Sutton Showplace Realty (2015) Chilliwack

  604-858-1800 

OPEN HOUSES

12 July 2019
Sutton Showplace Realty Chilliwack

We advertise our list of OPEN HOUSES every week on our Facebook Page.

Check it out to see what lovely homes our agents will have available to view.


Is the First-Time Home Buyer Incentive a good deal for Home Buyers?

25 June 2019
Sutton Showplace Realty Chilliwack

The details of Ottawa‘s new First-Time Home Buyer Incentive (FTHBI) are finally out, and the question for any Canadian struggling to afford their first home is: is it a good deal?

Under the program, which was first announced in the federal budget in March, the government is offering an interest-free loan to help homebuyers take out a smaller mortgage and keep monthly repayments lower. New information released on Monday clarified that, when the loan is repaid, the government will also get a share of any gains from the appreciation of the property.

Vice versa, if the value of the home has dropped, Ottawa will shoulder a percentage of the loss.

The measure will reduce monthly mortgage costs by up to $286 and is expected to help some 100,000 families become homeowners, Jean-Yves Duclos, minister of families, children and social development, said in a prepared statement.

Sources consulted by Global News, though, had either negative or mixed reviews of the proposed incentive. Here’s what you should know:

Qualifying for the incentive

In order to participate in the FTHBI, you must meet two main requirements: be a first-time homebuyer and have an annual income of no more than $120,000.

The government sets out the criteria for who can call themselves a first-time buyer, a definition that is more nuanced than one might think. The income test is subject to requirements set out by lenders and mortgage loan insurers.

Buyers must come up with their own cash for a down payment of at least five per cent of the property value, but the incentive is meant only for mortgages greater than 80 per cent of the home value. In other words, if you’re planning on a down payment of 20 per cent or more, this isn’t for you.

The maximum home price you can aim for is four times your income plus the incentive amount.

Click here to find out how the math works, and if it's a good idea for new home buyers. The opinions mentioned herein are not that of Sutton Showplace Realty.

https://globalnews.ca/news/5398742/first-time-home-buyer-inventive-good-deal/?fbclid=IwAR1OS6el35_EXfNY40_3Tuq-28b9ofLsTk_KIJO9H1V5xh6tA6Ukz6BuN6A

  Buyers  News

OPEN HOUSES

24 May 2019
Sutton Showplace Realty Chilliwack

If you're interested what OPEN HOUSES our Agent's are hosting, we advertise weekly on our Facebook Page.
Check them out here: https://www.facebook.com/suttonshowplacerealty/


BC Speculation Tax

22 March 2019
Sutton Showplace Realty Chilliwack

Are you on the title of your parent or child's property?
The deadline for claiming your exemption from this new tax is March 31, 2019. The online form isn't as clear as it could be about claiming this exemption.
The following information is referred from the Government website.

Individuals Exemptions for Speculation and Vacancy Tax

 

People who own residential property within designated taxable regions of B.C. may be eligible for an exemption from the speculation and vacancy tax.

Shared Ownership

When more than one owner is on title for a residence in a taxable region, each owner claims their relevant exemption as an individual. Different eligibility requirements may apply to different owners.

Example: If a parent co-owns a home with their adult child and the adult child lives in the home and the parent lives elsewhere, then the following exemptions will apply:  

  • The child claims the principal residence exemption
  • The parents claim the tenancy exemption for family or other non-arm's-length persons

Example: An elderly parent adds their adult child on title to the parent’s condo in Vancouver for end of life planning. The parent still lives in the condo and the child lives in Prince George. The exemptions will apply as follows:

  • The parent claims the principal residence exemption
  • The child claims the tenancy exemption for family or other non-arm's-length persons

Click here for a list ofExemptions: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals


New Mortgage Rules are impacting B.C. families' abilities to purchase homes.

18 March 2019
Sutton Showplace Realty Chilliwack

B.C. real estate board urges feds to revisit mortgage stress test

Stress test reducing people’s purchasing power by as much as 20 per cent, BCREA says...

B.C.’s real estate board is joining the chorus of voices across the country urging the federal government to revisit the year-old stress test rule that has been criticized for eroding housing affordability for many.

The B-20 stress test was implemented in January 2018 to help cool down the red-hot housing market in Canada’s major cities. Would-be homebuyers now have to qualify at an interest rate two percentage points above the rate they negotiate with the bank.

The BC Real Estate Association says the test is reducing people’s purchasing power by as much as 20 per cent.

“We would like to see a review and reconsideration of the current mortgage underwriting ‘stress test,’ as well as a return to 30-year amortizations for federally insured mortgages,” chief executive officer Darlene Hyde said in a news release Tuesday.

“These rules must be changed now before B.C. families are left further behind.”

