Strata fees will usually include strata management, caretaker (if an apartment), garbage pickup, gardening, snow removal, amenities such as swimming pool & exercise room, and some apartments will even include hot water, heat and gas.

There is no way to lock

-in a monthly fee like a mortgage, however you can prepare for a fee increase, by building a buffer into your monthly budget. If the fees go up, you have that covered. If they remain the same, you have some extra savings.

Many see buying a condo as an alternative to renting, as often it can be cheaper to purchase than to rent. Also, the purchase of a condo can be a first step to building equity in order to buy a house

Why Canadians buy condos

When we use the term “condos”, we mean both apartments and townhouses.
Three-quarters of condo buyers say monthly fees are a small price to pay to enjoy the convenience and amenities of condos, according to the annual TD Canada Trust Condo poll.
Condo owners found that they require less maintenance, are more affordable, and offer more amenities than a house.
Top features Canadians look for in a condo:

1. Good building security
2. Energy-efficient features &
attractive interior design
3. A balcony
4. Parking for their car
5. Close to public transit

This is a temporary bonus, effective February 21, 2012 to March 31, 2013. The bonus is a one-time refundable personal income tax credit worth up to $10,000.

Who qualifies?  * Buying or building a new home or a substantially renovated home where HST is payable. Read the rest of this entry »

Thinking of moving to a great small city (around 150,000 population)?

Here are some great reasons why Abbotsford is a top choice:

* Temperate climate (may or not have snow in winter)

* Fabulous scenery with mountain and valley views

* Affordability (price of an average home is under $400,000)’

* Excellent schools

* Loads of recreation: recreational centres, sports facilities, numerous golf courses, etc.

* International Airport

* New regional hospital and cancer centre

* University of the Fraser Valley

* New entertainment centre with great entertainers and The Abbotsford Heat(AHL)

* New public art gallery and museum, The Reach

* Tradex that hosts regional trade shows

And that’s just the beginning.  A wonderful city in which to raise your children with great schools, amazing sports, music opportunities, etc. Read the rest of this entry »

Richard Friesen has earned the designation, Seniors Real Estate Specialist.

1.  An SRES understands the issues facing older adults.   They can help you navigate your choices and may be able to suggest alternatives that help you stay in your home.

2. This specialist understands the demands a sale can make on you, and works hard to minimize them.  Richard will be there when you need him.

3. The Seniors Specialist is interested in looking out for your best interests through all aspects of your transition, not just the sale of your home.

4. A Seniors Specialist can draw on a network of other helpful experts to help you deal with the entire process, from finances to moving.

5. A Seniors Specialist is knowledgeable about senior housing options and can refer you to another Seniors Specialist if you’re moving outside the area. Read the rest of this entry »

The Home Buyers’ Plan (HBP) allows you to withdraw up to $25,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for a related disabled person. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.
This is a temporary “loan” from your RRSP — you must pay back the amount you borrow from your RRSP for the Home Buyer’s Plan within 15 years or it will be added to your taxable income.
You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner). Typically, you will not be allowed to withdraw funds from a locked-in RRSP. Read the rest of this entry »

The home buyers’ tax credit provides a $5000 non-refundable income tax credit on a qualifying home bought after January 27, 2009. This is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5000. This works out to be a tax relief of up to $750. This is a one-time credit only in the tax year you purchase your home.

First -time home buyers  can now withdraw up to $25,000 per person from their RRSP, in order to purchase or build a home after January 27, 2009.
For more information, go to www.cra.gc.ca.

All property owners are taxed annually based on the assessed values as determined by the BC Assessment Authority. The assessments are based on the market value of the real estate as of July 1st of the previous year.
The appraisers look at recent sales of similar properties, applying similar standard units of comparison: location, size and age.
They get their information from places like the Land Titles Office and Real Estate Transactions. The prices will go up or down, based on market conditions for the area. The only difference will be if there has been a substantial change in your home.
BC assessments are mailed out the first week of January, and you have until January 31st to send in your written appeal. There is no fee to file an appeal.

If you want to compare your home to your neighbor’s assessment, go to www.bcassessment.ca, then click on
E-valueBC, put in your address, and you will be shown the assessed value of all the neighbours on your street. This will give you an idea of the comparable value of your home, and let you determine if you wish to file an appeal.

According to the BC Assessment Authority, Abbotsford residential values have decreased by 1.94% in the last year.
HOMEOWNER GRANTS:
As of January 3rd, the maximum amount of your home owner grant in the Fraser Valley is being raised to $570 and $275 for seniors, disabled and certain veterans, to reflect the general increase in property values in BC.
YOUR BC ASSESSMENT vs.
YOUR HOME’S MARKET VALUE
Although the Assessment Authority works to reflect the market value of your home, our experience has been that your assessment is not an accurate valuation of what you can sell your home for. This is probably a reflection of how much our homes vary in layout, finishing, and buyer appeal. We have found that the current market value can be either higher or lower than your BC assessment.

A husband creates a life lease for his second wife, allowing her to live in their home as long as she lives. When she dies, the home reverts to the heirs. If she lives the entire rest of her life in that home, no problem. But should she move out of that home, say, to go into a care home, what happens to the family property?
Her children might see this property as a money maker and rent it out, or even live in it themselves.
If the husband has put in the life lease a clause stating that should she move out of the property, then it would revert to the heirs, the problem would have been averted.
When you contact your lawyer to write up this life lease contract, make sure that this potential problem is avoided.

 With drastically reduced prices in certain parts of the U.S., cross-border real estate buying can be very tempting.  To be successful, one needs to have up-to-date knowledge of continually changing border, legal and political issues. Read the rest of this entry »