1million dollar homes for sale in comox valley

From Rare Luxury to Market Normal: $1M+ Homes in the Comox Valley

/0 Comments/in , /by

In the early 2000s, a single-family home selling for more than $1,000,000 in the Comox Valley was a notable exception. These transactions were rare and often headline-worthy.

Fast forward to today, and million-dollar home sales are no longer an anomaly—they are a regular feature of the local housing market.

An analysis of MLS® data highlights just how dramatically the market has evolved.

$1M+ Home Sales: A Market Transformed

  • Before 2015: Annual $1M+ sales were typically in the single digits
  • 2015: Just 4 homes sold above the $1M threshold
  • 2021–2022: Sales surged into the hundreds each year
  • 2024: A total of 253 homes sold for over $1M
  • 2025 (to July 31): 146 homes have already surpassed the $1M mark

What was once considered luxury pricing has steadily become part of the market norm.

1million dollar homes for sale in comox valley

Big-Picture Forces Behind the Shift

Several broader economic and demographic trends have reshaped housing values in the Comox Valley.

Ultra-Low Interest Rates (2020–2021)

Historically low borrowing costs dramatically increased purchasing power, fuelling record-setting activity across Canadian housing markets. Bank of Canada quantitative easing further amplified liquidity and demand.

Pandemic-Era Migration

Remote work enabled buyers to prioritize lifestyle over proximity to urban employment hubs. Vancouver Island, and the Comox Valley in particular, benefited from an influx of buyers seeking space, natural amenities, and a slower pace of life.

Population Growth & Interprovincial Migration

British Columbia emerged as a top destination for retirees, professionals, and young families alike. Vancouver Island’s livability made it especially attractive.

Global Capital Reallocation

Policy changes in larger urban centres such as Vancouver and Victoria redirected capital into smaller, high-quality markets like the Comox Valley.

Local Market Drivers Accelerating Prices

In addition to macroeconomic trends, local conditions have played a major role in pushing values higher.

Limited Land Supply

With the ocean on one side and mountains on the other, developable land in the Comox Valley is naturally constrained—placing upward pressure on prices.

Highly Desirable Neighbourhoods

Areas such as Crown Isle, Comox Peninsula, and Courtenay North have become focal points for high-end custom homes and executive properties.

Rising Construction Costs

Increased material and labour costs have significantly raised replacement values, pushing both new builds and resale homes into the $1M+ range.

The Lifestyle Premium

Access to oceanfront living, alpine recreation, and a strong sense of community has positioned the Comox Valley as one of British Columbia’s most desirable “small city” markets. This has attracted higher-net-worth buyers transitioning out of larger urban centres.

A New Market Reality

The evolution of the Comox Valley housing market is clear. What was once a rare luxury has become an increasingly common expectation, reflecting long-term structural changes rather than short-term volatility.

This information was provided by Jackson & Associates, a Verra Group Valuation Affiliate, for appraisal purposes, delivering professional valuation and advisory services.

Considering Buying or Selling a $1M+ Home in the Comox Valley?

Navigating today’s high-value market requires local insight and experienced guidance. Janice Leffler, REALTOR® in the Comox Valley, understands the nuances behind pricing trends, neighbourhood values, and buyer demand in this evolving market.

Whether you’re considering selling a luxury property, moving up, or assessing your home’s current market position, Janice can help you make informed, confident decisions.

Connect with Janice Leffler today to discuss opportunities in the Comox Valley real estate market.

best realtor in comox valley

How Did Real Estate in Comox Valley Fair in 2025?

/0 Comments/in /by

Real estate in Comox Valley fared steadily in 2025, with balanced conditions, stable prices, and a market that rewarded patience and preparation.

After several years of rapid change, 2025 felt calmer for both buyers and sellers. Activity slowed compared to peak years, but demand never disappeared. Instead, the market shifted into a more thoughtful phase. This balance helped create healthier transactions across the Valley.

More Details on the 2025 Market for Homes in Comox Valley 

Comox-Valley-real-estate

Inventory levels improved slightly in 2025. More listings gave buyers options, especially in single-family homes and townhomes. This reduced bidding wars and allowed for conditions to return to offers. Buyers were able to schedule inspections and negotiate repairs, which brought confidence back into the process.

Pricing remained relatively stable. While some properties needed price adjustments, well-maintained homes in good locations continued to perform well. Waterfront and view properties stayed in demand, though buyers became more selective. Homes that were priced realistically sold. Homes that pushed the market often sat longer.

Interest rates played a big role this year. With rates holding steady for much of 2025, buyers could plan ahead. This helped first-time buyers and downsizers re-enter the market. Sellers benefited from serious buyers who were financially prepared and motivated to move forward.

The Comox Valley lifestyle continued to attract attention. Buyers from other parts of British Columbia were drawn to the slower pace, access to nature, and a strong sense of community. This ongoing interest helped support the market, even during quieter months.

For sellers, 2025 reinforced the importance of strategy. Homes that were staged, well-marketed, and priced correctly stood out. For buyers, it was a year to be cautious but optimistic. Opportunities existed, especially for those willing to act when the right property came along.

Contact Me About Comox Valley Real Estate

Listing Homes for Sale in Courtenay BC in the Late Summer

Overall, real estate in Comox Valley proved resilient in 2025. It was not a year of extremes, but rather, a year of balance, smart decisions, and steady movement. Working with a local real estate professional made a real difference in navigating these conditions.

If you’re planning to buy or sell in the year ahead, understanding how 2025 unfolded can help you move forward with confidence. Contact me today for more information!

FAQ

Assessing an Offer What Comox Valley Sellers Need to Know

1. Was 2025 a buyer’s or seller’s market in the Comox Valley?

It leaned toward a balanced market. Both buyers and sellers had opportunities when pricing and timing were right.

2. Did homes take longer to sell in 2025?

Yes, many homes spent more time on the market. Proper pricing and presentation helped reduce delays.

3. Is the Comox Valley still attracting out-of-town buyers?

Yes. Lifestyle, scenery, and community continue to draw buyers from across British Columbia.

Political Tensions Prompt U.S. Property Sell-Off by Canadians

Political Tensions Prompt U.S. Property Sell-Off by Canadians

/0 Comments/in , /by

Many plan to reinvest in domestic real estate

Growing political uncertainty in the United States is prompting a significant shift in cross-border real estate ownership. According to a recent Royal LePage survey, a large number of Canadians who own property south of the border are now reconsidering their investments, with many planning to sell and redirect their capital back into the Canadian housing market.

Key Highlights

  • 54% of Canadians who currently own residential property in the U.S. say they are considering selling within the next year
  • 62% of those planning to sell cite concerns with the current U.S. government’s policies and political climate as the primary reason
  • 32% of respondents who have sold or plan to sell say they intend to reinvest the proceeds into Canadian real estate
  • U.S.-originated web traffic to royallepage.ca spiked during major American political events in 2024 and 2025

Political Uncertainty Driving Canadian Sellers

Amid rising political turmoil in the United States and ongoing economic tensions between the two countries, many Canadian property owners are reassessing their exposure to U.S. real estate.

A Royal LePage survey conducted by Burson found that more than half (54%) of Canadians who currently own residential property in the U.S. are planning to sell within the next year. Among those respondents, nearly two-thirds (62%) identified the current political administration as the main motivating factor behind their decision.

Other reasons cited include personal or financial considerations (33%), as well as increasingly extreme weather events such as hurricanes, flooding, and forest fires (5%).

“The polarizing political climate in the United States is prompting many Canadians to reconsider how and where they spend their time and money,” said Phil Soper, President and CEO of Royal LePage.

Soper emphasized that Canadians have historically been the most significant foreign participants in the U.S. residential real estate market, particularly in snowbird destinations such as Florida, Arizona, and California. Unlike some international investors, Canadians tend to integrate into local communities—supporting small businesses, volunteering, and participating in neighbourhood life.

A widespread sell-off, he noted, would leave a noticeable economic and social impact in these regions.

Recent Sales Reflect Similar Motivations

Among Canadians who sold their U.S. property within the past year:

  • 44% cited the current political administration as the main reason
  • 27% sold due to personal considerations
  • 22% pointed to extreme weather conditions

“Not every decision to sell is politically driven,” said Soper. “For many, changing personal circumstances, financial priorities, and the burden of maintaining a distant property all play a role.”

He also noted that growing uncertainty around border policies and travel rules has added stress to what was once a straightforward winter migration for many Canadians.

Canadian Investment in U.S. Real Estate Declining

According to the National Association of REALTORS®, Canadians have been among the top two foreign investors in U.S. residential real estate for the past two decades. However, transaction volumes have declined significantly over the last five years compared to much of the 2010s.

At the same time, U.S. real estate professionals report that international buyer activity has increased overall, with Canadians still representing the largest share of foreign sellers.

“Political instability is no longer just a talking point—it’s a catalyst for change,” said Soper. “This shift is reshaping how Canadians think about cross-border investment.”

Fewer Canadians Crossing the Border

Broader travel and spending trends reinforce this shift. Statistics Canada reports that during the first quarter of 2025:

  • Canadian trips to the U.S. declined 10.8% year over year, totaling 6.1 million trips
  • Spending during those visits fell 7.9%, down to $5.7 billion

These figures suggest a cooling of cross-border engagement beyond real estate alone.

Canadians Reinvesting at Home

The growing “Buy Canadian” sentiment—sparked in part by ongoing tariff threats from U.S. President Donald Trump—appears to be influencing real estate decisions as well.

Nearly one-third (32%) of Canadians who have sold or plan to sell their U.S. property say they intend to reinvest the proceeds into the Canadian real estate market. Some are choosing to purchase recreational or secondary properties closer to home, reinforcing confidence in Canada’s long-term economic stability.

“This mindset extends into real estate,” said Soper. “Many Canadians are choosing to bring their capital back home and invest in their own communities.”

U.S. Interest in Canadian Real Estate Surges During Political Events

Political unrest in the U.S. is also driving increased American interest in Canadian housing.

Sessions originating from the U.S. to royallepage.ca, Canada’s most-visited real estate company website, surged during key political moments:

  • June 2025 (Week 24): U.S. web traffic increased 116% year over year, coinciding with protests in Los Angeles following ICE raids
  • November 2024 Election Week: Traffic from U.S. users rose 70% year over year, with a 52% spike the day after Donald Trump was elected president for a second term
  • June 2024 Presidential Debate: U.S. traffic jumped 112% compared to the prior month

“These spikes suggest a growing number of Americans are exploring Canadian real estate as a safe and stable alternative,” said Soper.

While interest does not guarantee relocation, the data underscores Canada’s ongoing reputation as a secure and appealing place to live and invest.

About the Survey

Burson surveyed 2,500 Canadian adults using the Leger Opinion online panel between August 4 and August 9, 2025. Results were weighted by age, gender, and region to reflect 2021 Canadian census data.

As this was a non-probability online survey, no margin of error can be formally assigned. For comparison purposes, a probability sample of this size would have a margin of error of ±2%, 19 times out of 20. Findings from smaller subsamples should be interpreted with caution.

Thinking About Bringing Your Real Estate Investment Back to Canada?

If you’re considering selling a U.S. property and reinvesting closer to home, having the right local expertise matters. Janice Leffler, REALTOR® in the Comox Valley, offers in-depth market knowledge, trusted guidance, and a strong understanding of what today’s shifting economic and political landscape means for buyers and sellers.

Whether you’re exploring recreational property, downsizing, or repositioning your real estate investments in Canada, Janice can help you move forward with clarity and confidence.

Connect with Janice Leffler today to discuss your goals and discover opportunities in the Comox Valley real estate market.

Things to Consider Before Renewing Your Mortgage

Things to Consider Before Renewing Your Mortgage

/0 Comments/in , /by

When it comes to renewing your mortgage, many Canadians simply sign their renewal letter without asking any questions, and that can be a costly mistake. As a trusted REALTOR® in the Comox Valley with Royal LePage, Janice Leffler encourages homeowners to take the time to review their options and make lenders compete for their business. By understanding your choices and preparing early, you could save thousands of dollars and secure a mortgage that truly fits your needs.

In this article, Janice outlines the key things to consider before renewing your mortgage.

1. Put a Plan in Place

Don’t wait until the last minute to think about your mortgage renewal. The Canadian Real Estate Association (CREA) recommends reviewing your needs at least four months before your renewal date. Early preparation allows you to compare rates, products, and lenders so you can make an informed decision.

When planning ahead:

  • Research current market trends, interest rates, and lender products.
  • Learn about available options, including reverse mortgages.
  • Assess your financial goals, such as savings, education, or debt consolidation.

The more you know in advance, the better positioned you’ll be to negotiate favourable terms.

2. Do Your Research

Before renewing, take time to understand the various products, features, and rates offered by lenders. Compare both fixed and variable rates and learn how current market conditions may affect your decision.

The Financial Consumer Agency of Canada offers an excellent online resource for up-to-date information about mortgage renewals and common questions.

Your REALTOR® can also provide insight into how your mortgage choices align with your real estate goals, whether you’re staying in your current home or planning a move.

3. Request a Lower Rate

Never assume the rate listed in your renewal letter is the best one available. By law, lenders must send a renewal notice at least 21 days before your term ends — but that doesn’t mean you can’t negotiate.

Ask your current lender for a lower rate or improved terms. Mention any offers from other lenders or mortgage brokers to encourage competition. Lenders often have flexibility, but they won’t offer discounts unless you ask.

4. Consider This a Fresh Start

Your financial situation and the market may have changed significantly since you first secured your mortgage. Job changes, children leaving home, or shifting interest rates can all affect your needs.

Mortgage renewals are a chance to reassess your goals and adjust your mortgage to better suit your current lifestyle. Don’t feel obligated to accept the same product — this is your opportunity to reset and save.

5. Expand Your Horizon

Lenders frequently introduce new mortgage products and incentives that could benefit you, such as:

  • Better prepayment privileges
  • Cash back programs
  • Flexible amortization schedules
  • Accelerated payment options

Exploring new products can open the door to long-term savings and more financial freedom.

6. You Don’t Have to Renew with the Same Lender

Once your mortgage term expires, you’re under no obligation to stay with your existing lender. Shop around and compare offers — other banks or mortgage brokers may offer lower rates or better terms.

Start looking at your options well before your renewal date, so you’re not pressured to accept a less favourable deal at the last minute.

7. Consider Refinancing

Your renewal date can be the perfect time to refinance and access your home’s equity — without paying early repayment penalties.

You might consider refinancing to:

  • Consolidate high-interest debt
  • Fund home renovations
  • Invest in property or other ventures
  • Support a child’s education

Refinancing strategically can help improve your overall financial position and save on interest long-term.

8. Don’t Be Intimidated by Fees

Switching lenders may involve some additional costs, such as:

  • Mortgage discharge and registration fees
  • Transfer or reassignment fees
  • Appraisal costs (if required)

Be upfront with your new lender about any fees — many will cover part or all of the expenses to earn your business.

Even if some costs apply, the long-term savings in interest often outweigh the short-term fees. Always ask before assuming a fee will apply.

9. Be Prepared for a Bit More Work

Renewing with a new lender is considered a new mortgage, which means you’ll need to complete an application, verify your income, and undergo a credit check. While it requires a bit more effort, the potential savings and improved terms can make it worthwhile.

10. Keep Your Payments the Same

If your previous monthly payments were comfortable, consider keeping them at the same amount after renewal — even if you qualify for a lower rate. This strategy helps you pay off your mortgage faster and build long-term financial security.

Remember: letting your mortgage renew automatically without reviewing your options can cost you thousands. Be proactive, plan early, and take control of your renewal process.

Ready to Discuss Your Mortgage Renewal?

Whether you’re renewing, refinancing, or buying your next home in the Comox Valley, Janice Leffler of Royal LePage can help connect you with trusted mortgage professionals and guide you toward the best decision for your situation.

Reach out to Janice today for expert real estate advice and personalized support throughout your homeownership journey.

Credit Scores What Are They and What Affects Them

Credit Scores: What Are They and What Affects Them?

/0 Comments/in , /by

Understanding how your credit score impacts your ability to qualify for a mortgage is essential for anyone preparing to buy a home in the Comox Valley. As a trusted REALTOR® with Royal LePage, Janice Leffler has helped countless buyers and sellers navigate every step of the real estate journey — from securing financing to finding the right property. In this article, Janice shares valuable insights into how credit scores work, why they matter, and what you can do to improve yours before purchasing a home.

Much like your income and down payment, your credit score is a major financial component when qualifying for a mortgage. It’s one of the key factors lenders evaluate when you apply, making it essential to ensure your score is in good standing before starting the home-buying process.

So, what exactly is a credit score — and what sets a good one apart from a bad one?

What Is a Credit Score and Why Is It Important?

A credit score is an evaluation of how you manage and use credit, including credit cards, loans, mortgages, and other credit facilities. Many people don’t realize that this number is one of the biggest indicators lenders rely on when determining mortgage eligibility.

Your credit score can impact the interest rate you receive, as well as your ability to qualify for certain mortgage products. It carries as much weight as your income or overall affordability.

Generally speaking:

  • A score of 680 or higher gives you access to most mortgage products and competitive interest rates.
  • Scores below this threshold may limit your options.
  • A score of 600 or less may result in higher rates or more restrictive terms due to increased risk.

Your score reflects factors such as your payment history, available credit, and the length of time you’ve held credit accounts. Maintaining a healthy score shows lenders that you’re responsible, reliable, and capable of meeting your payment obligations — all of which influence mortgage approval and pricing.

What Factors Determine My Credit Score?

Several key elements contribute to how your credit score is calculated.

1. Payment History (35%)

Your payment history is the single most influential factor. Consistently paying debts on time is crucial. If you can’t pay off your credit card in full, make at least the minimum payment by the due date.
Collections, missed payments, or bankruptcies can significantly impact your score.

2. Credit Utilization

Avoid maxing out your credit cards. A good rule of thumb is to keep your balance at or below 30% of your credit limit. Lenders see this as a sign of responsible borrowing.

3. Credit Mix and History

Having a mix of credit types (such as credit cards, car loans, or a line of credit) can be beneficial. It shows you can manage different forms of credit responsibly.
The length of your credit history also matters — the longer your track record of timely payments, the better your score will be. Think of it like car insurance: new drivers pay more, while experienced drivers with clean records enjoy lower rates.

4. Credit Inquiries (10%)

Each time a lender checks your credit, it creates an inquiry. While too many inquiries in a short time can lower your score slightly, a single mortgage-related check has minimal impact — typically around 1% or about seven points on a 720 score.
If you’re applying for a mortgage, you shouldn’t be overly concerned about a few inquiries as part of the process.

How Can I Improve My Credit Score?

