If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance The federal government requires high-ratio mortgages with less than 20% down…
Did you know that in British Columbia, more residents live in a strata unit than a detached home, and this number will continue to grow! A strata unit can be a townhome, condo, or du/tri/multi-plex. Definitions of common strata terms is found here. Living in a strata is a form of communal living. Although residents…
As home owners age and live longer, their income sources may no longer be enough to cover expenses, especially for those on fixed incomes. Many home owners in this phase of life look to the market value their homes have built since they purchased it, also known as equity, to help cover these expenses. But…
Can you explain sellers’ and buyers’ contractual obligations? Buyers and sellers with signed contracts that are legally binding have many contractual obligations. Here are a few examples. Included items The standard form, Contract of Purchase and Sale, contains this clause: “The Purchase Price includes any buildings, improvements, fixtures, appurtenances and attachments thereto, and all blinds,…
You can search for your next home in Metro Vancouver and across BC on Realtylink.org. Owned and operated by the Real Estate Board of Greater Vancouver, Realtylink.org gives you access to over 25,000 homes listed for sale on the MLS®. Realtylink.org features On Realtylink.org, you can: Search the most up-to-date data from the MLS® systems…
Strata corporations, strata owners, residents and strata council members can access online services through the BC Civil Resolution Tribunal (CRT). non-payment of monthly strata fees or fines; unfair actions by the strata corporation or by those owning more than half of the strata lots in a complex; uneven, arbitrary or non-enforcement of strata bylaws (such…
The Office of the Superintendent of Financial Institutions (OFSI) and the Minister of Finance, Canada’s banking regulators, tightened the rules around the mortgage stress test on June 1. Under the new requirements, all mortgage applicants must be able to afford their mortgage at an interest rate of 5.25 per cent or two per cent over…
Metro Vancouver’s housing market is experiencing record home buyer demand. What do hopeful home buyers need to know to successfully navigate this hectic market? We sat down with Real Estate Board of Greater Vancouver (REBGV) Chair Taylor Biggar to find out. Q: What advice do you have for someone who’s just starting their home buying…
If you’ve heard the term “non-conforming strata” before, there’s something you should know: There’s no such thing, according to the Condominium Home Owners’ Association (CHOA). Typically, this term is used to describe strata properties with less than five units. However, a strata is legally defined as any property where a group of owners own their…
Helpful Advice: Get the basic knowledge you need before buying a home, plus useful advice to guide you throughout the process. Find it all here. Home listings on the Internet: Visit REALTOR.ca to view the latest home listings on whatever computer or device you’re using. Home listings app for your phone: Add our REALTOR.ca app…
