November 25, 2017

Blog

Costly Pitfalls To Avoid When Purchasing a Home

Nov 15, 2017

I have the pleasure of posting a guest blog today!!  When I read this post, it contained some incredible info that I wasn’t even aware of, so I had to share.  It is lengthier than my usual blogs but just scroll through and see what may be relevant for you.  Meet Rachel Craggy from Right At Home Realty. What if I told you that before you purchased that house, you could have avoided a very costly pitfall before you ever took possession would you be interested in?  That is why it is important to aware of what pitfalls to avoid…

New Possibility: Empty Home Tax

Nov 15, 2017

Interesting developments are happening in the Vancouver market.  Toronto seems to be mirroring our western neighbour on foreign buyers tax, so it makes you wonder if the same penalties will be coming our way.  One report states that there are 99,236 properties in Toronto that are not regularly occupied. Another report, states there are 15-28,000 Toronto homes that are sitting empty. They arrived at this figure based on addresses where electricity and water hadn’t been used in a year.  We have a huge rental shortage here, as does Vancouver. Vancouver has  a rental vacancy rate hovering at zero and Vancouver renters…

Did You Know …​​

Nov 11, 2017

Did you know that when a borrower tells a lender they are prepaying the full or partial amount owing on a mortgage, the lender must in writing provide the applicable prepayment charge along with a description of how the lender calculated the charge.  This includes the amount owing on the mortgage, the annual interest rate, the comparison rate used for the calculation and the remaining term on the mortgage that was used for the calculation. Over the past number of years, I have written numerous blogs about the exorbitant costs of mortgage penalties, which can reach in the tens of…