July 2016

Found 3 blog entries for July 2016.

It’s an exciting thing to find the home of your dreams and apply for a mortgage. Many new home buyers in Kelowna are a bit shocked when they discover the paper work they need to complete when applying for financing, but the lender needs to do a proper evaluation to make sure that the borrower can make payments and manage their debt – not just the debt of the mortgage, but all relevant debt.

So of course they need to know that the borrower’s income is sufficient to make the mortgage payment, which is determined in part by the amount of down payment put down on the property.

Proper verification is required by the lender in accordance with provincial legislation.  It is unfortunate that the guideline’s today are strict compared to what they were 20

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Buying or selling right now in super popular Kelowna?  Congratulations – you’ve contributed to the $730 million operating surplus in the province of B.C., accumulated from income tax, provincial sales tax and the ever popular property transfer tax.  It’s a lot more than the government budgeted for, with the lion’s share of this unexpected revenue coming from the latter as real estate continues to be a hot topic in the Okanagan Region.

In fact, revenue from property transfer tax alone increased over the previous fiscal year in the province by $468 million.  This figure was obtained from the audited year-end report publicly released by provincial finance minister Mike de Jong. 

The budget for the fiscal 2015-2016 year end just completed by the

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Residential sales as recorded on MLS® continue to soar as B.C. becomes the country’s shining star in real estate.

Last month there were 1,263 transactions in Kelowna and the Okanagan region which is 38% more sales than reported in June 2015.  In last month’s report from the Okanagan Mainline Real Estate Board, president Anthony Bastiaanssen called the sales activity “robust” and ‘brisk” throughout the three regions.

He noted that the average number of days rose by four from May to June, from 77 to 81; the stats don’t accurately reflect the urgency that buyers are feeling to act quickly on properties they like.  Bastiaanssen reiterated that in a competitive market such as this, the guidance and direction of a real estate professional is

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