BC Notaries First-Time Home Buyers Tips for
Busy Spring Market
2014 Spring Real Estate Market Stronger Than Last Year
FOR IMMEDIATE RELEASE May 22, 2014
Vancouver, BC – BC Notaries throughout B.C. have been experiencing a strong Spring market; particularly in Vancouver, Victoria, and in resource-based towns including Kitimat and Fort St. John.
Busy housing markets and low interest rates attract first-time home buyers keen to enter the market. These aspiring new homeowners—whether they’re young couples, singles, or families—often ask Notaries for trusted guidance on their important purchase.
BC Notaries provide conveyancing and other real estate-related services to many BC home buyers and sellers. Spring is a particularly busy season for those services.
The BC Real Estate Association has reported the total dollar volume in home sales has increased 19% in April 2014 year-over-year, while volume is up 12%, and is forecasting a 5.2 percent increase in the number of homes sold in 2014, and further 6.7% in 2015.
“There are a few things that have influenced strong real estate sales in addition to lower interest rates,” says Akash Sablok, President, Society of Notaries Public of BC and a Notary Public in East Vancouver. “Changes to the property transfer tax exemption limit and to mortgage loan insurance premiums also had first-time buyers rushing to complete purchases last month. As Notaries, we ensure that nothing is missed when buyers are urgently trying to close on purchases.”
Tips for First-Time Home Buyers
Obtain pre-approval for a mortgage before setting a price range and remember that if your circumstances change, such as changing jobs, so might your eligibility.
If your family is providing a loan or other assistance, make sure you’ve considered all the possible implications and outcomes to avoid confusion or conflict later on, with the help of a legal professional such as a Notary.
Develop a costing sheet that anticipates all related costs in addition to the cost of the home itself. Ask the various professionals with whom you are working to review it for you, including your realtor, mortgage broker or lender, Notary, and mover. Then allow an extra $1’000 for unexpected expenses.
Allow for fees for transfer of utilities. Make sure you understand which municipal taxes and other fees will come due—and when.
Karen Cook Brenda Jones
604 551-9074 604-312-1070