Selling your house this spring? One of the great tips for sellers is spring cleaning and decluttering. For home sellers looking to sell your home this spring, here are some ultimate spring cleaning and decluttering tips to help you impress potential buyers and get your home sold quickly, not only that but also for top dollar!

First, start by decluttering each room. Remove any unnecessary items, pack away personal belongings, and donate or sell anything you no longer need. A clutter-free space will make your home feel more spacious and inviting to buyers.

Next, focus on cleaning every inch of your home. Dust and wipe down surfaces, deep clean carpets, and scrub bathrooms and kitchens. A clean home not only looks more appealing but also gives the impression that the property has been well-maintained.

Don't forget to tackle those neglected areas like closets, garages, and basements. Organize storage spaces to show off their full potential and make them look more spacious. Potential buyers will appreciate seeing the extra storage space.

Again, add some finishing touches to enhance the overall appeal of your home. Fresh flowers, a new doormat, and a fresh coat of paint can go a long way in making a great first impression.

Follow these spring cleaning and decluttering tips, and you'll be well on top of things!

In fact, as the weather warms up and flowers start to bloom, spring is the perfect time to tackle those cleaning and decluttering tasks you’ve been putting off. If you’re planning to sell your home, this is also a crucial step to make your property more appealing to potential buyers.

So, here are great tips to help you get started on your spring cleaning and decluttering journey:

Set Up A Plan: 

Before you dive into cleaning and decluttering, take some time to create a plan. Make a list of all the areas in your home that need attention, prioritize tasks, and set a timeline for completing them.

Declutter first: 

Focus on high-traffic areas: 

Pay special attention to high-traffic areas such as the living room, kitchen, and bathrooms. These areas are often the first to show signs of wear and tear and can benefit from a thorough cleaning and decluttering.

Clean from top to bottom: 

When selling your house, cleaning is important and when it comes to cleaning, start at the top of each room and work your way down. Dust ceiling fans, light fixtures, and shelves before moving on to furniture and floors. This will help ensure that you don’t miss any spots. It's also a huge home improvement clue.

Consider the exterior

Curb appeal is very important when selling your home, it gives your real estate a special look from the outside thatbmakss it attractive, so please don't neglect it. These are where to focus:

1- Clean the windows

2- Pressure wash siding

3- Clean walk ways 

4- Groom landscaping

5- Tidy up side walks

All these will always make a great first impression with any potential buyers, take my word! These are powerful selling tips and tricks you don't want to ignore for a top dollar sale.

Consider hiring professionals: 

If you’re short on time or energy, consider hiring professionals to help with your spring cleaning and decluttering. A cleaning service can tackle the more difficult tasks, leaving you with more time to focus on other aspects of selling your home.

Stay organized: 

As you clean and declutter, stay organized by using bins, baskets, and labels to keep track of items. This will not only make the process more efficient but will also make it easier to pack up when it’s time to move.

Maintain a clean and clutter-free home: 

Once you’ve completed your spring cleaning and decluttering, make an effort to keep your home clean and clutter-free while it’s on the market. This will help ensure that it’s always ready for showings and will make it more appealing to potential buyers.

Now, are you ready to make the move? Give Me A Call Today! I am glad, eager and excited to help you sell your home and for top dollar!

Let's talk.

Ready to take the leap into homeownership? Congratulations on making this exciting decision! Buying your first home can be overwhelming, but with the right guidance, it can also be a smooth and rewarding experience.

When buying a home in Canada as a first time home buyer, here is all you have to know about:

Home Buyers' Plan

The First Time Home Buyers’ Plan allows qualified first-time buyers to withdraw up to $35,000 tax-free from their RRSPs, to purchase or build a home. If a couple is buying together, and both are qualified first-time buyers, they can withdraw $35,000 each for a total of $70,000.

Eligibility

To be eligible for the First Time Home Buyers’ Plan (HBP), you must:

• Be a Canadian resident
• Be considered a first-time homebuyer
• Not have owned a home within the past four years
• Not have lived in a home that your spouse owned within the past four years, if you are now buying together
• Sign a written agreement to buy or build a home
• Intend on living in the home within one year of buying or building it
• Not own the home for more than 30 days before making the withdrawal
• Close the sale before October 1 of the year after you made the withdrawal

Buyers with special needs or who are purchasing homes that are more accessible for an individual with special needs, and/or who are eligible for the Disability Tax Credit, may also be eligible to use the HBP, even if the other eligibility requirements are not met.

Withdrawing from your RRSP

When you find a home you want to buy, you put in an Offer to Purchase (with any conditions you want—a home inspection and/or time to confirm your financing being the most common). Once the seller agrees, you finalize the Agreement of Purchase and Sale (APS) and book your home inspector. At the same time, you can fill out Form T1036, take it to the financial institution that holds your RRSPs, and withdraw the amount you need for your down payment, once you have a firm and binding APS.

