When contemplating the sale of our homes, it's common to think, 'I'll wait until the spring. My home looks so much better in the springtime.' But what if we told you that listing your home in January or February in the Lower Mainland can be just as picturesque and lucrative?As potential buyers brave the cold to discover their dream home, ensuring that your property makes a distinctive impression is paramount.  Here are eight ways to make your home shine during the winter months:

1. Winter Curb Appeal

Craft a lasting first impression by elevating your home's curb appeal. Clear driveways and walkways of snow and ice, embellish with winter-friendly plants or decorations, and ensure your exterior lighting is impeccably maintained, creating a warm and welcoming entrance. Mend any broken roof shingles, fix leaky gutters, and ensure the exterior paint looks flawless.

2. Cozy Interiors

Opt for warm and neutral tones in decor, introduce plush blankets, and strategically place soft lighting to foster a comforting atmosphere. Encourage prospective buyers to picture themselves nestled by the fireplace during chilly winter evenings. Adjust the thermostat to a comfortable temperature before showings to leave a lasting impression.

3. Optimize Natural Light

In the midst of shorter days, natural light becomes a precious commodity. Enhance brightness by cleaning windows, trimming overgrown outdoor foliage that may obstruct sunlight, and strategically placing mirrors to reflect and amplify natural light throughout your home.

4. Winter-Friendly Features

Accentuate features that shine in winter to set your home apart. Ensure your fireplace is clean and functional, and highlight heated flooring, a hot tub, or a well-insulated attic. These winter-friendly attributes enhance your home's appeal during the colder months.

5. Seal the Winter's Whispers

Cold drafts can sway potential buyers away. Seal gaps around windows and doors to ward off heat loss. Considering installing weather stripping, an aesthetic and functional touch that amplifies insulation and keeps your home warm and toasty during showings.

6. Navigating Winter Waters

Winter's icy breath may bring plumbing challenges. Vigilantly inspect for leaks, mend dripping faucets, and insulate your pipes. Beyond averting issues during showings, a well-maintained plumbing system becomes a testament to your home's overall condition, reassuring potential buyers.

7. The Palette of Renewal

Investing in quality paint not only enhances the visual appeal of your home but also offers one of the best returns on investment for home renovations. This rejuvenating touch not only revitalizes your space but also invites potential buyers to imagine their own style seamlessly blending with the canvas of your home.

8. Photographic Brilliance

Invest in top-tier, professional photography that captures your home in its winter glory. Bright, well-lit photos with sharp and clear images make your listing stand out online, attracting potential buyers actively searching during the winter months.

By taking the time to ensure your home not only appears stunning online and in real life, and by addressing these essential repairs, you're setting the stage for a smoother sale by offering peace of mind and pride of home ownership to potential home buyers.

Did you know that if you don’t adapt to today’s real estate market, you could potentially lose thousands—or even hundreds of thousands—without realizing it? And once those opportunities are gone, they’re gone for good.

If you’re over 60 and thinking about selling your home in the Fraser Valley, this is your chance to get it right and sell for top dollar. In this post, I’ll walk you through the crucial changes in today’s market that you need to know. These insights could make all the difference when selling your home.

Moving is Tough—Especially When You’re Over 60

Let’s face it, moving is never easy, but when you’ve lived in your home for decades, it can feel even more overwhelming. Your home is where you’ve raised your family, made memories, and shared countless moments with friends. The emotional attachment is real, and I completely understand—it’s hard to even think about letting go.

But here’s the deal: today’s real estate market is nothing like it was 20 or 30 years ago. If you try to sell the same way you did back then, you could be leaving a lot of money on the table. What worked in the past doesn’t work anymore, and that’s why it’s crucial to adjust your approach.

A Story of Change: Bill’s Experience

Let me share a story about a client I’ll call Bill. Bill and his wife had lived in their home for nearly 30 years. Like so many of you, they had built a lifetime of memories in that house. But when it came time to sell, they found themselves overwhelmed by just how much the market had changed.

Bill thought the strategies that worked decades ago would still get him the best price. However, that wasn’t the case. He needed to adjust his approach—and fast. I’ll return to Bill’s story shortly, but first, let’s dive into the 10 most important things you need to know if you’re over 60 and thinking about selling your Surrey home. These tips made all the difference for Bill, and they could do the same for you.

