Barry Magee 2 Percent Westview Realty

Phone : 604.773.2948 | Email : barry@barrymagee.com

Is It Time To Own?

Real estate ownership is always going to be more expensive than renting, but in the long term will provide security with the eventuality of being mortgage free, in addition to owning an asset. Being financially prepared for home ownership is something you should look at conservatively. It’s easy to get blindsided by additonal costs if you aren’t ready for them. The most common cost that most buyers are not prepared for is the Property Transfer Tax. First time buyers are exempt up to a limit of $500,000, but if you are buying for the 2nd time this is something you’ll need to be prepared to incur.

Are You Financially Ready To Own?

If you are paying $2000 a month for rent, it’s really not that much more to own with the current mortgage rates. The tricky part is generally the down payment, the more money you can put down the better. Be diligent with your RRSP savings account, the first time buyers plan allows you to borrow up to $35,000 from this to put towards a down payment. The bare minimum you need to put down is 5%, but this comes with additional fees.

Getting The Right Advice

Some real estate agents won’t hesitate to tell you buying a property is always right for you, without asking you questions about your financial preparedness. I’m very candid and honest with my clients, and while more often that not your financial viability to be an owner will come out during the mortgage approval process I will ask you those questions directly to get a sense of where you are at financially. It’s important to be honest with each other during the process, this is something I always bring to the table for my clients, and I hope for the same in return.

Government Programs For Buyers

BC Home Owners Grant : https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant

BC First Time Home Buyers Program : https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

Canada Home Buyers Plan : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html

Shared Equity Mortgage Providers Fund : https://www.cmhc-schl.gc.ca/en/nhs/shared-equity-mortgage-providers-fund

Home Inspectors

Fairbairn Inspection Services : https://fairbairninspections.com/

Janzen Home Inspections : http://janzenhomeinspections.ca/

Munro Home Inspections : https://munrohomeinspections.ca/

Mortgage Brokers

Kolbi Turner - Dominion Lending : https://www.kolbimortgages.com/

Chris Cornborough - 4 Front Mortgages : https://4frontmortgages.com/personnel/chris-cornborough/

Legal/Notary Services

Devika Mehta Notary Public : http://www.mehtanotary.com/

Bell Alliance : https://www.bellalliance.ca/

Skilled salesperson and marketer who brings a down to earth, consultative approach to his client relationships balanced by an entrepreneurial, opportunistic nature and expert negotiating ability. Feel free to contact me anytime for a consultation.


Barry Magee : 2 Percent Westview Realty

Office Address : 238 7080 River Road

Phone : 604.773.2948

E-mail : barry@barrymagee.com

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.