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January 20, 2017

 

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For 23 years, REAL Trends has ranked the largest residential real estate brokerages in the United States in an annual survey published each May. Upon its release, the REAL Trends 500 provides not only a clear snapshot of who is the biggest, but some interesting nuggets on the industry that can be drawn from the data collected. This year, for the first time, a similar survey was published for the Canadian market. By comparing the REAL Trends Canadian 200 to the two hundred largest firms on the US list, we thought the following findings were pretty interesting:

  • Although the average Canadian office in our sample had fewer sales professionals (40 per office vs. 51 in the United States), it generated far more transaction sides per year (592 vs. 367) and nearly twice the sales volume ($179 million vs. $97 million.)
  • That meant that sales professionals in our Canadian sample were over twice as productive as their U.S. counterparts (14.9 annual transactions vs. 7.2 in the US).
  • Over half of the firms in the Canadian survey would have cracked the top 500 of the U.S. list. Not too shabby considering Canada is one-ninth the population of the United States.

 

 

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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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