To withdraw funds from your RRSPs, using the First Time Home Buyers’ Plan, you must print a copy of Form T1036. Fill out Section 1 yourself then bring the form to the financial institution that holds your RRSPs, so they can fill in Section 2 and make your withdrawal.

Once the withdrawal has been made, your financial institution will send you a T4RSP form, which confirms how much you withdrew. You’ll need to reference this form in the income tax return for the year you made your withdrawal.

Repaying your Home Buyers’ Plan

Because the Home Buyers’ Plan is considered a loan, it must be repaid. You have to repay at least 1/15 of the amount you borrowed each year. Repayment begins the second year after your withdrawal, and the full amount must be paid off within 15 years of that date. For example, if you withdrew funds in 2019, your first year of repayment will be 2021.

If a condition is not met, after you have made the withdrawal, you will have to claim the amount as income on your personal income taxes and you will pay tax on it. If you’ve already submitted an assessment for the year you made the withdrawal, you will be required to submit a reassessment.

Closing costs can be overwhelming if you don't know how to handle them. This is why I have taken time to breakdown for you each costs that are important for you to know when buying your home, especially if you are a first time home buyer.

Here you go:

Real Estate Lawyers

Of all the things you need to do during your home buying process, working with a trustworthy real estate lawyer (or notary in Quebec) could be the most important. Your lawyer will calculate the majority of your closing costs and will facilitate the transaction between you, the seller, and the bank on closing day. With this in mind, it’s important to work with someone you trust from the minute you’re ready to buy.

What does a real estate lawyer do?

A real estate lawyer has one job: to make sure all of your paperwork and transactions are filed and completed accordingly.

This job might sound easy but includes everything from reviewing your offer to purchase and conducting a title search for you, to registering the home in your name and making sure all of your payments are made in full and on time. They will conduct accurate research to ensure that the title and ownership are finalized properly and that all facts and figures are correct. Knowing the complexity of the transaction, it’s a good idea to find a lawyer who specializes in real estate.

When do I work with a real estate lawyer?

As soon as you are ready to sign an offer to purchase, you should involve a real estate lawyer. Because it’s a legal contract, and the implications of breaking it could be costly, it’s important to have someone clarify all of the terms before you sign.

A few days prior to closing day, you’ll meet your lawyer to complete your mortgage and title documents. Your job on this day is to give your down payment (minus your deposit) to your lawyer, along with any other remaining closing costs. Your lawyer’s job is to ensure all of your payments are made and that all of your paperwork is signed and filed. When everything is completed on closing day, your lawyer will give you the deed and the keys to your new home.

What should I look for in a real estate lawyer?

When choosing a real estate lawyer or notary, it’s a good idea to work with someone who:

• specializes in real estate
• has experience with the type of property you are buying
• lives or works in a convenient location for you to meet them

Don’t be afraid to ask lawyers about their experience, and their fees, before agreeing to work with someone.

How much will I be paying in legal fees?

Lawyer/notary fees depend on the complexity of the transaction as well as their expertise. Most start with a base legal fee, which often varies with the type of home you are purchasing (detached, condo, etc.). From there, you can expect to pay for disbursements—faxing, photocopying, and carrier fees—and registration fees like title registration, title insurance, and registering the deed.

What is the difference between legal fees and disbursements?

Legal fees are what a lawyer charges for serving on your behalf. Essentially, they are service fees used to cover the overhead needed to run their business, which includes rent, insurance, equipment, and other dues.

Disbursements, on the other hand, are expenses the lawyer charges you for any out-of-pocket expenses they have had to pay ahead of time for you. Disbursements may include faxing, photocopying, carrier fees, municipal tax searches, and title registrations you have asked your lawyer to complete.

What’s the difference between title registration and title insurance?

When you pay a title registration fee, you are simply paying for your lawyer to change the ownership of the home from the seller’s name to yours in all municipal, regional, and national systems.

Title insurance, however, is purchased to protect your ownership in the event that an undetected title defect is found. Possible defects include but are not restricted to: violations of municipal zoning by-laws, existing work orders, encroachments on adjoining property, realty tax arrears, and more. Should something come up, title insurance protects you from having any liability.

Both title registration and title insurance fees are paid at the time of closing.

What other payments will I be making on closing day?

On top of paying legal fees, you will be handing over a number of other payments to your lawyer/notary. First, you will pay the remainder of your down payment. To do this, subtract your deposit and pay whatever is leftover.

Second, you’ll need to be ready to pay the land transfer tax, they vary by province and actually needs to be given to your lawyer before closing day.

On closing day, your lawyer will submit your land transfer tax to the appropriate government office.

Are there any other fees I should know about?

Even though mortgage default insurance is added to your mortgage balance and paid off through your mortgage payments, buyers in Manitoba, Ontario, and Quebec are responsible for paying PST on CHMC insurance at closing. Your lawyer may also ask for an underwriting fee for processing the default insurance application. Finally, if the seller has prepaid their property taxes, any utilities, or HVAC contracts, you will need to pay them back a prorated amount from the day you take possession to the day they have paid up to.