If you’re unsure how your credit looks, consult a mortgage professional early in the process. They can help you understand where you stand and suggest steps to improve your score before applying for a mortgage.

Common strategies include:

  • Paying down existing credit balances
  • Resolving accounts in collections
  • Avoiding new debt or multiple credit applications
  • Ensuring all bills are paid on time

Improving your credit takes time — scores are updated monthly, so it may take a few billing cycles to see significant improvement. If you need to move forward quickly, a mortgage professional can also help explore specialized lending options based on your current situation.

Your credit score plays a vital role in the mortgage qualification process, influencing not only approval but also the rates and products available to you. By understanding what affects your score and taking proactive steps to strengthen it, you can position yourself for better financial opportunities when purchasing a home.

This article is for information purposes only and is not legal or financial advice or a substitute for professional counsel.

Ready to Take the Next Step?

Whether you’re a first-time buyer or planning your next move in the Comox Valley, understanding your credit score is just one part of preparing for a successful home purchase. With years of experience and deep local market knowledge, Janice Leffler of Royal LePage can help connect you with trusted mortgage professionals and guide you toward homes that fit your budget and lifestyle.

If you’re thinking about buying or selling in the Comox Valley, reach out to Janice Leffler today for expert advice and personalized support every step of the way.

houses for sale comox winter preparedness

Preparing for Your First Winter After Buying Houses for Sale Comox Valley

/0 Comments/in /by

Buying one of the houses for sale Comox Valley means you’re about to experience your first Island winter. For many new residents, the change of season calls for some adjustments. The Comox Valley’s winters are mild compared to most parts of Canada, but the combination of rain, wind, and cool temperatures can still take some getting used to. If you’re about to spend your first winter on the Island, this post is for you!

What to Expect in a Comox Valley Winter

While snow is rare at lower elevations, rain is common from November through February. That steady drizzle is part of what keeps the Valley green and lush year-round. Make sure your new home is ready for all of the precipitation to come by checking seals around doors and windows. A few improvements can make a big difference in your comfort over the winter. Many locals also invest in good-quality rain gear and footwear for daily errands or outdoor adventures.

Heating costs can vary depending on your home’s setup. Electric baseboards, heat pumps, or gas fireplaces all have different operating costs. If your home has an older system, consider a maintenance check before the colder months arrive. 

It’s also wise to prepare for occasional power outages. Storms sometimes cause short disruptions, especially in rural areas. You’ll thank yourself for having a few candles, flashlights, and a backup plan in place. 

Being prepared is important, but it’s also worth knowing that Winter in the Comox Valley isn’t just about staying indoors. Locals often visit Mount Washington for skiing and snowshoeing or enjoy walks at Goose Spit during calm winter days. Cafés in Comox and Courtenay offer warm spots to relax and meet new people. The slower pace of winter gives residents time to appreciate the small-town charm that makes this area special!

Contact Me Today About Houses for Sale Comox Valley

Settling into one of the houses for sale Comox Valley means embracing a new way of life that follows the climate of the seasons. With a bit of planning, your first winter here can be one to remember. Contact me today for advice on homes that fit your lifestyle and to learn more about living in this beautiful part of Vancouver Island!

FAQ

How cold does it get in the Comox Valley?

Temperatures are mild compared to most parts of Canada, often ranging between 1°C and 8°C in winter.

Are utilities more expensive in the winter?

Heating and electricity costs may rise slightly, depending on your home’s size and energy source. Regular maintenance can help keep bills manageable.

Do residents still get out and enjoy outdoor activities?

Absolutely. Locals embrace winter with hikes, skiing, and cozy community gatherings. There’s always something to do, even when the rain falls.

renovations that add value to your home

What Renovations Increase the Value of a Home?

/0 Comments/in , , /by

A successful home renovation project not only increases your own living standards but also boosts the value of your home. By considering return on investment when making upgrades and changes, you can maximize the financial benefits.

The home you live in is more than just an ordinary living space—it’s an investment. By maintaining your home and renovating outdated areas, you can unlock its financial potential and use it to your advantage.

Top Renovations to Increase Home Value

1. Kitchen Remodeling

A kitchen remodel is one of the most common and valuable upgrades for Canadian homeowners. If done correctly, it can significantly increase your home’s value.

  • A good place to start is with cabinets and countertops.
  • Renovate in a way that matches your home’s overall aesthetic.
  • For example, if your kitchen has a rustic and traditional feel, use natural elements like wood and stone to complement the design.

2. Bathroom Upgrades

Bathrooms are among the most frequently used rooms in any home, making them a key selling point for buyers.

  • Assess the condition of fixtures such as sinks, cabinets, and toilets.
  • Replace or renovate items that are outdated or worn out.
  • Consider upgrading the shower and/or tub with modern, fully functional options to boost both comfort and value.

3. Curb Appeal Enhancements

The front of your home is the first thing people notice. Improving curb appeal creates a lasting first impression.

  • Maintain a trimmed lawn and consider adding trees or hedges.
  • Repaint the exterior of your home for a fresh look.
  • Add outdoor lighting to enhance both safety and appearance.

Curb appeal improvements can make your home far more attractive to potential buyers.

4. Energy-Efficient Improvements

Energy-efficient upgrades save money and may qualify for government incentives.

  • The Canada Greener Homes Initiative offers grants between $125 and $5,000 for certain energy-efficient upgrades.
  • Add insulation to reduce heating costs.
  • Consider installing solar panels or other renewable energy systems to cut down on utility bills.

These upgrades can both reduce ongoing expenses and improve resale value.

renovations to add value to your comox valley home

5. Basement Conversion

Instead of using your basement as storage, convert it into a functional living space.

  • Options include a games room, home theatre, or guest suite.
  • A finished basement can also be rented out for additional income.
  • By making the basement livable, you increase your home’s usability and market value.

6. Deck or Patio Addition

Outdoor living spaces are highly desirable for homeowners and buyers alike.

  • Adding a deck or patio creates an inviting space for gatherings, meals, and entertaining.
  • It improves your lifestyle while making the property more appealing on the market.

7. Smart Home Technology Integration

Smart home features are becoming increasingly popular in Canada.

  • Options include smart thermostats, home security systems, and voice-activated lighting or appliances.
  • Choose a system that integrates with your existing devices (e.g., Apple HomeKit, Google Home, or Amazon Alexa).
  • Smart technology adds convenience, efficiency, and modern appeal to your home.

Helping Pay for Renovations

Renovating your home is an important part of maintaining and growing its value. While renovations improve your quality of life, they also make financial sense if you decide to sell in the future.

Home Equity Loans for Renovations

One effective way to finance renovations is through a home equity loan.

  • Provides a lump sum payment that can cover significant renovation costs.
  • Offers flexibility to fund a wide range of projects.
  • Can be a smart solution for homeowners who want to invest in upgrades while still enjoying them during their time in the home.

Investing in renovations is about more than just updating your home—it’s about making smart financial decisions that enhance both your living experience and your property’s market value. Whether you focus on kitchens, bathrooms, energy efficiency, or outdoor spaces, the right renovations can pay off in the long run.

Understanding Mortgage Penalties

Understanding Mortgage Penalties

/0 Comments/in , /by

Many homeowners, especially those who haven’t spoken to a mortgage professional, don’t fully understand mortgage penalties. That’s not a surprise. There are a lot of things to think about when considering a purchase. How you finance your new home—and what the implications are—can vary considerably.

Mortgage penalties are worth looking into and understanding before locking yourself into your mortgage for a period of time. Financing a home can be overwhelming. If you’re considering refinancing, selling, making a lump sum payment, or need a way out, read this first.

What Are Mortgage Penalties?

The most common mortgage penalty people encounter is a prepayment penalty.

Did you know? Your lender doesn’t want their money back early! That’s because they earn guaranteed interest on the loan. This helps them budget and profit.

Below are some common types of prepayment penalties:

Prepayment or Overpayment

If you make a lump sum payment on your mortgage or increase the regular payments by too much, you could be outside the terms of your mortgage agreement.

Transferring

If you move your mortgage to another lender before the end of your term, that is considered breaking the mortgage agreement you made.

Early Re-Payment

If you sell your home and pay off your lender with the proceeds, leaving you without a mortgage, that also breaks the agreement.

Breaking your mortgage for these—or any other reason—almost always results in financial penalties.

What Determines the Size of a Mortgage Penalty?

The amount of the penalty that could be owed will be based on a few factors:

  • The amount of pre- or over-payment
  • Interest rates (existing and new)
  • The type of mortgage (open, closed) and the type of rate (fixed, variable)

How to Reduce or Avoid Prepayment Fees

The simplest answer is to wait until the end of your existing term to make changes. If that’s not possible, review your circumstances:

  • Fixed or Variable Rate?
    If you have a variable rate and you’re breaking the mortgage in favour of a fixed option, first check to see if you can lock in a rate under your existing terms.
  • Making a Lump-Sum Payment?
    Review the terms of your mortgage to see what your annual prepayment allowance is. Most mortgages will let you make some fixed lump sum payments without any penalties.

Penalties for Non-Payment

There is also a flip side to penalties: incurring fees for late or missed payments.

  • Any payment received after the due date will incur a fee.
  • Lenders will also report missed payments to the credit bureau, which impacts your credit score.

Tip: Before you miss a payment, notify your lender. You may be able to:

  • Defer a payment
  • Skip a payment
  • Make other arrangements

Some lenders also offer a mortgage payment holiday, allowing you to skip or defer payments for 3–6 months (sometimes longer).

If you’ve already missed a payment, make it up as soon as possible to avoid a quickly escalating situation.

When Paying a Penalty Can Be Worth It

Sometimes paying a penalty makes financial sense. For example:

  • If you’re locked into a higher-rate mortgage
  • If breaking your mortgage and securing a lower rate saves you more than the penalty costs

Your mortgage professional can run the numbers and help you decide if this is worthwhile.

An Alternative: Open Mortgages

If you’re likely to break your mortgage agreement, consider an open mortgage.

  • This is a great short-term solution if you’re expecting an inheritance, planning a move, or anticipating a major life change such as marriage or divorce.
  • You can pay it off at any time without penalty.
  • The trade-off is higher interest rates compared to closed mortgages.

Whatever type of mortgage penalty you might be facing, my best recommendation is to talk to an expert for advice before making commitments.

Your mortgage professional, lender, or broker can walk you through the fine print and provide advice tailored to your situation. Get in touch with me today, and I can help you with your questions and get you in touch with a mortgage expert in Comox Valley.

The Lesser Known Costs of Moving to Comox Real Estate Listings

The Lesser Known Costs of Moving to Comox Real Estate Listings

/0 Comments/in /by

Relocating to the Comox Valley is exciting! Many buyers browse Comox real estate listings with dreams of fresh air, ocean views, and a quieter pace of life. While these benefits are undeniable, there are also a few hidden costs that new residents coming from the mainland may not anticipate. Understanding these extra expenses will help you make a smoother transition into your new home.

Transportation, Travel and Expenses Associated With Comox Real Estate Listings

One of the realities of living in the Comox Valley is its location on Vancouver Island. While the area is well-connected, moving here often involves ferry travel or flights. The cost of ferry tickets for you, your family, and your moving truck can quickly add up. If you are making multiple trips back and forth to the mainland during your move, those costs increase even further. For many buyers, this is a surprise after budgeting for movers and packing supplies.

Flights are another thing to budget for. WestJet and Air Canada both operate out of Comox Airport, making it convenient to travel. However, flights can be more expensive than driving if you are used to mainland commutes. If work or family requires frequent travel, these costs should be factored into your plan as part of your long-term living expenses.

Beyond transportation, there are smaller costs tied to adjusting to life in the Comox Valley. If you are relocating from a larger city, you may find that certain services or products are priced differently. Groceries, for instance, can sometimes be higher due to shipping and delivery fees to the Island. Similarly, trades and contractors may have higher demand, which can impact the cost of renovations or home maintenance.

You’ll also want to consider vehicle expenses if you’re coming from a place where you relied mostly on public transit. Many people moving to Comox decide to purchase a reliable vehicle, even if they mainly got around using public transit in their previous city. This is especially true if you plan to explore surrounding areas like Mount Washington or Tofino. Fuel, insurance, and maintenance should all be factored into your budget.

Contact me Today!

When searching through Comox real estate listings, it is easy to focus on the price of the home itself. While this is the biggest investment, it is not the only one. Travel, daily expenses, and lifestyle adjustments all carry hidden costs that can influence your overall budget. Being prepared for these realities will make your move less stressful. Contact me today for help with planning your move to Comox real estate listings! I look forward to helping you settle on the island. 

FAQ

What is the average cost of a ferry trip to the Comox Valley?

A standard vehicle and driver typically cost between $70 and $100 one way, not including passengers or larger moving trucks.

Is it more expensive to live in Comox compared to the mainland?

It depends on your lifestyle. Housing may be more affordable, but groceries, services, and travel can add to your monthly expenses.

Do I need a car if I buy a home in Comox?

Most residents find a car essential for daily life and exploring the Valley, especially if they live outside central Comox, but if you plan to stay local, there is sufficient public transportation!

The Tiny Library Takeover Mini Book Boxes Maximum Charm

The Tiny Library Takeover: Mini Book Boxes, Maximum Charm

/0 Comments/in /by

You’ve seen them in many different places, I’m sure. Maybe they are painted like a castle. Maybe they are shaped like a birdhouse. These tiny neighborhood libraries are taking over curbs, lawns, and street corners all over Comox.

The free book-sharing boxes are part community love letter, part mystery box. Let’s get to the heart of this wholesome trend to find out a bit more about them.

That tiny house on a stick is a little free library! Anyone can take a book, leave a book, or just peek inside and marvel at the randomness of human reading habits. People are actually using these constantly. Someone in your neighborhood is 100% reading a detective novel or a thriller or a romance from 1992 right now thanks to one of these boxes.

The kinds of books that show up are everything from cookbooks and comic books to dog training manuals and self-help reads. It’s like a yard sale for your brain.

I would be surprised, but if there isn’t one near you, you absolutely should start one. All you need is a waterproof box, and some books you’re ready to part with. Paint it rainbow, add fairy lights. Leave handwritten reviews inside books. Include a “mystery pick” wrapped in brown paper. Get creative and include a weird creature holding a book recommendation.

Tiny Library Starter Kit Checklist

  • A weatherproof box (reuse an old cabinet, mailbox, or birdhouse!)
  • Books you’re ready to set free (mix fun + useful + surprising)
  • A little sign: “Take a Book, Leave a Book”
  • Decorations: paint, stickers, fairy lights, tiny garden creatures
  • Neighborhood curiosity
  • A willingness to let strangers borrow books
  • Hidden treasure (note, drawing, sticker) inside one random book for mystery joy

Get in touch with me to learn more about buying homes in the Comox Valley!

Listing Homes for Sale in Courtenay BC in the Late Summer

Listing Homes for Sale in Courtenay BC in the Late Summer

/0 Comments/in /by

Selling a home in Courtenay is about timing as much as it is about presentation. The late summer season offers a great window for sellers who want to take advantage of warm weather, busy buyer activity, and the scenery that makes the Comox Valley so appealing. If you are preparing to put your property on the market, late August is an excellent time to make sure your home stands out.

Why Late Summer Works for Sellers & Prepping Your Home for Listing Day

The summer months often bring visitors and newcomers to Courtenay who fall in love with the area’s lifestyle. From the quaint downtown streets to easy access to beaches and mountains, many buyers start thinking about making the move while they are here, enjoying the summer. Listing in late August captures buyers’ interest while giving them a chance to make a decision before the cooler weather begins.

If you are preparing to list your home, focus on curb appeal first. A fresh cut lawn, trimmed shrubs, and colourful flowerpots at the entrance go a long way. Late summer light is flattering, so consider scheduling professional photos during the golden hours of morning or evening. These details make your online listing stand out, which is where most buyers will see your home first.

Inside, keep rooms light and bright. Open windows for fresh breezes before showings and remove heavy décor that feels more suited to cooler months. Buyers in August want to experience a home that feels relaxed and easy to move into.

Lastly, as you’re preparing your listing, think ahead to September. Many families and professionals plan moves around the start of the school year or a fresh work schedule. By listing in late August, you position your home to capture that audience at just the right time!

If you’re looking to list homes for sale in Courtenay BC, this month, contact me today. I’d be happy to help you get your home on the market. Be sure to reach out with any questions about preparing your home to be sold. I look forward to working with you!

FAQ About Listing Homes for Sale in Courtenay BC

Is late summer a good time to sell in Courtenay BC?

Yes, late summer often brings active buyers who are motivated to purchase before fall. The season also helps showcase properties at their best.

What should I do to prepare my home for sale in August?

Focus on curb appeal, professional photography, and creating a light and welcoming interior. These steps make your listing more attractive to buyers.

Will the market slow down after summer ends?

Buyer activity may shift in the fall, but serious buyers remain year-round. Listing before the seasonal slowdown gives you an advantage with motivated buyers.

Closing on a Home Avoid Doing These 4 Things

Closing on a Comox Home? Avoid Doing These 4 Things

/0 Comments/in /by

You may breathe a sigh of relief once your offer to purchase a home has been accepted, but you’re not quite done yet. There are still a lot of things to do between the time you come to terms with the sellers and the moment you finally put your key in the front door.

You still have to navigate the closing process; costs are associated with this next step. There are multiple steps involved in the transfer of a home from seller to buyer. Closing times between the time you have an accepted offer and when you move in can vary from a couple of weeks to a few months. This includes time for processing the deposit, conducting a title search, getting a home inspection organized, finalizing the purchase agreement, the lender’s property appraisal, and getting final mortgage approval.

Buyers should budget about 3% of the purchase price towards closing costs, over and above the deposit.

What a lot of people don’t understand is that lenders don’t only evaluate the buyer’s ability to make the mortgage payments. They also look at their ability to pay for all other credit obligations, such as student loans, cars, and lines of credit. And they evaluate the property to make sure their investment is protected and that the value is there.

Below are four things you should not do during the closing process:

Go on a shopping spree

We get it; it’s exciting to start imagining yourself in your new home, and many buyers want to rush out and buy new furniture. Those buy-now-pay-later programs are calculated into the debt servicing ratios. If the lender revisits the buyer’s credit report before completion, which they very often do, and it has changed at all, they actually have the right to withhold financing. It’s important for buyers to maintain the same credit position as at the time of the financing application with their lender.

The same goes for buying a new vehicle. You might be purchasing a home farther from work, but now is not the time to add a car loan to your list of debts. It’s different when you have a car payment before applying for a mortgage—the lender has already taken that into account. But after you’ve been approved for a mortgage, a new car payment will change your credit position. This could cause consequences. You could be scrambling for a different lender at the time of completion, which is stressful for both sellers and buyers. In fact, any new big-ticket item purchases can raise red flags and delay your financing approval—or even ruin it.

