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where to buy in lower mainland

Where To Buy?

For many people, buying a home is one of the biggest decisions and investments they will ever make. In Vancouver and the Lower Mainland, there is a lot to consider since housing prices can fluctuate and be out of reach, especially for first-time buyers.

Vancouver often comes up in conversation and in reports across the country and determines what people think real estate is like in the area. It can be discouraging! But there are plenty of surrounding communities, like New Westminster or parts of Surrey such as Coverdale, that are within reach for families, young professionals, or people wanting to downsize.

Leading up to 2018, all anyone could talk about was real estate prices in Vancouver. But some time in the early part of the year, things began to turn and prices started to come down after reaching a peak. Now that prices have stopped surging, people are asking: where is a good place to buy?

Price isn’t the only thing to consider when thinking about what to buy and where to move. There are other questions that will determine what kind of value you will need to place on other factors. Things like:

  • How long do you plan to live in your new home? Is this a place you plan to raise a family in, a starter home or somewhere to spend the summers while you spend winters in Mexico?
  • What kind of community is important to you? Do you want to be near a town centre or in a housing development surrounded by young families? Looking at the walkability score or nearby school zones is going to impact your decision.
  • What kind of home do you want? There are plenty of options, including a condo, detached house, or duplex.

The list goes on! And the answers to all these questions will help narrow down your decision, especially if you are flexible in where you are willing to live.

Places like Cloverdale or parts of New Westminster make a great investment option. There are homes of all shapes and sizes that are available at a reasonable price and that are great long-term investments. Places like Cloverdale are appealing for a wide spectrum of people because it is safe, and it has a small-town vibe with the feeling that there is a lot of potential waiting to be tapped.

Right now is a good time to buy, especially for first-time buyers looking to settle in somewhere long-term.

Buying a home is a big deal, whether the market is hot or cooling. Keeping your eyes on neighbourhoods that are up and coming or well-established is important, but it will ultimately depend on what your long-term wants and goals are.

If you are in the market or thinking about entering the real estate market and would like to discuss what your options might be, reach out.

house separation after divorce

Selling your home after a divorce or separation

It is commonly understood that going through a separation or divorce is one of the most trying events of one’s life. The emotional labour and stress of a relationship ending are compounded by the process of dividing and dealing with the shared assets that had been acquired throughout the relationship.

When it comes to the “matrimonial home” there are a few ways to approach the daunting task of dealing with the place that you own together.

In the eyes of the law, marriage is seen as an equal partnership and so, generally speaking, assets that have been acquired during the marriage that are still owned at the time of the separation will need to be divided equally. It doesn’t matter whose name is on the title of the house, both are equal partners in the ownership of the home.

No option is without its difficulties, as such is the nature of separation. One of the most common ways to move forward is to sell the house, so let’s take a closer look at what this all entails.

Sell the house

The first option that many people gravitate towards discussing when they decide to split is to sell the home. The reasons are many — it makes the most financial sense for both parties, there are too many memories associated with the house, and both parties want a fresh start.

Selling the house is fairly straightforward: it goes on the market and when it sells, the proceeds are split and both people find a new place to live. It’s a clean break.

Do I Have More Options?

Other options include changing the mortgage or deciding in the separation agreement on how to proceed with the mortgage payments. While agreements like this seem fine in the beginning, there is also a chance that one party will not hold up their end of the bargain over time. Perhaps one person moves on and into a new relationship before the other and feelings become hurt.

If one person is unable or decides to forego a mortgage payment, then both parties could be in trouble and their credit could be negatively affected. If you change the mortgage and one person takes on the full responsibility of the mortgage, they will have to qualify for the mortgage on their own.

Selling the house, if it is an option, is often the best way to move on for both parties, and it can often be done with minimal participation from the couple. It will involve hiring a realtor and there will be land transfer taxes and lawyer fees but it’s undeniable that divorces do cost money.

Of course, there will always be challenges with every scenario. If there are kids involved, it might not be as easy to uproot, and if it takes a long time to sell, one or both parties may have to stay in the house until it does. It will depend on how amicable the split is and how cooperative people are, as well as the financial situation if it takes some time to move the house.

While selling the house might also be costly, it can be worth it to be able to start fresh. If you have any questions about this topic, contact me +16049965248.

house for sale

What do I need to know about Selling a Relatives Estate?

If you find yourself in the position of inheriting a property and you have decided to sell it, there are a few things you will need to know and keep in mind.

This is not a comprehensive “How To”, rather some answers to some commonly asked questions about selling a house you have inherited it from a family member.

Q: Do I need to pay taxes on the house?

That depends on whether or not you sell the house. Generally speaking, in Canada, there is not an inheritance tax. Most inherited homes are nontaxable if you are taking over ownership of the house.

Q: But what if I want to sell?