How do I find a real estate lawyer?

The best ways to find a real estate lawyer are to ask for recommendations from your agent, family, friends, and lenders you are working with and trust. A good reference is worth more than any amount of publicity you find online, so ask around.

Statement of Adjustments

On closing day, your statement of adjustments is created displaying any credits to the buyer or seller, and the final amount payable by the buyer on closing day. Both the buyer’s and seller’s lawyers will prepare their own statement and will then combine them, creating the one final statement of adjustments.

What is listed on the statement of adjustments?

The statement of adjustments lists any amounts that need to be adjusted against the purchase price. It will include:

• the purchase price
• your deposit
• any prepaid property taxes, utilities or fuel (oil) adjustments

Statement of Adjustments

This example assumes the seller has prepaid some of their property taxes, which the buyer will need to pay back to the seller.

What does a statement of adjustments look like?

You don’t need to be an accountant to understand the statement of adjustments. There are two columns: credit purchaser and credit vendor. Credit purchaser typically includes amounts you’ve already paid, like your deposit. Credit vendor includes anything that needs to be paid to the seller, like pre-paid expense adjustments and the sale price.

The two columns have the same total; the amount paid and the amount received are the same. The total amount in the credit vendor column—purchase price + prepaid adjustments—is what the seller must be paid on closing day. Subtract the deposit you’ve already paid and that’s what you owe on closing day.

Buyer’s Trust Ledger Statement

This example assumes the buyer bought a home in Ontario.

What is a trust ledger statement?

Both the buyer and seller receive a trust ledger statement, to show all expenses for the buyer and all remaining expenses for the seller. In the case of the buyer, after completing the statement of adjustments, the full amount payable to the seller is then moved over to the trust ledger statement.

The trust ledger statement shows all of the money involved in the transaction on closing day, but includes other costs like legal fees. Similar to the statement of adjustments, there are two columns for debits and credits.

The debits column includes the full amount payable to the seller plus land transfer tax, title insurance, legal fees, and disbursements. Depending on the type of home you are purchasing, other fees may also be on the trust ledger statement. For example, if you’re buying a new home, the new home warranty enrolment fee and HST may also be on your statement.

The credits column includes the mortgage loan you’re getting from your lender and any extra amount you’re paying yourself.

The debits and credits columns should total the same amount, showing exactly how much must be paid out and where your money is going on closing day.

Interest Adjustment

You have to pay interest accrued between your closing date and the date your first scheduled mortgage payment comes out. Otherwise known as an interest adjustment, this one-time interest charge has to be paid on the Interest Adjustment Date.

Let’s say you just bought a home and your mortgage payments are due on the 1st of each month. If you bought your home for $300,000 on the 15th of October, your lender has to advance you your mortgage loan on that date. But, even though you won’t be making your first payment until November 1, interest starts to accrue on the 15th of October.

Using the example above, and assuming a 2.99% fixed rate, the interest adjustment would be $368.

Example: $300,000 Purchase Price

$300,000 Purchase Price x 2.99% Interest Rate ÷ 365 Days Per Year x 15 days

= $368.63

What is an Interest Adjustment Date?

The Interest Adjustment Date (IAD) is the date by which you must pay your interest adjustment. Set by the lender, the IAD is often the day your mortgage loan is advanced and/or is almost always before the day your first mortgage payment comes out.

To avoid paying an interest adjustment, you can attempt to schedule your closing as close to the adjustment date as possible.

How do I pay my interest adjustment?

There are a number of ways to pay your interest adjustment. You can pay it at closing, either by paying your lender directly or getting the lender to deduct it from your mortgage loan before they advance it to you. You can ask your lender to make a one-time withdrawal from your bank account, before your first mortgage payment comes out. Or, if the lender allows it, your interest adjustment may also be added to your first regular mortgage payment.

Land Transfer Tax

When you buy property or take the transfer of a property’s title, you have to pay a Land Transfer Tax (LTT). The LTT is a provincial tax that all provinces have, except Alberta and Saskatchewan, who instead levy a small fee.

You can also get rebates on your LTT here in British Columbia.

How much you pay depends on the province you live in and the value of your new home. If you’re buying a home in British Columbia, for example, you pay 1% on the first $200,000 and 2% on anything extra over $200,000. If your home was $300,000, that would look like:

First $200,000 x 1% = $2,000

Remaining $100,000 x 2% = $2,000

$2,000 + $2,000 = $4,000 total land transfer tax

British Columbia land transfer tax

In BC, on a $200,000 home, your land transfer tax ($200,000 x 1.0%) is $2,000.

BC first-time homebuyers are also eligible for a land transfer tax rebate of the full LTT amount, if the home is less than $475,000.

Title registration fee

Base fee of $50 + additional $1 for every $5,000 of the property’s fair market value, rounded up to the nearest $5,000.

Mortgage registration fee

Base fee of $50 + additional $1 for every $5,000 of the principal amount of the mortgage.

