LOWEST MORTGAGE RATES GUARANTEED
MEMBER OF
NO CREDIT, BAD CREDIT, NO PROBLEM! Upto 80% Financing on Residential Properties with Limited Income Verification • Commercial Mortgages • First Time Buyers • Equity Take Outs • Renewals • Debt Consolidation • Refinances • Variable Rate Specials • Cash Back Specials • Private Mortgages • Rate Holds upto 120 days • Truck Leasing
Tony Hundal
30 Years of Lending Experience
604.897.4068
Saturday, Feb 29, 2020
Volume 29 Number 9
Phone: 604-502-6100
Fax: 604-501-6111 Email: voicerealtyads@gmail.com
#204-12885, 80th Avenue, Surrey E: tony@axismtg.ca • www.tonyhundal.ca
Townhouses lead growth in rents The average rents for residential properties in Canada increased by 5.5% year over year, according to the latest data from Rentals.ca. The average rent for Canadian properties during October was $1,940, while the median rent was $1,850, up 8.9% from a year earlier. This recent increase was not consistent across property types, with townhouses posting the big-
gest jump at 19.7% while condominiums reported the smallest growth at 0.8%. Rental apartments comprise 57% of total listings used by Rentals.ca, making them the most reflective of the actual rental market conditions in Canada. The average rental apartment was listed for $1,574 per month in October, up 7.7% from the same month last year at $1,461.
Across all provinces, Ontario reported the highest rental rates, with landlords charging an average of $2,334 per month. This represents a 9.1% increase from last year’s $2,139. The increase in
rent in Ontario could be due to the limited housing supply. There were only 17,915 new apartment completions during the first three months of the year, the lowest level since 2014.
Manufacturers Of Quality Cabinetry
The graph below shows the difference in rental growths across property types:
“Celebrating 30 years in Business” Sohan Singh Bhogal
Single Family Homes Multi Family Projects Hi-rise Apartments
Ph: (604) 597-0364 • Fax: (604) 597-2638
13375 comber way, Surrey, BC V3W 5V8 Canada, www.sunrisekitchens.com info@sunrisekitchens.com
Buying or Selling... Call for all your real estate need and a FREE EVALUATION of your property • RESIDENTIAL • COMMERCIAL • INVESTMENT • LAND ASSEMBLY • FARM LAND • TOWN HOUSE • CONDOMINIUMS • WAREHOUSE • APARTMENTS
SEARCH. FINANCE. BUY.
LIVE.
604 724 6000 WWW.AKSHAYSINGLA.COM
Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
2
RESIDENTIAL, COMMERCIAL & PRIVATE MORTGAGES
Refinance & Renew Your Mortgage
with us at Better Rates
• • • • • •
Low Income Self Employed Bad Credit New Immigrant Land Development Second Mortgages
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ALPHA MORTGAGE
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#202-12830, 80th Ave. (York Business Centre) Surrey Tel: 604-501-9837 Fax: 604-501-9847 amhc@shawbiz.ca
*Lender/Broker Fee may apply but not without prior written consent of the client
GURHIMAT S. GILL
604.825.4880
A
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SUKHKARAN S. BHATTY
SBKBO!NPSUHBHFHSQ DPN
604.765.4023
TPOJLB!TPOJLBTBHHJ DPN
Trusted name in the Community
CENTURY 21 Coastal Realty
Raj Janda 604-649-6500
Email: rjanda1@hotmail.com 13356 66A AVENUE, SURREY
NEW LISTING
4 Bed • 2 Bath • 3,804 SqFt Lot ASKING ONLY
$768,000
West Newton, Fully Renovated in 2017 & 2018 2 Storey with 4 bdrms and 2 full baths. Main floor has living room, dining room, kitchen, family room, bedroom & 3 piece bathroom. Above 3 bedrooms and one full bathroom. New updates are New floor, New Bathroom, New Heat System, New Driveway, New Appliances and new paint. Walking distance both schools. Close all amenities. Measurements are approximate, buyer to verify. Potential for one bedroom suite.
5847 135A STREET, SURREY
8 Bed • 6 Bath • 7,053 SqFt Lot ASKING ONLY
$1,499,000
Panorama Ridge 7053 sqft Corner lot, Updated 3 Storey with 4780 Sqft home and house built in 2006 with 8 bedrooms and 6 full bathrooms. Main floor has Living room, dining room, Kitchen, Wok Kitchen family room, Rec room, bedroom, Big Sundeck and 4 piece bath. Above 4 Bedrooms and 3 full Bathrooms and Basement has 2+1 bedrooms suite. New updates are New floor, New Kitchen & new paint. Walking distance both Schools, Close to Amenities. All measurements are approximate.
