Rick White Sutton Group West Coast Realty

Cell (604) 828-3847 | EMAIL rwhite@sutton.com |

SHOWN BELOW IS A LIST OF STANDARD EXPENSES TO CONSIDER WHEN PURCHASING OR SELLING REAL ESTATE IN BRITISH COLUMBIA.



LAND TRANSFER TAX

  • The land transfer tax is a one‐time tax levied by your province when you purchase a property.
  • The tax is based on a percentage of the purchase price of the property, and varies from province to province.
  • Some municipalities also charge a land transfer tax 


ASSOCIATED LEGAL COSTS

  • Legal costs cover your lawyer’s fees or your notary’s fees.
  • Lawyer or Notary will review the terms of the offer

  • Conducting a title search on the property

  • Registering a new title with purchaser names on it
  • Obtain relevant documents, such as surveys and evidence of liens on the property
  • Check the statement of adjustments for taxes and other costs that have been pre‐paid by the seller

PROPERTY INSPECTION

  • A home inspector assesses a property’s condition preferably before Subject Removal
  • Inspector will identify what is not working properly, needs to be changed, or is unsafe.
  • Inspector will identify where there have been problems in the past, such as a leaking basement or termite damage.


OTHER POSSIBLE COSTS

  • Interest adjustments between date of closing and first mortgage payment
  • GST/HST on a new home or a home that’s been extensively renovated
  • Title insurance coverage for losses related to title fraud, survey issues and challenges to the ownership
  • Service charges from utility companies for hook‐ups on electricity, gas, internet and telephone services
  • Appraisal fees
  • Moving costs
  • Storage costs if you must leave your current residence before you are able to move into your new home
  • Furniture and appliances
  • Real estate commissions

CONTACT ME TO DISCUSS YOUR RELA ESTATE NEEDS


Mobile:      604.828.3847

eMail         rwhite@sutton.com

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WHERE DO YOU WANT TO LIVE OR INVEST ?

 
  • Are you seeking an urban, suburban or country setting ?
  • Will you need to commute ? 
  • Is the communting distance workable for you ?
  • Do you need access to public transit? 
  • How much will commuting cost?
  • Are there schools nearby? 
  • How will your children get to school 


WHAT TYPE OF HOME DO YOU PREFER?


  • Single‐family detached homes stand alone on their own lot.
  • Single‐family semi‐detached homes are joined on one side to another home.
  • Duplexes contain two single‐family homes, one above or beside the other.
  • Row houses (townhouses) are several single‐family units, located next to one another joined by common walls.
  • Stacked townhouses, link or carriage homes, condominiums and co‐op apartments.

WHAT ARE THE TYPES OF OWNERSHIP?
 
FREEHOLD
  • You own the land and house and are responsible for everything inside and outside of the home.
 
CONDOMINIUM OWNERSHIP
  • You own your unit and share ownership of common spaces.
  • The condominium association is responsible for upkeep of the building and common interior elements
  • Strata fees take care of such as halls, elevators, parking garages and the grounds.
  • You pay a monthly strata fee to the condominium association to cover maintenance costs.
  • The fees vary but can somtimes include utilities, TV services and taxes.
  • You may also have to buy or rent your parking space.
  • Condos often have strict rules regarding rentals, pets, noise, use of common areas and renovations to units.
  • Be aware of your condo’s rules before putting in an offer.

CO-OPERATIVES
  • Similar to condos but instead of owning your unit, you own shares in the entire building with the other residents.
  • Co‐op residents pay for maintenance and repairs through monthly fees
  • Owners are subject to the rules and regulations of the co‐op board.
  • If you decide to sell or rent your shares, the co‐op board has the right to reject your prospective buyer or tenant.
  • Read the co‐op’s rules before making an offer.
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The federal government offers a range of Buyer assistance programs to help homebuyers.


FIRST‐TIME HOME BUYERS’ TAX CREDIT

  • A $5,000 non‐refundable income tax credit on a qualifying home.
  • The credit provides up to $750 in tax relief to assist first‐time buyers with purchase costs.
  • For more information, check the Canada Revenue Agency’s (CRA) website: www.cra‐arc.gc.ca


HOME BUYERS’ PLAN

  • A one‐time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first‐time buyers
  • Generally, you have to repay all withdrawals from your RRSP within 15 years.
  • For more details, visit CRA’s website at:www.cra‐arc.gc.ca


CMHC GREEN HOME PROGRAM

When you use CMHC‐insured financing to buy or build an energy‐efficient home or make energy‐saving renovations, you may qualify for a premium refund of 10% on your mortgage default insurance and a premium refund for a longer amortization period (if applicable). Check out CMHC’s website for more information: www.cmhc.ca
 
CONTACT ME TO DISCUSS YOUR REAL ESTATE NEEDS
 
Mobile:          604.828.3847
 
eMail:            rwhite@sutton.com
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STANDARD MORTGAGE OPTIONS

  • A mortgage is a loan, generally used to buy a property.
  • How much you pay depends on how much you borrow.


