Buying a home

Guidelines requiring financial test for uninsured buyers go into effect Jan 1, 2018

New guidelines that will soon place restrictions on uninsured borrowers looking to secure a mortgage have — as one Ottawa realtor puts it — kicked the pursuit of a home into "overdrive."

Earlier this month, the Office of the Superintendent of Financial Institutions (OSFI) released guidelines for the mortgage industry that will take effect on Jan. 1, 2018.One of the major new rules is a requirement to subject uninsured borrowers to a "stress test." At the moment, anyone who puts down more than 20 per cent of the value of a home doesn't have to pay for mortgage insurance, and is considered an uninsured borrower.Only insured borrowers — those who put down less than

Previously only those with less than 20% down were tested, but now all borrowers will be.

Canada's top banking regulator has published the final version of its new mortgage rules, which include a requirement to "stress test" borrowers with uninsured loans to ensure they could withstand higher interest rates.

The Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for the mortgage industry on Tuesday. The regulator floated a similar version of these rules earlier this summer in draft form, but Tuesday's release makes them official as of Jan. 1. Among the major new rules is a requirement to stress test uninsured borrowers. Previously, only insured borrowers had to undergo such a test.

By law, borrowers with a down

Buying to rent: tips from a seasoned real estate investor

Buying to rent is a way to ride out the ups and downs of the real estate market and the economy, said Ann Kaplan, president and CEO of national consumer finance company iFinance Canada. (Kaplan also appeared on The Real Housewives of Toronto, a show run by Slice, one of the brands owned by Corus Entertainment, which also owns Global Television and Global News.) Kaplan, who gradually built a portfolio of  seven residential and commercial properties in Vancouver, Victoria and Toronto, has some advice for those buying investment properties as a means to enter the market:

Decide what price you want to pay and be prepared to walk away if you don’t get it. When you’re buying investment property,

Owning real estate is a privilege, and in doing so, you are committing not only to serving your own personal interest, but potentially that of your family for years to come. A success story is increasingly possible, and for many of us real estate is our single most important asset when it comes to retaining value. When managed well, the rights in land associated with the building on it, not only maintain their value while factoring in inflation, but increase in value. The key to retaining your home’s value while ensuring comfort is good maintenance and a few simple upgrades.

Outside

Gutters

If you property has, or is surrounded by trees, your gutters may need to be cleaned multiple times each year. As a good rule of thumb, it’s best to access

So you are looking to move to Kamloops.

So what are the advantages to living in Kamloops opposed to lets say Kelowna or Merrit? Kamloops is strategically located at the intersection of Western Canada’s four major highways: the Coquihalla (Highway 5), TransCanada (Highway 1), Yellowhead (Highway 5), and Highway 97; is serviced by both national railways, is the meeting location of the South and North Thompson Rivers and home to the Kamloops Airport. The city has a growing population of almost 86,000 within the city, and 128,473 including the city and regional district. Kamloops is home to Canada’s most comprehensive university, Thompson Rivers University, is Canada’s Tournament Capital and has a lifestyle like no other with 82 parks, over 200 lakes

On May 9, British Columbians cast their votes for the next provincial government.

It took a couple of weeks to get the final results, and now the elected parties—the Liberals, the NDP and the Greens—must work together to govern this diverse province.

A topic that all three elected parties agree on is the importance of housing affordability. Housing was a key election issue throughout the campaign period, and all three parties made numerous policy promises about it in their election platforms.

The parties took differing positions on some aspects of housing affordability. The Liberals highlighted financial incentives for home buyers and homeowners that they introduced in the last legislative session, proposing a gradual approach to expand these

Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

"Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

"The entire

Whatever your reasons for re-financing, the condition of your property is always important if it needs an appraisal.

If you need to re-mortgage or just renew your existing mortgage you may find that the lender will request an appraisal, this is at the lenders expense mostly but if your home does not appraise correctly then then you maybe forced into situations such as putting the home for sale or having to come up with cash to bridge the gap. Lenders look at the property to see what the house would yield in a foreclosure sale, in the unlikely event that you default on this mortgage agreement. These steps are helpful no matter why you are having a home appraisal. Some appraisers will only walk around the outside and check the overall condition of your

In our changing mortgage market where traditional lenders shy away from risk, some buyers may have to consider the alternative

For those not familiar with mortgage lenders, alternative lending agencies – including B-lenders – have previously been thought of as the car salesmen of the lending world. They were the last resort; the place you went only when there was nowhere else to go. Today, however, they might also be the only lender willing to do business with you.

Recent changes to Canada’s mortgage regulations, coupled with the fury of Vancouver’s real estate market, has made B-lenders highly sought after, and, quite frankly, for some the only option. But are B-lenders the last hope for many BC home buyers?

The reality of today’s market is that

When it comes down to selling your home, there are certain home improvements that will generate more value than others.

Knowing which ones are right for you can be tricky; after all you want to maximize your return on investment (ROI) without sacrificing too much. Replacing the practical, everyday, features of your home, remembering to landscape your yard, and constantly maintaining your home are some of our top tips for valuable home improvements.  

Replacing the Practical Features

The practical, everyday, features of your home are the ones that will add significant value. Updating outdated windows, either by replacing or painting, can create a great first impression; as the exterior of your home will look fresh and new!

Then there’s