Home Buying Blogs – Kelowna

Construction loans are specialized financing tools for custom, new build homes. Unlike traditional mortgages, these loans disburse funds incrementally as construction milestones are met, which allows builders to access the necessary capital at each stage of development while minimizing upfront financial risk. 

This structured funding approach is crucial for custom home construction because it ensures that money is available to cover the evolving costs of building a home, helps manage cash flow effectively, and provides a clear framework for monitoring progress and ensuring that the project stays on budget. However, they have stricter qualification criteria, including a strong credit score, detailed plans, and a 20%–30% down payment. Are construction

Building a home in Canada comes with a wide range of costs influenced by factors like location, materials, square footage, and design choices. Prices can vary significantly between provinces and even between urban and rural areas. Understanding these regional differences and knowing how to estimate construction expenses can help you budget more effectively and avoid unexpected costs. Break down exactly what goes into the price of building a home so you can make more informed decisions about new construction homes.

For informational purposes only. Always consult with a licensed local home builder for accurate project estimates.

5 Tips For Estimating Construction Costs

• Construction costs in Canada range from $100 to $300 per sq. ft., varying

Building a house in Canada is an exciting but complex journey that requires careful planning, the right team, and an understanding of local building regulations. Whether you’re dreaming of a cozy cottage with lake views or a modern home in the city, the process involves several key steps—from choosing the perfect location to securing permits and working with the best builders. This guide covers everything you need to know to bring your vision to life, making the process of building your own home as smooth and stress-free as possible. 

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

How to Build a House in Canada: Key Takeaways

• You’ll need to ensure

A pre-construction home is a property that is sold by a developer before it is built, allowing buyers to purchase based on floor plans, renderings, and project details rather than a finished structure. Whether you're a first-time buyer, an investor, or someone looking to customize your dream home from the ground up, pre-construction properties offer a chance to secure a brand-new home before it’s even built. Learn about the benefits and risks, payment structures, and builder warranties so you can confidently purchase a brand-new home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

5 Things to Know About Pre-Construction Homes

• Pre-construction homes

Taking the plunge into buying a new construction home might feel like a significant life change, but it doesn't have to be overwhelming. With the right guidance, you can smoothly navigate through the maze of choices and decisions that await. When buying a new home, you’ll want to start by exploring the various home types available, each offering a list of unique benefits. Next, there's the important task of selecting a builder with a solid reputation and evaluating their benefits. However, before you start shopping for new construction homes, it's important to consider the financial journey tied to the process.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate

When considering where you might want to call home, you'll find a variety of types and ownership models to explore. From charming bungalows to sleek contemporary designs, each option offers its own set of perks and challenges. But it's not just about the style; ownership models like freehold, leasehold, or co-operative can impact your lifestyle and financial goals. Let’s weigh the benefits of traditional single-family homes versus innovative multi-family residences.

What Kinds of Homes & Homeownership Are There?

• Bungalows and ranch homes offer single-story living with open floor plans, ideal for families and retirees.
• Colonial and Victorian homes provide ample space and historical charm, appealing to traditional homebuyers.
• Contemporary

When you own a condo, you might encounter a special assessment, an additional fee your association can impose for unexpected expenses. These assessments, also called special levies, typically result from significant repairs or upgrades exceeding the regular budget. Understanding how these fees are calculated and what they mean for your ownership is essential. If you're wondering what could happen if you don't pay a special assessment or how special assessments impact your investment, keep reading to uncover the implications for you and your property.

5 Things to Know About Special Assessments

• A special assessment is an additional fee condo associations impose for unexpected expenses not covered by reserve funds.
• Each unit owner's assessment

Understanding condo insurance is essential for protecting your investment and personal belongings when you own a condo. This specialized policy covers risks like theft and water damage and includes liability coverage for injuries in your unit. While the average annual cost in British Columbia is $400 to $600, various factors, such as location and coverage limits, can influence your premiums. 

It's important to know what's included, what isn’t, and how to customize your plan to fit your needs. But what exactly should you be looking for in a policy?

Highlights of Condo Insurance in BC

• Condo insurance is a specialized policy that protects personal property and provides liability coverage for condominium residents.
• The average annual cost of

You do own a condo after purchasing it, but there's more to it. You also share possession of the community's common spaces, amenities, and the land it sits on. Condos are a great way to own property without the responsibilities that come with maintaining a standalone house, but it's important to understand what you truly own and what is shared with your neighbours. In this guide, we’ll break down how condo ownership works, what rights and responsibilities you have, and what to consider when deciding if a condo is a good investment for you.

When You Buy a Condo, Do You Own It?

Yes, when you buy a condo, you own it—but the type of ownership differs from single-family homes.

You hold title to your individual unit, meaning you fully own the

You might wonder whether you're responsible for property taxes if you're a condo owner. The answer is yes, you do pay them, but the specifics can vary based on your location and the assessed value of your unit. Understanding property taxes before buying a home is of critical importance, and doing so can enable you to manage your financial obligations effectively. So, what factors influence the amount you pay, and how does it all break down in places like Kelowna, BC?

Condo Property Taxes in BC at a Glance

• Yes, condo owners are responsible for paying property taxes directly to local government authorities.
• Property taxes for condos are calculated based on the assessed value and local tax rates.
• In Kelowna, BC, condo property tax rates