STANDARD MORTGAGE TERMS


Principal                       =        How much you borrow


Interest rate                  =        How much the bank charges you to borrow the nmoney


Amortization Period   =         How long it takes to pay off the mortgage


Lender                          =        Mortgage Company, bank or lending institution


  • Mortgage Terms and Rates are often negotiable, depending on the lender.
  • Do not be afraid to negotiate interest rates and mortgage terms with different lenders.
  • They are offering you a product and talking to more than one lender helps you make an informed decision.


WHAT TYPE OF MORTGAGE IS BEST FOR YOU ?

  • Fixed rate mortgages: Your interest rate is locked in for a specified period called a term.
  • Your payments stay the same for the mortgage’s term so you will not pay more if interest rates increase over time.

Variable rate mortgages:        

  • Rate of interest you pay may change if rates go up or down.

Conventional mortgages:        
  • Require a down payment of 20% or more of the property’s value.
  • You are not required to get mortgage default insurance with a conventional mortgage.
 
Closed mortgages:                  
  • The mortgage cannot be paid off early without paying a prepayment charge.
 
Open mortgages:                    
  • A mortgage that can be paid off at any time during the term, without having to pay a charge.
  • The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.
 
WHAT MORTGAGE FEATURES ARE BEST FOR YOU ?
 
Portable mortgages: 
  • You sell existing home, you can transfer your mortgage to your new home and keep your existing interest rate. 
  • You may be able to avoid prepayment penalties by porting your mortgage.
 
Prepayment privileges: 
  • You can make lump‐sum prepayments or increase your monthly payments without having to pay a charge.
  • This can help you pay off your mortgage quicker and save on interest penalties.
 

WHAT TYPES OF MORTGAGE PENALTIES MIGHT YOU HAVE TO PAY ?

You may have to pay penalties if you prepay large portions of your mortgage early or if you break your mortgage due to unforeseen life changes, such as marital breakdown, death of a spouse or relocating for a job. It is your right to know how lenders calculate prepayment penalties. Read your mortgage contract carefully and make sure you understand how penalties will be calculated before you sign.


HOW MUCH DO YOU NEED FOR YOUR DOWN PAYMENT ?

  • A down payment is the portion of the property’s price not financed by the mortgage.
  • You will need a down payment of at least 5% of the purchase price of the home.
  • For example, to buy a home for $300,000, you will need at least $15,000 as your down payment.
  • If your down payment is less than 20%, you will need mortgage default insurance.
 
CONTACT ME TO DISCUSS YOUR REAL ESTATE NEEDS
 
Mobile:        604.828.3847
eMail:          rwhite@sutton.com
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I can help you ....


  • Navigate the home buying process and paperwork from start to finish
  • Ensure that everything flows smoothly without any surprises.
  • Find the right home, in the neighbourhood you want, at a price you can afford.
  • Compare your property with similar properties that have sold over the past year.
  • Help you get a feel for the neighbourhood including schools, parks and other amenities.
  • Find out if you are eligible for government homeownership incentive programs.
  • Assess mortgage products and different types of lenders to see what fits your needs.
  • Negotiate favourable purchase price and contract terms
  • Clearly define purchase date of possession, required repairs, property details
  • Direct you through complex contracts
  • Find qualified industry professionals, such as real estate lawyers, home appraisers and home inspectors.
  • Plan for closing costs and other related expenses.


CONTACT ME TO DISCUSS YOUR REAL ESTATE NEEDS


Mobile:     604.828.3847


eMail:       rwhite@sutton.com

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My name is Richard [Rick] White. I live and work in Vancouver, Canada. 


Prior to becoming a licensed Real Estate Advisor with Sutton West Coast Realty in 2012, I was a public school teacher and educational administrator for 35 years. My extensive experiences as an educator and leader have allowed me to effectively provide guidance, support and leadership for my clients. My clients often state that they appreciate my clear explanations, creativity, advice and patience as we explore their particular market of interest. 


