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Be aware so you can prepare when buying your home


Changing the Locks: One of the first things you’ll want to do after closing is to change all exterior door locks for security. It’s the only way to ensure only you can access your new house, and not the previous tenants too. To save money, you can change the locks yourself or you can call a locksmith to do the job.




Cleaning Costs: You’ll have to clean your old home and your new home at moving time. Whether you hire a professional cleaner to do this or do it yourself, the cost of materials can really add up. While most sellers will do a thorough clean of their home before handing it over, there is nothing forcing them to make sure your new home is spotless.



Decorating Costs: When budgeting, consider ‘must-do’ redecorating and renovations. Repainting, replacing light fixtures, refinishing hardwood floors or redoing carpets can all affect your comfort level in your new home, but they can also be expensive projects. Prioritize what needs to be done right after closing, and what can wait.



Appliances: If your new home doesn’t come with appliances and you don’t have your own, you will have to buy them after closing. A fridge, stove, dishwasher, and microwave can all add up, so make sure you're aware of the costs before you move in. Some appliances, like those that need to be hooked up to a water line, may come with installation charges too.



Tools and Equipment: Many new homeowners don’t have tools and equipment, like snow shovels. When you no longer have a landlord to call for maintenance and repairs, you have to do them yourself or call a repairman. Tools can be an expensive initial purchase, but learning to maintain your home with the right equipment will save you money in the long term.


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A Purchase Plus Improvements Mortgage, allows qualified purchasers to borrow up to 20% of the post renovation value of a home, even with as little as 5% down. Here's the five easy steps for the home of your dreams.


1. Obtain a mortgage pre-approval to determine your maximum approval amount. 

2. You must find a house and have a general idea of what renovations need to be done as well as the cost of the renovations. The purchase price plus the renovation cost cannot exceed your maximum approval amount.

3. Once your offer is accepted, provide the accepted offer, as well as the quotes for the work to be done to me. I will have the lender approve the mortgage with the cost of the renovations included in the mortgage.

4. Once you take possession of your home, you can begin the renovations. The Lender will instruct the Solicitor to hold the additional Renovation funds, until the lender confirms the works has been completed. Once the renovations are completed let me know so I can arrange an inspection to verify the work is completed as per the quotes that were provided. 

5. The lender will receive the inspection report from the appraiser, and validate that the work has been completed in a good manner and as per the quotes provided. They will instruct the lawyer that they are able to release the funds to you, to pay the contractor.




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Mortgage Industry Update

Bank of Canada Maintained Their Rate - At 10:00 am EST, Wednesday October 19th, the Bank of Canada maintained their overnight rate which in essence means no change to the interest rate on your variable rate mortgage, line of credit and/or student loans..


Next Bank of Canada Interest Rate Announcement - December 7, 2016


New Mortgage Qualification Rules - The new Mortgage qualification benchmark rate has been implemented as of October 17th 2016. The change is for insured mortgages going forward from this date. Any insured mortgage will be qualified at the benchmark rate of 4.64% and no longer at the lower discounted rate for terms 5 years and over.


TD Bank Raises Mortgage Rates - As of November 1st 2016 TD Bank created a new mortgage Prime Rate of 2.85%. This change will only effect those in variable rate mortgages. So far TD Bank is the only major bank to do this, only time will tell if other banks will as follow.


Compliments of

April Dunn

Mortgage Broker/Owner

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People always ask me when is the best time to list my property for sale? The winter months can be very good as there are fewer properties on the market available to a buyer. November and December of 2015 have proven to be very busy in the Okanagan and we are looking forward to this carrying over into January with the low interest rates investors and first time home buyers are seeing opportunity.


In the Okanagan November of 2015 Single Family Home sales were up in volume 5% over 2014 with 13% less inventory.


I am here for questions and wanting to hear from you...


Best Wishes for a Happy, Healthy and Prosperous New Year ahead.




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MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.