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Save a downpayment to buy a home this year. Here’s how!

Posted on August 3rd, 2017

You’re saving a down payment to buy your first home. Follow these steps and watch your down payment grow. 1. Are you celebrating a birthday? Consider setting up a down payment account. Then let mom, dad, grandma, older siblings, aunties and uncles, and anyone else who usually buys you gifts, write a cheque instead. 2. Have you accomplished something important like graduating from university or college? Let relatives and friends know and tell them about your down payment account. 3. Have you… Read more

Spring home selling = good sense in Metro Vancouver!

Posted on May 1st, 2017

Spring is the time of year when home buyers get serious. It can also be a great time for a seller to get the best value for their home. Here’s why: Spring buyers are serious buyers. They want to buy their home and take possession during the summer months, so they and their children can be ready for autumn and back to school. Buyers could be first-timers who have saved a down payment and are ready to find a small… Read more

Restrictive covenants on your property title – what you need to know

Posted on March 20th, 2017

When a Royal Pacific Realty Group Realtor® lists you property for sale, as part of our due diligence, we search the property title for encumbrances such as liens, unpaid taxes, and restrictive covenants. A restrictive covenant is a legal document which lists restrictions on how a property can be used. There are a range of different types of covenants – from restrictions about building schemes or heights of trees, to restrictive covenants specifying who can’t buy property, according to Andrew Peck, vice-president… Read more

Measuring the market – is the HPI the best tool?

Posted on January 12th, 2017

What’s happening to home prices and where are they headed? Realtors are asked these questions everyday by clients looking for accurate information to base their decision on whether it’s a good time to buy or sell. Are these market watchers getting the best data? To ensure they are, the Real Estate Board of Greater Vancouver originally developed the Housing Price Index (HPI), in 1997, together with the Fraser Valley, Calgary, Toronto and Montreal real estate boards and the Canadian Real… Read more

2% Transition Tax on new homes ends March 31, 2015

Posted on January 14th, 2015

March 31, 2015 is the last day the BC 2% Transition Tax will be collected. The temporary tax applies to the sale of new homes that were 10% or more complete as of April 1, 2013. If ownership and possession take place on or after April 1, 2015, the 2% tax will not apply given that the tax no longer exists on April 1. If you are buying a new house and you close on or after April 1, 2015, you will not pay the… Read more

Home sales are a key driver of the Greater Vancouver economy

Posted on November 17th, 2013

Each time a home changes hands, the transaction generates spin-offs, creates jobs and keeps our communities growing. How much does this amount to? In BC, a residential sales transaction generates $64,500 in economic spin-offs and 0.49 jobs according to new data from the Canadian Real Estate Association. In 2012, in the Metro Vancouver area, a total of 25,032 homes sold on the MLS® generating $1.6 billion in economic activity and 12,265 jobs. “All told, jobs generated directly and indirectly through the… Read more

Does it take 91% of household income to buy a detached bungalow in Vancouver?

Posted on August 28th, 2012

  It’s significant news. Headlines and news stories are reporting that it takes a whopping 91% of household income to buy a bungalow in Vancouver. This number is based on research done by the Royal Bank of Canada (RBC) for its Housing Trends and Affordability Report released on August 27, 2012. Is this true?  To find out we asked Cameron Muir, Chief Economist, at the BC Real Estate Association. Yes it’s true – if we use RBC’s measures Muir told… Read more

Is it better to own or rent a home?

Posted on July 10th, 2012

Owning a home may is often a lifelong goal for renters. But in these times of rapidly rising home prices, should renters still see home ownership as the best option? Should they wait until the market slows? Consider these facts Renters pay rent that increases at the rate of inflation. This means the cost of renting does not decrease. Rent can never be recovered. Rent once paid is gone. Home owners constantly build equity each time they make a mortgage… Read more

The benefits of home ownership in Metro Vancouver

Posted on July 7th, 2012

Whether you own a 400 square foot studio apartment downtown or a sleek suburban townhome, there are important benefits to owning your own home. Andrew Peck, General Manager of Royal Pacific Realty Group, shares with us his opinion on why owning a home is a key indicator of a good quality of life. “Homeownership is a vital factor in moving up the economic ladder,” says Peck. “The equity an owner gains each month from paying down their mortgage, is, over… Read more

Can I afford to buy?

Posted on July 3rd, 2012

Many potential home buyers would like to start building equity in their own home, but are held back by concerns about cost. In fact, the Canada Mortgage & Housing Corporation estimates that 40 per cent of renters in Canada today can afford to buy their own home. If affordable housing options are available to so many renters, what’s holding them back? Sometimes news reports of home prices can give a misleading impression about the true costs of home-ownership. The media typically report… Read more