduction of mobile-driven deposits, set to help investors avoid the snafus that too often scuttle deals.

ExactDeposit will be launched via a pilot project through Royal LePage Atlantic and other local brokerages before it is rolled out across Canada to follow.

“Mobile payments for real estate deposits have never be possible before,” says Chris Ryan, founder and director of ExactDeposit. “We are the first of our kind.”

The technology has been designed to offer greater convenience and efficiency to investors, Realtors and real estate brokerages.

“[The transaction] can be completed from anywhere, using a smartphone, laptop or

Foreign investor stats revealed

Foreign owners made up a bigger share of the condominium markets in Toronto and Vancouver over the last year, according to the nation’s housing agency.

Foreign owners of condos comprised 3.5 percent of the market in Vancouver and 3.3 percent in Toronto, according to a report from Canada Mortgage & Housing Corp. which surveyed property managers. That’s up from 2.3 percent in Vancouver last year and 2.4 percent in Toronto, Canada’s largest city. When narrowing to the downtown core, foreign buyers made up 5.4 percent of Vancouver condo buyers this year versus 3.4 last year and 5.8 percent of Toronto condo buyers versus 4.3 percent.

Politicians have been under pressure from many quarters including Vancouver Mayor Gregor

Why more Canadians are raiding their RRSPs

For the past 22 years, the Home Buyers’ Plan has helped more than 2.5 million Canadians borrow money from their RRSPs to help make the dream of home ownership a reality. However, the $25,000 maximum that can be withdrawn per person doesn’t give prospective homeowners a lot to work with.

The reasoning behind this plan is fairly straightforward. First-time home buyers (or anyone who hasn’t owned his or her primary residence in the past five years), are permitted to take up to $25,000 from their retirement savings without penalty as long as it is paid back within 15 years, which starts two years after the withdrawal occurs.

If you are buying with your spouse or common-law partner, it is possible to withdraw

3 things to consider before helping your kids buy a house

As prices continue to escalate in many Canadian markets, it’s only natural for parents to want to help their kids buy a home. But there are three things parents should bear in mind before doing so, reports The Globe and Mail.

Ask any Realtor or mortgage broker about home first-time homeowners, and you’re bound to hear stories about parents providing financial assistance.

“The bottom line is that when a first-time home buyer buys a house, the parents more often than not are contributing something to the down payment,” says David Larock, a mortgage broker with Integrated Mortgage Planners.

Some parents are more than happy to help their kids buy that first home. However, there are three good

Canadians use an average of 75L of hot water each at home every day—for washing dishes and clothing, cleaning and personal hygiene. For the average family, that adds up!

Water heaters account for 17 percent of the energy consumed in the average Canadian home. That share can vary from 15 to 25 percent depending on the house type, number of inhabitants and their lifestyle habits.

Consumers enjoy greater efficiency and more choices

Manufacturers are making more efficient models of water heaters, due to Canadians’ desire to save energy and money, and to comply with Canada’s Energy Efficiency Regulations.

Canadians can choose from various types of water heaters—storage tank, tankless, combination, solar, and heat pumps—and different energy

Why It Is Better to Work with a Real Estate Agent When Buying a Home

It’s true that home buyers can buy a home without the help of a real estate agent, but buying a house is not as simple as buying a cup of coffee or new clothing. Purchasing a home is more complicated than it looks and the real estate transaction involves interacting with many key persons in the process – the lender, the appraiser, the home inspector, the lawyer to name some. It would be really overwhelming for you if you deal with the whole process alone.

While you can save money by doing the hard work alone – going solo is not the way to go and in the end may cost you more than the real estate commission your agent gets.

Here’s why you should drop the idea of going solo. This

Homes sold last month sat on the market for an average of 45 days

There are more homes for sale in the city than last year and they're sitting on the market for longer, while selling for less, according to data from the Calgary Real Estate Board. (Sheryl Nadler/CBC)

Home sales and prices continued their year-over-year decline in November, according to the latest aggregated data from the Calgary Real Estate Board.

A total of 1,263 homes were sold in the city last month, down 28.7 per cent from November 2014.

Average sale prices were off 5.1 per cent year-over-year, sliding to $460,859.

Median prices, meanwhile, were down 4.2 per cent to $410,149.

The number of active listings stood at 5,316, up 31 per cent from a year earlier, while the

The B.C. government expects to finish the fiscal year next March with a $265 million surplus, thanks to surging property transfer tax revenues and a lower Canadian dollar that helps everything from tourism to the movie and TV industry.

Government revenues have declined due to lower natural gas, metals and other natural resources, Finance Minister Mike de Jong said Tuesday in his second quarter financial update. But with a continued hot real estate market in southwestern B.C. and housing starts running above average, property purchase tax revenue is $150 million ahead of the February budget forecast.

Retail sales are running 7.2 per cent ahead of last year for the period of April to August, with vehicle and parts sales up 9.5 per cent and food and

The Kamloops and district real estate association have just released the latest statistics for home sales in November.
Aberdeen proved to be the top seller this month with 20 sales. Sahali with 14 sales including 2 sales over the $600,000 mark and Juniper Heights with 11 sales also including 2 over $600,000 scored highest for total value of sales.

Why not have a look at the communities and see what is currently for sale on our KAMLOOPS COMMUNITIES real estate page.