While some move to Canada to be with family members or for gainful employment, many others emigrate here to escape difficult situations in their home nations. Regardless of the motivation for moving, owning a piece of property is both a huge point of pride, and one of the most sought-after components of establishing a home in a new country.

But obtaining a mortgage in Canada for the first time can be a tricky undertaking without the right guidance and knowledge. There are several important points for new Canadians to take note of if they plan to purchase property in the near future.

You're considered a new arrival to Canada during your first five years in the nation, and you will be eligible to obtain a mortgage if you have your permanent

Downsizing can be stressful.

Moving to a new home is a big change in itself, but moving to a smaller space can be an even bigger adjustment.

Here are a few tips to help you navigate through the downsizing landmine.

Plan Ahead

Give yourself lots of time to prepare. You should start at least three months before your actual move, so you don’t feel anxious about running out of time.

If possible, get a floor-plan of your new space to help with planning.

Purge

We all have lots of stuff. It just magically accumulates over the years. Deciding what to keep and what to get rid of is often the biggest challenge.

Ask yourself: If everything you owned was lost in a fire, what would you replace? Take stock of the things that are actually

Popular misconceptions about real estate make many people hesitant to get into the home-buying or -selling game. And that’s a shame.

If you’re considering buying or selling a home, don’t let the following conventional wisdom stop you. There’s not as much truth to it as you think.

Misconception: You don’t need a real estate agent to buy a home now that all the information is online

Today it’s more important than ever to have a great local real estate agent on your team. And there’s no cost to you, so why not get an experienced pro on your side?

It’s no longer about agents having access to the proprietary data — it’s all out there. But since buying a home is such an infrequent transaction in your life, you need someone along on your journey who

Vancouver, BC – December 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,032 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 34.5 per cent from the same month last year. Total sales dollar volume was $5.38 billion, up 56.4 per cent compared to the previous year. The average MLS® residential price in the province rose to
$668,317, up 16.3 per cent from November 2014

“Housing demand last month was the second strongest ever recorded for the month of November,” said Cameron Muir, BCREA Chief Economist. “You’d need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November.“

The largest increase in consumer demand occurred in

Kamloops should escape the price shock homeowners in many parts of the province will experience when they tear open assessment notices next month.

Area deputy assessor Graham Held said yesterday that, while real-estate sales volumes in the Thompson region remain healthy, the market is not seeing the wild price increases found in the Lower Mainland.

“We’re looking at another flat market this year, a marginal increase,” Held said of assessment valuations.

Property owners across B.C. receive assessment notices in the first week of January. Those notices reflect property values as of July 1 the previous year.

“Certainly in the Kamloops market, it’s marginal increases,” Held said.

Kamloops & District Real Estate Association president Cyndi

Todays news from the Canadian Real Estate Association

Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Requirements will remain at 5 per cent down payment for homes under 500,000. Any amount over $500,000 will require a 10 per cent down payment. For example a $700,000 home will require a $45,000 down payment, 5 per cent on $500,000 and 10 per cent down on the remaining $200,000. The announced changes will take effect on February 15, 2016.

The government cites its desire to “contain risks in the housing market” as the reason for its decision.

As you know, the issue of an increase to minimum down payments is something CREA has effectively and successfully fought against since

Mortgage insurance a must for those with high-ratio loans

Hot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.

"What mortgage insurance allows people to do is to get into the market with today's prices, with today's low interest rates, once they have determined that home ownership is right for them," says Mary Stergiadis, principal for Ontario business development at Canada Mortgage and Housing

These are some of the most frequently asked questions by home buyers – questions that people in the Kamloops area are searching for answers right now! I hope that the responses can give you the answers to your questions..

What are the advantages of buying a home?

Owning a home is a great way to build equity, take control of your living situation, and invest in your family and community. One study found that homeowners also report a higher quality of life. Check out the other findings about the social benefits of home ownership in this info graphic from Pinterest.

How much home can I afford?

A good place to start is to estimate your monthly payments will be around 25% of your gross monthly income. That is a safe number that most lenders feel

This is not real estate related at all but I don't think anybody minds.

It's a great cause and very rewarding. If you want to know more about the RCMP victim services volunteer program call the number on the poster or drop me a message.

CONTACT DANIELLE

Study after study suggests that Canadians are having a tough time paying off their mortgages, as debt levels continue to hit record levels year after year. Why?

Could it be that there are more opportunities to spend? Could it be that some people don't want to pay off their mortgages faster?

Or are some professionals advising alternate investment strategies, suggesting that paying off the mortgage is not the best financial strategy?

BIG MORTGAGES AFFECT RETIREMENT

Rebecca and Darcy are in their mid-50s and are starting to think about retirement planning; they would like to retire in the next five years.

One of their biggest hurdles is a $225,000 mortgage. Currently, their $2,200 monthly payment would have the mortgage paid off in 10 years.