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Basic real estate information for first time buyers wanting to break into the BC real estate market.

Found 19 entries about Tips for First Time Buyers.

Growing sales in Fraser Valley met with bump in new inventory.

If you are actively looking a buy a home in the near future the above headline of May’s Fraser Valley Real Estate Board’s News Release should be promising!

The release states that the Fraser Valley finally had an increase in new housing inventory coming to the market this last month. Board President Gopal Sahota encourages home buyers:

"We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.”

Here are some other key highlights from the May 2017 Fraser Valley real estate market recap:

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With today marking the first day of winter you may be wondering, “Is winter a good time to buy a home in BC?”

Yes, spring and summer are typically the popular months for most people to buy and sell real estate but there are definitely some benefits of home buying during winter.  Here are 8 reasons to buy a home in the winter that you may want to consider.

1. Fewer Buyers to Compete with in Winter

Most people start to look to buy a house in spring and summer as the weather gets nicer and the school year wraps up. If you start a little early and start looking to buy a home in winter you will have fewer buyers to compete with. This may mean you can avoid a bidding war or find a seller who is willing to go down in price to get their property sold

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New B.C. Home Owner Mortgage and Equity Partnership Program

Today while in Surrey, BC, our Premier Christy Clark announced that the provincial government will be matching the down payment of first-time home buyers with five-year interest-free, payment-free loans.

Here are the details that we know so far in order to qualify:

  • Be a Canadian Citizen or Permanent Resident for 5 years.
  • Have lived in BC for at least one year.
  • Never owned a residential property anywhere in the world.
  • Have a down payment up to or equal to the amount of the loan (up to $37,500 or 5% of the home purchase price).
  • Pre-qualify for a high-ratio first mortgage for at least 80% of the purchase price.
  • Purchase a home worth less than $750,000 (including condos,
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Are you overwhelmed by the Fraser Valley housing market but still interested in purchasing your first home? Here are some of my tips for first time home buyers to get into this real estate market without breaking the bank.

1. Get pre-approved for a mortgage.

Getting pre-approval is an important first step in the home purchasing process, particularly for first-time buyers. What you can afford to spend is determined by your pre-approval. Getting pre-approved for your first mortgage also marks you as a serious buyer and lets you jump on putting in an offer without waiting for your pre-approval to come through. For more information on pre-approval check out my article Are You Ready to Quality as a First Time Home Buyer?

2. Hire a local Realtor® you

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With the continued acceleration of the BC real estate and housing market, one has to ask themselves, “Is this a good time to buy?” and “Should I buy a house in 2016?”

In the hot BC Vancouver real estate market houses for sale are currently selling daily for hundreds of thousands of dollars, and in rare cases millions, over the asking price. In some situations, these sales have been creatively engineered to elicit bidding wars. But there are so many properties selling above asking price that bidding wars are almost ‘the norm’ in this intensively stimulated market.

Rising prices are also prevalent in London, UK, as well, and as a result, families are purchasing homes farther and farther away from the epicentre because they simply can’t afford the

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Are you feeling discouraged in your quest for home ownership with home prices expected to rise another 9% in 2016?

Don’t give up! Perhaps a house with a rental suite could be the right solution for qualifying for your mortgage and meeting your monthly payments. Did you know that 25% of detached houses in BC contain a rental suite? In the Lower Mainland, 40% of houses having rental suites.

This week over on, Scott Allan shares how you can use rental offset rules to increase your mortgage from $255,000 to $400,000.

Typically, CMHC laws legislate that no more than 32% of your income can be used to pay your mortgage payment, property tax, strata fees, and home heating costs.  Banks are able to add 50% of your potential rental income to your

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We’ve all heard people say, “Location, Location, Location” …

The location and neighborhood of your home not only impacts the value of your home but also your quality of life and how you will spend your time. But how do you choose the best neighborhood for you and your family when looking for homes for sale in BC, especially when you are new to the area?

Today I’ve compiled a list of all the best tips to help you choose the right BC neighborhood for your family that I’ve shared with my clients over the past number of years. While doing a little extra research I came across an awesome quote by Liz Gray of that is a great way to preface these pieces of advice:

“If houses are like spouses, a neighborhood is like the extended family. But

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I came across a great article this morning in the The Vancouver Sun comparing some great Surrey real estate properties to a 932 square foot two-bedroom Vancouver condo listed at $439,999 (below). Did you know that in Surrey this could buy you a 3 bedroom detached home or a 4 bedroom condo?

If you are wanting to break into the real estate market but are looking for something a little more spacious than what Vancouver has to offer within your budget why not consider some Surrey homes for sale?

Surrey, British Colombia is rated among the top 5 cities to invest in across all of Canada and is ranked #1 in British Colombia. With close proximity to dozens of amenities including the largest public school districit in BC, Simon Fraser University, Kwantlen

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A couple days ago I came across an alarming statistic:

70% of Canadians between 18 and 29 indicate a “major need” for more information about financial implications of buying a home.
                                                                  (Source: The Canadian Real Estate Association)

If you fall within this age range do you feel insecure about your personal knowledge of the financial implications of homeownership? One of the best resources I can recommend for first time buyers is the Homebuyers’ Road Map published by The Canadian Real Estate Association.


How to assess your financial readiness

What lenders require, getting preapproved as a first time buyer and learning your credit rating.

Canadian Mortgage Options for First Time

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Did you know that according to recent statistics there are about 13,500 grow-op homes in BC? That's about 1 in every 137 homes.

Last week the Union of B.C. Municipalities gathered to discuss drug homes in British Columbia and the hardships buyers face when selecting a home for sale in BC.  

Currently there is no official method to determine if a home has been identified as a drug house in the past and no official process to remediate or bring the home back to current building and safety standards.

As shared in last week’s article in The Province many buyers are left to find out the fate of their home after they move in when the neighbors "kindly" disclose the information. Unfortunately by this time it’s too late. The new homeowners are often left

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