Here’s what to know about the most popular and effective ways to come up with a down payment on your first home—or your dream home.

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Many folks have a misguided notion of what’s required of them for a down payment, so I’m going to share some options that exist for homebuyers.

The high ratio program does not change the requirement of down payment over 500 entirely, the down payment is stepped. Ie: 5% on the first 500k and 10% on the remainder.

Another option is the government's homebuyer plan, which allows you to tap into any Registered Retirement Savings Plan (RRSP) contributions you’ve made over the years—up to $35,000 tax-free. You’d then have the next 15 years to put that money…

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Here’s what you need to know about the government’s new first-time homebuyer incentive program.

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What do you need to know about the government’s new first-time homebuyer incentive program? Is it something you should take advantage of?

Before I answer that question, I first want to say that I think it’s wonderful that our government is trying to stimulate the first-time homebuyer’s market. This market is critical to the health of our market overall because it’s the start of an important domino effect—entry-level homes need to sell so everything else can sell.

However, in order to qualify for this incentive program, you have to fall within certain parameters.

First, you must be a…

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Should those interested in buying a new home wait until prices drop and interest rates rise? Let’s do some quick math to see how the benefits of purchasing today would compare to waiting another 12 months.

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I’ve been doing a deep dive into recent mortgage calculations lately, and the information I’ve found could help answer a question that has been on many people’s minds lately: Should buyers make their move now or wait?

To get to the bottom of this question, let’s do some quick math. Imagine you’re purchasing a $500,000 home with a 5% down payment, which, in this case, would be $25,000.

Assuming your interest rate is at 3.49%, your monthly mortgage payment in this scenario would be…

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We believe there’s a step when buying a home that is absolutely critical.  In a tight market with low inventory it’s even more important. Unfortunately most people totally miss this step at Vantage West we call this, Market education.  Market education is about systematically getting out and viewing homes, not for the purpose of buying but rather to educate yourself on the market, establishing a baseline for what your price range affords you, and refining your criteria. This is a step that the vast majority of agents will skip thinking it’s a waste of their time, however experience has taught us, this simple investment of time up front comes with a number of benefits.

  1. Number one is confidence – By getting out and viewing homes in a no pressure…

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I like to tell war stories. You know, the really gritty, tough moments of being a Kelowna real estate investor—the nightmare tenants who are 3 months behind on rent, the money sucking roof repairs, flooded basements, and backed-up sewer lines. Maybe it's a badge of honour, or maybe I just like to vent, but inevitably every time I share one of these trials with someone I get a similar response. People say “Yeah, I just don't think it's worth it” or “Seems like it's not worth the hassle”.

Now, to be fair, typically the people I'm chatting with aren't high-powered executives or independently wealthy types. They're regular, working-class people like you and me, who work a 40 or 50+ hour week in exchange for a wage or salary. Most of them are daily…

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Benefits of buying a home in Kelowna, BC

Becoming a homeowner has so many rewarding advantages. Sure, it can seem like an arduous undertaking if you’re a first-time buyer, but a little bit of hard work and financial commitment are worth it in the long run.

Here are just some of the many advantages of owning a home vs renting:

Homeownership Builds Long-term Wealth & Equity

Unlike buying a car or motorcycle, a home is an investment that isn’t going to depreciate much over the years, especially if you maintain it! Kelowna’s real estate market is thriving, and as one of the most desirable places to live and retire in, it’s a low-risk place to invest. With each passing mortgage payment, you’re slowly but surely paying down your loan and building your equity.

Over time, owning is by…

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Is it better to buy or rent in Kelowna, BC

Here's some food for thought…the average rent for a 2-bedroom unit in Kelowna is currently $1,600 per month.

What does this mean for those who are renting in the Kelowna residential market?

  • 1 year of rent is equivalent to $19,200
  • 3 years of rent is equivalent to $57,600
  • 5 years of rent is equivalent to $96,000
  • 10 years of rent is equivalent to $192,000

Conventional wisdom tells us that money spent on rent over time is being flushed down the toilet because you're paying off someone else's investment. If we look at the flip side of this, for most people who can muster the down payment, buying is the better choice. When you own your Kelowna property, that $1,600 per month will be going towards your own investment and not someone…

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We believe that the role of a real estate professional is so much beyond being a salesperson. Sadly the public perception of a real estate agent is that of a pushy salesperson that is out for their own best interests. We believe that the role a realtor plays in their clients lives during a real estate transaction is every bit as important as their Lawyer their accountant and even their financial planner. It's time the real estate industry owned this responsibility. At Vantage, we offer a consultative service that is far removed from selling you a house. We educate you on the market, share insight from our own experiences investing in our personal portfolios and leverage the collective knowledge of a team with thousands of transactions under their belt.…

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When buying a home you have a couple options for how you can go about working with Realtors. But there’s a big difference between the services offered.

One option is to call the listing agent, that’s the name you see on the for sale sign. Now this agent is able to answer your questions on the property, arrange a viewing for you and tour you through the property. That’s where it stops, so what do you miss out on going at it this way? Number 1 - Undivided loyalty, A buyer’s agent working exclusively for you does not have their loyalty divided between his existing listing client and yours, he works for you and you alone. They will prepare and structure an offer in your best interest, negotiating the price, terms, dates and inclusions that suit and protect…

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