Upper Lonsdale Average Sale Price Just Over $2.3M; 10 Year Sale Price Comparison
Posted on Nov 08, 2023 in Real Estate
Sales in 2021 were very high, with the second highest volume of sale in Upper Lonsdale over the past 10 years. Sales for the area over the past ten years averaged 101.29 sales per year. 2023 Upper Lonsdale sales will likely be roughly 30% below the ten year average.
In 2022 there were 76 detached home sales with an average sale price of $2,307,969.
I...
5 Year Mortgage Rates Expected To Decline Early 2024
Posted on Nov 02, 2023 in Real Estate
Post shared from Real Estate Board Chief Economist...Highlights
- Bank of Canada tightening sends mortgage rates to 15-year highs
- Are high rates finally impacting economic growth?
- How far will fixed mortgage rates fall once the Bank of Canada lowers its policy rate?
Mortgage Rate OutlookHotter than expected spring inflation and a resurgent housing market...
When Variable Rates Are Higher Than 5 Year Fixed Rates; Expect Interest Rate Drop
Posted on Oct 26, 2023 in Real Estate
I thought you would appreciate this email that was sent to me by one of my mortgage brokers. If you are looking to buy or refinance, the following should give you insights to bank expectations on rates. I have already posted (last month blog) about how rates are expected to drop over the next two years by up to 3%. Banks want you to lock in on the...
Can You Buy With a 5% Down Payment in British Columba, Canada?
Posted on Oct 23, 2023 in Real Estate
This information was pulled direction from CMHC's website (click here or above photo to view)...
What are the general requirements to qualify for homeowner mortgage loan insurance?
Find out which requirements you must meet to qualify for CMHC's Homeowner Mortgage Loan Insurance.- Th
e home is located in Canada.
The purchase is not subject to any prohibit...
Home Purchase Cost Outline
Posted on Oct 23, 2023 in Real Estate
When buying a new home there are costs you need to consider.
DEPOSIT
You will need an initial deposit to secure your property. This is usually between 5% and 10%. There are always exceptions where it could be higher or lower.
DOWN PAYMENT
Tax rates
There are three rates to consider when calculating your total property transfer tax a...Renovated Condo Buyers: Be Sure To Get Full Indemnity Agreement
Posted on Oct 17, 2023 in Real Estate
When considering to buy a condo that is fully renovated, you will want to ensure all the improvements (renovations) are done with required permits and authorization.
Be sure to include proof of such by including a subject clause that requires proof.
This proof should come by way of an indemnity agreement. Any indemnity agreement will identify the wor...