As a private real estate investor, I have decades of successful personal experience in many aspects of real estate that allow me to provide worthwhile and valuable advice to clients interested in purchasing, leasing or selling a broad range of commercial, residential and recreational real estate products. My clients also state that they appreciate my clear understanding coupled with my expansive knowledge and experience in the real estate markets in all regions of British Columbia.


Looking for advice or support ? Whether you are investing, buying, selling or leasing, please check out my website for a range of commercial, residential and recreational products.


See something you want to make buy, sell, or lease on my website ? Please phone, email or text me to set up a meeting over coffee or lunch where you can share your thoughts, goals and ideas. I will be happy to share my knowledge and expertise as you work to achieving your real estate goals.


I look forward to hearing from you !!!


CONTACT ME TO DISCUSS YOUR REAL ESTATE NEEDS


Mobile:     604.828.3847


eMail:       rwhite@sutton.com


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We are currently experiencing a Buyers market. Recent sales data shows us that the housing market in the Vancouver Region in the latter half of 2018 has slowed. List prices are holding steady, but we have recently started to see a downward trend in list prices and Buyers acceptance of offers below list price.


Now might be a good time to purchase a property. Sellers are becoming exhausted with the competition. Listing prices are starting to reflect Seller "Fatigue" in their MLS list price expectations and / or they are accepting offers below list price so they can make the sale and move on.


1. Bank Rates are still fairly low, but are creeping up.

Rates are on the rise, and it's been widely predicted that they will continue to increase. Buyers are worried that the longer they wait, the more expensive it will be to purchase a property. Buyers are following these rate inceases and thinking of jumping into the market, or upsizing their home before the rates get too high.


2. It has recently shifted from a Sellers to a Buyers market.

Sellers have enjoyed watching their property values incease significantly in recent years and they are now looking to capture significant non-taxable capital gains profit in their homes.


Now that the market has shifted in favour of Buyers, some Sellers are making price concessions and offering incentives to capture the attention of potential Buyers. Cash buyers and those with pre-cleared mortgages have a chance to snap up a home for an attractive price in this Buyers market. 


3. Home prices are holding steady

The significant price inceases we witnessed in recent years have largely stalled in most areas. A range of International, National and Regional market forces have stabilized the market at all levels. The Vancouver Region is still a highly sought out as a stable, safe, comfortable and enjoyable destination for families and businesses. For these reasons, real estate prices may dip a little bit in the near future, but they are likely to stay high and continue to rise, albiet more slowly.


4. People have more money in their pocket

Consumer confidence, low unemployment, and stock market surges are giving people confidence to invest in real estate. Many current home owners are interested in "cashing out". They want to enjoy the significant non-taxable captial appreciation of their homes. There are also many members of our aging population who want to down-size. When these homeowners sell, almost all will need to purchase a replacement home, making the condo and townhome maket strong.


5. Millennials are ready to commit

Millennials, often crippled by student debt and low starting salaries, have been especially hampered by rising interest rates and increasing home prices. These first-time buyers have been saving their money and are now getting ready to take the plunge, largely at the condo and townhome levels of the market.


Now is a good time to explore the market. The stabilized prices, comfortable bank rates and ample inventory make it a very good Buyers market. Contact me for further market information in your region. 


More Information:        Richard White         Sutton Realty        604.828.3847        rwhite@sutton.com

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Vancouver Region - Buyers Market

Fewer home sales and listings in 2018

  • Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.
  • The Real Estate Board of Greater Vancouver reports that residential home sales totalled 2,517 in March 2018,
  • This is a 29.7 per cent decrease from the 3,579 sales recorded in March 2017
  • However, this is a 14 per cent increase compared to February 2018 when 2,207 homes sold.
  • Last month’s sales were 23 per cent below the 10-year March sales average.
  • There were 6,542 home sales on the MLS listing service in Metro Vancouver during first quarter of 2018
  • This is a 13.1 per cent decrease from the 7,527 sales over the same period last year.
  • This represents the region’s lowest first-quarter sales total since 2013.
  • Overall there is less demand from buyers and fewer homes are listed for sale  in the first quarter of 2018.
  • Factors affecting sales includes: High prices, new taxes, rising interest rates, and stricter mortgage requirements.
  • This represents the region’s lowest first-quarter new listings total since 2013.
  • Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low. March was the quietest March for new home listings since 2009
  • Total inventory in the condo and townhome segments, of homes for sale remains well below historical norms.
  • Sales-to-active listings ratio for March 2018 is 30 per cent.
  • Ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 per cent for condominiums.
  • Downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period
  • Upward pressure occurs with home prices occurs when it surpasses 20 per cent over several months.
  • MLS® Home Price composite benchmark price for all residential properties in Metro Vancouver is  $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase over February 2018.
  • The benchmark price of an apartment property is $693,500.
  • This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase over February 2018.