1. Buyers Today Are Not Like You

Let’s be honest: today’s buyers are different. They’re younger, more tech-savvy, and they know exactly what they want. If your own kids were to walk into your home today as buyers, what would they see? Would they notice the charm and character, or would they be put off by what’s outdated or in need of repair?

Buyers today are likely to notice the latter. Start by fixing those little maintenance issues now. Buyers don’t have the time or energy to deal with repairs, and too many visible problems could cause them to either offer less money—or worse, walk away entirely.

2. Pricing It Right From the Start

Speaking of money, pricing your home correctly from the start is more important than ever. Buyers today don’t waste time, and if your home is priced too high, they won’t even give it a second look. They’re comparing prices online, and they know exactly what’s fair.

Bill’s story comes into play here. When we first listed his home, he wanted to price it higher than I suggested, thinking he could negotiate down. But that strategy doesn’t work anymore. After a few weeks of no showings, we had to adjust the price, and then things quickly started to move.

3. Inspections Can Make or Break the Deal

Once you’ve got your pricing right and some interest from buyers, be prepared for inspections. Even if your home is in great shape, inspectors will always find something—that’s their job. Expect this and don’t get emotional when buyers ask for a few repairs.

Sellers can sometimes get too emotionally invested at this stage, but it’s important to keep your emotions in check. A few small repairs can keep the deal moving forward and avoid derailing the sale.

4. Managing the Emotional Toll of Selling

This isn’t just about a house—it’s about where you raised your family, made memories, and built a life. The emotional side of selling can be tough, but it’s important to focus on why you’re moving. Maybe it’s to downsize, move closer to family, or simplify your life. Keep that front and center to help you get through the emotional challenges.

Take your time packing—one room at a time. There’s no need to overwhelm yourself by doing everything at once.

5. Decluttering: No One Wants Your Stuff

As you’re packing, it’s time to talk about decluttering. The reality is, nobody wants your stuff—not your kids, and not the buyers. It’s hard to let go of things you’ve kept for years, but trust me, the less clutter you have, the better your home will show to potential buyers.

If you need more guidance, I have an entire video dedicated to decluttering that you can check out.

6. Staging and Professional Photos Are Non-Negotiable

When it comes to showing your home, staging and professional photos are a must. Buyers are scrolling through listings online before they even think about visiting a home in person. Your first showing is happening virtually on their phone or computer, so your home needs to look great in those photos.

Consider staging your home to make it more appealing to buyers and give the walls a fresh coat of neutral paint if needed.

7. The Right Real Estate Agent Will Save You (or Cost You) Thousands

Hiring the right real estate agent is critical. Don’t just go with someone you know, or someone who’s been in the business forever. You need an agent who understands today’s market and has the tools to sell your home in a competitive environment.

Back to Bill’s story—after adjusting his price, we had multiple offers within two weeks. Sometimes, it’s about trusting your agent and adapting your strategy to the current market conditions.

8. Timing Is Everything—But Don’t Wait Too Long

Contrary to popular belief, you don’t need to wait until spring to sell your home. If the market is right, list it when you’re ready. In fact, listing in fall or winter can be advantageous since there’s usually less competition.

9. Start Early and Ask for Help

When it comes to moving, start early and don’t try to do everything yourself. Professional movers or senior move specialists can make the process easier. If you have family nearby, don’t hesitate to ask for help—they’ll likely be happy to assist.

10. Don’t Let Stress Cost You Money

Finally, don’t let stress cost you money. Selling your home can be stressful, but it’s important to manage that stress. Sometimes, accepting a fair offer and moving on is better than holding out for months, hoping for a higher price.

Wrapping Up

Selling your home when you’re over 60 can feel daunting, but with the right strategies and a good real estate agent by your side, you can navigate the process smoothly and sell for top dollar. If you have any questions or want to discuss selling your home, feel free to schedule a call with me. I’m here to help!

