Get the Grant!

As we approach the end of June, all home owners should have now received their property tax notice. If you have your lender or the municipality collecting for your property tax bill, then sit back and relax about the money side of it. But remember, in B.C. you must still claim your Home Owners Grant. All home owners who live in their home as a principal residence must claim the Home Owners Grant to get $570 off your property taxes. You can claim this each year you live in your home. If you fail to claim the grant, the municipality will charge you the extra $570, plus interest if you are late on the payment. If you have questions, please let me know and I will be happy to help.

Rising Rates

Fixed interest rates started to increase slightly over the past week. Nothing that will cause heart attacks across the country as 5 year rates are still under 3%. If you are considering a home purchase or refinance this summer, NOW is the time to secure your rate! Lenders will hold interest rates for up to 4 months protecting you from any further increased. You can then shop for a home with the security of knowing that you have the lowest rate on the market held for you. The Greater Vancouver housing market is looking "perky" according to the Real Estate Board. Home sales rose by 1% in May and prices have actually risen 1.8% since January. This is more proof that the doom and gloom from the general media is unfounded. If you have mortgage questions, please do not hesitate to contact me. My services are free to you and I can offer you a complimentary mortgage review.

Relative

So here we are half way through the year and the market has not crashed and interest rates have not risen sky high. Despite what you may read or hear in the media, the market is remaining rather stable. I have had several clients sell their strata properties and upgrade into houses this year. Although the market for real estate may be slightly softer, consider this...If you are having to take a slightly lower price for the sale of your condo but you are also getting a slightly lower price on the new home you are buying, it is all relative. In the long term you will be getting ahead because your home is a longer term investment than your condo and by moving in a softer market, you could be saving thousands of dollars because your initial home mortgage will be lower. If you are thinking of a move this summer, give me a call and we can explore options!