31876 MADIERA PLACE, ABBOTSFORD
NEW LISTING
3 Bed • 2 Bath • 2128 SqFt ASKING ONLY
$789,000
West Abbotsford 12,240 Sqft lot with 2 Level 2128 Sqft built home, have 4 Bedrooms + 2 Bathrooms. Open floor plan, Main Floor have 3 Bedroom and 1 Full Bath. Basement have big rec room, 1 bedroom and full bath. Near Park and schools... All the measurements are approximate, buyer to verify if needed.
14991 76 AVENUE, SURREY
3 Bed • 2 Bath • 7,432 SqFt Lot ASKING ONLY
$899,000
Chimney Heights, 7432 SF lot with split level home. Have 3 bedrooms & 2 full baths. Vaulted ceiling in the living room with wood fireplace, double windows throughout. Deluxe master bedroom (15x13) on upper floor with 11' walk-through closet and (25x4) balcony, Jacuzzi tub and double shower head. Attractive back garden with cedar deck. Walk to golf course. All measurements are approximate, buyer to verify if needed. Rental property, please give 24 hours notice.
9326 CINNAMON DRIVE, SURREY
6 Bed • 4 Bath • 7160 SqFt Lot ASKING ONLY
$1,189,000
Queen Mary Updated 2 Storey 2485 Sqft home and 7160 Sqft lot with 6 bedrooms and 4 bathrooms. Main floor have 4 bedrooms up and 2 full bath, Living room, dining room, Kitchen, and laundry. Basement have (1+1) bdrm unauthorized suites. New updates New floor, New Appliances, new window, new blinds, new paint, New drive w a y, N e w Fu r n a c e, n e w bathrooms and rough in AC. Walking distance to Secondary school and Elementary School, Close all Amenities. Property contains accommodations which is not authorized.
6661 127 STREET, SURREY
5 Bed • 4 Bath • 3,045 SqFt ASKING ONLY
$959,000
West Newton Updated 3 Storey with 3045 Sqft home and house built in 2000 with 5 beds and 4 baths. Main floor have Living room, dining room, Kitchen, family room and 2 piece bathroom. Above 3 Beds and 2 full Bathrooms and Basement have 2 beds unauthorized suites. New updates New floor, New Appliances, new window covering, new paint and bathrooms. walking distance to Tamanawis Secondary school and Elementar y School, Close all Amenities.
Saturday, Feb. 29, 2020 | Indo-Canadian Voice Realty
3
LOOKING FOR
MORTGAGE I WORK FOR YOU, NOT FOR LENDERS
With over 14 years of banking and lending experience, I make your financial journey to home ownership a hassle free experience.
PRIVATE MORTGAGES We have large pool of in house funds available
I specialize in working with
FIRST TIME HOME BUYERu S so let me help yo take the journey from tenancy to home ownership
I SPECIALIZE IN : • Residential mortgages Purchases and refinances • Commercial mortgages • Self-employed programs • New to Canada programs
Axis Mortgage Corp. #204-12885-80th Ave Surrey BC V3W 0E6
Email : neetu_dhillon46@hotmail.com Email : dhillon_n@mortgagecentre.com
www.neetudhillonmortgageadvisor.com
NEETU DHILLON MORTGAGE SPECIALIST
PH: 604.780.0458
Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
4
BANK MORTGAGES
Want to Buy or Sell your home in good price? I’ll sell your home fast... Call Darshan Bains
ALTERNATIVE LENDING
2.58 2.84 2.89 3.89% %
%
5 YEAR FIXED INSURED
%
5 YEAR FIXED INSURABLE
VANCOUVER’S NEW LUXURY HOME 2 LEVEL • 9 BED • LOT: 43.56 x 204.5
5 YEAR FIXED CONVENTIONAL 1 TO 3 YRS FIXED
PRIVATE MORTGAGES
Two fully finished basement 2-2 bedrooms and one extra bedroom for upstairs. Loaded with limestone, luxurious exterior. Radiant heat, large sundeck, mountain view, 8 parking, backyard like a park.