    Quitting your job

    Sure, it would be great to have a higher salary now that you’ll be tackling monthly mortgage payments, property taxes, and home insurance. However, wait until the closing process is finalized before you blitz the internet job boards with your resume. Taking a higher-paying job between getting an unconditional accepted offer and completing on the deal could cause issues with the lender. Some of these new jobs, even though the buyer thinks they’re in a better position, come with a probation period. If it’s a temporary or casual position, that could cause a problem.

    Start booking renovation projects

    It’s so tempting to make plans for opening up all the walls in your new home. You may want to rip up the old carpet or gut the kitchen. Although wait times to book contractors can be long, don’t get ahead of yourself. Putting down deposits and signing remodeling contracts is a bad idea until you officially own the home. It’s a good idea to live in the house for 12 months, or some period of time, before doing renovations. This way you can get to know the property and figure out where it’s best to spend your dollars. Of course, if the home you’re buying needs a massive overhaul before it’s even livable, you can get started as soon as all the final paperwork is signed and completed.

    Getting overwhelmed

    Being patient makes sense during the closing process. Your REALTOR will be able to help guide you through it. There are many moving parts to the closing process, and getting overwhelmed can ultimately make it an unenjoyable experience for you. It can become complicated and stressful. It’s important to slow down, take the proper steps, and have a successful completion. Your REALTOR is there to help along the way.

    Reach out to me to learn more!

    buy a home in Comox Valley

    What to do before you buy a home in Comox Valley

    /0 Comments/in , /by

    When you decide you’re ready to buy, there are a few simple things you can do to make the home-buying process as seamless as possible. These will also help you get the best possible deal on your new home. Your REALTOR® will help build a plan for your specific needs and timing, but you can start with the basics. Some things to consider are:

    • Making a list of your wants and needs in a home. This will help to narrow your possible choices and give you an idea of what to look for. Do you want a single-family home or a townhouse/condo? How many bedrooms or bathrooms? What other features are important to you?
    • Identify which neighbourhoods you prefer. If you’re thinking about moving to a new area, do a bit of homework online, ask other people you know, or ask your REALTOR® for advice.
    • Find out your credit score and see what you can do to improve it if necessary.
    • Use an affordability calculator or speak to a mortgage professional to figure out how much you can afford to spend on a home. Create a budget to make sure you stay on track financially.
    • Get pre-approval or pre-qualification for a mortgage so you’ll know in advance exactly what price range you should be looking at. Keep in mind that getting pre-approved is a more in-depth and formal process. Pre-qualification gives you an idea what will work for you without going through the more exhaustive pre-approval application.
    • It’s a good idea to find out if you’re eligible for any rebates, home buying plans or other federal home buying programs and incentives. There are several available in certain circumstances. If you aren’t sure what these programs are or whether you qualify, check with your REALTOR®.

    I always recommend as a first step to my clients to get their pre-approval. In this way, you are not going to spend time and energy looking at properties that are above your purchasing capability. This can lead to disappointment so it’s better to begin with a realistic approach. Additionally, it will make you more comfortable in making an offer with the knowledge that financing is not going to be an obstacle.

    Also, as mentioned earlier, decide what your top neighbourhoods are. Make a list of things you are not prepared to compromise on and those that would be nice to have. When you are prepared and organized, you won’t get caught up in an emotionally charged decision.

    Maximize your down payment

    If you still have time between now and when you’re planning to buy, try to save as much as you can. The down payment is an important part of the equation when purchasing. It will help maximize your chances of getting approved and getting the best possible rate on your mortgage. If you don’t have enough saved up to afford the home you want, creating a budget can help you save more.

    You can also grow your down payment in the meantime. Put what you’ve already saved into a safe, liquid investment like a GIC or high-interest savings account, or temporarily invest your savings in an RRSP, TFSA or the new First Home Savings Account. Investments with a short time frame, such as 12 months or less, should be in savings accounts or cashable GICs. There are a number of providers that offer high interest bonuses to new accounts, so it’s worth doing a bit of shopping.

    Buyers who haven’t owned a home in the last four years should also take advantage of the FHSA, which lets you contribute up to $8,000 per calendar year. You get a tax deduction for each contribution, and there is no tax payable when you use the funds to buy your first home.

    Additional considerations for first-time home buyers

    If you’re a first-time home buyer, there are some additional things you may need to be prepared for. For instance, some first-time buyers aren’t aware of how long the home buying process can take. The time involved in the home buying process can differ from buyer to buyer. Some people are able to find a home in a couple of weeks and others can take much longer. It will depend on your particular must-have list, what is available in the market place, how active it is, and how many others are out there looking.

    Something else to keep in mind is that sellers will want a certain time to close. It can vary and may depend on where they are going. Final transfer of ownership could take place in a short or longer period of time after the agreement is signed.

    Depending on your budget, you may need to start with a smaller or more modest home for your first property. This can allow you to build both your equity and your experience, while still getting your foot on the first step in the property ladder. Don’t put yourself in a situation where you buy more home than you can realistically afford or maintain. While you may be tempted to stretch your budget to get a home that seems perfect, try to resist. Being “house rich, but cash poor,” can be a very stressful and risky way to live.

    For people who are currently renting, a mortgage payment may be close to what they pay in rent. But there are all kinds of other expenses associated with homeownership. Property taxes, insurance, and upkeep are some. If you don’t have exact numbers, use 2% or 3% of the purchase price to estimate your added monthly ancillary costs. You could try living for six months as though you already own the home. See if you can manage it before you make the leap.

    Get in touch with me to learn more about how to buy a home in the Comox Valley!

    comox valley summer fun

    Summer Fun as a New Owner of Homes for Sale Comox Valley BC

    /0 Comments/in /by

    Buying one of the homes for sale Comox Valley BC offers the greatest summer lifestyle. When the weather is warm, the Comox Valley gives residents endless access to beaches, adventures on the water, and memorable events. Get a sense of summer in the Comox Valley, below!

    Where Locals Go for Summer Fun

    One of the best parts of settling into the Comox Valley is discovering all the places locals love to visit when the sun is out. Families often head to Filberg Park in Comox, where you can stroll under tall trees or picnic by the sea. Goose Spit Park offers peaceful beach views and is great for sunset walks. If you’re craving nature, Mack Laing Nature Park and MacDonald Wood Park are nearby favourites with shaded trails and ocean views.

    If you’re looking for a summer day with a little more activity, try the Royston Seaside Trail for a walk or cycle with waterfront scenery. Or head to Marina Park, perfect for boaters, paddleboarders, and anyone who loves being close to the water. Whether you’re relaxing or moving, there’s always something to do just minutes from home.

    Summer Markets and Events You Won’t Want to Miss

    What truly makes the Comox Valley special in the summer is the sense of community. Owning homes for sale Comox Valley BC means being close to weekly events like the Wednesday Farmers’ Market, running until the end of August. It’s a great place to pick up local produce, handmade goods, and meet your neighbours.

    August brings the famous Filberg Festival over the long weekend. It’s a must-see for music, food, and art lovers. Car fans will love the 2025 Island Bug Jam, while those looking for smaller markets can visit the Merville Gumboot Market on Sundays at Merville Hall, or the Cumberland Sunday Market from July through September. 

    Contact me Today About Homes for Sale Comox Valley BC!

    Buying one of the homes for sale Comox Valley BC means joining one of the best summer communities the Island has to offer! From outdoor adventures to lively local events, the Comox Valley offers a lifestyle that’s hard to match. Contact me today to learn more about buying or selling a home in this area. 

    FAQ on Homes for Sale Comox Valley BC

    1. Can I find homes near the beach in Comox Valley?

    Yes, many properties are close to the water or within a short drive of parks and waterfront trails.

    2. Are the summer events family-friendly?

    Absolutely. Markets, festivals, and parks are all welcoming to families with kids of all ages.

    3. Is the Comox Valley a good place for year-round living or just summer?

    While summer is a highlight, the area offers beauty and community all year long, making it a great place to live full-time.

    More Comox BC Real Estate is Needed According to the B.C. Government

    More Comox BC Real Estate is Needed According to the B.C. Government

    /0 Comments/in /by

    The housing crunch in Comox, BC, is getting real attention from more than just the locals. The B.C. government recently added all three Comox Valley communities, including Courtenay, Cumberland, and Comox, to its latest round of Housing Target Orders. That means the province is officially asking these towns to step up their efforts in providing more Comox BC real estate.

    What Does This Mean for Comox BC Real Estate?

    In Courtenay, Mayor Bob Wells seems confident the city is already well on its way. With a sizeable zoning shift in 2022, Courtenay opened the door to more small-scale, multi-unit housing. Over 60 per cent of the city’s properties can now hold up to four units. Since 2021, nearly 1,700 new homes have been added, and 625 of those came just last year.

    Mayor Wells says working smart with developers and other levels of government has kept the momentum going. His main concern, however, is Infrastructure. More homes mean more pressure on local services, and Courtenay will need help from both provincial and federal partners to keep up.

    Cumberland’s Mayor Vickey Brown has been more cautious about being added to the target list. While she acknowledges the need for housing, she’s concerned that being on the province’s target list could push the village into developing homes that don’t suit the population’s needs. Brown argues that simply building more market-based housing doesn’t guarantee affordability, especially in a place where home prices have jumped 54 per cent. The village has been pushing for support on affordable housing for years, but without action from BC Housing, the community remains stuck waiting.

    Comox, for now, is still waiting on its official housing target. But according to Jordan Wall, the town’s Chief Administrative Officer, they’ve been preparing. From modernizing bylaws to updating their Official Community Plan, Comox is laying the groundwork to respond once targets are set. They’re also putting a big focus on involving the community in that process.

    Contact me Today!

    What’s clear across the Comox Valley is that the demand for homes is rising, and all three towns are feeling the pressure to grow. For anyone watching the Comox BC real estate market, this is worth paying attention to. Contact me today for more info about the changes to real estate in the valley. I look forward to working with you in the near future. Don’t forget to check out my social media for news and updates. 

    Listing Comox Houses for Rent on a Short-Term Basis

    Listing Comox Houses for Rent on a Short-Term Basis

    /0 Comments/in /by

    If you’re considering offering Comox houses for rent on a short-term basis, there are a few key rules and updates you should know. With last year’s changes to British Columbia’s rental laws, understanding the short-term rental market now requires a closer look at local zoning, provincial regulations, and available permits, especially here in the Comox Valley.

    Understanding Short-Term Rentals in Comox

    When it comes to listing Comox houses for rent on a short-term basis, the rules depend on where your property is located and how you plan to rent it. The Province’s Short-Term Rental Accommodations Act aims to protect the long-term housing supply, but it impacts Comox Valley’s electoral areas less than some might expect.

    In most residential zones outside Mt. Washington and the Agricultural Land Reserve, short-term rentals are only allowed as bed and breakfasts. That means you must live on the property and offer rooms in your primary residence. You’ll also need to register your rental with the Province’s registry.

    If you’d like to rent out your whole house, as a vacation rental listed on Airbnb or VRBO, your property will need to be zoned for tourist accommodation. Otherwise, you’ll need to apply for a Temporary Use Permit or request a zoning amendment. These applications involve public input and board review, and they can take several months. But, they open the door for homeowners wanting more flexibility.

    At Mt. Washington, it’s a different story. Thanks to a zoning amendment passed in late 2024, properties in the Resort Community Plan Area can now offer short-term stays as a primary use. This is a big plus for owners looking to take advantage of ski season traffic.

    List Comox Houses for Rent Today!

    If you’re thinking about listing Comox houses for rent in the short term, start by checking your zoning and understanding the rules. Every situation is different, and the path forward depends on how and where you plan to host. As your local real estate agent, I can guide you through the process from finding the right property for short-term rentals to answering any questions! Contact me today to learn more!

    decide between renovating and relocating

    Is your home still ‘the one’? How to decide between renovating and relocating

    /0 Comments/in /by

    Is your home still ‘the one’? How to decide between renovating and relocating

    At first, your home may have felt like true love, the perfect match. It had you full of excitement and possibilities. As time goes on, the honeymoon phase can fade.

    Maybe you’re craving more space, a shorter commute to work or school, or modern features that other homes seem to have. If you’re feeling restless, you might be wondering, “Is it time for a fresh start? Or maybe this relationship can be saved with a little TLC?”

    Deciding whether to move to a new home or renovate the one you’ve got is no small decision. It’s a mix of emotions, finances, and practicality all rolled into one. Think of it and weigh the pros and cons of both options to figure out what truly fits your family and lifestyle.

    The following suggestions will help you determine if your home is still “the one” or if it’s time to move on.

    Top reasons to renovate your home

    It might be better to renovate if you love your neighbourhood, have sentimental attachments to your home, or see potential in upgrading your space.

    Here’s when improving makes sense:

    1. Your home has good bones
      If your home is structurally sound and doesn’t require major foundational work, a renovation could be a cost-effective way to address your needs. Open up your floor plan, update outdated features, or add square footage. These changes could create a home that feels brand new.
    2. You love your location
      If your home is in a desirable neighbourhood, close to work, or within a top school district, improving your home allows you to enjoy these benefits while adapting your space to meet your needs.
    3. Renovations increase value
      Consider renovations that will add significant value to your property. Projects like modernizing the kitchen, updating bathrooms, or adding energy-efficient upgrades often provide a good return on investment.
    4. Moving costs are prohibitive
      Between realtor fees, closing costs, and moving expenses, relocating can be expensive. If your renovation budget is less than the cost of moving, it might make more financial sense to stay put.

    Top reasons to move to a new home

    Sometimes, no amount of renovation can fix a home that no longer suits your lifestyle. Here’s when moving to a new property may be the better option:

    1. Space is limited
      Your family may have outgrown your current home. There’s no room to expand, or zoning restrictions make it impossible to do so. Moving to a larger property may be the best solution.
    2. Your needs have changed
      Life changes may make your current home impractical. A growing family, a new job, or aging parents moving in could prompt a change. In these cases, finding a home that meets your new needs can be more effective than extensive renovations.
    3. Renovations are too costly
      If renovations required to make your home suitable are extensive and expensive, the ROI might not justify the investment. In this case, moving may be more cost-effective.
    4. You’re ready for a change
      Sometimes, the desire for a fresh start or a completely different style of home outweighs the convenience of staying. If you’re feeling uninspired or constrained in your current home, it might be time to explore new options.

    Key questions to help you decide whether to renovate or relocate

    Still stuck between renovating and relocating? Here are a few crucial questions to ask yourself to find an answer.

    1. What’s my budget? Compare the costs of renovating versus moving. Don’t forget to factor in hidden costs like permits, temporary housing, or realtor fees.
    2. How disruptive will renovations be? Living through major renovations can be stressful and time-consuming. Consider whether you have the time and patience for the process.
    3. Will I get the features I want? If your renovation can’t deliver your dream home, moving may be the better choice.
    4. How long do I plan to stay? If you plan to stay in your current home for many years, renovations could be a worthwhile investment. If not, moving might make more sense.

    How we can support your decision

    The choice between moving and improving is deeply personal and depends on your unique situation. By evaluating your needs, budget, and long-term goals, you can make a decision that works best for you and your family.

    Whether you decide to renovate or relocate, having the right team on your side makes all the difference. Royal LePage professionals specialize in helping homeowners navigate these pivotal decisions. From finding trusted contractors to discovering your dream home, they’re here to guide you every step of the way.

    Get in touch with me to learn more!

    Helping clients navigate comox valley condo sales

    Helping Clients Understand Key Condo Bylaws and Property Regulations

    /0 Comments/in /by

    When it comes to buying a condominium, most clients expect to discuss things like price, location, and amenities. But what often catches buyers off guard—especially in provinces like British Columbia and Ontario—are the property’s bylaws, rules, and financial documents. These hidden details can turn what seems like a dream purchase into an ongoing headache if they’re not properly understood.

    As a REALTOR®, guiding clients through the complexities of strata or condo bylaws is an essential part of helping them find a home that fits both their lifestyle and expectations.

    Understanding Common vs. Administrative Bylaws

    Condominium and strata bylaws can be overwhelming at first glance. The key is to simplify them and focus on the ones that impact your client’s everyday life.

    • Bylaws govern how the condominium or strata corporation operates. These cover everything from whether pets are allowed, to smoking rules, to short-term rental restrictions. Changing these bylaws usually requires a vote and approval from a majority of owners.
    • Rules, by contrast, are generally related to day-to-day operations—like the hours of the amenity room or how to book the elevator for a move. These are easier to amend and typically decided on by the strata council or board.

    In addition to the common bylaws, buyers should review administrative bylaws, which may not seem important upfront but can have a real impact later. For instance, in B.C., strata councils are allowed to make decisions by email between meetings. While this may seem minor, it can affect the timeline of things like renovation approvals or repairs.

    Common Bylaws That Can Affect Buyers

    It’s important for buyers to carefully review the specific bylaws of the complex they’re considering. Here are a few of the most common areas that can cause friction:

    1. Pet Restrictions

    Pet rules vary widely between buildings. Some allow pets with size or breed limitations, while others may ban pets altogether. Bylaws might also cover the number of animals allowed, leash rules, where pets are permitted on the property, and how noise or aggressive behaviour is handled. Penalties can range from fines to requests for pet removal.

    2. Renovation Approvals

    Renovations are common when moving into a new space, but each building will have different approval requirements. These might include detailed guidelines on flooring materials, underlays, allowable work hours, or required deposits. Approvals can take time, so it’s helpful to set expectations early.

    3. Rental Restrictions

    B.C. lifted most rental restrictions in 2022 under the Strata Property Act, meaning strata corporations can no longer limit the number of rentals. However, short-term rentals (such as Airbnb) can still be restricted or prohibited. Age-restricted buildings (e.g., 55+) also require any renters to meet the same age requirement.

    4. Smoking and BBQs

    Outdoor cooking and smoking are commonly addressed in bylaws. Some buildings restrict BBQ use on balconies or ban it altogether. Smoking may be restricted to designated areas or prohibited entirely—something that can seriously impact a buyer’s lifestyle.

    Enforcement Isn’t Always Immediate

    Buyers should know that just because a bylaw exists doesn’t mean it’s quickly or consistently enforced. Noise complaints or pet violations often require a formal process involving written complaints, warnings, and possible fines. In some cases, resolution can take weeks or even months. Setting realistic expectations with your clients helps reduce frustration later.

    Matching Buyers to the Right Buildings

    Helping clients find a condo or townhouse that fits their lifestyle means understanding what matters most to them—whether it’s bringing a dog, installing hardwood floors, or hosting out-of-town guests.

