Local Kamloops News

Are you gearing up to buy your first place?

Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right? Unfortunately, many people make mistakes that prevent them from achieving this simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign. (Don't know even where to get started when purchasing a home?

1. Not Knowing What You Can Afford
As we've all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you

New mortgage insurance rules introduced by the federal government last fall to cool the housing market have led to a sharp drop in insurance volumes for Canada Mortgage and Housing Corp. as fewer home buyers qualify for mortgage insurance.

CMHC said total insured volumes fell 41 per cent in the first quarter of 2017, including a 23-per-cent drop in homeowner insurance volumes and an 87-per-cent decline in the volume of portfolio insurance, which is bulk insurance purchased by financial institutions for their portfolios of uninsured mortgages.

The numbers unveiled on Tuesday offer a window into the impact of the government’s new rules, suggesting they have led to a significant decline in the number of people qualifying for insured mortgages under the

These days, knowing how to sell a house isn't as simple as sticking a "For Sale" sign on your lawn.

Times have changed—and the good news is the market is currently in your favor. It’s undeniably a seller’s market. In other words, buyers are demanding homes, but there isn't much inventory on the market. Plus, half of home buyers are worried about future rising interest rates and looking to lock into a home soon. As a result, there is pressure on buyers to submit offers quickly, and to offer full or even above list price.

All of this puts sellers squarely in the driver's seat—which can be a lot of pressure if your GPS is broken and you don't know how to navigate this new world. Consider this your crash course in getting up to speed.

Rule No. 1:

When buying or selling a home, using the skilled services of an experienced real estate agent is often preferred.

A good Realtor® is sort of like your own personal Yoda—someone you can trust with your most pressing questions and biggest decisions, guiding you safely toward your destiny (of a brand new home!).

A Realtor may have profound knowledge of the local market, excellent negotiation skills, and other benefits that can serve you well throughout the transaction. Many people are friends with agents, and others may have a close relative in the area who has a real estate license. As you begin selecting a real estate agent to hire for assistance with your upcoming transaction, you may be wondering if you should hire a friend or family member to help

Canadian Airbnb hosts and the Canada Revenue Agency

Contrary to popular belief, Airbnb hosting is not “free money”. In the eyes of the taxman, it’s rental income. That status, however, depends on a number of factors I’ll describe in this section.

Of primary importance is that hosts are documenting expenses and retaining receipts to reduce the impact of tax assessments, come CRA filing time. Credit card receipts don’t cut it with the Agency, as these don’t identify specific items purchased. You need to present the CRA with an actual receipt. This includes receipts for all the little things that make your property special – bathing products, toothbrushes, a selection of special teas, or coffee. That means that hosts are on the hook for every single

Numbering around 80 million, Millennials now represent the fastest-growing generation of consumers in North America.

Statistics tell us that those born between 1980 and 2000 are a tough sell – being location-unaffiliated and cash poor means they’ve been written off as a generation of renters. But don’t be fooled: young people are more eager to get on the property ladder than you might think. In fact, Millennials now account for one in three home buyers. That figure is set to explode as we edge into the next decade.

What is true, is that Millennials have different attitudes about home buying than any other generation of home buyer. So, while a Generation Xer might value stability and look for a home they can live in for a decade or more before

If you’re selling a home, you’ll want the best possible representation.

Buying a home is a big step, but then again, so is selling a property. The most important thing when listing a home is finding the right real estate agent to get you the most money possible and ensure a smooth, stress-free process.

Before You Start

First off all sellers should take a look at the Working with a REALTOR® brochure, available on the BC Real Estate Association website (bcrea.bc.ca). This is a great introduction to what a certified REALTOR® does, what their legal and fiduciary duties are, and how you can best work with one.

Interviewing Agents

To ensure your agent is the right fit for you, sellers should interview one or more agents before signing an

Owner Financing good or bad?

It would seem a bit counter intuitive for someone to allow a buyer to pay over time for their property. After all, wouldn’t it be better to get all the money in one go thereby requiring the buyer to get financing from a bank? Well, sometimes it’s more lucrative for the seller if they can make it work to offer financing. As always TAKE ADVICE when it comes to anything to do with finance and assets. This is a huge undertaking for anyone to make and without the proper fiscal and legal mechanisms in place could be a risk that you would not want to take. There are obviously good reasons to offer owner financing as detailed below.

1. Better Selling Price

In a buyer’s market, it can take a while for a property to sell,

Thinking of buying your own place? It’s normal to feel a little overwhelmed.

After all, it’s the biggest purchase you can make. In an effort to remove some stress from the equation, here are a few tips from the experts.

What to do when you’re a first-time home-buyer:

1. Get pre-approved.

Some real estate agents won’t even work with you until you’ve been pre-approved for a mortgage. This is an important first step in the home-buying process. You don’t want to start house-hunting and fall for a home you can’t afford.

Plus, there may be problems with your credit that you don’t know about.

“Sometimes people are just unaware that they may have like a Sears card that they forgot to cancel and it’s caused a problem on your credit rating,”

Some real estate brokerages have ads and billboards that imply that all real estate transactions are as easy as 1-2-3! 

In reality, a lot of work goes on, both on-scene and off, to ensure the smooth, successful sale of your home.  Here is a snapshot of Danielle’s services and what you can expect during the home selling process:

Pre-listing Preparation

To prepare your property for listing, Danielle will help you take a look at your home through the eyes of a potential buyer. What impression does your house give — both inside and out? A small investment in repairs, decoration and organization, both inside and outside your home, could add thousands of dollars to your property value.

Opinion of Value

Danielle’s comparative market analysis