The 'Mortgage Chair' Analogy  Qualifying for a mortgage is easy to understand if you think about the 4 legs of a chair. Each leg is equally important.  A longer leg cannot compensate for a shorter leg. A lender needs stability from each leg in order to feel comfortable giving you a loan. It’s no different than feeling uncomfortable sitting on a wobbly chair. The lender could feel 'uncomfortable' with your application if all four legs are not equally strong. Leg #1 – Credit: All mortgage financing is based on your credit score. The higher the score, the better rates and term ..read more

Being Creative in a rising Interest-Rate market Louise Mason, Mortgage Broker, AB & BC www.louisemasonmortgages.com  I met an industry partner for coffee downtown Calgary yesterday and he asked me 'How do you respond (on the mortgage side) in an increasing rate environment?'.   I loved this question. The approach we take in times like these define us as professionals. The true test of our character and resilience in our businesses is how we respond to times like these when rates are rising, the market is cooling off, and tension and anxiety around the future is hig ..read more

Here is a 2-minute review of the basics that we should all know! WHAT IS IT? Provided by the Government of Canada to make home ownership for our newbies more accessible and affordable, The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to their down payment lowers both the principal and interest amounts, making homeownership more affordable. The Incentive is like a second mortgage on your client's home.   The first mortgage must be greater than 80% of ..read more

10 Things That Fail A Home Inspection How much is your home worth? Depending on who you ask, you’ll get a very different answer. One way to gauge a home’s value is to schedule a home inspection. A home inspector examines all the most important areas of a home—the HVAC system, the roof, the foundation—to assess its overall condition and potential issues.  You might think your home is ready to sell, but a home inspection can reveal all kinds of unforeseen problems. From structural instabilities to safety hazards, these problems can throw a wrench in the sale of your home. That’s why it’s be ..read more

So....what's the deal with Special Levies and Special Assessments In Strata Ownership?   If you’re new to real estate, then the these terms may make you scratch your head. But special levies (also known as special assessments) are important to understand. They can cause major problems and hurt you financially if you are not aware of what they are.   For example, if a special levy was passed right as you purchased your brand new trendy Downtown Victoria apartment), and this upcoming special assessment was not factored into your deal (meaning you didn’t budget for it)… you’re going to ..read more

As a first-time home buyer, you probably already know you’ll need a chunk of cash for a down payment. But lots of other costs can creep up when it’s time to jump into the real estate market, so it’s a good idea to save up for them and be ready for when the time comes to make an offer. Here’s how one first-time home buyer is navigating this exciting time. Start budgeting early  When Montrealer Kelly Wong decided last summer to buy a two-bedroom condo or small home on her own, she knew she had lots of homework to do, including figuring out what she co ..read more

Pre-sale condos can be a great investment as prices are often much lower early on as developers work to generate construction capital. Buying a pre-sale condo also gives you more options when it comes to which floor, what view, and which layout you want to buy. Some condo developments will also offer special incentives, such as an appliance upgrade or other special amenities. How it works... Typically a pre-sale purchase is made during the early stages of construction or before the ground has even been broken on a condo development. When you agree to purchase a pre-sale uni ..read more

Are there any GST rebate programs for strata buyers? Strata buyers may be eligible for a GST/HST New Housing Rebate for a portion of the GST paid on the purchase of a strata. This rebate is payable on a declining scale, depending on the purchase price of your new home. For eligibility information, see the Canada Revenue Agency guide RC4028, GST/HST New Housing Rebate. Are buyers of new and re-sale strata responsible for any charges levied by the Province? Yes, the Property Transfer Tax. This tax is calculated on the value of a home: If the fair market value of a strata is $200,000 or les ..read more

Tips for buying a new condominium in Greater Victoria Here are some Handy tips to help you when you go to buy a new condominium in Greater Victoria Look over the unit’s drawings and specifications so you’re clear about the floor measurements. Do they reflect the actual floor area of the unit or do they include the exterior and interior wall floor space areas as well? Verify where the unit’s boundaries are and that your unit factor is reasonable. Find out whether or not you can have changes made to the placement of walls, windows, doorways and types of doors (such as a pocket door) an ..read more

f you’re the type of person who loves vaping indoors and engulfing your apartment balcony in festive lights, condo living might give you a culture shock. With the price of detached homes so incredibly high, condominiums are an attractive prospect for first-time buyers. Sure, there’s reduced square footage and maybe a little less privacy, but for a lower price point and fewer maintenance responsibilities, condos are a great option for wannabe urban dwellers. That is, unless, you’re not comfortable living with a few house rules. Single-family homes and condos are very different when it comes to ..read more