On a $200,000 home, you’ll owe ($50 + ($1 x 40)) + ($50 + ($1 x 40)) approximately $180.

GST & HST on New Homes

If you’re buying a newly built home, you may have to pay GST or HST on the purchase price, depending on your province.

When getting ready to buy, pay attention to whether or not the purchase price says GST/HST is included or is payable—every builder lists this differently. For example, given “$329,000 incl. HST” or “$329,000 + HST,” the difference is an extra $42,770 in Ontario (13% HST).

GST/HST New Housing Rebate

If your new home is priced at no more than $450,000 (before GST/HST), you may be eligible for a partial rebate of the 5% GST, so long as it’s going to be your primary residence.

The GST/HST New Housing Rebate amount you can receive changes proportionately, based on the purchase price of the home. For example, the rebate for homes valued at $350,000 or less reduces the GST paid from 5% to 3.5%. The rebate gradually reduces for homes in the $350,000–$450,000 range and there is no rebate for homes over $450,000.

To claim the rebate, you (the purchaser of the home) must include Form GST190 and file it with your personal income tax.

To ensure you’re making a well-informed decision when it comes to the purchase of your new home, consider enlisting the services of an accounting firm or a firm that specializes in securing HST rebates on new homes.

GST/HST when building

The general rule, if you’re building or significantly renovating a home and will be using it as your primary residence, you’re not a builder for GST or HST purposes. However, if you’re building for business purposes, like building a home to sell it, you are building for tax purposes.

Because there is grey area regarding this, including what constitutes a “significant renovation,” it’s best to consult with a real estate or tax lawyer to determine the specifics of your build.

PST on CMHC Insurance

If you’re buying a home with a down payment of less than 20%, you already know that you need to purchase mortgage default insurance, also called CMHC insurance. In Manitoba, Ontario, and Quebec, you must also pay provincial sales tax (PST) on the default insurance premium—7%, 8%, and 9.975% respectively.

Example

If your CMHC premium amounts to $5,400, the amount of PST you would have to pay on that in Ontario (8% PST) would be:

$5,400 x 8% = $432 PST

It’s important to note that PST on default insurance cannot be added to your mortgage loan – you will have to pay the PST with cash at closing.

Down Payments

A down payment is the sum of money you pay upfront when purchasing a home. It can be shown as a percentage of your total home price, calculated by taking your down payment and dividing it by the dollar amount of your home price.

What is the minimum down payment in Canada?

On homes less than $500,000, 5% is the minimum down payment in Canada.

As of February 15, 2016, the minimum down payment on homes between $500,000 and $1 million is 5% on the first $500,000 and 10% for the portion over $500,000.

Finally, homes over $1 million require a minimum down payment of 20%.

Example: $700,000 home

First $500,000 x 5% down payment = $25,000

Portion over $500K: $200,000 x 10% down payment = $20,000

Total down payment: $25,000 + $20,000 = $45,000

How your down payment affects mortgage default insurance

Mortgage default insurance (or CMHC Insurance) is a mandatory insurance on home purchases with down payments of less than 20%, protecting the lender in case the borrower fails to pay their mortgage payments and defaults on their mortgage.

For more information check out our page on CMHC Insurance.

How your down payment affects your mortgage

1. Your down payment limits the home price you can afford

If you’re purchasing a home under $500,000, the minimum down payment in Canada is 5%, meaning your maximum mortgage affordability is 20x your down payment. Of course in addition to your down payment your lender will also look at your ability to make your mortgage payment each month.

Example: Down payment of $12,000

Total mortgage amount: $12,000 x 20 = $240,000

If your home is $500,000 to $1 million, the minimum down payment is 5% for the portion under $500,000, and 10% for the portion over $500,000.

Example: Down payment of $50,000

First $25,000 x 20 = $500,000

Remaining $25,000 x 10 = $250,000

Total mortgage amount: $500,000 + $250,000 = $750,000

And if your home is over $1 million, the minimum down payment is 20%, meaning your maximum affordability is 5x your down payment.

Example: Down payment of $300,000

Total mortgage amount: $300,000 x 5 = $1,500,000

In addition to your down payment, you will also need to pay land transfer tax, legal fees, and other closing costs, so it would be wise not to use 100% of your savings for your down payment.

2. Your monthly payments decrease the larger your down payment

It may seem straight-forward, but the larger your down payment, the smaller your mortgage, meaning your monthly payments and interest will be reduced.

Where do you get your down payment from?

There are many common sources of funds for down payments:

• Personal savings
• Proceeds from selling stocks, bonds, or even personal property
• Gifts from immediate family

Thank you very much for staying this far to study this guide. Should you need further clarification please reach out to me directly and I will be glad to help further.

Please text me on: 672.998.2220

I have highlighted herein a step by step procedure you can follow for a smooth home buying experience.

1. Choosing an Agent

Picking the right real estate agent is crucial to making your home search a success.