    Spend time upfront reviewing the bylaws and rules. Matching buyers with a building that aligns with their needs is a valuable part of your service. It avoids wasted time and helps ensure a smoother, happier move-in experience.

    Final Thoughts

    Condo bylaws and rules aren’t just red tape—they define the living experience. When multiple households share common walls, amenities, and outdoor spaces, clear rules help reduce potential conflicts.

    By helping clients understand the basics and identifying any deal-breaking restrictions, you’ll set them up for a successful purchase and long-term satisfaction with their new home.

    Contact me to learn more and ask any questions about buying or selling real estate in the Comox Valley.

    Everything You Need to Know About Gifted downpayments in comox valley

    Everything You Need to Know About Gifted Down Payments

    /0 Comments/in /by

    As home prices have increased, many Canadian families are choosing to help their kids get into the real estate market. One of the ways they are doing that is with gifted downpayments.

    A CIBC report in 2021 said 30% of first-time buyers in Canada got a boost by receiving money as a gift for a downpayment on a home. Some say that number is a lot higher in some markets. Apparently, gifts range anywhere from $10,000 to more than $1 million. There is no limit to the amount that can be gifted. Parents want to help their kids buy. Often the goal is a 20% downpayment so they can avoid insurance on their mortgage.

    According to the CIBC report, the average gift in Canada was $52,000 in 2015. In 2021 it was $82,000. Vancouver and Toronto lead with the highest averages in the country at $180,000 and $130,000 respectively.

    What are gifted down payments?

    A gifted down payment is exactly what it sounds like. It is a monetary gift from a parent, grandparent, sibling, or other close relative, towards the purchase of a home. It isn’t a loan; it doesn’t have to be repaid. The person doing the giving should have zero expectations of getting that money back, and will often be asked to sign an agreement to that effect.

    How are gifted down payments different from co-signing?

    When you give a gift, you don’t own any part of the property. You also don’t assume any of the risk. If you co-sign, you are on the title and 100% liable if the homeowners default on their mortgage. Co-signing can also impact your ability to borrow. Whatever amount you have co-signed for will look like you borrowed it yourself.

    Do gifted down payments have any impact on a mortgage approval?

    No, they don’t. Your income determines the maximum you qualify for, and the down payment is on top of that. Of course, the greater the downpayment you have, the less you’ll need to borrow. If you qualify for a smaller mortgage, a gift can help you buy something more than you could otherwise afford.

    A gift can move you from an insured purchase to a conventional one. Insured is less than 20% down. An insured mortgage only gets you a maximum 25-year amortization with strict debt ratios. But with 20% or more down, you could potentially qualify for a 30-year amortization and more give on the debt ratios. That can make a big difference in the total mortgage you qualify for.

    What are the rules around gifted down payments?

    Everyone needs to sign a mortgage gift letter. Each lender has their own format. You must also provide proof that the gifted funds have been deposited into your account, and they should be there no later than 15 days before closing. For funds coming from outside Canada, lenders want to see those in your Canadian account 30 to 90 days before closing.

    Depending on how gifted funds are used in the transaction, there may also be obligations to comply with Canada’s anti-money laundering laws. For example, if the gifted funds are provided directly to the REALTOR®, the REALTOR® would have an obligation to verify the identity of the individual providing the funds.

    Can we use borrowed funds to gift money to our kids?

    Yes, you can. However, it’s probably not as common as you think. Only about 5.5% of gifting parents use debt to finance gifting. If you’re considering using your line of credit, just be careful about your debt load, especially if you’re planning to retire anytime soon.

    Are there any tax implications to gifting a down payment?

    In Canada, gifted down payments aren’t taxed. Immediate family members can provide the gift without either side being on the hook taxwise. Of course, it’s always prudent to check with a tax professional for information pertaining to your specific financial situation.

    Consider protecting the gift in the event the recipient splits from their partner. If you don’t, half your gift could end up with the departing spouse/partner should that happen.

    There is more information to help you get your down payment together. Read Down payment planning: examining RRSPs, TFSAs and FHSAs.

    Getting into the real estate market can provide a lot of benefits. It can give housing stability, so you don’t have to worry about the landlord selling the house or condo you are in. It can act as an investment opportunity for you and provide numerous social benefits. Helping your immediate family members with a down payment, if you’re able to, can be a great way to get them into the market. It may be the best (or only) way they can begin their homeownership journey.

    Contact me to learn more!

    Assessing an Offer What Comox Valley Sellers Need to Know

    Assessing an Offer: What Comox Valley Sellers Need to Know

    /0 Comments/in /by

    Congratulations! You’ve received an offer on your Comox Valley property. How do you know if it’s the best possible offer for you? Your REALTOR will be your guide: they’ll take you through it step by step, review all the pros and cons, and make recommendations based on your personal situation. If there are multiple offers, they’ll walk you through each one, highlight your best options, and negotiate on your behalf to get the best possible result.

    There are things you’ll want to be prepared for when the sale gets to this point. They include price, conditions, and even how serious the buyers are.

    How much are they offering?

    This is the first thing most people look at, and with good reason. Everyone wants to maximize their return, but the amount shouldn’t be the only factor you consider.

    There are several cases where buyers have won without submitting the highest offer. Sometimes sellers make their decision based on factors you wouldn’t expect or that could be somewhat nebulous. Willingness to provide a deposit right away, accommodate closing dates or condition dates or having few conditions, no inspection, no financing—these sorts of things could influence an owner’s choices.

    Are there conditions?

    An offer to purchase will often come with conditions, which can include:

    Financing

    A buyer can make their offer conditional on getting a mortgage. There’s some risk to the seller here. If the buyers don’t qualify, the deal will fall through. Sometimes even when the buyer has been pre-approved or pre-qualified, something comes up that affects their ability to get financing. A lower offer that’s firm (no conditions) can be a better option for sellers than a higher one with a financing condition.

    If there are multiple offers, giving priority to someone who has done their due diligence is likely to succeed. It’s reassurance the sale won’t fall apart.

    Inspection

    Having an offer that’s conditional on inspection adds risk. If the inspection identifies an issue, the deal could fall through. For that reason, sellers might choose an unconditional offer, even if it’s slightly lower than a conditional one.

    Should you accept an offer with an inspection condition? That completely depends on how confident you are that there are no major issues. If an owner has taken good care of their home, they may go for a higher offer with a home inspection condition versus a lower one without.

    If an inspection reveals a big issue, that could impact future offers. If the buyers end up backing out, that will mean your property goes back on the market. There’s the possibility the listing will get stale and future offers will be impacted as a result.

    Closing date

    You might get an offer that’s conditional on the sale of the buyers’ previous home. Or you may get one that wants to extend or shorten your preferred closing date. If you’re willing to accept an offer with a closing date that doesn’t line up with what you want, you have a number of options. Your REALTOR can help you figure this out.

    One of the options might be a “rent back” or the ability to stay in the house at no cost. This would allow the buyers to take ownership on the agreed-upon closing date, but the sellers would remain in the home for a month or two and pay the new owners rent or stay on without paying rent.

    In this way the sellers have the cash in hand to buy a new property and they have time to find the right one. You can also get bridge financing to cover the overlap, or have your moving company put your belongings in storage while you stay in a short-term rental.

    Ultimately, nobody really loves any of these options, and the sellers may just say no to this condition and wait for another buyer.

    Condo status review

    If you’re selling a Comox Valley condo, buyers will want to see how healthy the condo corporation is from a financial and administrative perspective. Potential buyers will want to review several condominium documents prior to removing conditions and it will be a condition in the offer.

    Buyers don’t want to be surprised by financial or legal problems. It’s good practice to have these documents readily available for buyers.

    Who’s making the offer?

    Is it an individual or a corporation? For some sellers, knowing whether the offer is coming from a family or a developer can make a difference. Knowing your place might be torn down could be hard. The owner may be happy to know another family will enjoy the home you’ve loved.

    How serious are the buyers?

    The offer might come with a higher-than-standard deposit, and even have a deposit cheque attached. There may be a personal letter explaining why they want to buy your home. Maybe they’re looking for a backyard for their kids, or they’ve been dreaming about living in your building. Both are signs that buyers are serious.

    This can be advantageous as a Comox Valley seller, because it means you’re dealing with people who are just as eager to get the deal done as you are. It also means there may be some flexibility or room for negotiation.

    Is the first offer the best offer?

    It depends on how well you’ve priced the property. If the listing is at market value in a ‘normal’ market, then yes, the first offer will probably be a good one. After it’s been on the market for awhile, people may start to wonder why it’s sitting and offer less.

    Accepting, countering, or rejecting the offer

    Once you’ve reviewed an offer with your REALTOR, you have three options:

    1. Accept. Say yes, ensure any conditions are met, and proceed with the sale.
    2. Counteroffer. You can sign the offer back to say you want some changes agreed to. They can accept your counter or submit their own counteroffer. This is where a REALTOR really comes in handy. Negotiation continues until both parties accept or one rejects without countering.
    3. Reject. You can simply say no to an offer. Even if it is a low offer, countering rather than turning it down outright may be the best idea. If you need to go back to those buyers later, you’ll be at a disadvantage. But if you counter and they reject, you have leverage if they come knocking on your door again.

    Another reason not to say no? Sometimes cultural differences can be a factor. People from different communities have different ways of negotiating. Don’t be insulted by a low offer, but consider it a starting point.

    When it comes to selecting the best offer for your home, you need to consider a myriad of factors. Your REALTOR will help provide context to everything you look at and give guidance based on their expertise.

    The article above is for information purposes only and should not be construed as legal or other advice. It is provided without warranty of any kind.

    Get in touch with me today to learn more!

    Dealing With a Low Appraisal on Your Property for Sale in Courtenay BC

    Dealing With a Low Appraisal on Your Property for Sale in Courtenay BC

    /0 Comments/in /by

    As a homeowner, receiving an appraisal can be a shocking experience. Oftentimes, homeowners will place a higher value on their property compared to the appraiser due to sentimental value and other personal factors. However, home appraisals are a requirement in many scenarios, such as refinancing, selling, or buying a new property for sale in Courtenay BC. If your appraisal comes in low, you’ll need to decide how to proceed. 

    What to do With a Low Appraisal?

    If your appraiser gets back to you with a lower value than you anticipated, don’t worry! There are a few things you can do in this situation. To start, it’s a good idea to go through the report and make sure that the appraiser didn’t make any mistakes. Verify that they used accurate and up-to-date comparables and make sure there are no factual errors about the property size or layout. If you do find errors or areas that lack clarity, you can challenge the appraisal. However, you’ll need to make sure that you have the necessary documentation to support your claims. 

    If you’re not keen to challenge the appraisal, you may consider getting a second opinion from another appraiser. However, as a buyer, you will need the lender’s permission to do this. In the case that this is not an option, try to negotiate with the buyer/seller. If you are the buyer, you might ask that the seller lower their price or cover the cost to close the deal. On the other hand, if you are the seller, you might want to meet the buyer halfway or reduce your listing price. 

    As a buyer, you could also increase your down payment or find another lender if you’re dead set on a specific property for sale in Courtenay BC. 

    Contact me Today About a Property for Sale in Courtenay BC

    When your appraisal comes in low, it can cause some unwanted stress. However, with a little bit of extra planning and a new strategy it’s still possible to make sure everything goes accordingly. By working with a REALTOR®, you’ll guarantee that your real estate goals are met. 

    For more information like this, be sure to return to my blog next month! Contact me about any interests you have for property for sale in Courtenay BC!

    townhouses-for-Sale-in-Courtenay-BC

    Will US Tariffs Affect Townhouses for Sale in Courtenay BC?

    /0 Comments/in /by

    If you’ve been paying any attention to the news cycle lately, you’ve likely heard the ‘T’ word on repeat. Tariffs are a topic dominating headlines in both Canada and the United States. With new trade policies being introduced, concern is growing about how such changes will impact key industries like manufacturing, farming and energy exports. But, what about real estate? Specifically, how might tariffs impact townhouses for sale in Courtenay BC?

    Understanding Tariffs and Their Correlation to Real Estate

    Will-US-Tariffs-Affect-Townhouses-for-Sale-in-Courtenay-BC

    On March 12th, the U.S. government imposed tariffs of 25 percent on Canadian steel and aluminum products. These tariffs have a direct impact on industries that rely on exports to the U.S., ultimately affecting various sectors of the economy. While Courtenay is not an industrial city like some others, this change still affects the community.

    Historically, uncertainty in trade and economic policy has led to hesitant consumer behaviour. And, this already shows in parts of the nation that depend on auto and parts manufacturing and crude oil exports.

    Despite the dip in sales in some Canadian cities, there is a silver lining for buyers looking to purchase townhouses for sale in Courtenay BC. The Bank of Canada recently cut its key lending rate again to 2.75%, meaning that now could be a favourable time to secure a mortgage. And, with less competition from sidelined buyers, you’ll have more negotiating power to get the home of your dreams. 

    Contact me About Townhouses for Sale in Courtenay BC 

    The impact of American tariffs on townhomes for sale in Courtenay BC is an ongoing and rapidly changing matter. If you are curious about how current economic policy will affect your ability to purchase or sell a home, reach out to me today. I’d be happy to help you explore your options. Be sure to visit my social media for more information and news. 

    Comox-Valley-real-estate

    How Depreciation Reports Impact Property Value in Comox: An Important Factor for Strata Owners

    /0 Comments/in , /by

    When assessing property value, location and amenities are key. For strata properties, another crucial factor is the depreciation report or reserve fund study.

    With BC’s updated regulations, all stratas must now update their depreciation reports every five years. Beyond compliance, these reports impact property values, buyer confidence, and financial stability in the following ways:

    Lenders Prefer Properties with Financial Transparency

    • Buyers aren’t the only ones reviewing depreciation reports; lenders do, too. Before approving a mortgage, banks assess the strata’s contingency reserve fund (CRF) and long-term financial planning.
    • Stratas with well-funded reserves and updated reports are considered lower lending risks. Stratas with missing or outdated reports create higher buyer hesitation and financing challenges.
    • Impact on property value: Properties in financially stable stratas sell faster, while those in underfunded buildings may struggle.
    • Buyers Feel More Confident Investing in Well-Managed Stratas
    • Today’s buyers and their agents scrutinize strata documents before making an offer. If a depreciation report reveals financial gaps, it can deter buyers or lead to price negotiations.
    • For example, if a buyer learns that a $500,000 roof replacement is due soon but the CRF is underfunded, the risk of a special levy makes the purchase less appealing.
    • Impact on property value: Stratas with clear maintenance plans and stable finances attract stronger buyer interest.

    Strata Owners Avoid Unexpected Special Levies

    Comox-real-estate
    • A depreciation report maps out long-term maintenance costs, preventing sudden financial shocks. Without it, owners risk large or unexpected levies for emergency repairs.
    • Poor planning leads to higher financial stress for owners and reduced resale value.
    • Impact on property value: Strata properties with proactive financial planning are more marketable and financially stable.
    • BC’s New Strata Laws: Compliance = Market Trust

    As of July 1, 2024, all BC stratas must update depreciation reports every five years.

    Deadlines:

    • Metro Vancouver, Fraser Valley, Capital Region: Due by July 1, 2026
    • Rest of BC: Due by July 1, 2027

    Impact on property value: Stratas that stay compliant maintain buyer confidence and prevent financial risks.

    Final Thoughts About Depreciation Reports and Property Value in Comox

    A depreciation report isn’t just a legal requirement. It’s a financial roadmap that protects property value. Strata corporations can use it as a maintenance guideline and be proactive about repairs and replacement of assets. Get in touch with me to learn more!

    1. Strata councils and property managers: Is your depreciation report up to date?
    2. Buyers and real estate professionals: Have you seen depreciation reports influence property values?
    Janice-leffler-real-estate-in-Comox-Valley

    Is it Time to Buy in the Comox Valley?

    /0 Comments/in , , /by

    For many people, 2025 could include the possibility of buying their own home. Both interest rates and inflation continue to drop so it may be a good time to become a homeowner. Stop paying the landlord and invest in your own future. If becoming a homeowner is on your radar in 2025, there are a few things you should know before you start looking for your dream home.

    Will 2025 be a good time to buy a home in the Comox Valley?

    It’s easier to afford a larger mortgage with interest rates coming down. This typically draws more people into the real estate market. However, one of the side effects of falling rates over the last few years has been an unprecedented boom in housing prices. Along with declining inflation, the predictions are to expect economic stabilization in 2025. Will this increase consumer confidence and the housing market? Usually, it does.

    Are you ready?

    If you think it is time, there are a few things to consider. While individual circumstances vary, a few rules of thumb can help you make that decision. Ask yourself:

    Are you ready to commit to living in one home for the next few years? If there’s a good chance you may need to move in six months, it’s probably not an ideal time to buy.

    Are your career and short-term plans fairly stable? Are you thinking about making any big changes that could have an impact on your housing needs, personal situation, or income?

    If you’re currently renting, are you ready to take care of all repairs, maintenance, and other tasks that come with owning a home?

    Perhaps most importantly, are you financially ready to own a home? Buying a home could be the biggest financial decision you ever make. Remember to factor in all the expenses that come with homeownership, not just the mortgage payments. This includes things like monthly condo fees, insurance, utilities, repairs, maintenance, and property taxes. Some of these are expenses you will have wherever you live, but some will be new.

    When a buyer is thinking about buying a new home, their decision should be based solely upon their needs. An expanding family, marriage, moving to a new city, getting into a new school district – these are all life moments that may require a new home.

    The right time to buy is less about what’s happening in the market and more about your personal choices and circumstances.

    real-estate-in-Comox-Valley.

    If you have the down payment, income, and are ready to make the move to being a homeowner, then it’s the right time to buy. It is difficult (or impossible) to time any market. As long as you’re in the position to purchase, the right time is when you are ready.

    Real estate in the Comox Valley is not a short-term investment where you can try and time the market for one or two years. You do need to live somewhere, and if you stay invested in real estate long-term, you can generally do well.

    When to contact a Comox Valley REALTOR ®; How they can help

    If you’ve decided to become a homeowner this year, start your search for a local REALTOR®. Find someone who will work best for you and your needs as early in the process as possible.

    It’s never too early to start working with a Comox Valley REALTOR ®. They are the first draft in your real estate team. They can help connect you with a mortgage broker, lawyer, and anyone else you need.

    A REALTOR® like me can answer any questions you may have and keep you informed about the latest ups and downs in the market. I can connect you with my network of professionals. I can walk you through each step in the home-buying process and help you negotiate the best possible price for your new home. Get in touch with me today!

    insurance-for-your-comox-valley-home

    Some Insight into Home Insurance for Your Comox Valley Home

    /0 Comments/in , /by

    Home insurance is exactly what it sounds like—a type of insurance that protects your property and its contents against damage, liability, and loss. While home insurance isn’t legally required, it is mandatory if you are financing your purchase. Lenders will require proof of insurance before approving your mortgage. Even if you’re buying outright, protecting such a significant investment is well worth considering.