Having a good credit score is crucial for financial health in Canada. It influences your ability to get loans, mortgages, and even affects job prospects in some cases. Improving your credit score may seem daunting, but with the right strategies, you can make significant progress. Here are some proven steps to help you enhance your credit score, based on guidelines from reputable sources like the Government of Canada, Equifax, and TransUnion.

1. Understand Your Credit Score

Before you start improving your credit score, it’s essential to understand what it is and how it’s calculated. Your credit score is a numerical representation of your creditworthiness, ranging from 300 to 900. The higher your score, the better. Factors that influence your credit score include your payment history, the amount of debt you owe, the length of your credit history, new credit inquiries, and the types of credit you use.

2. Check Your Credit Report Regularly

It’s important to check your credit report regularly to ensure all information is accurate. Errors on your report can negatively impact your score. You can get a free credit report from the major credit bureaus, Equifax and TransUnion, once a year. Look for discrepancies and report any errors to the credit bureau to have them corrected.

3. Make Payments on Time

Payment history is the most significant factor affecting your credit score. Late payments, even by a few days, can have a substantial impact. Set up reminders or automatic payments to ensure you pay your bills on time. Consistent, on-time payments will steadily improve your credit score over time.

4. Keep Your Credit Utilization Low

Credit utilization refers to the ratio of your credit card balances to your credit limits. It’s recommended to keep your credit utilization below 30%. For example, if your credit card limit is $10,000, try to keep your balance below $3,000. High credit utilization indicates you might be over-relying on credit, which can lower your score.

5. Pay Off Debts

Reducing the amount of debt you owe can significantly improve your credit score. Focus on paying off high-interest debts first while maintaining minimum payments on other accounts. Creating a debt repayment plan can help you manage your payments more effectively.

6. Don’t Close Unused Credit Cards

It might seem like closing unused credit cards would help your score, but it can actually hurt it. Closing a credit card reduces your overall available credit, which can increase your credit utilization ratio. If you don’t use a card often, keep it open but use it occasionally to keep it active.

7. Limit New Credit Applications

Each time you apply for new credit, it results in a hard inquiry on your credit report. Too many hard inquiries can lower your credit score. Be selective about applying for new credit, and only do so when necessary.

8. Diversify Your Credit Mix

Having a variety of credit types, such as credit cards, retail accounts, installment loans, and mortgages, can improve your credit score. This demonstrates that you can manage different types of credit responsibly.

9. Consider a Secured Credit Card

If you have a low credit score or no credit history, a secured credit card can be a good option. It requires a security deposit, which serves as your credit limit. Using a secured card responsibly can help you build or rebuild your credit score.

10. Be Patient and Consistent

Improving your credit score is a gradual process. It requires consistent effort and time. Stay committed to making smart financial decisions, and over time, you will see positive changes in your credit score.

For more detailed information, you can refer to the resources provided by the Government of Canada, Equifax, and TransUnion.

Improving your credit score can open up more financial opportunities and provide greater peace of mind. By following these steps and staying disciplined, you can achieve a healthier credit profile and secure a brighter financial future.

#5. Small Fixes, Big Impact: Don’t Ignore Home Maintenance

You might not think much of a small leak or a tiny crack, but these minor issues can lead to major headaches. Think of your home as a living entity that needs regular care to stay healthy and retain its value.

Pro tip: Have you ever heard the phrase, “big doors swing on small hinges”? This applies perfectly to your home’s front door. A fresh coat of paint on your door, ensuring the doorbell rings sweetly, and a door handle that functions smoothly might seem like tiny details, but trust me, they make a massive impression on buyers. These small touches of maintenance can significantly boost your home’s appeal. Remember, the devil is in the details!

#4. Personalization vs. Practicality: Striking the Right Balance

We all want our homes to reflect our personalities, but remember, there’s a fine line between ‘unique’ and ‘unsellable.’ Excessive customization can make it hard for potential buyers to see themselves in your space.

If you’ve ever watched the Netflix series, “Amazing Interiors?” If not, go watch it to learn exactly what NOT to do to your home if you ever want a decent chance of selling it at some point in the future. On that show some people converted their entire homes into a “Cat House” for their cats, a “House of Horrors”, a “Circus House” and a “Chicago Cubs Cave”. Now if you have ungodly amounts of money and never plan to sell then go for it. Otherwise, think twice!