6.50% up 1 Year Fixed for 1st Mortgage. 7.95% up 1 Year Fixed for 2nd Mortgage.
JEET SINGH Mortgage Advisor 20 years of mortgage experience
778-320-9494 www.crownfunding.ca 209-14300 RIVERPORT WAY, RICHMOND
*Rates subject to change without notice. Conditions apply.
Call me for a NO OBLIGATION rate quote or fill out the secure application at crownfunding.ca
PANORAMA RIDGE. 6 bedroom house with 2 suites. Huge lot 10,890 sq.ft. or 82x132 lot.
101-7220 LINDSAY RD, RICHMOND
31849 CONRAD AVE, ABBOTSFORD
Luxury House For Sale In Panorama Ridge Very elegant luxury house. 8 Bedroom 2 level house on a half acre lot. Upstairs 5 Bed and 5 bath plus theatre room. Downstairs 3 bedroom rec room, family room and large kitchen. Close to Richmond, Vancouver and Hwy. Please call formoreinformation.
2 VANCOUVER SPECIAL Very nice 2 level & 3 level bright and spacious East Vancouver Houses for Sale. Big lot, 4 bedroom up, 2 basement & 5 bathrooms. Backlane. Central location. Near to School, transit and all amenities. Easy access to Vancouver Downtown & Richmond.
2 New Listing - Big Size Lots 50x120 lot house in Vancouver
12126 86 AVENUE, SURREY Kitchen Cabinet Business for Sale. Great location!! Close to Scott Road.
$95,000
OFFICE FOR LEASE IN SURREY 86 Ave and 120 St. Commercial For Lease In Surrey. Great location! Ample parking. Near Shoppers Drug mart. Good customer traffic.
Location! Location! Location! Beautiful one bedroom with view from deck. Stainless steel appliances, granite countertops, fireplace, insuite laundry, geothermal heating with A/C. Close to shopping and transportation. Motivated seller. Rentals allowed with restrictions. Currently rented for $1,500 a month.
GREAT LOCATION!! DEVELOPMENT PROPERTY. PLA already in place for 2 lots. Come and view this split entry home on a 9350 sq. ft. lot with 3 bedrooms, 3 bathrooms, unfinished basement with separate entry. The detached garage can house 4 vehicles and is 31 X 34 with high ceilings for all the room you need to work in or store your toys. Buyer to verify information at City Hall. Centrally located and in walking distance to various schools. Close to all amenities and in a great family neighbourhood.
$499,888
$1,200,000
10 Acres Farm for Sale in Aldergrove with good Blueberry crop.
Townhouse Site For Sale In Langley
Development Land For Sale In Langley.
Small Land Assembly For Sale In Langley.
50 Units, all double car garage in Langley. Application already in city hall.
2.45 Acres Development land for mixed use for Sale. Good location. Priced to sell !!
Small Land assembly as an assignment for 20 Units Stack Townhouse In Langley.
Great investment property.
$24 / sq. ft.
Approx 10 Acres Farm in Aldergrove
FREE HOME EVALUATION UNDER NO OBLIGATION
INDER ARORA
#202 9453 120 Street, Delta, BC V4C 6S2 • Ph.: 778-564-3008
604.418.9798 Email: inderc2c@gmail.com
Build Your Dream Home By Listing Here And Save Money!!
Saturday, Feb. 29, 2020 | Indo-Canadian Voice Realty
5
BHAJAN ATWAL
AMEX REALTY FRASERIDGE
KULWANT ATWAL
604-773-8426
PREC
604-773-8426
WE HAVE GUARANTEED SALE PLAN* SAVE COMMISSION & GET SOLD - GUARANTEED*
6906 130 ST, SURREY
*SOME CONDITIONS APPLY
13343 66A AVE, SURREY
D L O
Totally renovated like new basement entry house in West Newton Area. 4 Bdrm, 3 bath upstairs & 2-2 Bdrms suite and Extra Rec Room for upstairs. New Kitchen, New Washrooms, Tiles, Light & Paint, Flooring & Basement Renovated too.
$,1449,000
13103 66A AVE, SURREY
SO
$880,000
$759,000
2.99%
PRIVATE MORTGAGES
(some conditions apply)
(NO BANK RULES)
SELL, BUY & MORTGAGE WITH US AND RECEIVE UP TO *
Split level house on a very quiet street. 3 bedrooms, 3 baths, double garage and a family room. Very spacious and very neat and clean house. Close to of schools.
