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Our latest ramblings.
Enjoy! We definitely have important things to say!
Our latest ramblings.
Enjoy! We definitely have important things to say!
Ever think you could use your RRSP for contribute to your down payment? As a first time home buyer, it can be a challenge to provide a down payment for your dream home. The Metro Vancouver New Home Guide published this article about how you can use your RRSP for a down payment on your first home.
A down payment is a lump sum you are required to contribute to the home’s purchase price. It’s common to contribute a 20% down payment. This is classified as conventional. A high-ratio is a down payment of less than 20%, requiring default insurance.
Need a larger down payment? One way is by using your RRSP savings, under the federal’s Home Buyer’s Plan. As a first-time home-buyer, you may be eligible to make a tax-free withdrawal of up to $25,000. If your spouse is eligible as well, that will be a combined total of up to $50,000.
You are required to repay your Home Buyer’s Plan withdrawal into your RRSP within a period of no more than 15 years. The first minimum annual repayment deadline is 2 years and 60 months after the date of the withdrawal. Although, you are able to pay earlier than that first repayment deadline. The minimum annual repayment amount is 1/15 of your original Home Buyer’s Plan balance. If you repay at least the minimum each year, there will be no tax payable.
Laura Parsons, mortgage expert, BMO Bank of Montreal says, “If you are able to provide a bigger down payment, it’s a significant way of helping you pay less interest over the life of your mortgage. Also, with a down payment of at least 20 per cent, you avoid paying mortgage default insurance.”
“Parsons adds that Canadians should be considering the benefits of choosing a shorter amortization as a way to decrease total interest costs and to begin building home equity sooner.”
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca – we will be happy to help you!
The Fraser Valley Real Estate Board (FVREB) have released their January Statistics Report. The Fraser Valley housing market is seeing a record high activity of an increase of sales and new listings for the start of 2014.
Key Stats:
The President of FVREB says, “Starting early in the year, we typically see a ‘restocking of our shelves’ in advance of the spring market, which is a positive trend for buyers in that it creates new opportunities for them. With higher inventory they have greater freedom to comparison shop.”
“Generally, values of ground-oriented homes in Fraser Valley have been stable or increasing while condo values have been flat or decreasing. This is why it’s important to talk to your local REALTOR® because we’re seeing different market trends dependent on property type and location.”
*All statistics are from the Multiple Listing Service® (MLS®)
To see the full FVREB January Statistics Report, click here.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
The Real Estate Board of Greater Vancouver (REBGV) have released the January statistics for the housing market. Currently the market is seeing steady trends as it starts the new year.
Key Stats from the Report:
The President of the REBGV, Sandra Wyatt says, “The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices. If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions.”
*All statistics are from the Multiple Listing Service® (MLS®)
To view the full REBGV January Statistics report, click here.
If you have any questions regarding the above, please give us a call at 604-588-4466 or email us at info@brokersmart.ca
You Move Me Co. is a full service local moving company out here in the Lower Mainland. They have a list of 6 tips to helping your kids handle the move. Even though it is an exciting time, it can be a stressful time and change can be difficult.
To see the full post about helping your kids handle the move, click here.
The Bank of Canada has released a summary of their January 2014 edition of the Monetary Policy Report. This report is published on a quarterly basis reflecting the behaviour and the outlook of the Canadian economy.
Here are a few key facts from the Monetary Policy Report:
The Canadian economy is gradually returning to its full production capacity in both 2014 and 2015.
For more information and view the entire Monetary Policy Report Summary, click here.
If you have any questions regarding the above, please contact us at 604-588-4466 or email us at info@brokersmart.ca
Are you looking to upgrade? See how we can solve your challenges below with a common scenario.
The Client: The Upgrader
Ted is in his early 30’s and holds a middle management position at a manufacturing company. He’s recently married and wants to start a family. The time is right to upgrade from his downtown condo to a single family home. Ted knows there have been recent sales in the building but is unsure what his place is actually worth. He and his wife have a good idea of the neighbourhood they want to raise their family in, having done all the research on schools and amenities.
The Challenge
Many home owners are apprehensive about having to navigate the real estate process the second time around. Ted hasn’t heard from his realtor since he bought his current condo and every time he goes into the brand that holds his mortgage, there always seems to be a new person who is in charge of his file. Determining his current equity position, potential household expenses and out of pocket costs as a second time home buyer will be crucial for his family’s financial position with the new purchase.
The Solution
Ted used the one-stop services of BrokerSmart. With dual-licensed agents to handle both the mortgage and real estate side of the purchase and sale, BrokerSmart helped to determine a comfortable mortgage payment, sold his condo at market value and secured the home of their dreams in the neighbourhood they coveted. Ted and his wife were also able to sign all the necessary documents at a convenient location of their choice and at a time that fit their busy work schedules.
If you have any questions regarding the above, give us a call at 604-588-4466 or email us at info@brokersmart.ca
Are you a first time home buyer? Click here. More of a busy professional looking for a place? Click here.
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Langley, B.C. V2Y 1R7
P: 604-588-4466
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info@brokersmart.ca