    Securing the right home insurance coverage at a reasonable cost can feel overwhelming, but understanding the basics can make the process easier. Here’s what every homeowner should know about home insurance.

    Why and When Do You Need Home Insurance for Your Comox Valley Home?

    Unlike auto insurance, home insurance isn’t government-mandated. However, lenders require it to protect their investment, and having coverage gives you peace of mind in case of unexpected events like burglary, on-site injuries, or storm damage.

    Flooding is a common and costly issue, especially in finished basements where flooring and furniture may need replacement. Home insurance ensures you’re covered in such scenarios.

    Your policy should take effect the day you take possession of your property. This protects you from liability if movers, contractors, or repair professionals are on-site. When searching for insurance, shop around and compare quotes, as insurers calculate premiums differently based on risk factors.

    Your premium—the amount you pay annually or monthly for coverage—is determined by various factors, including your home’s size, location, construction materials, replacement costs, and any upgrades. Different insurance providers assess these factors differently, meaning two companies may offer significantly different rates for the same property.

    Types of Home Insurance

    The cost of your insurance depends on several factors, including the type of coverage you need. The three main categories of home insurance are:

    • Home Insurance: Covers houses and their contents.
    • Condo Insurance: Covers personal property, liability, and any improvements made to the unit.
    • Tenant Insurance: Covers renters’ personal belongings and liability but not the structure itself.

    Levels of Coverage

    Once you determine the type of insurance you need, the next step is selecting a coverage level. The Insurance Bureau of Canada (IBC) outlines four common home insurance policies:

    1. Comprehensive Coverage: Covers the building and its contents against all perils except those explicitly excluded. This is the most inclusive policy.
    2. Basic Coverage: Covers only the risks specifically named in the policy. This is usually the least expensive option.
    3. Broad Coverage: A middle-ground option that provides comprehensive coverage for the home itself but named-perils coverage for personal belongings.
    4. No-Frills Coverage: Available for homes that don’t meet standard insurance requirements, such as those with significant structural issues.

    Additional Considerations for your Comox Valley Home

    Your home’s location affects coverage needs. If you live in a flood-prone or earthquake-prone area, you may need additional endorsements (optional coverage add-ons) for protection. Basic policies often exclude sewer backups or overland flooding, so adding these coverages can be crucial.

    If you own high-value items like jewelry or art, check your policy limits. Many providers cap coverage on valuables at around $6,000. If your belongings exceed that amount, consider adding an endorsement for full protection.

    How to Make a Claim

    If an incident occurs, report it to your insurer as soon as possible. Document everything with photos, receipts, and notes. Keeping a detailed log of lost or damaged items can streamline the claims process.

    You’ll need to pay a deductible—the amount you cover before the insurer steps in. Additionally, some providers require you to use approved contractors for repairs.

    Keeping Your Insurance Up to Date

    Updating your insurance provider about home renovations, home businesses, or significant purchases ensures you remain fully covered. Changes in property value, liability risks, or replacement costs can impact your policy. Failure to update your provider could lead to denied claims or insufficient coverage.

    Ultimately, home insurance is about protecting your investment and providing financial security in case of unforeseen events. Working with an insurance broker and comparing multiple options can help you find the best coverage at the right price. Get in touch with me to learn more about insurance for your Comox Valley home!

    janice-leffler-courtenay-realtor

    Janice Leffler is Your Trusted Canadian Expert on Courtenay BC Real Estate 

    /0 Comments/in /by

    When it comes to buying or selling a home in the Comox Valley, having an experienced and knowledgeable real estate professional by your side makes all the difference. Janice Leffler is a dedicated Courtenay BC real estate expert, who brings over 30 years of experience to the table. She has helped several clients successfully buy and sell in the valley. As a proud representative of Royal LePage, Janice offers a thorough understanding of the region with the support of one of Canada’s most respected real estate companies.

    Why Work With Janice?

    Janice Leffler has built a strong reputation among her past clients for her dedication to their success. Whether you’re a first-time homebuyer, an investor, or downsizing, she always delivers great advice with patience and care. Having roots in the Comox Valley, Janice holds an in-depth understanding of the local market. This experience is invaluable in helping buyers and sellers secure the best possible deal.

    courtenay-homes-for-sale

    Janice is Proud to be Part of Royal LePage

    One of the biggest perks of working with Janice Leffler is her connection to Royal LePage, a proudly Canadian-owned and operated company that’s been a leader in real estate since 1913. Unlike international franchises, Royal LePage is built for the Canadian market, offering top-tier tools, research, and strategies tailored specifically for homebuyers and sellers across the country.

    So, what does that mean for you? For starters, Royal LePage provides up-to-date market data, giving you valuable insights into Courtenay BC real estate trends. Their marketing helps showcase your property with professional listings and broad exposure on major platforms. Plus, when it comes to negotiation strategies, they’ve got decades of experience and proven tactics to help you get the best deal possible.

    Beyond real estate, Royal LePage is all about community. They believe in giving back, which is why they support initiatives like the Royal LePage Shelter Foundation, helping those in need across Canada. When you work with Janice Leffler, you’re also backed by a company that cares about the communities it serves.

    Work With Janice to Buy or Sell Courtenay BC Real Estate

    By working with Janice Leffler and Royal LePage, you benefit from local expertise, national strength, and a client-first approach. Whether you’re buying or selling, Janice is ready to guide you through every step of the process.

    Looking to make a move in Courtenay BC real estate? Contact Janice Leffler today and experience the difference of working with a trusted local expert backed by Canada’s premier real estate brand.

    financial-health-to-buy-a-home-for-sale-in-comox

    The Importance of Financial Health When Buying a Comox Home

    /0 Comments/in , /by

    Financial Health is Important to Realizing Your Real Estate Dreams in Comox

    Making sure your finances are in order and improving your financial position is essential for long-term stability and peace of mind. It doesn’t just happen, but is something you have to work on to achieve. This is especially true when you decide it’s time to purchase a home.

    Step One in the Importance of Financial Health When Buying a Comox Home

    The first step is to create a budget and stick to it. Begin by tracking your income and all expenses for at least a month to understand where your money is going.

    • Categorize your spending into essentials (housing, utilities, groceries) and non-essentials (entertainment, subscriptions). Use this information to set realistic spending limits and prioritize needs over wants.
    • Apps and tools can also make budgeting easier and more effective.

    Step Two

    Next, you should build an emergency fund. Life is unpredictable; having a financial cushion can prevent setbacks from turning into crises.

    • Aim to save 3–6 months’ worth of living expenses. Don’t be discouraged if that feels daunting.
    • Start small, even $10–$20 from each paycheck. That may feel more attainable. If you try to do too much, you probably won’t do anything. Automate your savings to ensure consistency. Over time, these small contributions will grow into a safety net.

    Step Three in the Importance of Financial Health When Buying a Comox Home

    Your next plan should be to pay down your debt. Debt can be a significant barrier to financial health, so it’s crucial to pay it down in a thoughtful way. High-interest debt, like credit cards and payday loans, should be your top priority. Those types of debts compound quickly and can drain your resources.

    • Use strategies such as the snowball method, where you pay off the smallest debts first for psychological wins. The avalanche method, focusing on the highest-interest debts to save money overall, is another way to do this. Whichever method you choose, be sure to make at least the minimum payments on all debts to avoid penalties.

    Step Four

    Now it’s time to embrace another vital component of your financial health—invest in your future.

    • Begin contributing to retirement accounts, such as an RRSP if your employer offers one, especially if there’s a company match. It’s essentially free money.
    • If an RRSP is not an option, consider a high-interest savings account.
    • Beyond retirement, explore low-risk investments, which can grow your wealth steadily over time. Even small, consistent contributions can lead to significant returns thanks to compound interest.

    Final Steps in the Importance of Financial Health When Buying a Comox Home

    Finally, it is essential to regularly review and adjust your financial plan. Financial needs and goals evolve. Take time annually or after major life events, like a new job, marriage, or a baby, to reassess.

    • Review your budget, savings, investments, and debt repayment progress. Adjust your plan as needed to stay on track and adapt to changes.
    • Regular check-ins help you stay proactive and maintain momentum toward your goals.

    Financial health is a journey, not a destination. Consistency, patience, and smart planning will lead you to long-term stability and financial freedom. Remember, even small steps make a big difference over time!

    Once you have a handle on your finances and are confident you are ready to make that big move, call Janice to continue the journey.

    comox-home-for-sale

    How to prepare your Comox home for sale!

    /0 Comments/in , /by

    Get Your Comox Home Ready to Sell

    The higher interest rates we’ve been experiencing in recent years have pushed many home buyers to the sidelines. Following a few drops in the Bank of Canada’s benchmark interest rate since last year, some experts are predicting that a resurgence in demand can’t be far away. As a result, this could shape up to be a fantastic time to enter the real estate market, whether you’re a buyer or a seller.

    If you’re thinking of listing your property, there are a few simple things you can do to get your home ready. This should help it sell faster, more easily, and at the highest possible price.

    The advantages of selling now

    With rate cuts in the fall and more expected this year, it could add momentum to the home resale market. Combine lower mortgage interest rates with pent-up demand from waiting in the wings, and the forecast for a rekindling of Canadian housing activity is more than a possibility for 2025. This means that real estate activity this year could start to ramp up any time as people begin to explore the market again.

    The question isn’t so much whether buyers will return, but when. Realistically, buyers will come back when they feel conditions are favorable. Sellers should be ready for that outcome. However, there is another factor at play here. It was realized late in December when the Prime Minister announced his resignation. This, of course, has resulted in a leadership race and a change at the helm of the federal government earlier than anticipated.

    Nothing puts a damper on a real estate market like a federal or provincial election or a change at that level. It creates uncertainty which often doesn’t lift until after it is over and resolved. Whether warranted or not, it seems to be what has happened in the past.

    With all of that in mind, spring, or any time on the west coast, is a good time to sell. When you are ready and have your home ready, we have an active real estate market. It seems there are always people wanting to move to Vancouver Island and the Comox Valley. There is a livability factor that really resonates with buyers.

    Spring and fall are generally consistently busy times. Yes, that can mean more competition, but with more eyeballs, your home will benefit from broader exposure. Many Canadians tune out to enjoy warmer weather and go on holidays in the summer. That could change this year because of the state of change in the federal government.

    You may want to brace for a summer real estate market in 2025.

    How consumers are feeling

    The declining interest rate is making approximately 16% of Canadians feel more comfortable about entering the real estate market, according to some reports. Interest rate cuts are also boosting the confidence of potential first-time home buyers, with younger Millennials and Gen Zs already actively saving. They are feeling hopeful they’ll be able to enter the market soon.

    In general, however, home buying has taken a backseat for around 25% of Canadians. As expected, day-to-day expenses are taking top billing. Travel, interestingly, is considered the second most important expense for those Canadians.

    Affordability across the country still remains a concern for many when it comes to entering the market. It is possible as many as 14% of current homeowners may need to sell their home due to still high interest rates. Another 25% of Canadians are reconsidering their family plans due to the cost of homeownership.

    Make a great first impression

    Once you’ve decided to sell, work with your REALTOR® to put together a plan. Make sure you put your home’s best foot forward. For example, if there are any reno projects you’ve been putting off, now is the perfect time to get them done. Replace old door knobs, fix that broken step on your deck, or give the interior of your house a fresh coat of paint.

    To brighten up the shorter days and darker nights, clean your windows and screens. Add some decorative accent lamps to any dark corners in your home. Open all the blinds, curtains, and window coverings during showings to let in as much light as possible.

    You might also want to consider adding some seasonal touches to your indoor décor. To prepare your home for showings, turn your fireplace on if you have one, or add a sweet seasonal scent to your home by baking some cookies or a pie. Consult with your REALTOR®. Overkill can distract buyers or completely turn them off your home.

    Stay on top of cleaning and upkeep

    If you have a showing or open house coming up, double-check to make sure no one has been tracking in any mud or dirt. To really maximize your curb appeal, don’t forget to consider what’s outside your home as well.

    While it may not quite be time yet to plant, yards and gardens can look scruffy at this time of year. Consider adding some decorative outdoor plants that will beautify the entrance and patio or gazebo and manage alright in cooler temperatures.

    This is also a good time to ensure your heating system is working properly. There is nothing that will turn off a potential buyer more than a cold house.

    Do your research

    It is essential to stay on top of what’s happening in the market. This means having your REALTOR® do research on things like comparable listings in your area and trying to track where the local housing market is headed. Changing demand, buyer expectations, and your competition could all have an impact on your timing and strategy. Strategy can change, so it’s always best for you, the seller, to listen to what the market and your REALTOR® are saying.

    Ask your REALTOR®

    Lastly, when in doubt, ask your REALTOR® for advice. She can track the latest market statistics and keep you informed about any future interest rate changes. Your REALTOR® , Janice Leffler can also walk you through each step in pricing, listing, and getting your home ready to sell. She, like you, wants to help you sell your property quicker, with less stress, and at the best price possible. Get in touch now!

    buying homes for sale in comox valley

    Things You Can and Can’t Negotiate When Buying a Home in Comox Valley

    /0 Comments/in , /by

    Things You Can and Can’t Negotiate When Buying a Home

    You probably already know you can negotiate the price of a home when making an offer to purchase. However, there are also a number of things you should not ask a seller for or that may jeopardize the seller accepting your offer. I am going to mention things you might want to negotiate for, and a few you should not bring up.

    Appliances or other non-permanent items in the house


    Sometimes, sellers will itemize furnishings and personal property they plan to take with them. They will exclude them from the sale. There are also times, if you fall in love with something in the house, you can try to negotiate it into the agreement. Typical things people put into a contract would be appliances, window coverings, a hot tub, pool equipment or wood for the fireplace. Buyers can also ask for things like the pool table, and freezer. There are times when the sellers list other things that may be available.

    You might want to skip asking the seller to throw in the antique dining room chandelier or other one-of-a-kind items though. Chances are good the owners will be taking valuables and sentimental items with them when they move.

    Closing dates and leasebacks


    It’s very common for buyers to negotiate an occupancy date that works for them, regardless of what the home listing says. Some buyers or sellers want a long possession time, others a short possession time. Maybe it would be easier for the sellers if they could rent the property from the buyers temporarily. That may or may not work well for the buyers. However, if you know the sellers need a quick sale because they’re leaving the country, don’t ask for a move-in date six months from now. That might just talk yourself out of the deal.

    Cleaning up and clearing out


    You may have noticed there is a pile of scrap metal in the backyard. Maybe the basement is crammed with junk. You might want to include in your offer that you expect the property to be cleared out before you take possession.

    You can also ask the sellers to have the house professionally cleaned when they leave. If it appears to be clean, it is probably inappropriate to ask this. If there is a lot of junk and mess, it may be a good idea to include something about cleanliness on possession date in your offer.

    Minor repairs


    Asking for certain cosmetic fixes is often acceptable. Things such as touching up ceiling paint after water damage was repaired or getting the sellers to replace a non-functional doorbell may be acceptable and within reason. So is anything that concerns the safety of the property or some types of issues a home inspector might find.

    If there is something you don’t or can’t see that the inspection reveals, it may be worth asking the sellers to have it repaired. This could be a crack in the foundation, something wrong with the gas in the mechanical room, a leaking appliance, a cracked heat exchanger, or a missing hand railing on the set of stairs. These are safety issues.

    Such things may or may not be agreeable to a seller and then you have to decide how important it is to you that they be handled by the current owner. Sometimes it is better to do things yourselves so they are done to your satisfaction and not just done to get done.

    You can also try to negotiate a discount on the price if you discover the roof is in poor shape. What won’t happen is a complete kitchen or bathroom renovation.

    Tap into the experience of your REALTOR®


    No matter what you want to negotiate for, run it by your REALTOR® first. Your REALTOR® can help negotiate the price and contract terms on your behalf. She is your No. 1 resource and support during the home buying process.

    Your realtor can identify issues, or sticking points, or the temperament of a seller. She can also determine what the seller may be expecting. Your realtor can prepare and negotiate an offer for you with the seller in mind to effect an enforceable contract.

    Everyone’s home-buying experience will be different. Your negotiations will be dependent on your personal situation. But, with an expert REALTOR® in your corner, you can trust you’ll be in good hands no matter what.

    Get in touch with me if you want to learn more about the negotiation process when buying and selling real estate in Comox!

    vancouver-island-real-estate-market-update-2025

    2025 VIREB Real Estate – A BALANCED MARKET AND A POSITIVE OUTLOOK

    /0 Comments/in , /by


    The Vancouver Island Real Estate Board (VIREB) recorded 7,489 unit sales (all property types) in 2024 compared to 7,297 in 2023 and 7,810 in 2022.

    December 2024 saw unit sales of 443 (all property types) and 2,883 active listings. In the single-family category (excluding acreage and waterfront), 227 homes sold in December, up 52 percent from one year ago and down 15 percent from November. Sales of condo apartments last month came in at 44, increasing by 16 percent year over year and down 29 percent from November. In the row/townhouse category, 58 units changed hands in December, up 49 percent from one year ago and down 24 percent from November. Active listings of single-family homes were 829 in December, up from the 796 posted one year ago. VIREB’s inventory of condo apartments was 271 last month, up from 257 in December 2023, and there were 195 row/townhouses for sale last month compared to 244 the previous year.

    REALTORS® are feeling optimistic about 2025

    VIREB CEO Jason Yochim reports that REALTORS® are feeling optimistic about 2025, with many clients stating they plan to buy or sell this year. “Midway through 2024, VIREB’s housing market was fairly lacklustre, but it picked up steam later in the year,” says Yochim. “Our market remains balanced, indicated by an absorption rate of 15 percent, which benefits buyers and sellers.”

    Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $776,500 in December 2024, up three percent from one year ago. In the apartment category, the benchmark price was $395,700 last month, down one percent from the previous December. The benchmark price of a townhouse in December was $547,000, up two percent from one year ago.

    The Comox Valley’s year-over-year benchmark price rose by three percent to $834,500. Overall, active listings in the Comox Valley remained low in all categories of housing, and the time to sell increased primarily in the condo apartment market and row/townhouse market. Those increases were almost double at 100 days to sell and 54 days to sell respectively.

    Sales in the Comox Valley are always interesting to track and show little sold below $450,000, while the bulk of those that sold were in the $700,000 to $900,000 range and between $1M and $1.25M. Of the 626 total single-family sales in 2024, the foregoing prices accounted for a little more than half of all sales at 367. All tolled, $600,000 to $700,000 and $900,000 to $1M amounted to another 162 properties sold.

