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January 20, 2017

 

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For some inexplicable reason, the Competition Bureau has been on a witch hunt against the Canadian Real Estate Association for some time now. It may be that someone thought that this highly effective and progressive industry was an easy target. Certainly with the right spin, and with the media on side, it is easy to create an unsympathetic picture based on old charicatures of REALTORS(r).
 
 It is unfortunate that they are attacking one of the truest free market sectors in the Canadian economy. The Real Estate Industry is one of the most competitive industries in North America. Each Brokerage competes aggressively with it's rivals because remuneration is based on performance. Even within an office, the agents compete against each other for Listings and Buyers. Despite this,  the Competition Bureau is smearing CREA and it's almost 100,000 members. The media has been allowed to create untrue pictures of what the issues are surrounding the Competition Bureau's concerns.
 
Meanwhile, the Bureau does not acknowledge the important changes that CREA has made to address those concerns. Changes that the Bureau itself had recommended.
 
 
 

Comments

Christine Louw on Mar 26, 2010 5:59 AM
Good to see that CREA seems to finally react sternly to the allegations. CREA should respond publicly to the allegations by the commissioner as long as allegations are made by her in the media - the public only hears one side and does not have the knowledge to appreciate that the allegations are false. This does not help realtors in dealing with clients. Since this all ultimately revolves around commission I like to see two other problems addressed which are likely to become more prevalent in the future: 1) the obligation for realtors to show properties where we receive next to no commission. Since buyers are not limited to viewing/buying properties shown by their realtor and do not pay for showings, realtors should be free to decide what properties they want to show. No other person is obliged to work for free. 2) The solution to most problems would be having the buyer pay for the buyer's realtor's commission and if the seller is not represented, the seller has to pay a fixed fee for the extra work and time the buyer's realtor has to spend in the process. Regards, Christine Louw

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January 20, 2017


First-time buyers interest-free down payment program


The new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents purchase a home.

The program offers first-time home buyers who have saved a down payment:

  • A down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000.
  • This loan matches the buyer’s down payment and is interest-free and payment-free for five years.
  • After five years, buyers can either repay their loan or enter into monthly payments at interest rates that are current five years from the date of the loan.
  • Loans through the program are due after 25 years – the same length as most mortgages.

To qualify for the program, home buyers with a registered interest on title must reside in the home and be a:

  • Canadian citizen or permanent resident for at least five years;
  • resident of BC for at least one year immediately preceding the date of application; and
 
  Click here for larger version of infographic
 
  • first-time buyer who has not owned an interest in a residence anywhere in the world at any time.

The home buyer must:

  • use the property as their principal residence for the first five years;
  • obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price; and
  • have a combined, gross household income of all individuals on title not exceeding $150,000.

Buyers can begin gathering the documents they’ll need to submit an online application. Buyers will need:

  • Proof of status in Canada and residency in British Columbia.
  • Secondary identification (must include your photo).
  • Proof of income and tax filings.
  • Insured first mortgage pre-approval.

 

• Information and application details
• Questions and answers 

  

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