Your agent should be experienced, full-time, and always put you first. Your agent should consistently search for new listings to show you, act as a voice of reason while giving you advice, and expertly negotiate to get you the best deal.

You should interview potential agents and ask about their experience and service, and obtain references from previous clients. Once you’ve chosen an agent, sign a buyer’s representation agreement to get started.

2. Research and Plan

Research what you need, want, and can afford—from your housing costs to closing costs. Consider your current budget and lifestyle, and how they might change in the next five years.

Things you should consider:

• Your ideal home
• Your preferred neighbourhood
• Your budget
• Your savings for your downpayment

Work with your agent to:

• Walk through the process so there are no surprises
• Determine your future needs
• Discuss neighbourhoods and housing types that meet your needs and maximise return on investment
• Connect you with a reputable mortgage broker

You'll want a mortgage broker early in the home buying process. They will help you by:

• Giving you a pre-approval with the maximum home price you can afford
• Locking in an interest rate for 90–120 days
• Helping you get the mortgage that best meets your needs

3. Find a Home

Based on the criteria you gave your agent, they will hand-select homes for you to view. While you should see homes quickly, as they can be scooped up in popular neighbourhoods, you should also be viewing homes carefully to determine whether or not they suit your needs. Also, keep in mind that listing photos can be deceiving, so viewing them in-person is very important.

Spend time in neighbourhoods you’re considering, to be sure they’re right for you. View all homes that your agent has suggested, based on the criteria you’ve given them, because your agent has more experience viewing homes and can find hidden gems that will surprise you.

For more information, including specifics on buying condos, strata documents and so on read our blog on strata documents 101.

4. Make an Offer

When making an offer, there are many terms to consider. For competitive markets you will need to be strategic about which conditions to include, and you may need to move quickly to submit an offer. Having a plan can help you be prepared to negotiate on your terms.

While making an offer, you have to:

• Name your price and terms
• Understand your current and future financial position
• Be ready to make a firm offer when required

Your agent will:

• Analyze comparable properties with you
• Work with your mortgage broker on a financing plan and risk assessment
• Advise you on how to reach your desired outcome in the current market
• Present your offer to the listing agent or seller
• Negotiate the best deal for you

Your mortgage broker will also confirm whether you can get financing for your chosen property and price.

5. Closing the deal

The final steps can be overwhelming and tedious but they are important and time-sensitive. Each person plays an important role, including your real estate lawyer.

You will:

• Visit the home a few days before close for a final inspection
• Purchase home insurance
• Sign legal documents
• Pay closing costs and down payment (less deposit) via your lawyer

Your agent will:

• Arrange and attend your final home visit
• Help you arrange insurance, lawyers, movers, utilities, cable, and anything else you need
• Handle any issues that may come up that risk closing
• Begin planning your budget early.

Your mortgage broker will:

• Discuss mortgage insurance options
• Remit mortgage money to your lawyer

Your real estate lawyer will:

• Explain legal documents to you
• Conduct title search and purchase title insurance on your behalf
• Handle fund transfers
• Register the property in your name and hand you your keys!

In the world of real estate, it's crucial to understand the difference between a sellers market and a buyers market. Current market trends and the housing market often stipulate or dictate if real estate investment is ideal and at what time.

In a sellers market, there are more buyers than properties available for sale. This can drive up prices and lead to bidding wars. Sellers have the upper hand and can often sell their property quickly and for top dollar.

On the other hand, in a buyers market, there are more properties for sale than there are buyers. This can put downward pressure on prices and give buyers more negotiating power. Properties may sit on the market longer, giving buyers more time to make decisions.

Whether you're buying or selling, knowing whether it's a sellers market or a buyers market can help you navigate the real estate market more effectively. Keep an eye on market trends and consult with a real estate professional to make informed decisions.

Economic Rule of Supply and Demand

In real estate, the market is tied to the basic economic rule of supply and demand, which determines if a market is a buyer’s market vs seller’s market. Sure, certain seasons might have more foot traffic than others, but the housing market could vary drastically from neighborhood to neighborhood. I’ll help you identify “Is it a buyer’s or a seller’s market?” and break down the important concepts for you to explain to your clients. 

Some Important Definitions 

When supply exceeds demand, we see a buyer’s market. This phenomenon means there are fewer buyers than there are homes for sale. In this scenario, buyers have a bit of leverage. Competition is lower for a home, and the number of days on market increases for listings. A buyer’s market can be determined by calculating the months of inventory. Anything more than six months is traditionally considered a buyer’s market. 

• Buyers have leverage: Buyers have more power in a buyer’s market—which means better negotiation terms.
• Strategic home searching: The high inventory allows buyers to be choosy. Your focus should be on analysis to help your buyers focus on what they really want.
• Standout sellers: Sellers (and their agents) must focus on marketing, repairs, and competitive pricing to stand out and snag offers.
• Preparation and presentation: Sellers should focus on depersonalizing and decluttering their homes to appeal to a wide range of buyers.