#3. First Impressions Matter: Don’t Skimp on Curb Appeal

Never underestimate the power of curb appeal. Your home’s exterior sets the tone for the entire viewing experience. Simple upgrades like landscaping and a fresh paint job can significantly boost your home’s perceived value.

Quick facet: Did you know that some of the most cost-effective ways to boost your home’s value involve basic landscaping and a fresh coat of paint? Planting fresh flowers, keeping the lawn neatly mowed, adding some fresh mulch, and giving your walls a new coat of paint are not just affordable – they offer a fantastic return on investment.

#2. When DIY Becomes Don’t: Know Your Limits

DIY projects can be fun and fulfilling, but not all of us are cut out for every home improvement task. Poorly executed DIY jobs can be a major turn-off for potential buyers and even raise red flags during home inspections.

I can’t tell you how many homes I’ve been in where DIY tiling and flooring had gone wrong! Tiling and flooring require precision which most amateurs just don’t have. Messy alignment, gaps, and uneven surfaces are common mishaps. These flaws are quickly spotted by potential buyers, who often roll their eyes because they prefer homes that don’t need immediate fixes, especially in something as prominent as floors and tiles. This can be a big turn-off and drive them away.

And now, drumroll please, the number one thing that homeowners do that can devalue their home:

#1. Bedroom Beware: Think Twice Before Converting

Converting bedrooms into other spaces can seriously devalue your home. Bedrooms really matter when you’re selling your place. Changing how many there are or what they’re used for can actually make your home less appealing to buyers. Most people want more rooms, not less, and the more bedrooms you have, the higher the price you can usually ask for your home. So, think twice before you transform that spare bedroom!

Remember, your home is more than just a place to live – it’s a significant financial asset. By avoiding these common pitfalls, you’ll not only enhance your living experience but also protect your home’s value for the future.

So now that you know what not to do, the question is, do you know what you can do to increase the value of your home? Let me help you answer your unique questions. Feel free to reach out and call text or email me I’m happy to help!

Are you ready to find out exactly how much cash you’ll need to get into your dream home? You might be surprised—it could be less than you think! Understanding these down payment rules can make or break your home-buying journey. In this blog post, I’ll break down the minimum down payments required in Canada, explain the differences between a deposit and a down payment, and give you some killer tips on how to save up for that big purchase. Trust me, you’ll want to stick around until the end because the last tip I share could save you tens of thousands of dollars!

What is a Down Payment?

First things first—what exactly is a down payment? When you get a mortgage, the down payment is the amount you’re required to pay upfront. It represents a portion of the price of the house you hope to buy. Think of it as your initial investment into your new home.

A down payment is typically made in cash, and the bigger your down payment, the smaller your mortgage will be. This means more equity in your home right from the get-go. And remember, home equity is simply the value of your house minus the mortgage amount.

Quick note: Don’t confuse your down payment with your deposit. Your deposit is what you put up during the buying process to show the seller you’re serious, while the down payment is part of the mortgage process and reduces the amount of money you need to borrow from the lender.

Minimum Down Payments in Canada

Now, let’s talk numbers. Can you buy a house in Canada with no down payment? Unfortunately, the answer is no. Canada has specific rules around minimum down payments that have been in place since 2008. Here’s the breakdown:

• For homes under $500,000: The minimum down payment is 5%. So, if you’re looking at a $400,000 home, you’ll need at least $20,000.
• For homes between $500,000 and $999,999: You need 5% for the first $500,000 and 10% for the amount above $500,000. So, if you’re buying a $700,000 home, you’ll need $25,000 for the first $500,000 and another $20,000 for the remaining $200,000, totaling $45,000.
• For homes $1 million or more: The minimum down payment jumps to 20%. So, a $1.5 million home requires at least $300,000 down.

When You Might Need More

Not everyone gets by with just the minimum down payment. If you’re self-employed, have a poor credit history, or if the monthly mortgage payments on your dream home are too big for your budget, lenders might require a larger down payment to reduce the mortgage size and those hefty monthly payments.

