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The Best Schools in British Columbia Burnaby BC
 
The number one post secondary institution in Burnaby BC is Simon Fraser University. Approximately 35,000 students spread across three campuses, with the main campus located on Burnaby Mountain. Simon Fraser University ranks 13th in the country and globally SFU ranks as the 251st best university in the world. On October 2022 in Maclean's university rankings, Burnaby's Simon Fraser University ranked as Canada's number one comprehensive university.

The second best post secondary institution in Burnaby BC is the British Columbia Institute of Technology. Approximately 15,000 students spread across multiple campus locations, with the main campus located in the heart of Burnaby between Metrotown and Brentwood just off Highway #1. BCIT ranks as Canada's 66th best post secondary institution and BCIT comes in as the 3868th best in the world.

The third best post secondary institution is located just on the edge of Burnaby in New Westminster. The Justice Institute of British Columbia has people moving to Burnaby BC from all over the country for this school. Considered Canada’s leading public safety educator, with over 30,000 students the JIBC ranks as Canada's 124th best post secondary institution and comes in as the 8299the best in the world.
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Home Renovations in British Columbia That Increase Values

#1 The kitchen - This type of renovation can cost anywhere from $20,000 to $50,000 depending on the size and scope of the project. The increase in sale price that a kitchen remodel can bring will depend on the size of the remodel, the quality of the materials used, and the local real estate market. A kitchen remodel can increase the sale price of your home by anywhere from 5-15%.

#2 The Bathroom - This type of renovation can cost anywhere from $10,000 to $30,000. Typically it will involve replacing fixtures, flooring, and countertops. It can also involve adding a new toilet, shower or tub. A bathroom remodel can increase the sale price of your home by up to 10-15%.

#3 Deck or Patio Addition - Adding a deck or patio to your home is a great way to increase its value. A basic patio addition can cost anywhere from $2,000 to $10,000, while more complex projects can cost upwards of $20,000 or more. A significant return too, a patio addition can increase your home's sale price by 5-15%.

#4 Flooring - Replacing the flooring in your home is a great way to increase its value. This type of renovation can involve replacing carpet, hardwood, tile, or laminate and can cost anywhere from $5,000 to $15,000. Generally speaking, a flooring remodel can increase the sale price of your home by up to 5%.

#5 Painting - Painting the interior of your home is a relatively inexpensive way to increase its value. This type of renovation can cost anywhere from $2,000 to $15,000 and can increase the sale price of your home by up to 5%.

#6 Curb Appeal - Improving the curb appeal of your home will significantly increase its value. Exterior paint, new siding, power washing, roof appearance and gutter condition. This type of renovation can cost anywhere from $500 to $10,000 or more depending on the size and scope of the project and condition of the more expensive items such as the roof and gutters. Fresh exterior paint and new siding can increase your home's sale price by anywhere from 5-15%.

#7 Windows - Replacing the windows in your home is a strategic way to increase its value. This type of renovation can cost anywhere from $2000 to $8,000 or more depending on the size and scope of the project. Windows will make your house look newer and improves the temperature and comfort levels significantly. A window replacement remodeling project can increase your home's sale price by up to 5-10%.

#8 Appliances - outdated appliances don’t help anyone. Replacing a single appliance can cost anywhere from $500 to $2,000, while replacing an entire set of appliances can cost upwards of $5,000 or more. And generally speaking, new appliances can increase your home's sale price by anywhere from 5-10%.

#9 Landscaping - A great way to increase the curb appeal of your home is by planting trees, shrubs, flowers, installing a new lawn, cutting the grass keeping it clean. This type of renovation can cost up to $5,000 or more depending on the size and scope of the project. If a home looks warm and welcoming, prospective buyers will be more interested. Curb appeal is worth 5-15%

#10 Lighting and faucets - Installing new lighting and faucets and updating the look of your space will cost anywhere from $500 to $2,500 – and good news, a lighting and faucet remodel can give you the biggest remodeling return with a potential increase in the sale price of your home by up to 5%.

Doing some renovations can make a big difference in the look and feel of your home, and can help you get the best price for it when it's time to sell.

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Pros and Cons of living in Burnaby
Burnaby

Burnaby is a beautiful city in British Columbia, Canada, located immediately to the east of Vancouver. It is the third-largest city in BC by population with 266,048 residents and surpassed only by Vancouver and Surrey with 662,000 and 585,000 residents respectively.