ASKING ONLY
ASKING ONLY
MORTGAGES + PRIVATE LOANS 1st, 2nd & 3rd Mortgage - Best Rates 5 YEAR VARIABLE
LD
S
$20,000 CASH BACK OR DISCOUNT
BHAJAN ATWAL 604 773 8426 *SOME CONDITIONS APPLY. FULLY SUPPORTED : CENTUM FINANCIAL & CITY2CITY REAL ESTATE SERVICES
LIST EXCLUSIVE : FULL MLS EXPOSURE
ONLY $3500**
PLEASE CALL 604.773.8426
** SOME CONDITIONS APPLY.
ASKING ONLY
Very clean and well maintained renovated house on quiet location. 3 bed & 2 bath house with huge living room and dining area, good size family room, beautiful backyard and a huge driveway. Elementary school is a block away, high school, bus, shopping is close.
NEWCOMERS TO CANADA INFORMATION SEMINAR Planning to buy home next year? Come to our free home buyer weekly session! Sign up to attend free information session at Clear Trust Mortgages Delta Office Weekly.
Every Wednesday between 6:30 to 8:00pm Seating is limited.
Please contact for more information :
POWERED BY :
Akshay Singla : 604-724-6000 Email: Akshay.singla@cleartrust.ca or Helen.prasad@cleartrust.ca
Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
6
6752 133 STREET, SURREY
OPEN HOUSE : SAT, SUN 1-4
7 BED • 4.5 BATH • 6,011 SQ. FT.
ASKING ONLY
P r i m e l o c a t i o n , We s t N e w t o n masterpiece. Basement Entry Home in the Most Desirable Area of West Newton. This 2 storey home features 7 bedrooms, 4.5 baths, large fenced yard, good sized bedrooms, sec system & garage. The living room has crown mouldings & gas replace. A very roomy oor plan for a young family. 4 bedrooms up. Master has 4 piece ensuite. Walking distance to Bus, Shopping, Panorama Secondar y School and Unwin Park!
$1,150,000
6720 BURNS STREET, BURNABY
Buy or Sell your house with me... I will pay the legal fee of that house !!
D L O
S
2407-13618 100 AVE, SURREY
3749 FIR STREET, BURNABY
2 BEDROOM • 2 BATHROOM • 762 SQ. FT.
7 BED • 6 BATH • 6,254 SF LOT
“Location and View" In nity Tower built by CONCORD PACIFIC, located right next to King George Skytrain Station. Walking distance to SFU, Surrey Central Mall, Parks, Library andTop Quality Restaurants. Easy and quick access throughout Vancouver area. Book your showing today.
Very solid well built home with Vaulted ceiling in the living room, open concept throughout the house. Features a South facing home with plenty of light, large windows and amazing brickwork outside. 4 bedroom on the top oor with 3 Bath and Laundry. Main oor boasts a large family room, dining and gourmet kitchen for all you cooks, great use of space for entertaining. Also a huge private and covered sundeck with a gas line for your barbecue and skylight. The garage has been converted into a gym and yoga room with 2 piece washroom. Basement has a legal 2 bedroom suite. Close to Metrotown, Brentwood mall, BCIT, easy highway access. Private yard with an amazing view of the North Shore mountains.
ASKING ONLY
$465,000
ASKING ONLY
$2,488,888
LOT 11 CHIEF LAKE ROAD PRINCE GEORGE
LOT 12 CHIEF LAKE ROAD PRINCE GEORGE
LOT 10 CHIEF LAKE ROAD PRINCE GEORGE
LOT 1 MEIER ROAD CLUCULZ LAKE
Beautiful 5.48 acre property.
Beautiful 4.94 acre property
Beautiful 4.95 acre property.
Beautiful 19 Acre property.
$28,776
$45,540
$45,540
$72,500
SEARCH. FINANCE. BUY.
LIVE.
604 724 6000 WWW.AKSHAYSINGLA.COM
Saturday, Feb. 29, 2020 | Indo-Canadian Voice Realty
7
WE SPECIALIZE IN O
Commercial Financing 250k to 150 mil O Land Only Financing O Cost Overrun Financing O Inventory Loans O Mezzanine Financing O Equity Takeout Financing OUR ADVANTAGES • Ultra Quick Closing • No Limit Financing • No Credit Quali cations • We take Deals with Limited Documents • No Stringent Bank Rules
*some conditions apply. * lender/broker fees may apply.
