First Time Home Buyers Advice for Vancouver

First Time Home Buyer Video Blog Posts with Advice, Tips, and Important Information for Vancouver, BC Canada by Mike Stewart a Top Vancouver Real Estate Agent.

What are Strata Fees in British Columbia - What are Strata Fees and What is Included in Strata Fees?

Strata Fees in BC – What Are They & How Do They Work?

Strata Fees in British Columbia Updated by Mike Stewart Vancouver Realtor on October 29, 2023 Strata living in condos and townhouses is a popular choice among many British Columbians which offers a blend of community living with shared responsibilities. One of the primary shared responsibilities is the payment of a monthly strata fee. But what exactly are these fees, and how are they regulated? What are Strata Fees? At their core, strata fees are contributions made by each owner within a strata corporation. They are also often referred to as maintenance fees or condo fees in BC. These funds are…

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Real Estate Terms Canada - Real Estate Terminology Canada - The Realtor Jargon Explained! Housing Terms

Real Estate Terms Canada

Real Estate Terminology Canada - Realtor Jargon Explained! Written by Mike Stewart Realtor and updated October 17, 2023 Jargon in the real estate industry in Canada is filled with specific language and terms that can often be very confusing to those not familiar with this field. This is especially true in Canada with Realtor jargon, where certain terms and practices may differ from those in other countries. Furthermore, government regulatory bodies for real estate have a distinct fondness for very obscure language regarding quite common things in the field The following is a comprehensive list of real estate terms commonly…

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BC Home Buyer Rescission Period

BC Home Buyer Rescission Period: A Comprehensive Guide

Written on July 22, 2023 by Mike Stewart Vancouver Realtor The BC Home Buyer Rescission Period or HBPR, also known as the "Cooling Off Period," is a new regulation introduced in British Columbia effective from January 3, 2023. This regulation provides homebuyers with a three-day window to reconsider their decision after signing a contract to purchase residential real estate. If a buyer decides to rescind their offer within this period, they are required to pay a rescission fee of 0.25% of the agreed-upon sale price to the seller. What is the BC Home Buyer Rescission Period? The BC Home Buyer…

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Should you buy a presale condo in 2023

Should you buy a Pre-Sale Condo in Vancouver in 2023

Should you buy a Pre-Sale Condo in Vancouver in 2023 This is the transcription of the June 26, 2023 webinar entitled "Should you buy a Pre-Sale Condo in Vancouver 2023?", with Christian Dy and Mike Stewart, Realtor with Oakwyn Realty, providing a comprehensive discussion on the current state of the Vancouver and British Columbia real estate market, with a particular focus on pre-construction condos. This analysis is crucial for anyone considering the question: "Should You Buy a Pre-Sale Condo in Vancouver in 2023?" Understanding the 2023 Real Estate Market in Vancouver Mike Stewart begins by providing an overview of the…

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BC Home Buyer Rescission Program and the 7 Day Rescission Period

Home Buyer Rescission Program and the 7 Day Rescission Period BC

Comparing BC Rescission Periods for New & Existing Homes Updated by Mike Stewart Realtor July 10th, 2023 The real estate market in British Columbia highly regulated by the provincial government with various regulations and programs designed to protect home buyers. Two such initiatives are the BC Home Buyers Rescission Period and the 7-day rescission period for presales. This article will delve into the intricacies of these two programs, comparing and contrasting their features, benefits, and implications for home buyers in BC. BC Home Buyers Rescission Program - The Cooling Offer Period This program is often referred to as a the…

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The Real Estate Development Marketing Act REDMA in BC - What is REDMA?

REDMA – The Real Estate Development Marketing Act – What is it?

Updated by Mike Stewart Realtor on August 3, 2023 Real Estate Development Marketing Act When buying a presale condo or new home in British Columbia, home buyers get a large amount of paperwork that goes along with their purchase. The reason I wrote this post is that we have a huge amount of questions from presale buyers about this paperwork that is required for a new home purchase. Much of this paperwork is part of the real estate developer and/or the presale marketing team meeting their requirements under REDMA also know as the Real Estate Development Marketing Act. This article…

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Privacy And Consent Document For Real Estate In BC Collection, Use & Disclosure Of Personal Information

Privacy and Consent Document for Real Estate in BC – Collection, Use & Disclosure of Personal Information

Updated March 27, 2023 The Privacy and Consent Document for real estate in BC was introduced as part of the June 2018 changes to the the Real Estate Services Act. This document replaces sections of the Working with a Realtor used previously by the BC real estate industry. We take Your Privacy and Consent Seriously  I take my own privacy and that of my family very seriously as I do with the privacy of my clients. When we represent Buyers or Sellers we are required to have all of our Privacy and Consent Documents. Any information we ask for is…

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Disclosure Of Representation In Trading Services (DORTS) For Realtors In BC

Disclosure of Representation in Trading Services (DORTS) for Realtors in BC

Updated by Mike Stewart Realtor on June 13, 2023  What is the Disclosure of Representation in Trading Services Document? The Disclosure of Representation in Trading Services (DORTS) is a document part of the June 15, 2018 changes to the Real Estate Services Act in British Columbia and a partial replacement of the previous Working with a Realtor form. The basic idea behind DORTS is to inform a client of a Realtor — both sellers and buyers — what their rights are in the relationship, and the duties and responsibilities the Realtor owes to their client. You have a choice…

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More Advice For First Time Vancouver Home Buyers

We have even More Advice for First Time Home Buyers. There are so many pitfalls to watch out for we wanted to cover as many as possible. Everything from What is a Leaky Condo and How to Avoid Them to a First Time Home Buyer Safety – Offers Subject to Financing – What, Why, and How! You will find more the answers to your questions before you buy your first home. Mike and his team are here to walk you through them every step of the way.

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First Time Home Buyers Guide for Vancouver

The most comprehensive video series by Mike Stewart for First Time Home Buyers. Everything you need to know from Getting Started! to a Subject to Inspection & The Contract of Purchase and Sale. You will find all the answers to your questions before you buy your first home. Listen to these expert tips and advice.

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Leaky Condos

Leaky Condos, Rainscreening, and Buying an Older Condo in Vancouver

There are very few expensive risks in the real estate market here in Vancouver. Buying into a building with a bad envelope or leaky condo is one of those few extremely expensive risks here in Vancouver. Why there are Leaky Condos in Vancouver Here in Canada, the federal government changed the building codes in the early 1980s to increase the Energy Efficiency of buildings in response to the energy crises of the 1970s and 1980s. Basically, the federal government mandated that between 1981 and 1999 buildings should have airtight or sealed walls. Traditional building technology in Canada allows for breathable…

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BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government Reduces Tax burden on first-time buyers First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save…

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