Burnaby is considered a young city with over 66% of its population below the age of 45. The median age for Burnaby residents is 39 years old – younger than the average Canadian median age of 41.


Burnaby offers excellent amenities and attractions, including an extensive network of green spaces and parks, over 1,200 restaurants and cafes, excellent transit connectivity, vibrant arts and culture scenes, top-rated educational institutions, and so much more. Burnaby is a great place to live and work.

Pros of Living in Burnaby

  1. Location – Burnaby is centrally located within four major lower mainland cities. There’s Vancouver to the west, Coquitlam to the east, New Westminster to the south east and Richmond BC to the south west. Burnaby offers a relaxed, suburban atmosphere with convenient access to the amenities of Vancouver, Coquitlam, New Westminster and Richmond BC. Burnaby residents enjoy easy access to highways, bridges, and public transit systems that make commuting a breeze. One of the biggest reasons people prefer living in Burnaby instead of Vancouver is because Burnaby offers more affordable housing compared to Vancouver, making it a great option for young professionals and families on a budget.

  2. Affordable housing – Burnaby is not the most affordable city in British Columbia but in the Vancouver area, Burnaby housing can be regarded as both affordable and expensive for home buyers and tenants. Of course, ones budget, tastes and preferences determine what is considered affordable and if you are looking for an apartment, townhome, or single-family house, Burnaby has a wide range of housing options to meet your needs.

  3. Natural beauty – Burnaby is blessed with stunning natural beauty, including lush parks, winding rivers, and beautiful mountain views. Burnaby residents have easy access to Burnaby Mountain Conservation Area, Burnaby Lake Regional Park, Burnaby Central Park, Deer Lake Park, and so much more. Burnaby is a great place to get out and explore the outdoors, with an abundance of trails and parks to explore.

  4. Excellent educational institutions – Burnaby is home to some of Canada's top-rated universities and colleges, including Simon Fraser University (SFU), British Columbia Institute of Technology (BCIT), and highly regarded elementary and secondary schools. Whether you are a parent looking for the best education for your children or a young adult looking to pursue higher education, Burnaby has great options to accommodate your pursuits.

  5. Vibrant arts & the cultural scene – Burnaby is an exciting city with a great art scene and a deep culture. The city has many ongoing workshops, exhibits, classes, festivals, and much more for those looking to explore the local arts. Burnaby also has the Burnaby Village Museum and Burnaby Art Gallery ready for self exploration.

  6. Diverse population – Burnaby is a diverse city with people from all over the world calling it home. The city has a large Asian population, with over 40% of Burnaby's residents identifying as Chinese, Filipino, or South Asian. Burnaby also has one of the highest concentrations of Japanese Canadians in Canada.

  7. Thriving business scene – Burnaby offers a thriving business scene catering to local businesses and multinational corporations. Burnaby is home to some of British Columbia's largest companies, including Telus Corporation and Ballard Power Systems Inc., among many others. For startups and entrepreneurs, Burnaby offers numerous opportunities to grow and build your business.

  8. Abundant recreational opportunities – Burnaby residents have plenty of recreational opportunities to choose from, including golf courses, tennis courts, bike trails, swimming pools, and so much more. Burnaby is also home to the Burnaby Winter Club – one of the top-rated hockey rinks in Canada. It has the highest number of youth hockey teams in British Columbia and hosts numerous tournaments throughout the year. Burnaby also offers a variety of parks and green spaces, allowing residents to enjoy the outdoors.

  9. Excellent transit system – Burnaby is well-connected to the rest of British Columbia via an extensive public transit system, including the SkyTrain, bus service, and SeaBus. Burnaby residents have easy access to cities like Vancouver, New Westminster, and Surrey without having to drive. If you work in Vancouver and need to get to Burnaby quickly, the SkyTrain is your best bet. Burnaby is also served by highways 1 and 7, making it easy to get around the city and to neighboring cities and towns.

  10. Quality of life – Burnaby residents enjoy a high quality of life. Burnaby is a safe and peaceful city with low crime rates, great schools, and plenty of parks, recreational activities, and cultural attractions. Burnaby also offers some of the best healthcare in Canada, with easy access to medical facilities like Burnaby Hospital and St. Paul's Hospital.