Mortgage Default Insurance

If your down payment is less than 20%, you’ll have to purchase mortgage default insurance. This protects your lender in case you can’t pay your mortgage. It’s an added cost, but it can help you get into your home sooner if you don’t have the full 20% down.

Tips for Saving Your Down Payment

Feeling like that 5%, 10%, or 20% down payment is a big mountain to climb? Here are some ways to make it happen:

• Prioritize and Budget: Look into your budget and cut costs. Skip the vacations, hold off on that new phone, and drive a cheaper car for now.
• Reduce Your Debt: Pay off your debts to free up more money for savings and improve your debt service ratios.
• Start a Down Payment Savings Account: Automate your savings and consider using a TFSA or a high-interest savings account to grow your money faster.
• Borrow from Your RRSP: You can borrow up to $35,000 from your RRSP tax-free for your first home. This can be a game-changer for getting that down payment ready sooner.

There’s so much more to know about buying a home, including finding the right neighborhood, knowing the types of houses to avoid, understanding closing costs, and more. Make sure to keep exploring to help you make the right home-buying decisions.

And remember if you have any questions, feel free to ask! Happy house hunting!

Things To Consider When Buy These Types of Houses!

House hunting is an adventure that promises exciting possibilities. Whether you’re drawn to charming century-old cottages or ultra-modern condos, it’s essential to keep your eyes open to avoid the hidden pitfalls that could quickly turn your dream home into a financial nightmare. So, let’s explore six types of houses that fall into the category of “Never buy these types of houses!”

#1 Stratified Properties – With Red Flags

Stratified properties, such as condos and townhouses, are often attractive for their amenities and community feel. However, without careful consideration of their strata documentation, you could find yourself in a money-draining situation. Key things to watch out for include:

• Pending Litigation: Legal disputes involving the strata corporation could lead to unexpected legal fees and special assessments, leaving owners paying the price.
• Excessive Disrepair: Issues like a leaky roof, malfunctioning elevators, or deteriorating balconies could mean significant repair costs for the community.
• 1985-2000 BC Condos: Units from this era may still be affected by the “Leaky Condo Crisis,” where poor construction caused widespread leaks and structural damage.
• Small Contingency Fund: An underfunded contingency reserve signals that the strata may need to impose special assessments to cover large repairs, leading to steep extra costs for owners.

TIP: AI tools can help you quickly identify potential red flags by analyzing strata documents.

#2 Homes Over 100 Years Old

Historic homes are rich in character, but they often come with significant challenges:

• Expensive Repairs & Restorations: Outdated systems such as lead plumbing, knob-and-tube wiring, and asbestos insulation can result in thousands of dollars of repairs and the need for environmental professionals.
• Safety Hazards: Steep staircases, low ceilings, and outdated building standards can make older homes more dangerous, especially for children.
• Non-Functional Fireplaces: Decorative fireplaces that don’t work can present hidden safety issues and often need costly repairs.

#3 Flood Plain Risks

Flooding risks aren’t always obvious, and buying a house in or near a flood plain can lead to significant challenges:

• Flood Risk: Being near rivers or other flood-prone areas means your home could flood even if it’s in a 100- or 500-year zone.
• Unpredictable Storms: Recent floods like the 2021 Fraser Valley event show that severe storms can leave homeowners unprepared.
• High Insurance Costs: Insuring a property in a flood-prone area can cost hundreds or thousands of dollars annually, potentially increasing over time.

#4 Underground Oil Tanks

Buried oil tanks on a property can be a costly surprise if not handled properly. Key concerns include:

• Inspect & Remove: Even decommissioned tanks that are filled with sand should be removed, as soil contamination is still possible.
• Costly Remediation: If oil has leaked into the soil, remediation costs can skyrocket into hundreds of thousands.

Consider this story: A North Vancouver homeowner discovered an old oil tank under her property while selling her home. The removal and decontamination process cost her $85,000.

TIP: Review the Property Disclosure Statement (PDS) for any indications of past oil tanks, and always get a pre-1980 home inspected for tanks.