Feel free to contact me for more detailed information or feedback on your real estate plans.


Rick White - Sutton West Coast                     Mobile: 604.828.3847          eMail:   rwhite@sutton.com

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Helpful New Buyer Hints

Scout The Neighborhood Before Buying

Choose a neighbourhood that matches your desires and needs. Visit area on three separate occasions (Saturday, Sunday and Monday) and at different times of the day. Ask neighbors about the neighborhood city services, schools, shopping, recreation, noise, safety, traffic flow etc.. 

If You Purchase A "Fixer Upper" Tackle one project at a time

The temptation when you buy an older home is to try to do too much at one time. Fixing the porch, remodelling the kitchen, replacing the fence, updating the bathroom, re-doing the landscaping and painting might be too much to try at one time. fence. Before you know it, you and your family may find yourself NOT enjoying your new home for an extended period of time because your entire house AND yard up. Ultimately it will all come together, but there may be a lot of added stress with everything going on at once.


Keep a Homeowner's Journal

Purchase and maintain a journal record of repairs, invoices, plans/sketches, estimates and all other paperwork pertaining to the house in it. Storing all your house information in one handy place makes life easier for the homeowner and can be a sales 'plus' when selling the house later.

Get to know your house before making big changes

It is suggested that you live in and enjoy your new home for 12 to 18 months before planning and undertaking any major renovations. Keep a running record of desired changes and adjust over time. As you get to know your surroundings, you may find that your perceptions of what needs to be renovated may change.

Check the furnace filter and in "nooks and crannys"

Checking behind the furnace filter, bathroom fan motors, underneath appliances, in attics spaces, in crawl spaces, behind the furnace, under sinks, behind drawer and doors, behind hedges and other less visible locations may reveal whether the previous owner took care of regular maintenance.

Don't be afraid to DIY [Do It Yourself]

Tell yourself it is OKAY to try some repairs and renovations yourself. Many household jobs are manageable with a little ingenuity, elbow greese, research and a few simple tools. Success may vary, but you can always bring in a professional tradesperson to correct or finish a job. Often, you will complete the job quite nicely while saving money, learning a new skill and enjoying a great sense of accomplishment.

Finish projects . . . Now

Make sure you use the proper tools and follow the old adage of "Good" "Better" "Best" when purchasing materials. Complete or get help to finish avery project in a timely manner so you can enjoy the results. Don't learn to live with incomplete projects. The last couple of pieces of trim can linger for years!

Budget for trouble

When you buy an older home, check out the furnace, hot water tank, plumbing, wiring, windows, doors, roof, gutters and other structural attributes. Not everytning will need to be replaced right away, but be sure to lay out both short and long range plans for addressing items that will need attention. Repairing the funrace before it fails in winter, or replacing the hot water tank before you have guests in the home will be apprciated by all. Having a plan will allow you to set priorities while making repairs and adjustments in a timely manner without being a financial shock.

Verify everything

It is important to insist on full written disclosure from the seller about remodeling, repairs, old damage, leaks, mold and other elements that are signficant to your safety and comfort in your new home. Check with the city authorities regarding the property permit history, zoning, prior uses, homeowners' association restrictions and anything else you can find out.


Try to get a home warranty or price reduction for anticipated issues

 
A warranty can save you from unanticipated expenses related to a faulty dishwasher, inefficient furnace, plumbing leaks and roof issues.

Offer to buy the tools and yard equipment too

Buying a home from owners who are downsizing may give you the opportunity to purchase garden tools, tractors, snow blowers and other needed tools in general.

 
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Kitchen Design Considerations:

Designing or remodelling a kitchen can be a daunting task. Whether you’re starting from scratch, completely refurbishing or making a few minor renovations, some basic know-how and handy tips will help make your kitchen design project a success.

  • Stay focused on your needs and lifestyle
  • Choose complimentary cabinets, counters, appliances, furniture and lighting
  • Choose design elements for comfort and design
  • Aim for a combination of function and style

Today's kitchen remains the heart of the home, the social hub where family and friends gather to

eat, meet, relax and celebrate.