  11. Best Restaurants – Burnaby has a bustling food scene with plenty of restaurants to choose from. Burnaby is known for its diverse cuisine, from Malaysian to Italian dishes. Due to its diverse population, Burnaby offers a wide range of restaurants to satisfy almost any taste. There are plenty of fine and casual dining establishments, all within easy reach.

  12. Shopping – Burnaby offers some of the best shopping in British Columbia. Burnaby is home to Metropolis at Metrotown, Canada's second-largest shopping mall. Burnaby also offers numerous smaller malls, boutique stores, and independent retailers to choose from. Burnaby is also home to several outdoor markets and farmers' markets, offering fresh produce and artisanal goods.

  13. Job Opportunities – Several of Canada's most significant businesses are headquartered in Burnaby, presenting outstanding employment prospects for Burnaby and nearby residents. It is home to companies and enterprises like Telus Corporation, Ballard Power Systems Inc., and BC Hydro. Burnaby also offers numerous career options for entrepreneurs and startups.

  14. Central – Burnaby is adjacent to Vancouver, Coquitlam, New Westminster and Richmond BC. Featuring an abundance of recreational attractions and activities, excellent educational institutions, vibrant arts & culture scene, and diverse population – Burnaby truly offers something for everyone. Whether you're a young professional just starting out or an established business looking for new opportunities – Burnaby is sure to offer what you need.

CONs of Living in Burnaby

  1. Burnaby is not cheap: Burnaby can be a bit expensive compared to other cities in British Columbia – making it less attractive for those on a tight budget. Burnaby also has a high cost of living, making it difficult for those with lower incomes to afford rent or purchase a home.

  2. Traffic can be an issue: Burnaby can also have some traffic issues, particularly during rush hour when commuters are trying to get into or out of the city. Although heavy traffic can be avoided by taking the bus or Skytrain, Burnaby's traffic can still be a bit of an issue at times.

  3. Very Spread Out: It is a fairly spread out city, so walking may not always be an option. Burnaby's sprawl can make it challenging to get around without a car. Burnaby also has some hills, which can make cycling difficult. It is recommended to have some kind of personal transport available if you are looking to live in Burnaby. Electric scooters and eBikes are great options for short commutes.

  4. Some neighborhoods still need an upgrade: Although Burnaby is a great city, some neighborhoods could benefit from an upgrade. Burnaby is home to some older homes and buildings that may not be as attractive to some people.

  5. Crime Rate: Although the crime rate in Burnaby is 3% higher than the national average, the severe crime rate remains 23% lower than the national average. Similarly, the year-over-year crime is also decreasing and is currently at minus 6%.

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Mortgages: Variable Rate vs Fixed Rate

A variable rate mortgage means your interest rate changes along with movements in the prime rate — and your interest costs and mortgage payments along with it. Usually offered in a 5-year term, variable rates are often lower than 5-year fixed rates because the consumer takes on the risks from the Bank of Canada's interest rate decisions.

A fixed rate mortgage has a determined rate set from the beginning of your term (5-year length is the most common), and your payments stay the same until it's time to renew. Often higher than a variable rate, a fixed rate will provide both interest and payment stability over your term. Here the bank takes on the risks from the interest rate fluctuations stemming from the Bank of Canada's policy decisions, and gives the borrower a consistent payment amount.

Variable Rate Mortgage

PROS

  • Likely save more on interest over your mortgage term compared to a (higher) fixed rate

  • If rates go down, you'll pay less interest for a budget break

  • If rates go up, you may still save more over a fixed rate

  • Lower penalties for breaking or switching (3 months interest vs Interest Rate Differential with fixed rate)

  • Historically, variable rates tend to outperform fixed rates for savings

CONS

  • If rates go up, your payment can increase, affecting your monthly budget

  • If rates go up, you'll pay more interest

  • Some variable rate products aren't portable (transferable from a current property to a new one) if you sell the home during your term

  • You may worry more about rates rising during your term

Fixed Rate Mortgage

PROS

  • Rate is set for the duration of your mortgage term

  • Payments and interest won't change, making it easier to budget

  • If rates go up during your term, you're protected

  • Fixed-rate terms are usually portable (can go from current property to a new property)

  • You may feel more peace of mind if rates rise during your term

CONS

  • Higher penalties for breaking or switching (Interest Rate Differential or 3 months interest, whichever is greater)

  • Historically, fixed rates are higher than variable rates, which may cost you more

  • If rates go down during your term, you'll need to refinance or wait for your renewal to take advantage

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Property Transfer Tax

BC Property Transfer Tax

BC Property Transfer Tax
The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is determined by calculating:
1% of the fair market value up to and including $200,000
2% of the fair market value greater than $200,000 and up to and including $2,000,000
3% of the fair market value greater than $2,000,000

Further 2% on residential property over $3,000,000
If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000.
If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.