A buyer’s market means that your buyers have the upper hand in terms of negotiation. At its core, a buyer’s market means that supply is higher than demand. 

With a buyer’s market, new listings are common. You can expect to see: 

• High real estate inventory
• Fewer interested buyers

The Sellers Market 

• Sellers’ advantage: Sellers have the upper hand due to limited supply. You can expect quicker sales and potentially rising prices due to high competition and scarce supply.
• Quick decisions for buyers: Due to the intense competition, buyers must be fully prepared to make a strong offer—sometimes even above asking price.

• Strategic pricing is key: Sellers (and their agents) should price homes to attract buyers—this could spark a bidding war that drives up the price. Pricing can fluctuate rapidly in a seller’s market.

• Sellers still need to prepare: While the market favors sellers, buyers still gravitate to well-prepared listings priced right, marketed effectively, and presented in the best possible light. These homes will stand out and may even sell quicker (and for more money)!
• Help your buyer navigate challenges: Your buyers will have limited leverage in negotiating the deal. They also need to move fast. Help coach your clients on patience as well as being ready to act fast when needed.

When demand exceeds supply, we see a seller’s market. This means there are fewer homes than there are buyers. This has been a common challenge for many agents and homebuyers in the market lately. 

In this scenario, sellers have the upper hand in negotiations. Buyers are hungry for homes, and there aren’t enough to go around. Traditionally, the number of days on market is low. A seller’s market is outlined by calculating the months of inventory

Top Secrets for Buyers in A Buyer's Market

There are a lot of advantages to purchasing a home in a buyer’s market vs a seller’s market. You’ll need to help your buyers be specific about what they want in a home—remember that in this market, you and your buyers have the upper hand in a negotiation! Agents must be diligent about analyzing comps, exploring available properties, and leveraging the number of days on market to help their buyers score a better deal.

Top Secrets for Sellers in a Sellers Market

For those sellers in a buyer’s market, you must be strategic about selling your home. We have some tips: 

• Make your property stand out through marketing and continued outreach
• Make those needed repairs
• Depersonalize and declutter 

As a Canadian homeowner looking to maximize your tax return in 2024 and beyond, I have here 4 new essential tips to help you make the most out of tax season.

First, make sure to take advantage of the Home Buyers' Plan. If you purchased your first home in 2023 or plan to do so in 2024, you can withdraw up to $35,000 from your RRSP tax-free to put towards your down payment. This can lead to substantial tax savings.

Second, keep track of any home improvement expenses. Renovations that increase the value of your home can be claimed as a capital expense, reducing your taxable capital gains when you eventually sell your property.

Third, don't forget about the Principal Residence Exemption. If you've lived in your home for the entire year, you can designate it as your principal residence and avoid paying capital gains tax when you sell. Just make sure to keep records of your residency.

Lastly, consider hiring a professional accountant to help you navigate the complexities of homeownership tax deductions. Their expertise can save you time and money in the long run.

Now, Let's dive in deeper:

First Home Saving Account 

Saving up for your first home is a significant goal for many Canadians. The new First Home Savings Account (FHSA) assists you in saving up to buy or build a qualifying first home, tax-free up to certain limits).

If you opened an FHSA (First Home Savings Account), you can claim up to $8,000 in contributions made by the FHSA by December 31, 2023 as a deduction from this year’s return.

Although it’s helpful to know about the tax credits and deductions, it’s still important to speak with an accountant or tax specialist to make sure that you’re taking full advantage of the credits and deductions available to you.

Residential Property Flipping Rule

Secondly, since January 1, 2023, if you’ve owned a property for less than 365 days before selling it, the profit from the sale is now classified as business income rather than capital gain. There is an exception to this rule: you might qualify for an exemption if the property was already considered part of the taxpayer’s inventory or the sale was due to unavoidable circumstances. 

Home Office Expenses for Employees 

Working from home has a lot of great benefits for better work-life balance, and also has some tax incentives, too. Canadians can claim home office expenses such as office supplies, phone/internet expenses, and the portion of home space used for work.

However, there has been a change regarding the method used to claim home office expenses for employees who worked from home in 2023. The $2-per-day temporary flat rate for working from home during the COVID-19 pandemic in 2020, 2021, or 2022 is no longer applicable.

Now, employees must use the detailed method and fill out Form T2200, a Declaration of Conditions of Employment, signed by your employer.  

Multigenerational Home Renovation Tax Credit 

Families that follow the “more the merrier ” approach might be eligible for the Multigenerational Home Renovation Tax Credit (MHRTC). This refund is available to those who have renovated their homes to accommodate more family members, provided the space created meets specific criteria.

The renovated space must meet specific criteria, including being self-contained with a separate entrance, kitchen, bathroom, and sleeping area, and complying with local regulations. 

Another primary eligibility factor for the Multigenerational Home Renovation Tax Credit is that either the occupant of the current residence or the new secondary unit must be over 65 years old. The MHRT incentive can be applied if a family member between 18 and 64 is eligible for the disability tax credit.

