Mike’s Blog for Home Buyers

Amortization by Jessi Johnson Vancouver Mortgage Specialist and Mike Stewart Realtor

I recently had the pleasure of interviewing Jessi Johnson of the Jessi Johnson Mortgage Team and he was kind enough to explain a term that I hear regularly as a Vancouver Realtor and that is Amortization. Amortization - What is it? Investopedia defines Amortization as follows: "The paying off of debt in regular installments over a period of time." Basically amortization is how long a mortgage loan takes to pay off. Most Buyers in the Vancouver Real Estate Market start out with a 25 year amortization which will take 25 years to pay off. At the start of the mortgage… Find out more

Property Condition Disclosure Statement (PCDS) for Property Buyers in Vancouver – What is it?

Get the Docs! When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement. What is it? The Property Condition Disclosure Statement (PCDS) is a disclosure of what a Seller knows about their property. There are several versions of the document (see below) which has a series of questions for Sellers to give a potential Buyer a guideline of what the Seller knows about the condition of the property.… Find out more

Vancouver First Time Home Buyers Guide Episode 5: Comparative Market Analysis for Buyers – What’s your Dream Home Worth?

Vancouver First Time Home Buyers Guide Episode 5: Comparative Market Analysis for Buyers In Episode 4 of the First Home Buyers Guide Vancouver, we discussed how to efficiently search for properties in Vancouver. So now you've found your dream home and you want to write an offer. Now is the time to take a cold hard look at that property to figure out if it's really worth what the seller is asking! They Can Ask, But Should You Give It? List price does not equal market value! Price is almost always negotiable. Very often properties in Vancouver are priced above… Find out more

BC HST's Impact on Vancouver Residential Real Estate: Could it Push Prices Up?

BC HST and Vancouver Real Estate: What will be the Impact? First the Facts on BC HST! - There's a commonly held misconception about British Columbia's Harmonized Sales Ta and that is BC's HST is payable on all properties transferred in BC after July 1, 2010. This is not the case! BC HST is only payable on brand new properties! I mention this because many in the media have been saying BC's HST will have a downward effect on the Vancouver real estate market, because they're under the incorrect impression all properties will be subject to HST after the July… Find out more