Our unique products cater to those borrowers who do not t into today's conventional nancing box, to multimillion-dollar commercial and construction loans. Our focus is deliverying fast & easy access to money, even to the most challenging of cases.
1 866 944 7778 1 604 830 7080
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Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
8
We Build Your Dream Home
LICENSED BUILDERS QUALITY WORKMASHIP
BEST RATES IN TOWN
WE BUILD ENERGY EFFICIENT, PASSIVE & NET ZERO HOME
MANDEEP - 604.786.7000 KAPIL - 604.719.6164 Email: rknewprojects@gmail.com
PROJECTS
Saturday, Feb. 29, 2020 | Indo-Canadian Voice Realty
25 7247 140 ST, SURREY
OPEN HOUSE
9
16233 82 AVE, SURREY
9310 115A ST, N. DELTA
OPEN HOUSE
SAT: 2:00-4:00 SUN: 2:30-4:30
13249 95A AVE, SURREY
SUNDAY 12:00 - 2:00
NEW LISTING !!
EXCLUSIVE LISTING !!
3 BED • 3 BATH • 1,580 SF
3 BED • 2.5 BATH
3 BED • 2 BATH • 7,260 SF
7 BED • 4 BATH • 2,950 SF
PRICED TO SELL! Only 3 Years old Town House with 3 Good Sized Bedrooms & Den & 2.5 Bedrooms at a prime location in Newton. Very nice open lay out, living space with High Ceiling on main oor, LED Lighting, Top quality Blinds, Quartz Countertops & Good Quality Appliances i n K i t c h e n w i t h b e a u t i f u l Pa n t r y. Underground Parking, Elevator, Bike Room & Storage Room. Walking distance to Newton exchange, Newton recreation centre, Library, Fresca, Save on food, Fruticana. Pets & Rentals Allowed.
The Orchards Complex: Rarely availableTwo Level Townhouse in Fleetwood, spacious 3 bdrm, 2.5 Bath, Newer roof, Gutters, Locks, furnace, fencing, fresh paint. Single Garage and second side by side open parking. Location Location Location: Right across street is Walnut Road Elementary school, park. Minutes of Walk to Fleetwood Secondar y School, Bus stops, Fraser Highway, Fleetwood Community Centre, Library, Fleetwood Park, Francis Park, Sports and Leisure Complex. shopping, Banks, restaurants, Fresh St Market, Fruticana Walking distance to Future Surrey- Langley sky train station.
GREAT LOCATION in the Hear t of Annieville,Well Maintained 3 Bedroom 1 Washroom Rancher, features include a cedar ceiling with post & beam through out, living room & dining room have large windows to enjoy your quiet neighbourhood. Private Back Yard. Close to Annieville Elementary & Delview Secondary School with easy access to Patullo Bridge, Skytrain, Richmond &Vancouver
Completely Renovated 7 Bedrooms, 4 Washrooms two level home with (2+2) Bedroom suites as mortgage helpers ! All new ooring, paint, carpets, moulding, doors, Kitchen, light #xtures, window coverings, tiles & much more. Located in a very great neighbourhood and close to all amenities. Huge 7320 Sq.ft lot with approx. 2950 Sq.Ft. built up area. Fenced backyard which is overlooked by nice covered sundeck. separate shared Laundr y for the tenants.
$888,000
$1,188,000
$599,000
13793 108 AVE, SURREY
Investor & Developer Alert !! Location, Location, Location! Very rare and hard to come by investment opportunity. Area designated as Multi family in the Official Community Plan (OCP) Currently zoned for 2.5 FAR. Great holding property. 2000 sq. ft house on 12889 Sq Ft. lot at a prime location. Great Site for condominium project.
Dry Cleaning Business with 3 Locations For Sale In Surrey. Great Income. Regular Clients. Lot of potential to expand. Please call for more details.
$2,499,000
NEW PRICE $525,000
Lot For Sale in Sullivan Station, Surrey
Well running
RF-13 3675 sq. ft. fully serviced Lot in Sullivan Station in Surrey. Build your dream home in this highly sought after area! East facing lot. Close to Woodward Hill Elementary. Transit & shopping nearby. Quick access to King George Boulevard or Highway #10. Call for more details.
$699,000 12621 54 AVE, SURREY
Freshslice Pizza Location for Sale in Vancouver
Please call for more info.