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Are you a first-time homebuyer looking to purchase a strata property? Congratulations on taking this big step! But before you sign on the dotted line, it's crucial to understand what's in the strata documents. These documents hold important information that could impact your ownership and living experience.

In this blog, I will break down everything first time home buyers need to know about Strata documents and condo living. Strata documents can be overwhelming for beginners, but understanding key things to watch out for can help protect your investment and avoid potential issues down the road. From common red flags to important sections to pay close attention to, I cover it all for you. 

For a robust real estate experience, you need proper home buyer education and adequate home buying tips that will make your property investment actions worth the while. Especially when it comes to strata, you want to know more about the strata management.

The three important information you need to know are:

1. Review the bylaws. These are the rules and regulations that govern the strata corporation and its residents. Make sure you understand what's allowed and what's not allowed within the strata community.

2. Pay close attention to the financial documents. Look at the budget, upcoming expenses, and contingency fund. You want to ensure that the strata corporation is in good financial health and can cover any unexpected costs.

3. Look through the minutes of the past strata meetings. This will give you insight into any ongoing issues within the building or community. It's essential to know what you're getting into before you make a purchase.

Ignorance is not bliss when it comes to purchasing a strata property, reach the expert for a guide. Take the time to review and understand the strata documents to make an informed decision.

Let's break it down further:

Financial Statements:

First you review the strata's financial statements to assess the financial health of the condominium corporation. Look for any signs of financial instability, such as deficits or large upcoming expenses. Explain to your clients the importance of a well-funded reserve fund for future maintenance and repairs.

Budget and Fees:

Secondly, please examine the annual budget and monthly fees and what these fees cover, such as: maintenance, utilities, insurance, and amenities. Explain any potential increases in fees and how they are determined.

Do A Reserve Fund Study:

Check if there is a reserve fund study available. This study assesses the long-term financial needs of the strata corporation for major repairs and replacements. Any deficiencies in the reserve fund often means potential special levies.

Bylaws and Rules:

Review the strata's bylaws and rules to understand the regulations governing the property. Any restrictions or obligations imposed by these documents, such as pet policies, rental restrictions, or parking regulations may impact your enjoyment of the property.

Meeting Minutes:

Look over the minutes of strata meetings to get insight into recent decisions, ongoing issues, and upcoming projects. Any significant discussions or decisions that may affect your enjoyment should be carefully noted.

Insurance Coverage:

Verify the strata's insurance coverage and its adequacy. Understand your own insurance responsibilities for personal belongings and any gaps in coverage that you may need to address.

Maintenance and Repair History:

Check for records of past maintenance and repairs. Any recurring issues or major repairs that may indicate potential problems with the property is a red flag  

Special Assessments:

Look for any history of special assessments or indications of future ones.

Legal Matters:

Investigate any ongoing or past legal disputes involving the strata corporation. There are potential risks and consequences of unresolved legal issues.

Please, ask me questions and seek clarification on any points you don't understand about this strata documents article. Ultimately, my goal is to empower you to make informed decisions about your first home purchase.

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Thank you for taking time to read.

In this comprehensive guide, I break down everything you need to know about possession date. From understanding the legal implications to practical tips for a smooth move-in process, this covers it all.

Learn about the key tasks that need to be completed before possession date, such as conducting a final walkthrough and transferring utilities. Discover how to handle any unexpected setbacks that may arise and ensure a stress-free transition into your new home.

Whether you're a first-time homebuyer or a seasoned real estate investor, this ultimate guide will help you navigate the complexities of possession date with ease. Don't let the excitement of moving overshadow the importance of being properly prepared.

Do A Walkthrough 

First Things First - do a final walk-through of the property to ensure everything is in the condition you agreed upon. Check that all appliances are in working order and any repairs have been completed.

Finalizing Paperwork 

Both the buyer's and seller's legal representatives will ensure that all necessary paperwork is in order and ready to be signed. This includes the transfer of title deed, mortgage documents, and any other relevant contracts. This is done prior to possession day (completion date) in order to make the possession day a smooth one. 

Registration of Titles

Getting ready for possession, after completion day, the buyer's solicitor will register the change of ownership with the relevant land registry office. This process officially records the new owner's details and ensures the property is legally transferred.

Transfer of Funds 

Funds Transfer happens on completion day, the buyer's solicitor will transfer the agreed-upon purchase price to the seller's solicitor. This usually happens through the banking system or via a certified check.

Handing Over Keys

Handing Over Keys: Once the funds have been transferred and all legal documents are signed, the seller will hand over the keys to the buyer. This symbolic act officially marks the transfer of ownership.

Moving In

Celebration Cometh!

Possession day is a celebration day and often a cause for celebration for both buyers and sellers. It's the culmination of weeks or even months of hard work and anticipation. Buyers can finally move into their new home, while sellers can move on to their next chapter.