A traditional kitchen kithcen layout should have three basic work centres or "stations":

  • Food preparation area
  • Cooking area
  • Clean-up area
Kitchen Layout
  • When planning kitchen layout it is important to observe the natural "flow" in the kitchen.
  • In what order are tasks done?
  • How many people cook or prepare food at the same time?
  • When you come home from shopping, you put the food away in the fridge and the pantry.
  • Later, you take it out to rinse it, chop it and prepare it, then you cook it on the stovetop or in the oven.
  • Finally, you serve it at the table.
  • If the work stations are arranged to follow this order, your kitchen tasks are made easier.
  • If more than one person is cooking or preparing food at the same time, a double sink will prove very useful. 

The triangle and other functional shapes 

  • For many years, kitchen designers used the triangle principle as the ideal layout.
  • Three most important elements in a kitchen – the refrigerator, cooktop and sink
  • Thess elements should be laid out so that each represents one of the points of a triangle.
  • Ideally the total perimeter of the triangle, should be between 15 and 26 feet.
  • No distance should be longer than 9 feet
  • The shortest distance between the sink and the cooktop – should be between 4 and 6 feet.
  • Traffic flow through the kitchen should not pass through the work-triangle area.

Open Plan Kitchens

  • Popularity of open-plan kitchens has led designers to rethink the idea.
  • Current trend is to merge the kitchen with the adjoining dining room
  • Many new homes are built on this model
  • Traffic flows more freely
  • Easier to manage tasks
  • Open space lets in plenty of natural light.
  • People can circulate freely and are not confined by four walls.
  • Open-plan kitchens are often laid out in an "L" or "C" shape, occasionally an "F" shape. 

Choosing the right appliances

  • Choose carefully to meet your family's varied real needs.
  • Kitchen appliances should be arranged in a logical layout
  • The oven should ideally be near the pots and pans,
  • The refrigerator close to the pantry
  • Space permitting, a popular choice is to have a separate cooktop and a wall oven
  • Choice of range hood must be suitable for the type of cooking, whether electric, gas or induction.
  • The location of your hood will depend on whether or not it is vented to the outside.
  • The style of hood has an impact on the overall look of the kitchen
  • Consider microwave placement depending on frequency of use, cooking style and physical attributes
  • Dishwashers raised by about a foot for easier access. 
  • Wine fridges are another lifestyle trend that is strongly influencing kitchen design 

Lighting

  • Pot lights are popular because they are always in style and can be dimmed to change the mood.
  • They are perfect for the ceiling and above the sink, as well as under cabinets.
  • Dimmable pendant lamps are a good idea over an island or peninsula
  • Above the table, a striking chandelier will add 'wow' factor and echo the style of the dining room. 

Finishing touches: designers’ trade secrets

  • An efficient kitchen is a well-organized kitchen.
  • Pull-out spice racks
  • Wall-mount utensil racks
  • Slide-out shelves for pots and pans drawers
  • Soft-close dampers for cabinet doors
  • Be mindful of the move toward universal design
  • Kitchen designers are increasingly incorporating a walk-in pantry. 
  • A small countertop may be included to keep the coffee machine and toaster out of sight. 

Materials and colour

  • Have fun choosing your decor style.
  • Large floor tiles lend a contemporary feel
  • Mouldings around the ceiling create a more classic look
  • Pale colours will make the room appear larger.
  • Durable, noble materials like wood and natural stone make sensational countertops. 
  • Renovating the kitchen is an investment.
  • A well-designed kitchen that is both chic and functional will increase your home's resale value.

Call, text or email anytime for help wth your real estate nee


Mobile: 604.828.3847                eMail: rwhite@sutton.com                 www.rswproperties,ca

 

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Guiding Principles For Owners of Tenanted Residential Properties

www.rswproperties.ca          rwhite@sutton.com

 

