Kevin Kim

B.C. not making any moves to cool the white-hot housing market https://www.citynews1130.com/2021/03/17/bc-housing-market/

A majority of Canadians believe home ownership is a good investment. https://www.canadianmortgagetrends.com//latest-in-mortgag/

Who's ready to learn about... me?! Let me talk about myself!

Interesting Home Price Forecasts for 2021 Current Home Price Forecasts for 2021 The Bulls... The Canadian Real Estate Association (CREA): +9.1% RE/MAX Canada: +4% to +6% Royal LePage: +5.5% The Bears RBC (+0.6%) and Scotiabank (+0.4%) Fitch Ratings: -3% to -5% CMHC: -9% to -18%

Canadians continue to prioritize mortgage payments despite crisis. https://www.wealthprofessional.ca//canadians-contin/336459

B.C. housing market to remain vibrant through the new year: report https://vancouversun.com//b-c-housing-market-to-remain-vib

https://globalnews.ca//royal-lepage-2021-home-price-forec/

https://www.bbc.com/news/business-55337325

All the cost of buying a home Before you take possession of your new home, you need to consider any and all additional costs of obtaining your mortgage - closing costs. Home inspection... It is advisable to make an offer on a home conditional on the outcome of an independent home inspection. A home inspector looks for items that could affect the price and desirability of a home, such as outdated wiring, shabby roofing, an old furnace or cracks in the foundation. The fee depends on the home's size, age and the amount of time it takes to do a thorough inspection. Approximate cost are $400 to 700. Insurance costs Title insurance: Protects you from any unpleasant revelations about your property's history. Unless you pay for a survey, it's difficult to get a comprehensive history of your property. This insurance is obtained through your lawyer and is approximately $200 to 250. Home insurance: You must have fire insurance in effect upon taking possession of your home. This cost will vary depending on your insurer. Deposit: Due upon the acceptance of your purchase offer, a deposit is essentially a gesture of good faith between the buyer and the seller. A minimum deposit is usually around 5-10% of the purchase price. This is something your Realtor will help you with. Appraisal: An appraisal may be required to determine the market value of the property you are buying. If you are putting more than 20% down the appraisal is at your cost and they generally start at $350 and go up depending on the appraisal company, the size of the property and its location. For example, properties over 1800 square feet have a higher cost as well as acreages depending on the amount of land and where they are located. Legal costs and disbursements: A lawyer or notary is vital to any home deal.They are drafting the title deed, preparing the mortgage documents, mediating with the seller's attorney, and transferring the land title and much more. Approximate cost $800 to 1,300. Taxes: GST is payable only on new build homes but is often absorbed by the builder. Be sure to clarify who is handling this. Land Transfer Tax: Most provinces charge a land transfer tax, payable by the purchaser, and the amount varies from province to province. This tax is based on the purchase price. In some provinces, first time home buyers who purchase a new home will receive a refund. And don't forget your moving, mail transfer and utility setup costs!

Refinancing Your Mortgage - What You need to Know This year has seen a rise in the number of homeowners who are considering refinancing their mortgage. Approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months, according to a recent poll. What exactly is a mortgage refinance? Simply put, it’s the act of paying out your current mortgage and replacing it with a new one, with different terms and a new rate....Continue reading