Overall, possession day is an exciting and important step in the real estate transaction process. It's the day when all parties involved can breathe a sigh of relief knowing that the sale has been successfully completed. Thank you for taking the time to read. If you are a first time buyer and need more information about your options please reach out to meach and I will be more than glad to assist.

Buying a home, getting a mortgage are acts of real estate investing and can be a confusing, so I’ve developed these guides as a simple step by step resource that will help you through the process of home ownership, home buying, especially for first time home buyers, and you can take this as a first time home buying tip resource to keep for your reference. We all have home ownership dreams and we can achieve this by setting home ownership goals, which include reading guides and educating yourself about home ownership matters.

Here is a brief summary of your home ownership journey:

First, is to talk about mortgage. Real estate investing requires financing, you have to obtain a pre-approval before you can begin the search for a home. This is the foundation of your home ownership success.

In your home ownership journey, having a realtor will save you a lot of time as they will be able to narrow down your search within the criteria you are looking for. Some of your criteria may include:

• Price,

• House size,

• Lot size & type,

• Location in relation to schools, work and shopping, and so on.

Home ownership is possible if you follow the home buying tips here listed.

Get Ready to Submit an Offer

Once you have found the home you want, you can begin the negotiating process by making an offer. Your realtor will give you guidance on any subjects you may want to include in the offer.

Even though you have a mortgage pre-approval, you will still want to make the offer subject to financing as all lenders will only give you a final approval once you have selected the property and submitted all of the required documentation to them. Once you and the seller have agreed on the price and terms you can then move on to next step

Offer Acceptance - After your offer has been accepted by the seller you will need to satisfy all of the conditions that the lender has placed on the approval. Some of these may include: appraisal on the property and income confirmation. Your mortgage lender will work closely with you during this time to make sure all conditions are met so your approval is in place in a timely fashion.

Subject Removal - Once you have a firm approval from your lender and have satisfied all of the other conditions that you placed on your offer you can remove the subjects. This means that the contract becomes firm and binding. Now you are getting closer and closer to your home ownership dream that you set on your home ownership goal. At this time, your realtor will require a deposit from you to place in the trust account.

After Subject Removal - After you have removed subjects you should contact your lawyer/notary and provide them with a copy of your firm contract. At some point after you remove subjects & satisfy all lender conditions, the lender will then send mortgage documents to the lawyer. In the meantime, you will need to book an appointment with your lawyer to sign the legal documents for the purchase and mortgage.

Please Read The Fine Prints - Your lender may require that you attend their office to sign documents, try and read to understand before signing. In addition to this, all clients will need to attend the office of their lawyer/notary to sign the legal documents for the mortgage. One important thing you will need at this time is to obtain an insurance policy for the home. All lenders will require that you have insurance in place for the replacement cost of the building. This is just to show that home ownership is key both to you and your lender.

On Completion - Your lawyer/notary will require full payment for items outstanding in the form of a draft no later than the morning which your deal will complete. Items which require payment may often include:

1. Property purchase tax (if applicable),

2. HST (if applicable),

3. Legal fees,

4. Down payment, and so on.

Home possession is next in line for you! This now makes you a new home owner and take responsibility of property ownership. After the completion date is the home possession date. The possession date is when you have the right to move in and is usually two days after the completion date.

Congratulations, you have achieved your home ownership goal!

Thank you for reading, if you find this article useful please share with other first time home buyers who may benefit from it. You can also reach me for a One on One  should you have any clarification or questions you may have.

If you're a first-time home buyer, navigating the process of purchasing a home can be overwhelming. Here, I'll break down everything you need to know about the rescission period and how it can benefit you as a first time home buyer.

The home buyer rescission period is a critical part of the home buying process that allows buyers to back out of a purchase agreement within a certain timeframe without penalty. This period provides buyers with the opportunity to review the terms of the agreement, conduct inspections, and ensure they are making the right decision before committing to the purchase.

In this guide, I'll share the importance of the rescission period, how to effectively use this time to your advantage, and what steps you should take during this period to protect your interests as a first-time home buyer. We'll also provide tips and advice on how to make the most of this crucial time in the home buying process.

So if you're a first-time home buyer looking to understand the ins and outs of the home buyer rescission period, be sure to read until the end. 

What You Should Know About the Program

This is a new initial of the government of British Columbia to help home buyers. In January 3, 2023, the B.C. government implemented the Home Buyer Rescission Period (“HBRP”) for residential real estate transactions. Also known as the “cooling-off period,” this measure will give homebuyers up to three business days to rescind an offer on a home after the offer has been accepted.

Residential Properties Eligible for the Program

Not all properties are included in the HBRP legislation. The rescission period applies to the following types of residential properties:

1. A detached house;
2. A semi-detached house;
3. A townhouse;
4. An apartment in a duplex or other multi-unit dwelling;
5. A residential strata lot, as defined in Section 1(1) of the Strata Property Act;
6. A manufactured home that is affixed to land; and
7. A cooperative interest, as defined in Section 1 of the Real Estate Development Marketing Act, that includes a right of use or occupation of a dwelling.