Well, that’s different. In Canada, if you decide to sell, you will need to pay capital gains tax on the sale of the inherited property.

Q: What is the capital gains tax?

The capital gain is considered the profit you make on the sale of an item. The capital gains tax is the tax applied to that profit number.

Q: Why do I have to pay a capital gains tax on a property I inherited after my parent’s death?

There are a couple of things to consider here. First, when you sell a primary residence, capital gains are not taxable.

However, when you are selling an inherited property, you will need to pay taxes on 50% of the capital gains. And on secondary residences and commercial properties, capital gains are taxable. That is simply the way the law is written in the Canadian tax code.

Q: How do I calculate what the capital gains tax is?

Traditionally, the total capital gains are calculated by taking the current fair market value and subtracting the value at the time of purchase. If you decide to sell a primary residence that you inherited, you will have to pay 50% of the capital gains tax.

Q: So what should I do first when I gain a property after a parent’s death?

The first thing to do is get organized. Look through records to see if you can find the original purchase value. Then get an appraisal — the value when you take possession will be needed if or when you decide to sell or if you pass the property to someone else.

Every situation is different — some people are eager to sell quickly and some need to take their time. If you can consult a lawyer, they will be able to go in-depth about what your options are.

If you have any questions about what the next steps should be if you have inherited a home or property after the loss of a parent, contact me +16049965248.

house in cloverdale bc

Why Cloverdale, BC Is Good Place To Buy A Real Estate

When is the last time you had a conversation with someone where real estate didn’t come up? The topic affects everyone in the Lower Mainland, in one way or another.

People are always curious about where the best place to buy a home or invest in real estate might be, and the answer is always a moving target. With housing prices in Vancouver out of reach for most people, other cities in the Lower Mainland are really appealing.

Enter Cloverdale. Cloverdale is a town centre (one of six) in the city of Surrey. It is located in the eastern part of city, west of Langley, and it’s been gaining a lot of attention lately, and for good reason.

Right now, Cloverdale is a great place to invest in real estate, whether you are looking for an investment property, a starter home or a long-term house for a growing family. Here’s why:

Small town feel

Even though Cloverdale is located within Surrey proper, it retains much of it’s small-town vibe. The charming city has grown exponentially, but there are still only around 80,000 people who live here (up from 58,000 just 12 years ago). Since it was a lesser-known quaint place not very long ago, it definitely retains that small-town charm — you can even spot the main street storefronts in a bunch of tv shows and movies.

Big city access

It is a mere 45 km from Vancouver for quick access, but also well situated within all the amenities Surrey has to offer. You don’t have to travel far for anything and everything you need.

Great for families

There are kids everywhere you look in Cloverdale because lots of families are flocking there and getting in on the ground floor. Setting roots down with a young family means that the children get to grow up with neighbours for friends and are able to develop friendships that will last a lifetime. There is a true sense of community here.

Outdoor space

There are parks everywhere! And they are well taken care of by the city and the community at large. Anything and everything you could want in city parks — from athletic spaces to beautiful walking trails to big grassy areas for playing in — it can all be found in Cloverdale.

Affordability

While Cloverdale is on the rise, prices are following suit so investing in this up and coming part of Surrey is a smart move when it comes to real estate. It’s a great market to get your foot in the door because it is still affordable, with lots of new builds on the go and many more in the works.

There is a real sense of pride in Cloverdale — the people who have been there for a long time are committed to keeping its charm and friendliness in tact. It is also exciting to be part of a community that is growing. There is a lot of opportunity in Cloverdale and I love seeing people find the home they have been looking for at a price they can afford.

If you’re looking for a great place to invest in real estate, look no further than Cloverdale.

townhouses in cloverdale bc

How to Find the Best Realtor in Cloverdale/Clayton

Purchasing a home is one of the biggest investments you will make in your life. In addition to being one of the biggest financial commitments you’ll ever make, buying a home means you’ll have to consider a number of different factors that pertain to the lifestyle you plan on having. The same is true when you decide to sell your home as well. With all of this in mind, you may find that the best way to go about finding and purchasing or selling a home is to enlist the help of a professional. A good Realtor can make all the difference when it comes to handling your real estate needs. If you are in the market for a home in the beautiful Cloverdale/Clayton, take a look at some tips on how to find the best Realtor in Cloverdale listed below.

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surrey in 10 years

Surrey in 10 Years: What will change?

Surrey, BC, is one of the most fascinating and exciting cities in Canada today. It is growing at a rapid pace and predictions are that the population size will overtake Vancouver within the next couple of decades.

With an eye on the future, real estate in Surrey is a great place to invest your money. Whether you are looking for a condo, townhouse, or starter home, there is something for everyone in this multi-cultural, innovative and exciting slice of the Lower Mainland.

For a city with such rapid growth, plans need to be in place to accommodate the changes. So, what will the city look like in 10 years?

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