Additional property transfer tax
If you’re a foreign national, foreign corporation or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C.

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Mortgages in BC

BC Mortgage payment

If you're thinking about buying a home, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Pre-Qualified vs Pre-Approved

A mortgage pre-qualify is a great start BEFORE you go house-hunting. It gives you:

  • The opportunity to connect with a mortgage broker and learn how mortgages work and the financial details you'll need to have readily available.

  • A ballpark idea of what house price and in what neighborhood you could buy
    Which lender and mortgage products may be best for your situation

  • A sense of the rate-type and term that may work for your budget (e.g. how to get lower mortgage payments?)

  • The ability to review or adjust your current finances, including getting your down payment together, or improving your credit score

A mortgage pre-approval is an essential step for WHEN you start house-hunting. You'll get:

  • A more accurate idea of the size of mortgage you can afford (you'll provide more financial information than for a pre-qualify)

  • The lender and mortgage type that is best for your situation
    The ability to hold an interest rate for up to 120 days (a credit check is done by the lender to ensure eligibility)

  • The financial pieces in place to be taken seriously by realtors and sellers

  • A quicker and easier close on your mortgage application, as you've already been pre-checked by a lender

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CMHC and CMHC Tips For Real Estate Buyers

BC CMHC insurance

What is CMHC Insurance?
Canadian Mortgage and Housing Corporation (CMHC) mortgage insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. CMHC mortgage insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment starting at 5%* — with interest rates comparable to those offered with a larger down payment. To obtain CMHC mortgage insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium is based on the loan-to-value ratio (mortgage loan amount divided by the purchase price). The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

How much is CMHC?
The following table provides you with a general idea of the premiums charged by CMHC. The exact premium will be calculated when you apply for a mortgage and provincial sales tax may apply.

*The minimum down payment requirement for CMHC mortgage insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%.
When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. CMHC mortgage loan insurance is available only for properties with a purchase price or as-improved/renovated value below $1,000,000.

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Can Home Builders Avoid the GST With a Principal Residence Declaration?

When a new home in BC, Vancouver, Burnaby, Coquitlam, Langley - anywhere in BC - is first made available for sale, the builder is required to collect the GST from the purchaser. What happens to the GST if the sale is no longer the best option? For example, let's say a builder wants to live there, have a family member live there, or rent the property out? What are the GST rules then? Is it beneficial to declare the property as a principal residence and if so, for how long?

This article will discuss these common questions and help explain the CRA's treatment of the GST. 

Typical Scenario: Purchaser Acquires Property

The Home Builder collects the GST from the purchaser when the property is sold. If the builder is non-resident, or the purchaser is registered for GST (eg a company) or the purchaser and builder make an election using election type 2 on Form GST 22 - under these circumstances, the builder doesn't collect the GST, but rather the purchaser will report and pay the tax directly to the CRA. The key point is the purchaser pays the GST.

New Scenario: Builder Maintains Title

If a builder wishes to make the property available for use by an individual as a place of residence, the builder is deemed to have sold and repurchased (i.e., self-supplied) the property at its fair market value.

The same treatment applies if the builder or relation occupies the property as his or her own place of residence; the builder is deemed to have sold and repurchased the property at its fair market value. 

CRA Self-Supply Rule:

ss 191(1) & ss 191(3)- When a builder is deemed to have self-supplied a property, the builder is required to account for the GST based on the fair market value.

The purpose of the self-supply rules is to level the playing field by removing the potential tax advantage a builder would have in constructing a property and then offering the property for rent or appropriating it for personal use.

Under the self-supply rule, the builder is considered to have paid and collected the GST calculated on the fair market value of the property at the time of the self-supply and is required to remit that amount.

Self-supply occurs at later of substantially complete (90%), possession, usage or rental start date.