  • Treat the property as a business. Dont think that ll you need to do is buy it, rent it and forget it.  Decisions will need to be made from time to time regarding maintenance and upgrades, rent reviews, new leases, etc. Even if you hire a property manager that will do the work, they can only do what is instructed.
  • Unwittingly breaking a law. Make sure you understand landlord laws, your responsibilities and liabilities, and the ins and outs of leases.
  • Get pre-approved first. Talk to a mortgage expert before you start your search so you know how much you can qualify for and you know what you are going to require.
  • Factor in running costs. Consider all of the related costs of ownership including, bu tno tlimited to insurance, property taxes, repairs, special levies and strata fees if applicable.
  • Work with a buyer’s agent. Work with a trusted real estate agent that has experience and knowledge on buying investment properties. Buying an investment property is about numbers while buying your own home is about an emotional purchase.
  • Do not buy a property sight unseen. Conduct a personal site inspection yourself, or have your real estate agent who knows exactly what you want. This is a big investment surely you can take the time to inspect it.
  • Check out the property adequately. Having the property professionally inspected can help avoid unexpected expenses. There are many potential problems with any home that you are not likely to pick up yourself.
  • Have access to enough funds to cover unexpected expenses. Plan for emerging issues such as the property sitting vacant for a period of time, budget for mortgage payments in the event that they increase and have access to lines of credit or cash to cover the cost of a new roof or furnace.
  • Establish and follow a proper and efficient maintenance schedule. All properties have fixtures and fittings that wear out or are damaged whihc is why you should haave a preventative maintenance routine.
  • Have a long range plan for your investment. If you expect to get rich quick, you may be tempted to set the rent too high and lose your tenants. Research comparable property rent rates and be reasonable.
  • Do not become a slave to the property. Decide how much your time means to you. If your investment property becomes a second full time job, is it really worth it? Factor in the cost of a property management company, if necessary.
  • Check the property and tenants periodically. Ask for references and follow them up. Run credit checks. If applicable, drive by the prospect’s current property and see how well it’s cared for.
  • Conduct regular financial analysis. All business owners regularly review their financials by creating monthly and annual statements of receipts and expenditures. Conduct an annual market appraisal to see how the value of the property is going. Sometimes it is strategic to sell off some assets and purchase new ones. 
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* Beefing up your attic insulation, but from a purely cost-benefit

* One of the best home improvements that you can make

* Some reports, calculate that you will see a 107 percent return on your attic insulation project.

* You will also see a difference in your home utility bills in the interim

2. Replace your front door

* Average cost: $1,500 to $2,500

* An automatic win when it comes to curb appeal

* A new front door will return about 90 percent of its value in sales price.

* The most popular replacements are stately stone veneer models and sensible steel doors.

* A welcoming and attractive front entrance can be a winning feature with potential buyers

3. Install new vinyl siding

* Average cost: $12,000

* Probably not the project you want to tackle just before you sell your home unless your existing siding is a real eyesore.

* It only returns about 80 percent at resale, although excellent compared to a major kitchen remodel at just 65 percent.

* A neutral taupe or beige with dark shutters, for example, disguises dirt and still looks elegant. 


4. Upgrade your garage door

 

* Average cost: $2,300 to $3,000

* Upgrading your garage door delivers about 80 percent of its cost when you sell your home.

* Garage doors with plenty of windows tend to do a little better than those without.

* Use one of the new remodeling preview apps to get an idea of what different doors before buying. 


5. Switch to hardwood floors


* Average cost: $5,000 to $6,000

* Upgrading your carpet or laminate floors to hardwood flooring can return between 78 and 91 percent of the cost

* Keep in mind that engineered wood products don't fare nearly as well real wood.

*  Look for a universally appealing finish, and keep in mind that oak is a perennial favorite among homebuyers. 

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First Time Home Buyers' Program

The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible.

For example, if you qualify and purchase a property with a fair market value of $400,000 with a person who doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.

Do I Qualify?

To qualify for a full exemption, at the time the property is registered you must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time 
  • have never received a first time home buyers' exemption or refund

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $475,000 or less if registered on or before February 21, 2017, or
    • $500,000 or less if registered on or after February 22, 2017
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

Find out the amount of your exemption if you qualify.

Foreign entities and taxable trustees are not eligible for the exemption. If you are an individual who doesn’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the property transfer tax.

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Working Together !

The purpose of this website is to provide you with a glimpse into my world as it relates to real estate and related investment initiatives.


My goal is to share my resources in a way that will help you attain your goals.


Hopefully, this online web portal will provide you with a link to what I have to offer.


Whether you are a buyer, seller, investor or are simply exploring a range of real estate options, I am confident that I can help you to meet your real estate goals.


Here are some reasons why:


My website will link you with what is happening right now in the real estate market.


My website will allow you to narrow your search for the ideal property.


My website is an excellent resource for a broad range of opportunities.


My website is accessible to you 24 hours a day, 7 days a week.


Please contact me for more details.


Respectfully, Richard White Cell: 604.828.3847 rwhite@sutton.com

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.