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May Market Update

Blog by Marites Kliem PREC* | May 5th, 2009

http://www.macrealty.com/macnews/newsletter.aspx?agent=marites_pineda

May Market Update

In February, I noted that the current market was ripe for First-Time Buyers and Move-Up Buyers to jump in. With the recent market turn-around, particularly in the lower-end, I'm happy to report that it seems as though those First-Time Buyers have, in fact, jumped back into the marketplace.

With softening prices and historically low interest rates, housing prices across Western Canada have moved towards more affordable levels. And with First-Time Buyers now able to enter the market, the traditional Move-Up cycle can begin again. Expect to see properties in the more expensive price points to start moving in the near future.

Hidden Costs of Buying or Selling a Home:

  • Traditional Sellers' Costs:
    • Lawyer or Notary Fees: Attending to Execution of Documents
    • Costs of Clearing Title including:
      • Discharge Fees charged by Encumbrance Holders
      • Mortgage Prepayment Penalties
    • Real Estate Commission
  • Traditional Buyers' Costs:
    • Inspection
    • Appraisal (if required for Financing)
    • Lawyer or Notary Fees and Expenses including
      • Searching Title
      • Investigating Title
      • Drafting Documents
      • Land Title Registration Fees
    • Insurance
    • Property Transfer Tax (1% on the first $200,000; 2% on the balance)
    • Goods and Services Tax (5% on new product)
    • Survey cost (may not be required)

This is by no means an exhaustive list, but it will give you an idea of some of the additional costs associated with a Real Estate transaction

To learn more, please feel free to contact me at the address above.

 

  

(Click chart to see larger image)
Source:MLS; Macdonald Realty


*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.