$225,000
$959,000
2148 DOUBLETREE CRES, KEMLOOPS
$949,000
$350,000
117 Street & 96 Ave.
6081 148 ST, SURREY
$2,200,000
11675 95A AVENUE, N. DELTA
Grocery Store for Sale in Surrey
Vera Burger Franchise for Sale in UBC. Prime Location, Well Established Business
$799,900
10 12730 66 AVE, SURREY
9595 116 ST, DELTA
$578,000
2026 QUILCHENA AVE, MERRITT
$299,000
12954 59A AVE, SURREY
$149,000
CALL NOW FOR A FREE & NO OBLIGATION MARKET EVALUATION OF YOUR PROPERTY.
Advantages To List With Us.
Want To Buy Your Dream Home in your budget?
• FREE Professional Photography • FREE Virtual Property Tour • FREE Full Color Property Brochure • FREE Advertising in Multiple Languages
We’ll get you the best deal with lots of options !
Want To Sell your Home Faster and for Top $$$ ?? • FREE Advertising on Social Media • FREE Gathering of Necessary Documents • Guide you through all Negotiations .... and a lot more !!!
SHASHI MADAN - 604.367.5611 E-MAIL: INFO@SHASHIMADAN.CA • WWW.SHASHIMADAN.CA
$1,121,786
Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
10
Here’s what you could buy with the federal budget’s housing plan As part of its 2019 federal budget, Justin Trudeau’s government unveiled a program that aims to address housing affordability across the country. The plan includes Canadian Mortgage and Housing Corp. (CMHC) providing funds to help reduce mortgage costs for low- to middle-income first-time homebuyers. Under the First-Time Home Buyer’s Incentive, Ottawa is setting aside $1.25 billion over three years towards so-called shared equity mortgages, which it expects will be used by 100,000 homebuyers. It’s intended to improve housing affordability by reducing the mortgage load for borrowers that would effectively result in lower monthly payments. While the details aren’t yet clear on how the government will “share” equity in Canadians’ first homes, here’s what we do know: It’s only available to first-time buyers with household incomes of less than $120,000 a year It’s for CMHC-backed mortgages, which are required if the buyer puts less than a 20-per-cent down payment on a property CMHC will contribute 10 per cent towards a shared equity mortgage for newly-built homes, and five per cent for existing homes The program is capped at four times the participant’s household income, whereby the mortgage value plus the CMHC loan cannot exceed $480,000 VANCOUVER
marina offers a rooftop and barbecues for entertaining in the summer. Still, even at this price, this condo doesn’t have in-suite laundry and you’ll have to share your washer and dryer with neighbours. CALGARY
HALIFAX
room home features an openconcept design with a sleek entranceway, vaulted ceilings, and large windows offering plenty of natural lighting, according to its listing. TORONTO
Price: $480,000 What you get: This two-bedroom, two-bathroom detached bungalow isn’t far from downtown Calgary, according to its listing. The finished basement is also equipped with a kitchen, providing an additional income opportunity for potential buyers.
Price: $464,900 What you get: This upgraded detached home, featuring three bedrooms and three bathrooms, offers a backyard “oasis,” according to its listing. It is located in the heart of Halifax and near a number of parks, cafes, restaurants and grocery stores.
ST. JOHN’S
Price: $479,900
REGINA
What you get: This one-bedroom, one-bathroom condo is located just steps away from the CN Tower, according to its listing. It also features a 12foot ceiling and private balcony that overlooks a quiet courtyard. MONTREAL
Price: $454,900 What you get: This three-level home has four bedrooms and four bathrooms, and is suitable for a growing family, according to its listing. Locationwise, it’s also within walking distance to schools, a park and bike paths. WINNIPEG
Price: $480,000 Price: $454,900
What you get: This 462-squarefoot studio condominium What you get: This brand new near Vancouver’s downtown three-bedroom, two-bath-
Price: $339,900 What you get: This two bedroom home on a corner lot in a trendy neighbourhood, is within walking distance to downtown and is perfect for the young professional, according to its listing. The second room could be used as Price: $475,000 a home office, and the home also has a courtyard that conWhat you get: This cornerverts to winter parking. suite condo in Old Montreal is rustic, yet bright and spacious thanks to high ceilings and towering windows, its listing BNN says. The unit has two bedBLOOMBERG rooms and two bathrooms.