EXCEPTION To The Self-Supply Rule:

S 190 & S 256: Properties Eligible for Housing and Other Real Property Rebates
- convert non-residential real property to residential housing for use as their own primary place of residence

The self supply rule may not apply to a builder who is an individual where the individual or a relation uses the new property primarily as the individual’s or relation’s place of residence. However, to qualify for the this, three conditions must be met:

  • residency cannot be temporary in nature. Any qualities or characteristics of temporary residency would indicate that the builder has the intention of selling the property and is holding it as inventory, stock or a disposable asset.
  • residency by the individual or relation must have been the primary intention from the time the house or condo unit was substantially completed (90%). No other primary intention for the property between the time of substantial completion and the time the individual or relation occupies the property as a place of residence.
  • the builder cannot have claimed any income tax credits for the GST paid or payable on the land and construction costs incurred to build the property or to purchase the property.

    When all three conditions are met, the self-supply rule does not apply and the individual who is a builder is not considered to have paid and collected GST/HST on the fair market value of the property when the individual or relation moves into the property.
    In addition, a subsequent sale of the house or condo unit by the builder will generally be exempt from the GST.
    Further, the builder may be entitled to claim a GST new housing rebate for some of the GST paid to construct or purchase the property if the conditions for claiming this rebate are met.

Principal Residence - How Many Months?

Note from above, residency cannot be temporary in nature - i.e. principal residence declaration doesn't concern GST on a new sale. The principal residence declaration is important when reviewing capital gains taxes. Here's a quick note worth considering:

To designate a property as your principal residence you have to “ordinarily inhabit” the property. The CRA does not specify an exact duration of time an individual must reside in a property for it to qualify as a principal residence for a given year. The CRA will analyze evidence, such as length of time in the dwelling, sources of income and real estate buying patterns, to establish if the dwelling is indeed a principal residence or perhaps part of a business venture.
If the CRA challenges your claim of exemption, they’re going to look at all the facts in the scenario such as what was your intention of moving in and did something happen that forced you to sell the property?

As you begin the process to sell or buy your next home, get in touch and put a local expert on your side. Let me know the area and/or neighborhood you are looking to buy or sell in along with your top needs I’ll personally assist with your real estate goals.

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5 Reasons to work with a Local Real Estate Agent When Selling a Home in The Lower Mainland

Selling a home in the Lower Mainland can be challenging. There are several reasons to work with a local real estate agent when selling your home. I’m confident every seller prefers a smooth transaction and surely no court battles or costly legal fees. What could possibly go wrong and how could a deal go sideways? It’s just real estate after all, people sell things all the time. 

This article will present the top 5 reasons to work with a local real estate agent when selling your home in the Lower Mainland.

1. Knowledge
Vancouver real estate agents possess local knowledge and experience that benefits you. As you begin the process of selling your Vancouver home you want to have an expert that can guide you through the process. A real estate agent that is local and has expertise in the Vancouver real estate market has access to a variety of stats about recent home sales in your Vancouver neighborhood, which will allow you to price your home accordingly. Along with this Vancouver real estate agents can access the local MLS. Your home will be included in the MLS, so agents helping home buyers can be shown the various details.

2. Training
Real estate agents that specialize in Vancouver are trained in the many legalities of selling a Vancouver home. Selling your Vancouver home is possibly one of the largest transactions you’ll make, so make sure you don’t miss a step in the process. During the selling process there is plenty of paperwork that needs to be completed. A Vancouver real estate specialist can ensure selling your home will go smoothly and will also be able to alert you should problems arise in which you need to consult with a lawyer.

3. Connections
Vancouver real estate agents are able to network and coordinate showings. Putting your Vancouver home for sale shouldn't become your full time job – it can be difficult to accommodate buyer showings, make flyers and properly advertise the property, answer all phone and email inquires etc. A Vancouver real estate agent becomes your marketing specialist and will be able to run open houses, set up showings, and other marketing activities to get your house seen by interested buyers. Vancouver agents are connected to other agents, so are able to network and promote discussions that help you get a timely sale.

4. Neutral
Real estate agents in Vancouver assist with pricing matters, negotiations, inspections, due diligence, local knowledge and more. While you may think it would be easier to not have the middle person, be prepared. An agent acting as a neutral party in the process prevents any disagreements that could result in a deal being pulled from the table. Once you are under contract, a Vancouver real estate agent will have many recommendations to assist with any final details to get you to the closing table.