The association has pointed to the stress test as the leading reason behind dipping home sales since last summer. Sales have dropped 45 per cent in Vancouver since 2018, compared to 18 per cent nationally.

The average price of homes in the Lower Mainland nearly doubled, while it remained mostly steady across the province, up just 0.5 per cent to $716,100, in the first quarter of 2019.

Housing analysts predicted in late December that prices in the Lower Mainland will rise by just 0.6 per cent this year, compared to five per cent in 2018. If true, a home will cost an average of $1.3 million by the end of the year.

Hyde said the test is having a negative impact on other facets of the economy, such as retail spending, as home equity declines in line with decreasing benchmark prices.

The Canadian Home Builders’ Association has also said the mortgage rules may force builders to pull back, leading to slower growth of the housing stock and yet another supply crunch and higher prices down the road.


Article from The Progress: https://www.theprogress.com/news/b-c-real-estate-board-urges-feds-to-revisit-mortgage-stress-test/?fbclid=IwAR23SZe11mB1Y2I1N9SqdsjuPP-_KPnEM-aGnieyZpR_1c0VcVttFaXYng8


OPEN HOUSES

08 March 2019
Sutton Showplace Realty Chilliwack

Our agents are hosting a number of OPEN HOUSES this weekend. Visit our Facebook Page for a list!


Featured Listings

06 March 2019
Sutton Showplace Realty Chilliwack

Check out just a few of our newly listed homes. Stay tuned on Friday for OPEN HOUSE info for this upcoming weekend!


Featured Listings - Feb 13th

14 February 2019
Sutton Showplace Realty Chilliwack

Check out just a few of our newly listed homes. Stay tuned on Friday for OPEN HOUSE info for this upcoming weekend!


3 Problems Found During a Home Inspection

04 February 2019
Sutton Showplace Realty Chilliwack

Most home sales are contingent upon a respectable home inspection to the buyers’ satisfaction. An experienced and qualified home inspector should find something that could be repaired, upgraded, or corrected in every home they inspect. Even in newly built homes issues can be found.

We find there are a few items that are more commonly found during a basic home inspection than others. This is the list of the Top 3 issues found in most homes. This list can help sellers look for these issues and correct or repair the issue prior to selling or a buyer to be aware of what they should look for in a prospective home.

  1. Water Leaks
    When you talk to an experienced home inspector, you will learn that for home buyers, it is all about finding potential water problems. No one wants to move into their dream home, only to find leaks from the basement or roof, mould behind the walls, sewage backups from the street or toilets flooding inside the house. Water damage is expensive to fix, both inside and outside your home.
  2. Organic (Mould) Growth in Attics
    Attic mold, left unchecked, can grow and lead to structural deterioration of attic sheathing and roof structural elements. There’s an underlying moisture issue that needs to be resolved because mold requires moisture to grow and spread.  Mold in attics is scary to most would-be buyers and homeowners; mold staining in attics is an issue that will come up each and every time the home is inspected into the future.  And, the longer one waits to address it, the more expensive repairs and remediation become.
  3. Rodent Infestation
    A big danger of Rodent infestation such as rats or mice is that these small roents can chew on electrical wiring causing a catastrophic house fire. Rodent’s teeth are always growing and therefore they chew constantly. What are they chewing? Your home. Yep, that’s right. Mice can actually chew through soft concrete, aluminum, drywall, and plastic piping.


So be careful when purchasing your home. Complete your proper buyers due diligence and hire a reputable Home Inspector like Mr. Home Inspector.

The Mr. Home Inspector Specialists have inspected thousands of homes in the course of the 19 years being in business. All our specialists participate in Quarterly Education Sessions to ensure we are always educated with new inspection methods and tools. All our inspectors have a background in construction and are familiar with residential and commercial building techniques and know where to look for issues.

Mr. Home Inspector uses Electronic Reporting Systems to provide you the home buyer with a complete and reliable report including numerous pictures of all areas. All reporting is done while our inspector is on site. Every report includes our complimentary Mr. Home Inspector – Major Points report to help assist you in negotiation. As well as free technical support as long as you own your home.

Original blog post: http://www.mrhomeinspectorltd.com/top-3-problems-found-during-a-home-inspection/?fbclid=IwAR2URhmprmE30Raa5Pu_w5V9KJJnf4PJFDPjAJYGKI4uSYXwYp4gYZRAbbU

Toll Free: 1-877-837-3603

Email: Daniel@MrHomeInspectorLtd.com


Featured Listings - Jan30

31 January 2019
Sutton Showplace Realty Chilliwack

Check out just a few of our newly listed homes. Stay tuned on Friday for OPEN HOUSE info for this upcoming weekend!