Saturday, Feb. 29, 2020 | Indo-Canadian Voice Realty
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6 things to know about Trudeau’s First-Time Home Buyer Incentive The federal government’s new incentive aimed at improving affordability for first-time homebuyers is about to launch on Sept. 2. Ottawa has earmarked $1.25 billion over three years for the First-Time Home Buyer Incentive (FTHBI), which is designed to lower new homeowners’ monthly mortgage payments without boosting their down payment costs. While this may seem like good news for prospective homebuyers, the incentive has come under intense scrutiny since it was announced in March, with some arguing it won’t help those looking to live in the country’s most expensive markets. So before you apply, here’s everything you need to know about the incentive. 1. It’s a shared-equity program Run by the country’ federal housing agency, the FTHBI is a shared-equity mortgage program, meaning the government shares in the gains and losses of your home’s value as it fluctuates over time. Through the incentive, Canada Mortgage Housing Corp. (CMHC) will offer 10 per cent toward the down payment for a new home, and five per cent for resale homes, interest-free. 2. Not all first-time buyers will qualify First-time homebuyers with a combined household income of $120,000, and the minimum five-per-cent down payment requirement, can apply. However, the price of the mortgage plus the incentive amount cannot exceed more than four times your household
income. “Thanks to the price limitation, the program is far less useful in high-demand markets like Toronto and Vancouver,” Rob McLister, founder of mortgage rate comparison website RateSpy.com, told BNN Bloomberg in an email. Theoretically, the maximum purchase price of a home under this plan would be $565,000, McLister noted. “Most first-timer buyers will qualify for far less under this program.” The CMHC notes the program is intended to help first-time buyers purchase a home they intend to live in, and therefore investment properties do not qualify. 3. It’s not feasible in every market While many new buyers across the country can take advantage of the program, buyers in some markets may find it challenging to find a home selling for a price that qualifies for the program, according to a new study from Zoocasa. In the report released Tuesday, the real estate site found that after analyzing average home prices from July 2019 in 25 markets across the country, buyers with the maximum qualifying income and the required five-per-cent down payment would qualify in 19 of those cities. “These include markets in Eastern Canada, Quebec, the Prairies, as well as smaller urban centres in Ontario,” the report said. “Not surprisingly, the six markets where the average home buyer would not
qualify for the FTHBI include homes for sale in Toronto and several markets in its proximity in the Greater Golden Horseshoe such as Hamilton-Burlington and Kitchener-Waterloo, as well as in Greater Vancouver and neighbouring Victoria and Fraser Valley.” Zoocasa also noted that a home buyer’s ability to use the incentive in each city may range based on their income, size of their down payment, and the price of the home they want to buy. 4. You have to pay it back Borrowers must pay the CMHC back after 25 years or once the home sells – whichever happens first. You can also pay back the loan early without penalty. The amount borrowers owe may increase or decrease depending on how the value your home changes over time. “If the home’s assessed value rises, the loan repayment will increase by the same per cent. However, the same will occur if the home has lost value by the time it is sold or the mortgage matures,” Zoocasa explained. While the loss-sharing component of the program may seem appealing, it is “largely an illusion,” according to McLister. “For buyers with little equity, selling after a big price correction and covering all your costs such as realtor fees, paying out the mortgage, and covering closing costs, is difficult. It’s therefore less likely the government will ever actually absorb part of your losses if prices dive,” he said.
5. It can save you money on more than just your mortgage payments The government estimates the program could save buyers as much as $286 per month, or more than $3,430 per year, in mortgage payments on a $500,000 house. And McLister said depending on when you sell the home, can save even further. “People who may sell or move before their five-year mortgage term is up will likely save money with the FTHBI, McLister said. “That’s because the interest and default insurance premium savings will likely outweigh the equity give-up.” However, first-time buyers looking to purchase the most amount of house they can afford may want to reconsider using the incentive, added McLister. “Many FTHBI users can qualify for almost 10 per cent more home – sometimes more – by not using the FTHBI.” 6. Level of interest in the program is unknown The incentive is expected to help 100,000 families purchase their first home over the next three years, according to government targets. But the expected uptake is unknown. “There’s a lot of buzz, but we won’t know how much actual interest there is in this until the shoe actually drops,” Royal LePage CEO Phil Soper said in a recent television interview with BNN Bloomberg.
Indo-Canadian Voice Realty | Saturday, Feb. 29, 2020
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