5. Experience
Working with a real estate agent in Vancouver provides direct access to local expertise, contractual matters, and knowledge gained through education and experience. This WILL save you money in unnecessary delays, prevent avoidable mistakes, and highlight contract specifics. A great thing about learning from another persons mistakes is it doesn’t become your mistake. Mistakes in this business are very costly and experience is like an insurance policy that you have working on your side; an experienced real estate agent in Vancouver can protect you every step of the way.

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Six Tips Before Getting a Mortgage

The time has come and you are ready to buy, but before you start searching for your next home – let’s talk mortgages to help you prepare for topics in advance and guide you to financial success in the future.

Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 helpful tips about mortgages and lets make your payments work more efficiently for you.

Mortgage Regulations Have Changed…
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.

Get the Right Information…
Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved.
Industry research has revealed that there are 6 common mistakes that most homebuyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.

1. Pre-Approval
You can, and should, get pre-approved for a mortgage before you go looking for a home. Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Your local lending institution can provide you with written pre-approval for you at no cost and no obligation, and it can be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.

2. Monthly Budget
Know what monthly dollar amount you can feel comfortable committing to. When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lending institution to determine what this monthly amount is, and what value of home this translate into at today’s rates, you won’t waste time looking at homes that are not in your price range.

3. Type of Mortgage
You should be thinking about long term goals, and expected situation, to determine the type of mortgage that will best suit your needs.
There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how many quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.

4. Payment Types
Make sure you understand what prepayment privileges and payment frequency options are available to you.
More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structuring your payments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term.
For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably.
These two payment options can cut years off your mortgage, and save you thousands of dollars in interest. However, not every mortgage has these prepayment privileges built in, so make sure you ask the proper questions.

5. Early Exit
Ask if your mortgage is both portable and/or assumable.
A portable mortgage, where available is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.
An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any discharge penalties.

6. Mortgage Rep
You should seriously consider dealing with a Mortgage Expert.
Consider dealing only with a professional who specialized in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly delays. Typically there is no cost or obligation to enquire.

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Selling Real Estate In Vancouver Faster and For More

All real estate markets have cycles - Vancouver is no exception! When it’s a hot market, it seems easy to sell Vancouver real estate faster and for more money – selling can seem easy, but when it’s a cold market or back to “normal” conditions, it’s critical to learn what you need to know to avoid costly seller mistakes in order to sell real estate faster in Vancouver and for more money.

These 9 steps will help you sell real estate faster and for more money in Vancouver, while maintaining control, and minimizing the stress that comes with the home-selling process:

1. Know why you’re selling, and keep it a secret
The reasons behind your decision to sell your Vancouver real estate can affect everything from setting a price, to deciding how much time and money to invest in getting your Vancouver home ready for sale. What’s more important to you: the money you walk away with, the length of time your property is on the market or both? Different goals will dictate different strategies.
However, don’t reveal your motivation to anyone outside other than your Vancouver real estate agent, otherwise, they may use it against you at the negotiating table. When asked, simply say that your Vancouver housing needs have changed.

2. Do your homework before setting a price
Settling on a price shouldn’t be done lightly. Once you’ve set your price, you have effectively informed all home buyers in Vancouver the expectations you have regarding the sale of your Vancouver home; warning: pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. The last thing you want a Vancouver home buyer saying is "waste of time!" or "something wrong!" or "that's crazy!".

3. More homework
(In fact, your Vancouver real estate agent should do this for you). Research what Vancouver homes in your Vancouver neighborhood and similar neighborhoods have sold for in the past 2-12 months, and research what current Vancouver homes are listed for. That’s certainly how prospective buyers will assess the worth of your home.

4. The Best Agents get the best results
Nearly three-quarters of homeowners claim that they wouldn’t use the same realtor who sold their last home. Dissatisfaction boils down to poor communication which results in not enough feedback, lower pricing and strained relations. To sell real estate faster and for more money in Vancouver, you need a great agent, a local expert, and an experienced negotiator in the Vancouver real estate market.