    Sales areas remain unchanged

    Locations of the highest numbers of sales have not changed much over the past several years, with the most being recorded in Comox, and Courtenay City and Courtenay East not far behind.

    In other VIREB areas, Campbell River saw the benchmark price of a single-family home increase to $693,400 last month, up five percent from the previous year. In the Cowichan Valley, the benchmark price was $762,800, down one percent from December 2023. Nanaimo’s year-over-year benchmark price rose by four percent to $819,000, while the Parksville-Qualicum area saw its benchmark price increase by four percent to $886,300. The cost of a benchmark single-family home in Port Alberni was $511,000, up one percent from the previous year. For the North Island, the benchmark price of a single-family home rose by six percent to $448,400.

    Looking ahead to 2025, the British Columbia Real Estate Association projects sales in the VIREB area to be around 7,900 this year. However, there is a great deal of uncertainty in the air due to tariff threats made by the incoming American administration. While British Columbia is less dependent on the United States than the rest of Canada (exports of 50 percent compared to 75 percent), a 25 percent tariff would significantly impact the Canadian economy.

    Reach out to me for more information!

    As always, if you’re looking for guidance when buying or selling real estate on Vancouver Island, please get in touch with me.

    houses for sale courtenay bc

    A Renter’s Guide to Owning Houses for Sale in Courtenay BC Canada

    /0 Comments/in /by

    As a young professional in Courtenay, BC, the dream of homeownership may feel both exciting and daunting. With its West Coast landscapes and small-town feel, Courtenay is an appealing place to settle down. Transitioning from renting to owning houses for sale in Courtenay BC Canada, can feel like a significant step, but understanding the process can make it more manageable.

    Taking the First Steps to Own Houses for Sale in Courtenay BC Canada

    The first step in moving from renting to owning is to evaluate your financial health. Take a close look at your income, expenses, and savings. Establish a budget that allows you to save for a down payment. Ideally, you’ll want to aim for at least 20% of the home’s price to avoid paying for private mortgage insurance. However, there are government programs available that allow for lower down payments, particularly for first-time buyers. Additionally, check your credit score, as a higher score can lead to better mortgage rates.

    You’ll also want to understand the local real estate market. Research current costs for houses for sale in Courtenay BC Canada and the surrounding areas to identify what you can afford. Consider factors like neighbourhood amenities, proximity to work, and local schools. Online listings, real estate websites, and community forums can provide valuable insights. 

    Before you start house hunting, be sure to get pre-approved for a mortgage. This process involves a lender assessing your financial situation and determining how much they are willing to lend you. Having a pre-approval letter not only clarifies your budget but also shows sellers that you are a serious buyer, making your offers more competitive in a busy market.

    Moreover, you may find it valuable to partner with a knowledgeable REALTOR® to simplify the home-buying process. An agent can guide you through listings that meet your criteria and help negotiate offers. 

    As you search for your new home, think about your long-term goals. Do you plan to stay in Courtenay for several years, or might you move again soon? A home is a significant investment, so consider whether you’re looking for a starter home or a property that can accommodate your future plans.

    Contact Janice Leffler to Learn More About Owning a Home in 2025!

    Transitioning from renting to owning in Courtenay is an exciting journey. By assessing your finances, researching the market, getting pre-approved, and enlisting the help of a REALTOR®, you can make informed decisions that lead to successful homeownership. Contact me today for help with your goal of owning a home in Courtenay. Let’s get started on your new year’s real estate resolutions, now!

    financial factors for first time buyers in comox valley

    Financial factors first-time buyers should consider on their path to homeownership

    /0 Comments/in , /by

    Buying your first home is a major milestone . It can be an exciting time, but also can be an anxious one. From mortgages and down payments, to government programs and house hunting, there’s a lot to take in. With the right tools and expertise, it is easy to understand the buying journey. The first step is to make sure you’re financially ready to purchase your first home.

    When buying a home, everything comes down to your wallet. Your monthly income, debts, and credit score will determine the size of the mortgage you qualify for. This will determine what kind of home you can buy and in which location.

    Here are some financial factors to consider on your path to home ownership:

    Assess your fixed and variable expenses

    To get a clear picture of the type of home you can afford, you need to understand your finances. Finances include net income, expenses, debts, and your credit score. First, determine your monthly income and expenses, both fixed and variable.

    • Monthly net income: include your after-tax, take-home income. This should include other income sources like commissions, bonuses and dividend profits.
    • Fixed expenses: regular, monthly expenses like rent, car loans, insurance fees, utilities, etc.
    • Variable expenses: these can change from month to month. They are things like groceries, gas, pet care, and discretionary spending such as dining out, concert tickets, personal care, and other lifestyle expenditures.

    Calculate your debt-to-income ratio

    When assessing your finances for a mortgage, a lender will consider your debt-to-income (DTI) ratio to determine your borrowing risk. The lower the percentage of your DTI, the better.

    To calculate this ratio, divide your total monthly debt payments by your gross monthly income. This includes debt such as car payments, student loans, rent and utilities. If your DTI ratio is above 50%, you may need to take steps to lower your debts and expenses to improve your ratio.

    Conduct a credit score check

    A solid credit score is vital for first-time homebuyers. Usually, a score above 660 is good. It will improve your odds of accessing your preferred mortgage products. A score above 760 is ideal, giving you the best offers and credits available.

    By checking your credit score before pursuing a mortgage loan, you can assess what areas may be helping or hurting your score. A missed payment or outstanding balance could make a difference.

    Understand a pre-qualification vs. pre-approval

    Before you get your heart set on a home, it’s important to differentiate between a mortgage pre-qualification and a pre-approval. Essentially, pre-qualification is a general estimate of your finances. It will show the ballpark range of a mortgage and interest rate you would qualify for today. This can help you to narrow down your home search to property within your price range. A pre-approval is an official assessment by a lender. It will show you the actual mortgage size and rates available to you.

    Determine your down payment and closing costs

    Sale price and mortgage payments are the obvious costs. There are other visible and hidden expenses that you need to consider when it comes to buying a home. Down payments and closing costs are the main two.

    • Minimum down payment requirements: Your down payment can range from as little as 5% to more than 20%. It will depend on how much you have available to put down. Any homes purchased over $1 million in Canada require a minimum 20% down payment. Homes purchased with less than 20% down will require mortgage insurance.
    • Closing costs and fees: You should estimate that closing costs will equal approximately 3-4% of the purchase price. Legal fees and land transfer tax are included in this percentage. Additional costs such as those related to moving, inspection, etc. you should prepare for in advance.
    selling your comox valley home

    Considering Selling Your Comox Valley Home?

    /0 Comments/in , /by

    Are you considering selling your Comox Valley home? Have you been maximizing your home’s value?

    Maximizing your home’s value before a future sale can be achieved. With thoughtful, strategic updates you can make a lasting impact on potential buyers. Start with curb appeal; a well-maintained exterior creates a positive first impression. It sets the tone for the rest of the home.

    Simple tasks like fresh paint, updated landscaping, and a new front door can go a long way in boosting the perceived value of the property. Small upgrades to outdoor lighting and an inviting entryway can also enhance the look and feel of the home. These could act to draw in buyers from the start.

    Inside the home, focus on key areas like the kitchen and bathrooms. They tend to yield a high return on investment. Simple improvements can give these rooms a refreshed, appealing look without major renovations. Consider things such as modernizing fixtures, repainting walls in neutral tones, and updating hardware.

    Decluttering and staging are also essential. They allow buyers to envision their own lives in the space. This will make the home feel larger, cleaner, and more move-in ready. By focusing on these areas, homeowners can increase their property’s value and appeal to prospective buyers. Ultimately this is likely to attain a smoother, more profitable sale.


    If you have any questions, don’t hesitate to contact me!

    janice leffler real estate in comox valley bc vancouver island

    Comox Valley Real Estate – A Year in Review!

    /0 Comments/in /by

    In keeping with tradition, it’s time for this year’s blog rewind! As 2025 gets closer, there’s no better way to end this year’s content than by reflecting on all that’s happened with Comox Valley realty. This article provides an opportunity to catch up on any posts you may have missed or revisit those that might interest you as we enter the New Year. Without further ado, let’s take a look at some of the highlights from 2024!

    Looking Back on Winter & Spring for Comox Valley Realty

    Jan – Navigating Comox Valley Real Estate in the New Year

    2024 was looking ripe with opportunities in January. As such, the first article of the year was focused on market insights for the months to come. 

    Feb –  Why Hire a Comox Valley REALTOR® in 2024?

    Hiring a Comox Valley REALTOR® to help you during the purchase or sale of real estate is highly recommended. In this article, I went over some of the main reasons why you should consider hiring an agent to represent you on either side of the transaction. 

    Mar – Comox Valley Real Estate For Sale: New Transportation Paths

    In March, the Comox Valley Regional District (CVRD) set out to build two new active transportation paths. See what the timeline for this project looks like in this article. 

    Apr – Points of Interest Near Real Estate in Courtenay

    If you’re considering making the move to real estate in Courtenay in 2025, knowing some of the town’s main attractions can be helpful. Learn more about the beloved features of Courtenay, here!

    May – All About Buying Waterfront Property for Sale BC

    Buying waterfront property for sale in BC in the beautiful Comox Valley is an investment you won’t regret. To help you understand why purchasing a waterfront home in the Comox Valley is so desirable, I put together a list of reasons.

    Reflecting on Summer & Fall on my Blog

    Jun – A Guide to Real Estate in the Comox Valley for Retirees

    As a retiree, there’s a lot to consider when choosing your retirement home. In this post, I went over some of my top tips for finding real estate in the Comox Valley as a retiree! Check it out if you’ll be retiring in 2025.

    Jul – Summer is the Best Time to Buy Houses for Sale in Courtenay

    When summertime rolled around, I focused on helping buyers achieve their goals of homeownership. This article highlights why summer is a great time to purchase your dream property.

    Aug – What’s Happening in Comox This Month: Key Updates for the Community

    In August, I switched things up and provided you with some community news. Check out this post to see what was happening in Comox Valley at the end of summer!

    Sept –  What to Know About Selling Houses for Sale in Courtenay BC

    Selling your home in Courtenay can be a great way to cash in on your real estate investment and move up the property ladder. In this article, I gave you the low down on selling homes in Courtenay, BC.

    Oct – Work with Janice Leffler, Your Trusted Local REALTOR® and Discover Why Comox Valley is the Perfect Place to Call Home

    In this article, I focused on providing information about why Comox Valley is such a great place to call home. I also provided some reasons why you should consider entrusting me to be your agent. 

    Nov – Putting up a Suite in Your House for Rent Courtenay

    Renting out a suite in your home can be a great way to generate additional income for the New Year. Curious about what you need to do to get your basement suite renter ready? Check out this blog post!

    Contact me Today!

    Contact me today if you have any questions about buying or selling Comox Valley realty. Thanks to everyone for another awesome year! I look forward to working with you again in 2025. Be sure to check back in January for more blog content. Happy holidays everybody!

    suite in house for rent courtenay

    Adding a Suite in Your House for Rent Courtenay

    /0 Comments/in /by

    Renting out a suite in your home can be a great way to generate additional income, especially in a growing community like Courtenay. With its classic PNW nature, friendly neighbourhoods, and increasing demand for rental properties, Courtenay is an ideal location to attract renters. However, preparing your suite for the rental market involves more than just listing it online. From ensuring it meets legal requirements to creating an appealing living space, there are several factors to consider to maximize your success as a landlord. Let’s take a look at some of these!

    Preparing and Listing the Suite in Your House for Rent Courtenay

    Before renting out your suite, it’s essential to confirm that it complies with local regulations. Check Courtenay’s zoning bylaws to ensure your property is eligible for rental use. You can do so by verifying that your suite meets building code standards, including fire safety and adequate amenities like separate entrances, kitchens, and bathrooms. Applying for the necessary permits, if applicable, is a crucial first step.

    Next, focus on making the suite attractive to potential renters. Clean and repair the space thoroughly, ensuring walls, floors, and fixtures are in good condition. A fresh coat of neutral paint can make the suite more inviting. Consider offering modern amenities like in-suite laundry or updated appliances, as these can make your property stand out in the competitive rental market.

    When setting the rent, research current market rates in Courtenay to stay competitive while covering your expenses. Platforms like Craigslist, Facebook Marketplace, and local property management websites are great tools to market your listing. Include high-quality photos, detailed descriptions, and information about nearby attractions, such as local parks or shopping centers, to appeal to renters.

    Finally, applicants should be screened carefully by conducting background and credit checks. This step ensures you select reliable tenants who will respect your property and pay rent on time, giving you peace of mind as a landlord.

    Contact me About Renting a Portion of Your Home!

    If you are interested in renting out a suite in your house for rent Courtenay or buying an investment property,  I encourage you to contact me today! Moreover, if you have any questions about real estate for sale in the Comox Valley, be sure to reach out to me! I am excited to get your aspirations on track. A home in the Comox Valley is a great asset to have. Be sure to check out my social media, and return next month for more real estate-related content! I look forward to working with you in the near future.

    weather in comox valley and the impact on homes for sale vancouver island

    Are You Considering Weather When Buying a Home on Vancouver Island?

    /0 Comments/in , /by

    You consider price, location, commute time, and school districts when house hunting. Have you thought about adding climate and weather-related risks to your list?


    Heat waves, severe flooding, violent hailstorms, tornadoes, rising sea levels, and raging wildfires—these extreme weather events all present major challenges for Canadians. This includes those in the market to buy a home.


    Changing climate conditions means home buyers should be asking lots of questions and thinking about how the weather could impact their property. For example, if your dream house is in a neighbourhood susceptible to floods, how much will you have to dole out for added insurance?


    Will excessive amounts of snow make commuting a huge pain, or even damage your roof? Will your area’s rising temperatures impact how much you pay for air conditioning? Here’s what you need to know.

    The cost of extreme weather hits the real estate market—and your wallet

    Major weather events seem to be a more regular occurrence these days. With an increasing number of climate-related storms, fires, and floods comes a surge in insurance claims, which have more than doubled since 2005.


    Kathryn Bakos is managing director of finance and resilience at the Intact Centre on Climate Adaptation, University of Waterloo. She conducts research on the impact of flooding on Canada’s residential real estate sector and mortgage markets.


    “We’re seeing extreme weather events growing, and we track the catastrophic loss claims data— any event that triggers $25 million or more of insured losses, which is what your insurance company pays out—from flood, wildfire, hailstorm on a year-to-year basis,” says Bakos.


    From 1983 to 2008, insurable losses ranged from $250 to $450 million per year. Today, they’re up to $2 billion annually. And that’s just what insurance companies pay out. So, if the average flooded basement costs $43,000 to repair, there’s a cap on what insurance covers. That cap would usually be $10,000 to $20,000. The rest comes out of the homeowner’s pocket.


    Flooding and wildfires are the costliest extreme weather events in Canada. In Calgary and Edmonton, hailstorms cause most damage, while East Coast residents deal with severe lightning storms and hurricanes, according to Bakos.


    Recently, Bakos’ team performed the first quantitative analysis of the impact flooding has on the Canadian housing market, and the numbers were alarming. “We determined that six months after a flood event, homes located in flooded communities experienced an 8.2% reduction in the sold price of their home compared to their non-flooded counterparts,” she says.


    With the average Canadian home worth roughly $650,000, that would equate to about a $53,000 reduction in value. Roughly 1.5 million Canadian homes, about 10% of the housing market, are considered uninsurable for flood risk.

    Do your due diligence when shopping for or protecting your home

    The federal government plans to develop the Climate Adaptation Home Rating Program. Canadian home buyers could check to assess the risk associated with their property. Until then, Bakos recommends doing some research into any major floods in the area you are looking at. Ask if the property sits on a floodplain. Does the driveway slope away from the home to help prevent water from seeping in? Does the home sit up on the street? Does it have extended downspouts to direct rainwater away from the house?

    If your basement windows are at ground level, are there window well coverings? Is there a sump pump and backwater valves in the basement? These all stop water from coming in. Cleaning out your eavestroughs and sweeping leaves away from sewer grates helps to prevent flooding. In some areas, installing hail-resistant roofing and siding material will help guard against hail damage.

    Other preventive tips for homeowners who are buying a Home on Vancouver Island

    Wildfire zones

    • Look for homes with ample separation between them.
    • Look for homes with Class A roofing/metal roofs and non-combustible siding.
    • Standard homeowner insurance policies in Canada cover damage caused by fires, and also provide coverage to help with the cost of mass evacuations
    • Keep combustible materials at least 10 metres away from your home.
    • Prune trees to create a 2 m clearance from the ground to the lowest tree branches.

    Severe winter storms

    • Arrange for snow or ice removal from roofs and balconies to reduce the weight and the risk.
    • Keep your home stocked with the essentials in the event of a power outage or road closures due to snow or ice.
    • Ensure your walls are properly insulated, your weather stripping is in good shape, and consider storm windows.
    • Install snow fences in rural areas to reduce drifting snow on roads and paths.

    Tornadoes and hurricanes

    • Consider using class 4 impact-resistant roofing when completing upgrades or repairs.
    • Most home insurance policies cover windstorm or tornado damage such as losses caused by flying debris and falling branches or trees, and losses to your home and contents if water enters through openings caused by wind or hail.
    • Home insurance policies generally do not cover damage caused by coastal flooding and storm surges.
    • Be aware of large or aging trees on a property that could be at risk of falling or breakage due to strong winds.

    Knowing your climate risk helps prepare you for future costs. As your REALTOR®, I can provide insights on the neighbourhood and what it usually experiences, so please, tap into my expert local insight.

    mortgage changes in bc real estate

    Navigating through mortgage changes in BC real estate

    /0 Comments/in , /by

    Recent changes in the housing market present exciting opportunities for homebuyers. As your Comox REALTOR®, I can guide you through these updates. A mortgage broker can help you build effective plans to achieve homeownership goals. In this way, you can establish what you are able to afford. This is one way to streamline your search for a property.

    Knowing these new rules and guidelines will help with strategy and future goals of climbing the “real estate ladder.”

    Expanded amortizations for first-time homebuyers

    Starting December 15, first-time homebuyers will have access to 30-year amortizations. This change can be of benefit in two significant ways:

    1. Lower income requirement. By extending the amortization period, the income required to qualify for a home purchase decreases. This means more buyers can meet the necessary criteria.
    2. Reduced monthly payments. A decrease in monthly payments will make homeownership more financially manageable. For instance, on a $600,000 purchase, the monthly payment could drop by approximately $250, providing greater flexibility in budgeting.

