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Buyers - check out where they are from and what they are buying!!

MARCH SURVEY SUMMARY Property Type: 23.0% by First Time Buyers (down from 25.4% in February) 19.7% by Buyers Downsizing (up from 17.4%) * 17.7% by Move-Up Buyers (up from 16.7%) * 8.0% moving from Single Family Home to Strata Unit (down from 13.0%) 7.5% buying Revenue/Investment Property (down from 13.0%) * 6.6% moving from Strata Property to Single Family Home (up from 0.7%) * 6.1% buying Recreation ...

Cash is King

First, what is a cash flow Real Estate Investment? It is an investment that has a tenant or a number of tenants in it and the rents that the investor receives covers all the expenses and there is money left over. A common question for Real Estate Investors to ask is, "Does it cash flow?" That means does the income at least cover all the expenses. One of the Reasons that Real Estate ...

Did you know that the seller is obligated by law to disclose "Material Latent defects"?

The first question that comes to mind is, "What is a Material Latent defect?". This is a defect that cannot be discovered with a reasonable inspection of the home that affects the home's value or safety. Examples of Material Latent defects are previous water damage or settling in the house, whether the house was used as a grow-op, a violent death or suicide in the home, insect infestation, a problem ...

March statistics present a strong showing in the Okanagan Shuswap.

In March of 2015 sales were up in all three regions; the Central Okanagan, the North Okanagan and the Shuswap, compared to January and February of this year. As the market opens up for the spring rush these statistics will continue to rise. It is interesting to note that the year to date sales in the North Okanagan are down when we compare to the year to date sales of the first quarter of ...

If you are on the fence about buying...GET OFF or it will cost you MORE!!!

Check out the increase in CMHC premiums (insurance on mortgage loans).  If you are putting less than 10% down payment, this will increase your monthly mortgage payment.  Listing inventory is going up rapidly now that warm sunny weather is here and the tulips are up - there are lots of houses to choose from.  If you want to buy this spring, best to do it before June!! CMHC Announces ...

The local nature of the Real Estate business shows itself.

I have always preached that the 2 differences between the Real Estate business and the stock market is that Real Estate changes much slower and also unlike the stock market it is very local. Usually the stock market responds to world events or at least national events. Rarely if ever would you see 2 stock exchanges in the world going dramatically in opposite directions. However, ...

Financing - Check out this cool app!

Happy Spring everyone!! I just downloaded a great little app on to my phone.  It is called CanadianMortgageApp.  It is a fill in the blank mortgage calculator that instantly tells you how much down payment you will need depending on how much house you are purchasing.  It includes things like rental income (if you plan to rent out a basement suite), taxes, and Land Transfer Tax.  I ...

Fort McMurray Real Estate in a Freefall....

The Fort McMurray Real Estate Board reports that overall sales are down 64.7% in February 2015 compared to last year. Although prices are the last statistic to change in any market correction or recovery prices in the Fort McMurray area are dropping as well. The average price of a single-family detached home has fallen from $789,740 to $746,202 in the same period. The story is similar but ...

Did you know there are many differences in using a Lawyer or Notary?

Whether you are a buyer or seller in a Real Estate transaction you will have to make the decision to use a notary or lawyer to complete the transaction for you. You can actually do the transaction without using either but it is complicated and risky. Whether a buyer or seller uses a notary or lawyer is their own personal decision. Usually the decision is based on a savings. The general opinion is that ...

20 acre hobby farm in North Okanagan

New listing! Check out this great little hobby farm! http://www.century21.ca/Property/101041260