Buying a home

Updated : Oct 2015

Houses

 

• Median price $399,900
• Monthly growth 0.52 %
• Quarterly trend
• Stock on market 1.72%

House Report

Across the country as a whole, Kamloops is in the top 20% when all of Canada’s suburbs are listed in order of real estate listing prices. The median house price listed in Kamloops this month is $399,900. If you’re looking at investment properties in Kamloops, then you’re most likely to find homes with 3 bedrooms on sale this month. From our data, it appears that neighbourhood is number 30th when comparing neighbourhoods by the number of properties available to investors across the nation, putting it in the top 10. It’s never an exact art, but to try to forecast how property is going to appreciate in

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Canada needs to do a better job cracking down on shady foreign investors, many of whom may be laundering ill-gotten cash through real estate purchases. That’s according to a new report by Transparency International, a Berlin-based watchdog group.

Lax standards in Canada, as well as countries like the U.S. and China, make it easy for billions of dollars of shady money to pour into cities like Vancouver, according to the Vancouver Sun.

Former Prime Minister Stephen Harper promised to toughen regulations at various G20 summits, but right now finance rules are lax enough that it’s hard to determine whether foreign “money launderers and other corporate kleptocrats” are snatching up properties in Toronto and Vancouver, Transparency International Canada

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OTTAWA, November 12, 2015 — Buying your first home is an exciting time but it also comes with many questions, concerns and in some cases, nerves. With that in mind, Canada Mortgage and Housing Corporation (CMHC) released today its 2015 First-Time Homebuyers Survey (#FirstTimeBuyers) coinciding with the fifth anniversary of Financial Literacy Month (#FLM2015).

“For many Canadians, buying their first home is the single, largest purchase they have ever made.” says Nathalie Fredette, Vice-President, Client Relationship Management. “Our aim is to provide mortgage brokers, lenders and other industry professionals with valuable information and useful tools so they can better guide their clients through this major life event.”

“CMHC’s survey results

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One of the two things to remember when you are buying a house; first, it’s a long term deal, and second, it is a big financial decision. You have to decide wisely because what you may think as the home of your dreams may turn into a nightmare if you are not careful.

Here are 4 home buyer’s nightmares to avoid

1. Not knowing how much you can afford. It is easy to overestimate what you can afford. Before you even decide to look at houses, take a good look at your income and expenses. It is best to have a precise idea of how much you can afford for a home so you wouldn’t waste your time looking at houses not within your reach.

 

2. Buyer’s remorse. Many home buyers who didn’t think through and decided to buy a home without thinking of other

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Vancouver, BC – November 12, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014. - See more at: http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2015-10-statistical-release#sthash.t0dDvUa5.dpuf Vancouver, BC – November 12, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing…

Change aimed at boosting affordability will likely affect suburbs most.

Changes to mortgage rules mean that some home buyers in Metro Vancouver's hot housing market may soon get a break when it comes to their loan application.

Currently, home buyers with a deposit of less than 20 per cent are required to have their mortgage loan application approved and insured by Canada Mortgage and Housing Corporation (CMHC).

Starting this fall, CMHC plans to change the rules for those buyers to allow them to include projected income from secondary suites when they apply for a loan.

"CMHC will consider up to 100 per cent of gross rental income from a two-unit owner-occupied property that is the subject of a loan application submitted for insurance," the new

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But prepare for an “uptick” in interest rates

The Canadian 2015 election. “It was a very clear verdict that Canadians were seeking real change,” said Pramod Udiaver, CEO of online advisor service, Invisor. “The Liberals campaigned and won with a focus on the middle-class,” says Udiaver, “with many of their promises attempting to make a meaningful difference for middle-income families.”

While most Canadians still struggle with paying too much in taxes, trying to maximize savings while making sound financial decisions, the new Liberal majority government will have real impact on the nation’s real estate market.

Continued interest by foreign investors

“From a fiscal point of view, the Liberal government will be moving Canada from a modestly

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Consider it an opportunity to learn more about the house, the sellers and the neighbourhood

An open house is the real estate world’s version of window shopping. It’s an opportunity to sneak a peak at a neighbour’s home, and a chance to size up a potential house or neighbourhood.

But for most window-shoppers, ignoring or minimizing talk with the real estate agent at an open house lands somewhere between a challenge and a sport. It shouldn’t. While there’s no question that the realtor hopes to drum up business by holding an open house, they can also be a wealth of information. It’s just a matter of asking the right questions. Here are six questions to ask at the next open house you visit.

1. Why do the sellers want to move?

Listen, we all read

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According to Statistics Canada, 69 per cent of Canadians own homes, so most of us have reason to worry about the fate of the housing market. Landlords, in particular, make a conscious choice to invest in real estate that goes beyond just a place for their families to live. As a result, landlords should be paying close attention to the conflicting views and data on Canadian real estate.

One in 20 Canadians own rental real estate according to the Financial Industry Research Monitor. An Altus Group study shows that for households earning more than $100,000 per year, rental real estate ownership is twice that of the general population – about 10 per cent.

So the question is: buy or sell?

Buy

Donald Trump may very well be the next

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Many home buyers are attracted to foreclosed properties because they can offer great opportunity. But don’t get too excited yet, though foreclosed homes really offer great deals, they also come with challenges. Knowing what you will deal when you decide to buy a foreclosure can prepare you in the process.

 

There are no disclosures

With a traditional sale, you’ll get disclosures from the sellers. With foreclosures, there’s none. It’s like not knowing what you’re getting into because you will not have any knowledge if the house will need some serious fixing. The bank will not give you the history of the home nor the problems you might encounter when you move in so you have to be prepared.

You can work with your agent on this. Search as much as

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