    Increased insured mortgage cap to $1.5 million

    High income, but difficulty saving for a down payment? An increase in the insured mortgage cap to $1.5 million can accelerate your path to homeownership. Previously, purchasing a $1.4 million home required a down payment of $280,000. Now, as of December, clients can potentially purchase the same property with a down payment of about $115,000. This will save a whopping $165,000.00 in upfront requirements.

    This change is also advantageous for “right-sizers” who want to downsize. It allows the buyer to allocate more funds from the sale of their larger home toward retirement. Then you can put less down on a new, smaller property. However, you should keep in mind that closing costs, typically between 2 and 4 percent of the purchase price, need to be accounted for in each scenario.

    For a $600,000 purchase price, anticipate that clients will need an annual income of approximately $150,000 to meet today’s stress-test requirements.

    Switching lenders at renewal: A business opportunity awaits from mortgage changes in BC real estate

    While you may not initially think about how switching lenders can benefit you, it’s essential to understand that mortgages encompass more than just interest rates. The Canadian Mortgage Charter now allows insured mortgage holders to switch lenders at renewal without undergoing a stress test. This change opens up opportunities for borrowers to shop around for better rates and terms, potentially saving thousands of dollars.

    Tax-efficient savings strategies around mortgage changes in BC real estate

    As well, two important tax-efficient savings methods have emerged that can empower you on your journey to homeownership:

    1. RRSP withdrawal limit increase. The amount that can be withdrawn from an RRSP has increased from $35,000 to $60,000 per borrower. This change provides additional funds for you to put toward your down payment.
    2. First-time home saver account. Introduced in 2023, this account allows you to save $8,000 per year in contribution room, which reduces your taxable income.

    Unlike RRSP withdrawals, funds from this account do not need to be repaid and any gains earned within it are tax-free. This account, however, has a sunset clause in 2028, making it vital for clients to act quickly to maximize its benefits.

    These recent changes create valuable opportunities for purchasers. Make informed decisions on your path to homeownership. Speak to your mortgage broker about the implications and opportunities surrounding expanded amortizations, increased mortgage caps, flexible lender options, and tax-efficient savings strategies.

    Call me if you would like to connect with a competent, knowledgeable, and experienced mortgage broker.

    canadian real estate in wake of US election results

    Canadian real estate in wake of US election

    /0 Comments/in /by

    Surrounding the US election on November 5 there has been a spike in interest in Canadian real estate for sale.

    Royal LePage found visits to its website from our neighbours to the South have risen significantly since the presidential campaign began.

    US Searches More Than Doubled

    According to Royal LePage, U.S.-originated sessions to royallepage.ca more than doubled. They surged 104 percent week over week, 67 percent year over year, in the week of June 16 just before the first presidential debate.


    The following week, after the debate between President Joe Biden and then-presumptive Republican nominee, Donald Trump, traffic peaked with an additional four per cent increase in visitors over the week prior. Phil Soper, CEO of Royal LePage, said trends were similar in 2016, prior to Donald Trump being elected. “It’s not surprising in this incredibly divisive American presidential election that they are attracted, at least emotionally, to the concept of getting away from it all,” he said. “I think that’s probably the biggest message in this surge in American interest in Canadian properties. Call it internet therapy.”


    Most of the Visitors to the Site Came from Democratic States

    Soper said most of the visitors to the site came from Democratic states. Interest from a Republican-leaning state, South Carolina, was also prominent. “Canada is the nation on earth that most closely resembles the United States,” he said. “Dreaming of Toronto, Montreal, Calgary, Vancouver is an American election sport.” Ryan Neely, a partner with McCrea Immigration law, said he’s fielding calls daily during this year’s election campaign – mainly from those in Blue states. “We’ve had an increase in what we call cold calls,” he said. “People who have just found us on the internet and are saying, ‘Well, listen, we’re interested in Canadian immigration.’” Despite the aspirations to immigrate to Canada, Neely said in actuality, the conversion rate to becoming a permanent resident is low.


    “But there is a core group of people who are dedicated to doing it.” That group, he said, often includes young families or those who have been struggling with the decision to move for a long time. More restrictive immigration policies favoured by Trump could also lead to an influx of skilled workers and families seeking to relocate north of the border. This could drive up housing demand in major urban centers, particularly in Ontario, Alberta, and British Colombia, and put upward pressure on prices.

    Factors to Consider Before Moving to Canada

    Other considerations for people from south of the border would obviously be that there is currently a ban on foreign buyers in Canada. There are some areas outside larger centres where they are not restricted.

    Another factor that could be affected by the change in government in the US is more interest rate cuts in Canada. The Trump administration policies are expected to stoke economic stimulus. One way to do this is to set aggressive rate cuts. Typically Canada follows that lead which would mean lower mortgage payments, and more people getting into the real estate market.

    Contact Me For Real Estate in Comox Valley!

    As always, if you’re looking for local advice on the real estate market and what’s happening in Comox Valley then get in touch with me today! I would love to help you with timely advice, buying or selling or your property here on Vancouver Island.

    comox valley homes for sale with janice leffler

    Work with Janice Leffler, Your Trusted Local REALTOR® and Discover Why Comox Valley is the Perfect Place to Call Home!

    /0 Comments/in , /by

    Comox Valley, British Columbia

    Located on the eastern coast of Vancouver Island, Comox Valley is a picturesque community known for its stunning natural beauty. With mountain views, rivers, and ocean access, it offers a year-round outdoor lifestyle perfect for families, retirees, and adventure seekers. From local markets and top-rated schools to a thriving arts scene, Comox Valley has small-town charm. Coupled with urban conveniences, makes it one of the most desirable places to call home in British Columbia.

    If you’re planning to buy or sell in this area, Janice Leffler is the REALTOR® to trust. With decades of experience and deep local knowledge, Janice has helped countless clients achieve their real estate goals in Comox.

    Why Comox Valley is a Great Place to Live

    Comox Valley offers a unique blend of natural beauty, vibrant community life, and endless recreational activities. Whether you’re drawn to the valley for its stunning coastline, majestic mountains, or charming downtown areas, there’s something for everyone. Residents enjoy a mild climate, making outdoor activities like hiking, kayaking, and skiing accessible throughout the year.

    Comox Valley is also home to excellent schools, making it a popular choice for families. The strong sense of community is evident in its local farmers’ markets, festivals, and cultural events. All of which contribute to the area’s lively, welcoming atmosphere. It’s easy to see why people choose to call Comox home, with its range of homes. You can find everything from waterfront properties to cozy single-family homes here.

    Janice Leffler: Your Local Real Estate Expert

    With over 30 years of experience, Janice Leffler is one of the most trusted and well-respected REALTORS® in the Comox Valley. Her extensive knowledge of the area and commitment to providing personalized service have made her the go-to expert. Janice’s client-first approach is built on transparency, integrity, and a deep understanding of what makes the Comox Valley market unique.

    Her track record speaks for itself: long-term clients who return to Janice time and time again because of her consistent results and dedication. Whether you’re looking to buy your first home, downsize, or sell a property, Janice offers expert guidance at every step, ensuring that your real estate journey is as smooth and stress-free as possible.

    Why Choose Janice Leffler as Your REALTOR®?

    Choosing the right REALTOR® is key to a successful buying or selling experience, and Janice Leffler stands out in Comox Valley for several reasons. First and foremost, her in-depth knowledge of the local market ensures that her clients are always positioned for success. She knows which neighbourhoods offer the best value, how to price homes competitively, and which properties have the most investment potential.

    Janice’s professionalism and attention to detail make her a cut above the rest. For sellers, she provides tailored marketing strategies, professional staging advice, and high-quality photos that showcase properties at their best. For buyers, Janice’s local connections allow her to find hidden gems and help her clients navigate the competitive market with ease. Her negotiation skills ensure her clients always get the best deal possible.

    Moreover, Janice’s commitment to client satisfaction is what truly sets her apart. She takes the time to understand each client’s needs and goals. As a result, she offers a personalized approach that is rare in the industry. This client-first mindset is reflected in the glowing testimonials from her long-term clients, who often praise her professionalism, knowledge, and genuine care for their real estate needs.

    Janice’s Process: Helping Buyers and Sellers

    For Buyers:
    Janice Leffler’s process for buyers begins with a thorough consultation to understand what her clients are looking for in a home. From budget to location, she leaves no stone unturned to ensure she finds the perfect property that fits both lifestyle and financial goals. With her deep knowledge of the Comox Valley, Janice provides insights into local neighbourhoods, schools, and amenities, helping buyers make informed decisions.

    Once the ideal home is found, Janice handles the offer process and negotiations with confidence, ensuring her clients secure the best possible deal. Her calm, steady guidance throughout the buying process makes even first-time homebuyers feel comfortable and supported.

    For Sellers:
    When it comes to selling a home, Janice’s comprehensive approach ensures that her clients’ properties receive the attention they deserve. From staging to pricing, she handles every detail to help sellers maximize their return. Her marketing strategies include professional photography, targeted online ads, and hosting open houses to attract serious buyers. Janice’s hands-on approach means that her sellers are always informed and in control of the process, from listing to closing.

    Client Success Stories

    Janice Leffler has built her career on long-term relationships with clients who trust her expertise and dedication. Here are some stories from repeat clients who have worked with Janice for years:

    • Laura M., a long-time client, shared:
      “Janice has been my REALTOR® for over 20 years, and she has helped me buy and sell multiple homes in the Comox Valley. Her knowledge of the area and professionalism are unmatched. She makes the process so easy, and I wouldn’t trust anyone else with my real estate needs.”
    • Ken & Lisa, repeat buyers, praised Janice’s expertise:
      “We’ve worked with Janice on both buying and selling homes, and she always delivers results. She knows the market inside and out and is always there to answer our questions. We couldn’t be happier with the service she’s provided over the years.”

    These stories reflect Janice’s ability to build trust and deliver consistently outstanding results, which is why so many clients return to her again and again.

    Ready to Buy or Sell in Comox Valley? Contact Janice Today!

    If you’re thinking of buying or selling in the Comox Valley, don’t hesitate to reach out to Janice Leffler. With her decades of experience and deep local knowledge, she is the perfect partner to guide you through the real estate process. Contact Janice today to start your journey toward finding the home of your dreams or selling your property for top dollar!

    home staging in comox valley

    Expert Tips for Staging Your Home in Comox

    /0 Comments/in , /by

    You can improve your chances of getting offers and selling your home in the least amount of time for the best possible price by doing a few things. Whether it is a buyers’, a sellers’ or a balanced market there are some ways to make the best first impression.

    Clean and Declutter:

    Clean, clean, and clean some more! You might not be able to stage each room in your home.However, it is vital to ensure each space is cleaned and decluttered. Ensure that counters, carpets, flooring, and appliances are spotless! This not only signals pride of ownership, but it helps display the potential of the spaces to buyers.

    Depersonalize:

    Make sure to depersonalize while you’re working through and clean your spaces. Ideally, family photos, kids’ drawings, etc, should be removed or replaced. This will appeal more to potential buyers and help them focus on the home they are viewing.

    Focus on Key Spaces:

    The primary areas in your home are your living room, kitchen, dining room, and master bedroom. If you are not able to get to each room, these are the ones you should focus on to ensure your home is represented as best as possible.

    Consider a Fresh Coat:

    Did you know? According to a renovation investment report, 36% of buyers prefer a fresh coat of paint! This can go a long way to making your home look new and revitalized.

    Boost Curb Appeal: While you’re staging your home, don’t forget about curb appeal! The exterior of your home may be even more important for first impressions. Just as it is key for the interior to be spic and span and minimalistic, the outside is the first thing a buyer sees. For first impressions, a good place to start would be renting a power washer to scrub down your driveway and exterior siding.

    Whether you are in Courtenay, Comox, Regina or Halifax, you cannot discount the importance of making a good first impression when potential buyers come to view your property. It may well be the first and last thing they think about before deciding which home to make an offer on.

    Get in touch with me today, for more tips on Staging Your Home in Comox!

    courtenay bc real estate for sale janice leffler

    What to Know About Selling Houses for Sale in Courtenay BC

    /0 Comments/in /by

    Fall is a great time to get in on the real estate market in Courtenay before the holiday season arrives. Selling your home in Courtenay can be a great way to cash in on your real estate investment and move up the property ladder. Alternatively, you may consider selling to downsize into a smaller property. Whatever your reason may be for selling houses for sale in Courtenay BC, it’s important to know the ins and outs of listing real estate for sale on the Island. In this article, we will give you the low down on selling homes in Courtenay, BC. Follow along below to learn more. 

    Preparing to Sell Your Home on Vancouver Island

    Before listing your property, it’s crucial to understand the current market conditions on Vancouver Island. Research recent sales data, analyze neighborhood trends, and seek advice from a local real estate agent. This knowledge will help you set a competitive price and make informed decisions. A well-priced home will attract more buyers, while an overpriced one may sit on the market too long. Working with a seasoned local REALTOR® will also provide excellent guidance on pricing, marketing strategies, and negotiations.

    Moreover, preparing your home for sale can significantly enhance its appeal. Small updates like fresh paint, landscaping, and minor repairs can make a big difference. Decluttering and depersonalizing the space allows potential buyers to envision themselves living there. On the island, highlighting your home’s unique selling points—such as ocean views, outdoor spaces, or proximity to amenities—will help set your property apart from others on the market.

    As a seller, you’ll also want to leverage online marketing to expand your reach. High-quality listing photos, videos, and detailed property descriptions can attract more potential buyers. Collaborate with your real estate agent to create an engaging digital presence, using social media, virtual tours, and real estate portals. A strong online strategy, combined with your agent’s expertise, will help generate interest in your listing and ensure a smooth selling process.

    Contact me About Houses for Sale in Courtenay BC

    If you are serious about selling houses for sale in Courtenay BC this autumn, I encourage you to contact me today! Moreover, if you have any questions about real estate for sale in the Comox Valley, be sure to reach out to me! I am excited to get your aspirations on track. A home in the Comox Valley is a great asset to have. Be sure to check out my social media, and return next month for more real estate-related content! I look forward to working with you in the near future.

    gen z home buyers in comox valley

    Relocating or lifestyle changes are worth it if Generation Z adults can get into the home ownership market.

    /0 Comments/in , /by

    According to a survey conducted this year by Royal LePage, 83% of 18 to 38-year-olds in British Columbia believe that home ownership is a worthwhile investment. Of those who are not yet homeowners, 77% say they plan to purchase a primary residence in their lifetime. Even though they realize it is expensive to own a home, it is a priority for them.

    The positive association with owning real estate amongst the younger generation was not altogether unexpected. What is surprising and promising is the practical and purposeful way they are tackling the affordability barriers.

    They are focused on saving for a down payment which is often the most difficult hurdle buyers face.

    Purchasing in larger urban markets like Vancouver might not be attainable. However, smaller markets such as the Comox Valley may reap the benefits. The overall sentiment from this demographic is that owning their home, regardless of the property type, is a valuable and worthwhile long-term investment.

    To achieve this, they are willing to make lifestyle adjustments or find alternative ways to enter the market. This may include purchasing with friends or family. It may mean buying a property with the intention of renting part of it to a tenant. It can even mean relocating to more affordable areas.

    For many of these young buyer hopefuls, current higher lending rates are a major barrier. Keeping potential buyers in the rental market longer.

    Now that rates are edging lower, we may begin to see more of these potential homeowners move away from renting and into purchasing.

    Among respondents in British Columbia who do not currently own a primary residence, 75% say that owning a home is a priority. Approximately half of all who responded (51%) really believe this is an achievable goal. The other 49% are split between being unsure whether they will be able to buy and those who are convinced they will not be able to own a home.

    When asked why the goal of home ownership is important to them, the vast majority say they would like their own permanent place to live. Other factors they consider are the stability of owning and the restrictive landlord-tenant policies when renting.

    Homeownership is a highly valued milestone for many in the Generation Z and young millennial demographic. This makes it a key priority for their future.

    While some young buyers expect to receive financial assistance from their families, others are assessing their finances and making the necessary adjustments to reach their goals. They are doing a thorough analysis of their income and spending habits, and are cutting back on expenses where possible.

    Remember that opportunities exist in every market. Don’t feel pressured to act immediately. Take the time to ask questions, understand, and become comfortable with the opportunities available to you.

    I am here to help you with that goal and explain some of the options and possible solutions. Get in touch today!

    Summary

    ● The Royal LePage® 2024 Demographic Survey on the Next Generation of Buyers revealed
    that 84% of respondents nationally believe in home ownership as a worthwhile investment,
    with variations across provinces. 1
    ● 51% of respondents nationally currently own their primary residence, while 35% are renting
    and 13% are living rent-free.
    ● 74% of non-homeowners consider owning a home a lifetime priority, citing reasons such as
    seeking stability and financial benefits. 2
    ● 54% of those prioritizing home ownership believe it is achievable, with 20% thinking it is not
    achievable.
    ● 75% of those prioritizing home ownership plan to purchase a home in their lifetime, with
    varying timelines for purchase, including 40% aiming to buy within the next 5 to 10 years. 3
    ● The Home Purchase Survey by Hill & Knowlton highlighted various steps taken towards
    home ownership, such as saving for a down payment and reducing discretionary spending.
    ● Respondents reported delaying or eliminating major life decisions to save for a home, with
    some receiving financial assistance from family. 4
    ● Canadians showed openness to alternative options for affording a home, including rental
    income and co-owning programs.
    Little Impact to Comox Real Estate Market From Lower Interest Rates

    Little Impact to Comox Real Estate Market From Lower Interest Rates

    /0 Comments/in , , /by


    So far, the Bank of Canada’s interest rate cuts are having little impact on housing markets in the Comox Valley. Activity in real estate markets has remained relatively weak with home sales below historical averages in July and August. New listings are edging upward, prices seem to have leveled and residential mortgages are lukewarm at best.


    In the second quarter of the year mortgage balances grew by just 3% annually. This is the second slowest quarterly pace since 2000.


    A lower debt-to-income ratio reduces the vulnerability of people who are trying to purchase and there may be more good news to come.


    If the current trend to reduce interest rates continues, it should lead to a gradual increase in housing activity. Welcome news for sellers and buyers alike, it is expected rates are on the road to more decreases which should spark further interest later this year.

    New Construction remains strong in Comox Real Estate Market

    While the resale market has been sluggish, new construction is strong. The surge of residential starts is dominated by multi-unit construction. Apartment and condominium construction is healthy at just below recent all time highs experienced in 2021. Single family new builds have been weaker, but are still ongoing.


    A shortage of construction workers, zoning restrictions and supply bottlenecks, along with slow municipality response, is not helping. This has led to delayed completions and brought the number of dwellings under construction to record highs.


