Royal LePage Access Real Estate Blog - real estate

BC NDP Budget Set to Kill BC Economy

You've most likely heard about the BC NDP Government's budget with it's sweeping taxation of real estate. The focus has been much on the "Speculation Tax" where owners of secondary and mostly vacant homes will be subject to an annual tax of .5% of property value for 2018 and then 2% for 2019 and beyond. It's been said that this is focused on people who pay "little or no tax in BC" and thought to be applicable mainly to Albertans but also anyone outside of BC. That part of the plan is true.

What is not so clear with many is the implementation of the tax.  According the the BC Government "The speculation tax will initially apply to the Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts, and in the municipalities of Kelowna and…

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A Disaster Waiting to Happen

Summer is a time when people pack up the family and and head out on vacation. A great time to have some fun and build some great family memories! 

While away, security is often top of mind for homeowners, ensuring all the doors and windows are locked and someone is stopping by to pick up the papers. This is important to enjoy a worry free vacation. But are you ready for a potential disaster upon your return home? 

You might be thinking, what could happen? It's summer! No furnaces to quit working, no pipes to freeze, no snow to shovel. What can go wrong? 

What I'm referring to is the hot and cold water hoses that connect your washing machine to the taps. Have you noticed? Washing machine manufacturers are so thoughtful for supplying plastic or…

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It’s Tax Assessment Time!

Happy New Year often means happy new taxes and fees we all have to pay. Along with that comes the tax assessment notice from BC Assessment. Many homeowners in BC are seeing significant increases in the assessed value of their properties and getting worried about what that could mean at tax time.  

But wait….tax assessments are just that. It’s the estimated market value of your property as of July 1, 2016 with an adjustment for physical condition as of October 31, 2016. Will this result in a higher tax bill? 

An increase in property value for you will likely mean an increase in property values for all your neighbours as well. When everyone’s properties go up the same average amount, it doesn’t mean you will be paying higher taxes necessarily. 

The…

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Shelter Donations top $10,000 in 2015

Every day, abused women along with their children are seeking refuge from an abusive relationship with their spouse. The need to keep facilities like the S.A.F.E Society financially viable has never been more important. Knowing there is a safe and secure place to go can free a woman from a potentially life threatening situation and help her and her family start a new life without the threat of violence hanging over them. 

The Royal LePage Shelter Foundation is supported by communities, real estate agents and real estate brokerages across Canada. Here in Salmon Arm, we have two main fundraising avenues here at Royal LePage Access Real Estate.  

The first and more public event is the National Garage Sale for Shelter. This year marks the 8th year for…

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New Mortgage Rules and How it Will Affect the Shuswap

This week, the Liberal government made a move to attempt to curb the demand for high priced homes in Canada. How will this affect our market here in the Shuswap?

To break it down, the new downpayment rules only affect those buyers purchasing a home between $500,000 and $1,000,000 who are also taking a high-ratio mortgage. 

Since 2008, homebuyers in Canada have been required to have a minimum of 5% downpayment on their home purchase. This doesn’t change for purchasers under the $500,000 cap, which quite frankly, is the majority of homes purchased in the Shuswap area. 

The new rules require a minimum of 10% down for the portion of purchase above the half million mark. For example, if you had a home selling for $650,000, the downpayment required…

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CMHC Insurance Rates Going Up!

Are you considering a home purchase in the next few months? Will you be obtaining a "high ratio" mortgage with at less than 10% of the purchase value as a downpayment? If so, here's something you'll need to know.

The Canada Mortgage and Housing Corporation (CMHC) has announced their mortgage default insurance (MDI) rates are going up on June 1, 2015 for mortgages where the downpayment is less than 10%.

The Canadian Real Estate Association (CREA) reports "For the average Canadian homebuyer with less than a 10% down payment, CMHC premiums will rise by 0.45% to 3.6% which translates into an increase of $5 in monthly mortgage payments;  for those with a “non-traditional” down payment of less than 10%, premiums will increase by 0.5% to 3.85%, or about $6…

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Royal LePage National Garage Sale for Shelter: May 9th, 2015

Clutter in the house building up? Doing some spring cleaning? Here's a great way to help you organize your home and support a great cause!

On Saturday, May 9th, our parking lot at Royal LePage Access Real Estate will turn into a buzzing market full of shoppers and deal hunters. There will be everything from furniture, household items and kids' toys to sporting equipment and electronics. We don't put any prices on items but encourage all the shoppers to "dig deep - it's for charity"!

We will also have the BBQ fired up serving hot dogs and hamburgers with all the fixings for a small $5 donation.

All proceeds from the sale and barbecue stay in our community as well. The Royal LePage Shelter Foundation collects the donations and turns 100% of the…

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