#5 Poor Workmanship in Houses

Flipped houses can look appealing with fresh paint and new fixtures, but sometimes, poor workmanship lurks beneath:

• Old & New Homes: Uneven moldings, sloppy paint jobs, and poorly finished floors are indicators that other corners were likely cut. A simple marble test can reveal floor leveling issues.
• Check the History: If the home was recently flipped, dig deeper to see if the renovations were purely cosmetic.

#6 Manufactured Mobile Homes

Manufactured mobile homes might seem like an affordable housing solution but consider the long-term value:

• Depreciating Asset: Unlike traditional homes, mobile homes tend to lose value over time, especially when the land is leased.
• Mortgage Difficulties: Lenders may not be willing to finance mobile homes, especially those on rented pads. Amortization schedules are shorter, making monthly payments challenging.
• Harder to Sell: Due to financing challenges and depreciation, mobile homes often stay on the market longer.

Recommendation: If affordability is an issue, opt for a studio apartment or small condo to get on the property ladder while holding onto your investment.

Final Thoughts

You might now be wondering, “What should I buy?” Every region has gems waiting to be discovered, but it’s crucial to find the best neighborhoods and know who the reliable builders are. The best way to do this is to connect with a professional realtor. If you need a referral or would like to work with me feel free to reach out and I'll be happy to help you.

The Hidden Costs of Buying Real Estate

Navigating the 2024 Home Buying Process: A Step-by-Step Guide

Selling your home can be a significant undertaking, which is why it's essential to navigate the process with confidence and knowledge. In this guide, we'll walk you through the crucial steps to sell your home successfully, ensuring a smooth and profitable transaction.

• Understand the Local Real Estate Market: Your Realtor should provide research on the current real estate market trends in the Fraser Valley. This includes understanding property values, market demand, and recent sales in your neighbourhood.

• Set Realistic Goals: Determine your selling goals, such as the desired sale price, timeline, and any specific conditions you may have.

• Choose a Reputable Realtor: A knowledgeable local real estate agent can be invaluable in navigating the market and ensuring you sell for top dollar. Look for someone with experience in your specific area, your property type,  and a proven track record of successful transactions.

• Enhance Curb Appeal: First impressions matter, so ensure your home looks appealing from the outside. Trim the lawn, clean the exterior, and consider adding some colourful plants.  Small paint touch ups go a long way!

• Declutter and Depersonalize: Allow potential buyers to envision themselves in your home by decluttering and depersonalizing spaces. Consider professional home staging to showcase your property in the best light.

• Address Repairs and Maintenance: Fix any noticeable issues, such as leaky faucets, peeling paint, or damaged fixtures. A well-maintained home can significantly increase its market value.

• Set a Competitive Price: Work with your realtor to set a competitive and realistic asking price. Consider recent sales of similar properties in your neighbourhood to determine a fair market value.

• Professional Photography: Your Realtor should offer high-quality photographs to showcase your home online. Many buyers start their search on the internet, so captivating visuals can make a significant difference.

• Online and Offline Marketing: Utilize various marketing channels, including online platforms, traditional advertising, and open houses. Your Realtor should have a comprehensive  and clear marketing strategy.

• Review and Respond to Offers: Once offers start coming in, you'll carefully review each one with your Realtor. Negotiate terms, such as price, closing date, and any conditions attached to the offer.

• Counteroffers and Finalizing the Deal: Be prepared to negotiate counteroffers and work towards a final agreement. Your Realtor will guide you through this process.

• Legal and Financial Procedures: Work closely with your lawyer and financial institutions to ensure all legal and financial aspects of the sale are handled correctly.

• Final Walkthrough and Possession: Before closing, you'll conduct a final walkthrough with your Realtor to ensure the property is in the agreed-upon condition. Once everything is in order, your Realtor will transfer keys to the new owners.

Whats the difference between the deposits and down payments, completion dates and possession dates?

1. Deposits and down payments: The deposit is the up front money a buyer puts down to secure the home prior to completion, in the form of a bank draft. This amount is generally 5%, howoever your Realtor may be able to negotiate less if the rest of your downpayment is tied up in investments.  The down payment is the total amount that a buyer puts down to contribute toward the purchase. Where people get confused is that the deposit forms a part of your down payment. And the rest of the purchase is funded by the mortgage. There are cases where a buyer’s deposit equals their down payment if they’re only putting down five per cent. Whereas if you’re planning on putting 10% down then the five% deposit forms a part of your final down payment.

