Kelowna Property For Sale Real Estate Blog

Canadian Rent Pricing

Overall, 8 cities saw an upward trend, 3 downward, and 13 remained stable last month. While more than half of the total cities continued to have flat monthly growth rates, the cities that experienced an upward trend actually more than doubled when compared to the previous rent report. As the hot moving season begins, we should expect to see rents grow on a monthly basis.

The top 10 markets saw some slight adjustments with Barrie outpacing Victoria to rank in the top 5 markets again and St. Catharines jumping up 3 positions to rank in the top 10 as 9th.

Notably, Windsor had the fastest growing rent in the nation last month, up 5.3%, while Halifax and Kelowna took the largest rent dips, both down 3%.

Top 5 Most Expensive Markets

  1.  Toronto,
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CMHC Mortgage Insurance CanadaCanada Mortgage and Housing Corporation (CMHC) has defended mortgage stress test rules and warned federal policymakers to hold the line amid calls from industry associations to ease the rules.

“My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences,” Evan Siddall, CMHC’s president and CEO, said in a letter to the Standing Committee on Finance dated Thursday.

Siddall urged the committee to “look past the plain self-interest” of the parties lobbying for easing the rules. The Mortgage Professionals Association of Canada (MPAC), the Canadian Home Builders Association (CHBA), and the Ontario Real Estate Association (OREA) have all called for such change, according to a report by The Canadian

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Real estate association offers optimistic forecast, saying buyers are gradually “adjusting” to mortgage stress test

Home sales in B.C. are likely to rise slightly this year, and more in 2020, according to a forecast released February 25 by the B.C. Real Estate Association (BCREA).BC home sales 2019

 

The association said it expects residential sales in the province to rise two per cent to 80,000 units this year. This follows a slow 2018 in which 78,345 homes traded hands on B.C.’s MLS®, which was 24.9 per cent lower than in 2017.

BCREA also predicted home sales to increase a further 6.9 per cent to 85,500 units in 2020. This would be a very normal level of activity, as the 10-year average for home sales in the province is 85,800 units.

 

The association

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The City of Vancouver says it has collected $21 million in the first full year of its empty homes tax and another $17 million could still flow into its coffers.

Vancouver Real Estate NewsThe city says in a news release that it expects to generate about $38 million from the first year of the tax which is applied to vacant residential properties in a bid to ease Vancouver's one per cent vacancy rate.

The city says there just over 186,000 residential properties declared and 2,538 of those were vacant.

 

It says the declaration period for the second year of the tax is open with a deadline of Feb. 4.

City staff will continue to monitor the impact of the tax on housing supply and affordability, and the release says revenue generated by the tax will be used for affordable

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BC septic systemsAn in-depth look at the foundation of a design for a typical septic system design in BC

With BC regulations, prior to moving forward with a septic system design BC, an authorized person, typically a Registered Onsite Wastewater Practitioner (ROWP), will perform what is called a site and soil evaluation.

Typical requirements in data are obtained to properly incorporate a septic system design BC, this will include checking the siting of the septic system to ensure that it will comply with any restrictions registered against the land title.

Identifying boundaries for horizontal separation from the system components to such things as property lines, water bodies drilled wells and break out points in the topography.

Looking for potential site

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Closing on your homeSo, working with your real estate agent, you have found your new home and, with assistance of your mortgage professional, you have arranged for a mortgage. What’s next?

It’s time to hire a lawyer or notary public to help with the legal process to finalize the purchase of the home.

Here are the eight steps you will need to go through.

Step 1: Retain the services of a lawyer or notary. Ask your other professional advisors for a referral or family and friends that have gone through the process. Make sure you are hiring someone with experience in real estate closings. Most closings go smoothly but if something unexpected happens you want to make sure your lawyer or notary public has the necessary expertise. You should contact your lawyer or notary as

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Kelowna oil tank removalMany homes in the Kelowna area built before 1957 were originally heated with furnace oil. When natural gas became available, the oil storage tanks, which were normally located underground in backyards, were filled with sand or capped.

However, as these unused buried oil tanks start to corrode and rust, the remaining oil can leak out and flow onto the rest of the owner's property, the neighbour's property, storm sumps and waterways, resulting in contamination of soil and water. Apart from the negative financial impact on the market value of the property, the owner can face substantial legal liability under various statutes and bylaws for such contamination.

The BC Fire Code and bylaws of twelve municipalities (including the City of Vancouver) all

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Kamloops Home CleaningYou’ve bought the house — it’s all yours. However, something’s not quite right. When you walk in, there’s a funky odor, and you’ve noticed some gunk in the air filters. These are signs that all is not well, as a little bit of dirt can hide a lot of pollutants and allergens. That problem needs to be nipped in the bud with a deep cleaning before the movers show up with your furniture.

Before you bust out the mop and bucket, here are a few tips to make sure you do it right. In the end, you’ll have a home with pure air that’s healthy to live in.

Test for Radon

To find out more about Radon gas see our BLOG article here

Radon is a radioactive gas created by the decay of uranium in the natural environment, and it can easily enter your home without

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Mortgage Professionals CanadaIndustry group Mortgage Professionals Canada (MPC) have raised some issues regarding the stress test, specifically its capacity to deter many Canadians from the home market. For this reason, the association is asking the government to reassess such policies.

While the government's good intentions regarding these regulations were acknowledged, MPC said that there is a need to address the condition of many Canadians – millennials, single parents, or recent immigrants – who are seeing increased difficulties when it comes to in owning a home.

"Fewer Canadian now are able to obtain the mortgage they need to acquire a home, and many sellers now find fewer buyers to sell their home too," said MPC President and CEO Paul Taylor.

“As we first outlined at

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Buy a house in KamloopsOne question that pops up constantly from both first-time and seasoned homeowners alike is "When is the best time of year to buy a home?"

Potential homeowners want to know the best time of year to get the best home for the lowest price - and ideally, at a time that makes sense for their life. It would be great if there were a simple and straightforward answer, like "the best time of year to purchase a home is between April 1 and April 7." But unfortunately, it's not that simple. Let's take a look at the factors that play into answering the question "when is the best time of year to buy a home?"

Convenience

The first factor to consider when buying a home is convenience. This is particularly important if you have a family. If you have school-aged

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The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. REALTOR®. Member of CREA and more.

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