5. Maximize your home’s sales potential
Appearance is critical, and it would be foolish to ignore this when selling your Vancouver home.
You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your Vancouver home guarantees a greater emotional response than any other factor. Before showings, clean like you’ve never cleaned before. Pick up, straighten, unclutter, scrub, scour and dust. Fix everything, no matter how insignificant it may appear. Present your home to get a “WOW” response from prospective buyers in Vancouver.
Allow the buyers to imagine themselves living in your Vancouver home. The decision to buy a home is based on emotion, not logic. Prospective buyers want to "try-on" your Vancouver home just like they would a new suit of clothes. If you follow them around pointing out improvements or if your style is so different that it’s difficult for a buyer to strip it away in his or her mind, you make it difficult for them to feel comfortable enough to imagine themselves an owner.

6. Make it easy for prospects to get information on your home
You may be surprised to know that some marketing tools that most agents use to sell homes (e.g. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house.
Furthermore, the prospects calling for information on your Vancouver home value their time as much as you do. The last thing they want to be subjected to is either a game of telephone tag with an agent places for your home are attached to a 24 hour pre-recorded hotline with a specific ID# for your home which gives buyers access to detailed information about your property day or night, 7 days a week, without having to talk to anyone. It’s been proven that 3 times as many buyers call for information on your home under this system.
And remember, the more buyers you have competing for your Vancouver home the better, because it sets up an auction-like atmosphere that puts you in the driver’s seat.

7. Know your buyer
In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does s/he need to move quickly? Does s/he have enough money to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.

8. Make sure the contract is complete
For your part as a seller, make sure you disclose everything. Smart sellers proactively go above and beyond legal requirements to disclose all known defects to their buyers in writing. If the buyer knows about a problem s/he can’t come back with a lawsuit later on. To sell Vancouver real estate faster and for more money, minimal complications are essential.
Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.

9. Don’t move out before you sell
Studies have shown that it is more difficult to sell a home in Vancouver that is vacant because it looks forlorn, forgotten, and simply not "homey". If you move, you’re also telling buyers that you have a new home and are probably highly motivated to sell fast. This, of course, will give them the advantage at the negotiating table.

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Get More Money When You Sell Real Estate in Vancouver
The time has come for you to list your home for sale in Vancouver. Two key questions every Vancouver home seller asks:
1 – How to get more money when you sell the real estate in Vancouver BC? and,
2 – What Vancouver real estate agent is going to get the highest price possible?

A Vancouver real estate agent with local knowledge and expertise can guide you with best strategies, practices and provide key insights about selling a home in Vancouver with the goal of realizing the highest price possible when you sell your Vancouver home.


1. Reduce Any Clutter
Whether it’s been a few years or 30 years of wonderful Vancouver memories, it’s easy to get comfortable and not put away the various items we use daily. Storing the small kitchen appliances behind closed cabinets, disposing of unread magazines, and other clutter can instantly make your Vancouver home feel much more clean and open to future possibilities.

2. Appealing to Vancouver Home Buyers
A home in Vancouver that has been professionally staged makes it easier for families to envision their own family making memories in the space. Review the various rooms in your Vancouver home and prioritize easy projects that are a little investment, but have the potential to make a difference and get you more money when you sell your Vancouver real estate. This home contains your style, but most likely the new homeowners will have their own preferences. For example, the red wall in your living room aligned with your tastes, but a neutral color gives potential home buyers a blank canvas.

3. Scrub & Deodorize
Fido the dog has been a great addition to your family, but pet smells and other odors should be eliminated. Review your bathrooms and check the surfaces for mildew and other cleanliness issues which could turn away a Vancouver home buyer.

4. Enhance curb appeal
Just like you judge a book by it’s cover, home buyers drive by your Vancouver home and judge the outdoor appearance. As you prepare the exterior, make sure there’s a welcoming front door and the landscaping has been maintained. If possible, renting a power wash to clean the exterior will give it the appearance of an almost freshly painted home, but much less expensive. This will help with the curb appeal for listing pictures and drive-by previews.

5. Fix Problem Areas
Cracks in the walls, in the flooring, or on the ceiling are an instant red flag to home buyers in Vancouver . These type of problems are typically related to foundation issues. Most likely these issues will be discovered during a home inspection, so instead of doing a quick fix look at having the issue corrected for the long term. Taking the time to fix the problem now is especially helpful if you are wanting a quick sale and would like to get more money when you sell real estate in Vancouver .
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