2. Subject removal: It’s the Buyers time to do their due diligence. In a balanced market, this is usually about 7 business days. Standard subjects are the conditions that need to be met before the buyer moves forward with the purchase — including arranging finances, inspection, reviewing the property disclosure, reviewing and approving title, ensrureing the home can be insured, and reading strata documents if applicable. Once you’ve checked those boxes, you’re ready to hand in the deposit, and become a homeowner.  If during the subject removal period you weren’t satisfied with something, like the inspection or strata documents, you would be able to back out of the contract due to issues discovered. Your Realtor will advise further on this topic. 

3. Subject-free (cash): A subject-free offer means that, rather than having a conditional period after the acceptance of the offer, the buyer only has the 3 day rescission period to back out of the offer. It doesn’t necessarily mean that you don’t do your due diligence, it just means that you do it before you know if you’re going to get an accepted offer. It’s a lot more heavy lifting upfront but you may need to utilize this option if you are in a multiple offer situation. 

4. Completion date: This is the day that the title and funds transfer from buyer to seller. You should expect to sign paperwork with the lawyer, anywhere from 3 days prior to this date, up until the final date in some cases.

5. Possession date: Break out the Champagne; you are now ready to spill some on your new floor. This is the day you actually get your keys.  Typically this day is 1- 3 days after Completion, but could be longer.  

6. Property Disclosure Statement: Has there been any fire or water damage, have there been any special levies or proposed special levies, what’s the maintenance fee, what’s included in the maintenance fee? These questions and more are answered by the seller in this statement, and is available to the Buyer prior to writing the offer, in most cases.

7. Special levy/assessment: This is an amount needed for an upcoming project, such as roof repairs or window replacement, that a strata is planning. The strata will vote on whether funds will come from the contingency fund, or if a levy will be required to be paid by owners.  The amount owed, will be based on the square footage of your unit.

8. Contingency Reserve Fund: The CRF are the funds that a strata has saved away for any upcoming repairs and building maintenance.  Money for the fund comes from a monthly maintenance fee paid by each unit. The fee also pays for the caretaking of a building’s common areas.

9. Title search: This document includes details of the home itself, including the registered owner and any third party charges to the land, unit or building.  It’s a document you want to review prior to removing conditions, to ensure there are no liens or charges that will affect the use of the property in the future.  

10. Listing price vs. market value: This is a tricky distinction for a lot of first-time homebuyers.  The listing price is more strategy-based. A seller can list for more or less than market value. Just because someone lists for $400,000 doesn’t mean that they want $400,000 or that they’d sell for $400,000.  Part of your Realtors job is to provide a CMA (comparative market analysis) to provide an estimate of the value, in today's market.

We have experienced agents on our team that are First Time Buyer specialists, call us today 

• Market Trends and Prices: Understand the current real estate market trends in British Columbia, including average property prices, inventory levels, and whether it's a buyer's or seller's market. This knowledge will help you make informed decisions and negotiate effectively.
• Property Transfer Tax (PTT): Be aware of the Property Transfer Tax, a provincial tax payable upon the purchase of real estate in British Columbia. The amount is based on the property's fair market value and varies depending on the purchase price and whether you're a first-time homebuyer. There may be exemptions or rebates available, so it's essential to research and understand the tax implications.
• Strata Properties: If you're considering purchasing a strata property (condominium or townhouse), understand the regulations, fees, and bylaws associated with strata ownership. This includes monthly maintenance fees, special levies, restrictions on renovations, and rules governing common areas.
• Home Inspections and Due Diligence: Before finalizing the purchase, conduct a thorough home inspection to identify any issues or defects with the property. Additionally, research the neighborhood, school districts, amenities, and potential future developments that may impact the property's value or your quality of life.
• Financing and Affordability: Determine your budget and obtain pre-approval for a mortgage to understand how much you can afford to spend on a house. Consider factors such as your down payment, mortgage rates, closing costs, and ongoing expenses like property taxes, insurance, and maintenance. It's crucial to ensure that your purchase is financially sustainable in the long term.