    Recent provincial government legislation is designed to alleviate some of these situations, but it remains to be seen whether it will. Courtenay, Comox, Cumberland, and other locales have reset some of their bylaws to allow increased capacity. It is much too soon to see whether this will improve timelines for permits and other approvals. Economic growth has slowed to about 1% this year and isn’t expected to do much better next year. The costs of running a household don’t seem to be coming down. Easing of interest rates and other measures introduced by provincial and federal governments should allow housing markets to recover this year and next.

    Check with me to find out what the real estate trends are in the Comox Valley. I am always available to provide you with more and better information so you can make informed decisions and realize your housing dreams.

    comox valley home

    Eco-friendly updates for your Comox Valley home

    /0 Comments/in /by

    Eco-conscious living is here to stay. What it means is to be aware of how our actions can impact everything around us. The term also relates to consideration of how our lifestyle can impact the environment. The goal of being eco-conscious is to minimize the negative effects we can create.

    This mindset has expanded to large corporations and governments that are getting involved in making changes that will create a more sustainable future for our planet. The federal government is now giving monetary incentives to homeowners for adding eco-friendly upgrades to their homes.

    Businesses and municipalities have a myriad of programs and incentives as well.

    In BC, the programs range from hydro upgrades to more energy-efficient homes (greener) to refunds for those who borrow to buy, build, or renovate. There are rebates for energy-efficient washers, dryers, doors, windows and fireplaces.

    For municipalities, it extends to incentives for energy-efficient retrofits and new construction. Rental buildings get in on the programs with help to make building changes that will save money, energy, and water. The freight industry is included also with money to aid in reduced fuel consumption and greenhouse gas emissions.

    These are just a few of the possible ways to benefit from receiving funds from our federal tax dollars to increase the sustainability of our resources.

    When it comes to your Comox Valley home, here are four simple eco-friendly updates.

    They can be easily implemented in your home:

    1. Heating and cooling your Comox Valley Home
      A smart thermostat will reduce your carbon footprint and your monthly energy bill by optimizing energy efficiency. It can be controlled remotely, learn your temperature preferences, and automatically adjust settings to improve energy efficiency based on your habits and local weather conditions. To make this upgrade even more effective, replacing old windows and adding new insulation will prevent heat from escaping your home.
    2. Rainwater harvesting
      This eco-friendly addition to your home is a sustainable way to care for your landscaping. Harvesting rainwater can also conserve energy, reduce strain on the municipal water system, and save you money. There are many methods of collecting rain. Catch the droplets in a large container or a DIY rain barrel or employ affordable and ready-to-use options and elaborate systems with filtration and pumps.
    3. Energy-efficient systems
      Technology is constantly evolving. Great advancements have been made in the way our homes run. From your HVAC system to your fridge and stove, to LED light bulbs, investing in energy-efficient upgrades is
      worthwhile. These systems utilize advanced technologies to perform tasks more efficiently. This results in reducing electricity and water consumption, and lowering both your energy bill and your carbon footprint. Check for energy efficiency certifications when making a new purchase.
    4. Eliminate single-use plastics
      The federal government has implemented policies aimed at reducing single-use plastics. To address environmental concerns, items like straws, cutlery, stir sticks, and certain types of plastic bags have been banned. The goal is to achieve zero plastic waste by 2030. This is a monumental task considering Canadians throw away over 3,000,000 tons of plastic waste every year.

    Here are six manageable ways to reduce the use of plastics in your Comox Valley home:

    ● Replace plastics with reusable alternatives, like glass or metal straws, stainless steel water bottles and travel mugs, and beeswax wraps or silicone food storage bags
    ● Look for products with minimal or eco-friendly packaging
    ● Buy supplies in bulk to eliminate use of packaging
    ● Choose cleaning products, personal care and food items with refillable options Compost organic waste to avoid using garbage bags
    ● Check if something can be repurposed or repaired before throwing it away

    BONUS TIP:

    Choosing to live sustainably also includes mindful consumerism. Opt for second-hand shopping. Sell and donate your own unwanted items. This creates a positive impact on the environment by reducing waste in landfills. It also decreases the environmental footprint associated with manufacturing At the end of the day, you can feel good about your efforts and possibly save a lot of money!

    As always, please reach out to me if you’re looking to buy or sell real estate in the Comox Valley. I would love to help you with your next home!

    first time buyers mortgage pre qualification vs pre approval

    Mortgage Pre-Approval vs. Pre-Qualification

    /0 Comments/in /by

    Are you a first-time buyer wanting to buy your first home?

    Maybe you are already a homeowner and are thinking about making a move.

    Whatever your purpose and current situation is, there are things you can do in advance. When it comes to getting a mortgage, these things can be done to make the mortgage process easier!

    Pre-Qualification for Buying your first home in Comox

    Getting pre-qualified for a mortgage will give you a general idea of what you can afford. This helps you to focus on a particular price range when you start working with a realtor and shopping for your new home. Pre-qualification will look into your financial position and identify your budget for a home. It will also define what you can afford for monthly payments. It will let you know what top-end price you can manage. In this way, you won’t be disappointed. Say, for example, you go out looking, to find a house you love, only to learn you will not be able to make the monthly mortgage payments for that property. This scenario only leads to frustration!

    Pre-Approval: Getting pre-qualified will give you a ballpark estimate of what you can afford for Buying your first home in Comox.

    Pre-approval will say what you actually do qualify for in a mortgage. It will tell you what that mortgage amount is, based on your current income and credit history. The lender will state this in writing so you can be confident when you start your home search. A pre-approval usually specifies a term, interest rate, and mortgage amount. It is typically valid for a brief period, assuming various conditions are met. The period of time could be 2 or up to 4 months. This means you can shop for that home that’s in your budget and would have to find and complete a purchase within that time frame.

    There are a few benefits to pre-approval which include:
    ● Confirming the maximum amount you can afford to spend
    ● Securing an interest rate for 90-120 days while you shop for your new
    home
    ● Letting the seller know that financing should not be an issue. This is extremely important in competitive markets. If there are lots of buyers and not as many properties to choose from, it could be the difference
    between having an offer accepted or being left out.
    ● Keep in mind that once you get your pre-approval, you do not want to jeopardize it.

    Until your mortgage application and sale is completed, be sure you don’t do the following:

    1. Quit or change jobs
    2. Buy a new car or trade up
    3. Transfer large sums of money between bank accounts
    4. Leave your bills unpaid
    5. Open up new credit cards.

    You do not want your financial or employment details to change at all until you have closed on the new mortgage.

    Do you need help figuring out where to start when it comes to buying your first home in Comox? Reach out to me today and I would be happy to lend my expertise! Get in touch with me now!

    whats happening in comox

    What’s Happening in Comox This Month: Key Updates for the Community

    /0 Comments/in /by

    As a dedicated REALTOR® serving the beautiful Comox Valley, I’m always eager to share the latest community news with you. Whether you’re a long-time resident or considering making Comox your new home, staying informed about local developments is essential.

    Here are some recent updates that might interest you.

    1. Air Quality Monitors Installed in Public Buildings kicks off what’s happening in Comox this month!

    The Town of Comox is taking proactive steps to ensure the health and well-being of its residents. Recently, air quality monitors have been installed in various public buildings around town. These monitors will help keep us all informed about air quality levels, enabling the community to work together on maintaining a healthy environment. It’s another great reason to feel confident about living in Comox, where public health is a top priority.

    2. Traffic Advisory: Expect Delays Due to Sewer Inspections

    From August 12 to August 30, 2024, be prepared for some road delays as Pipe-Eye Video conducts video inspections of the sanitary sewers in different areas of Comox. While this might cause some temporary inconvenience, these inspections are crucial for maintaining the town’s infrastructure and preventing future issues. If you’re planning to drive around town during this period, consider allowing extra time for your travels.

    3. Fall Comox Valley Recreation Guide is Now Available

    The much-anticipated Fall Comox Valley Recreation Guide has been released, and registration is now open! Whether you’re interested in fitness classes, arts and crafts, or youth programs, there’s something for everyone. The guide is available online, so you can easily explore the various offerings and sign up for your favorite activities. It’s a perfect way to stay active and engaged as the seasons change.

    4. What’s Happening in Comox? Music in the Park Returns with Leroy Stagger

    Mark your calendars for Sunday, September 1st, as the Town of Comox celebrates the return of its popular “Music in the Park” event. This year, the summer concert series will feature the talented headliner Leroy Stagger. It’s an excellent opportunity to enjoy live music in a beautiful outdoor setting, connecting with friends and neighbours in the community.

    5. Public Health and Safety Alerts

    Comox has seen a few important public health and safety alerts this month. Firstly, death cap mushrooms, which are highly toxic, have been found near Filberg Park. Residents are advised to stay vigilant and avoid contact with these mushrooms. Additionally, there was a heat warning issued for the area, which was thankfully rescinded as of August 10th. As always, it’s essential to stay informed and take necessary precautions during such events.

    6. Exciting New Developments in Local Parks

    Highland Park has recently added a new misting station and water fountain, perfect for cooling off during the summer heat. This addition is part of the town’s ongoing efforts to enhance public spaces and provide residents with comfortable, enjoyable amenities. Additionally, construction is set to begin on the Lazo Greenway Multi-Use Path, which will offer a new recreational space for walking, biking, and enjoying the natural beauty of Comox.

    7. Community Mourning the Loss of a Colleague

    Lastly, the community is mourning the loss of a valued colleague, as indicated by the flags at Town Hall being lowered to half-mast. It’s a poignant reminder of the tight-knit nature of our community, where each member is cherished and remembered.

    Stay Connected with What’s Happening in Comox and Community Updates

    Whether you’re new to Comox or a long-time resident, these updates highlight the town’s ongoing commitment to improving the quality of life for all its residents. If you have any questions about these developments or are interested in exploring real estate opportunities in Comox, feel free to reach out. I’m here to help you make the most of what this wonderful community has to offer.

    bank of mom and dad

    The bank of mom and dad: Taking extremes to secure children’s homeownership dreams in steep markets

    /0 Comments/in , /by


    In this economy, the Bank of Mom and Dad is more popular than ever.

    It’s no secret that it’s harder to buy a home now than when they were young. Canadian parents have passed billions of dollars to their adult children in recent years. It is intended to give them a leg up when entering the housing market or in changing circumstances. Up against ever higher prices, limited supply, stringent mortgage requirements and steep interest rates and taxes, they want to help.

    The unprecedented transfer of wealth is in part due to a fear of missing out. , Parents want to do all they can to ensure their kids are able to realize homeownership before it’s completely out of reach.

    Embracing extreme measures before homeownership completely out of reach

    In the past five years, this has gone beyond providing a loan or helping with the down payment. Parents are now, in some cases, making installment payments or becoming guarantors. The latter makes them liable for mortgage payments if their son or daughter defaults. Many are going on title as co-signers to help their offspring qualify for a mortgage.

    Other tactics being used amount to pulling funds out of their retirement savings or using equity from their own home. These, including a second mortgage or home equity line of credit to assist, potentially puts their own retirement at risk.

    Suggest clients get legal advice if asked about parents loaning or gifting money to kids

    It’s wonderful to be able to help get your struggling offspring launched. Some are getting a little too comfortable in the basement. Realtors, parents and their kids need to be aware of the potential risks in these situations.

    If things go sideways, realtors and parents may be exposing themselves to an expensive and time-consuming lawsuit. When talking about parents loaning or even gifting money to their children, it would be advisable for them to get legal advice.

    As an example: “Imagine a situation with a pre-construction home and rising interest rates. There’s a risk that a child may not be able to secure a mortgage by the time the sale closes. They may face exposure for damages from the developer … but exposure may be limited by their limited assets. A parent, on the other hand, may have another property or other assets, and face significant exposure because they’re named as a buyer on the agreement of purchase and sale.”

    Those who come from families without deep pockets have fewer options.

    More families are making the move to Alberta or further east where it is more affordable than BC or Ontario.

    Unfortunately, parental generosity is increasingly necessary if younger generations are to get ahead. Not everyone wants to own their own home, but for those who do, it is more and more difficult. This is where parents or sometimes grandparents are stepping in to help out.

    Gifting, early inheritances and some of the other ways mentioned, are creative ways families are getting involved.

    It’s not uncommon for “children” as old as 40 and over to be the recipients of their parents’ generosity when it comes to housing.

    Contact Janice to learn more!

    The basis of this article comes from Royal LePage blogger Susan Doran.

    real estate in the comox valley

    Real Estate Trends and Tips for Buying or Selling This Summer/Fall in Comox Valley

    /0 Comments/in , /by

    Welcome to the vibrant Comox Valley real estate market! I’m Janice Leffler, a seasoned REALTOR dedicated to helping clients navigate their real estate journeys. As we move through the summer and into the fall of 2024, it’s an excellent time for buying and selling homes. Understanding the current market trends and preparing accordingly can significantly impact your success.

    Market Trends for Summer/Fall 2024

    This summer and fall, the Comox Valley market is bustling with activity. Lower mortgage rates have spurred increased buyer interest, creating a competitive environment. Inventory levels are moderate, with a high demand for single-family homes and townhouses. Seasonal factors, such as families relocating before the new school year and the pleasant weather, are contributing to the market’s demand.

    Tips for Buyers of Comox Valley Real Estate

    1. Get Pre-Approved: Secure a mortgage pre-approval to strengthen your offer and expedite the buying process.

    2. Act Quickly: With high demand, be prepared to make swift decisions when you find a property you love.

    3. Explore Popular Neighborhoods: Areas like Courtenay, Comox, and Cumberland offer excellent amenities, schools, and lifestyle benefits. Research and visit these neighborhoods to find your ideal home.

    4. Work with a REALTOR®: Partnering with an experienced REALTOR® like myself ensures you have expert guidance, access to the latest listings, and support throughout the buying process.

    Tips for Sellers

    1. Enhance Curb Appeal: First impressions matter. Invest in landscaping, painting, and minor repairs to attract buyers.

    2. Stage Your Home: Staging helps potential buyers envision themselves living in the space. Declutter, depersonalize and arrange furniture to showcase your home’s best features.

    3. Price Strategically: Conduct a market analysis to set a competitive price. Pricing too high can deter buyers, while pricing too low may undervalue your property.

    4. Market Effectively: Utilize online listings, social media, and professional photography to reach a broader audience. Virtual and in-person open houses can also attract more potential buyers.

    The Role of a REALTOR® in Your Comox Valley Real Estate Journey

    As your REALTOR®, I offer personalized service and extensive knowledge of the Comox Valley market. My professional network and resources ensure you have the best opportunities, whether buying or selling. Success stories from satisfied clients highlight my commitment to achieving excellent results.

    Buying and selling in the Comox Valley real estate market this summer and fall requires strategic planning and expert guidance. Whether you’re buying or selling, I’m here to help you every step of the way. Contact me today to start your real estate journey in Comox Valley!

    interest rate cuts

    Half of sidelined homebuyers waiting for interest rate cuts to resume their purchase plans

    /0 Comments/in , /by

    Many Canadians put their home-buying plans on hold for the last two years. Of those who did, 51% say they will return to the market when the Bank of Canada reduces the key lending rate.

    Over the past two years, there has been a huge increase in the cost of borrowing. This has forced millions of Canadians to reconsider or readjust their plans to purchase a home.

    The Bank of Canada began raising its key lending rate in March of 2022.

    Since then 27% of the country’s adult population has been active in the market. However, a recent Royal LePage survey, conducted by Leger, found that many have had to put their search on hold. In total, 56% say they have been forced to postpone their property search because of rising interest rates.

    Lower interest rates are a welcome relief for variable-rate mortgage holders. They also help those who have been forced to put off their home-buying plans. However, the 25 basis point decrease announced in June is not enough for most. Among those who have had to postpone a purchase, 18% say they are waiting for a cut of 50 to 100 basis points. Another 23% say they need to see a cut of more than 100 basis points before they will consider resuming their search.

    “Following the first-rate hold by the Bank of Canada in March of last year, we saw an immediate surge of activity in the market as consumer confidence strengthened. I expect a similar wave of buyer demand at the first indication that highly-anticipated cuts by the central bank are on the horizon,” said Phil Soper, president and CEO, of Royal LePage. “Buyer behaviour is strongly linked to their confidence that the home they want to buy today will not be less expensive tomorrow.

    A full 20% of sidelined buyers say they no longer plan to purchase a home. If the BoC’s key lending rate remains unchanged another 12% say they are ready to jump in again.

    The most popular mortgage type and term in Canada is a four or five-year fixed-rate mortgage. That’s what almost 45% of prospective buyers intend to do. Just 22% of respondents say they will choose a variable-rate mortgage and 12% say they will opt for a short-term fixed-rate mortgage.

    Of those who have postponed their home-buying plans, many are still browsing listings. This gives them a bit of a respite and more time to save for a down payment and apply for pre-approval for a mortgage. Less than 10% have obtained a mortgage pre-approval. Some have completely abandoned their home-buying plans for the time being.

    The Bank of Canada’s overnight lending rate currently sits at 4.75%. The next interest rate announcement is scheduled for July 24th.

    Royal LePage commissioned Leger to conduct an online survey among 1579 Canadians, 18 years of age or older, via Leger’s online panel, LEO. The data was collected from January 26 to 28, 2024. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, though, a probability sample of 1579 respondents would have a margin of error of ±2.5%, 19 times out of 20.

    Get in touch with Janice to learn more!

    tenant to homeowner janice leffler comox

    From tenant to homeowner: A complete guide to home ownership in a competitive real estate market

    /0 Comments/in /by

    Transitioning from tenant to homeowner can seem daunting. Today’s competitive real estate market with higher interest rates and rising prices accentuates that. However, with careful planning and an understanding of the key steps, the dream can become a reality. Here’s a comprehensive guide to help you navigate the process:

    Hire the right professionals

    The best way to succeed in entering the real estate market is to be well-prepared. Surround yourself with professionals, such as a real estate broker, a mortgage specialist, and a financial advisor. These experts will be able to advise you at different stages of the home-buying process. They can help you define your budget and the type of property you can afford.

    Working with a Royal LePage real estate professional offers many advantages throughout this buying process. Your realtor will give you the right goods. She will guide and advise you every step of the way. She can also give you names of other key players, such as building inspectors, and legal and financial advisors. Her expertise and network can be crucial to your success.

    Assess your financial situation

    Analyze your borrowing capacity start by assessing your current financial situation. Calculate your income, expenses, and debts to figure out how much you can afford to borrow. Use online mortgage calculators to get an idea of your monthly payments under various scenarios.

    Mortgage pre-qualification

    Mortgage pre-qualification is a crucial step. It gives you a clear idea of how much you can borrow and shows sellers that you’re a serious buyer. Contact a few financial institutions or mortgage brokers to compare offers. This will help you find your best option.

    Gather your down payment

    Amount required

    The minimum down payment in Canada is generally 5% of the purchase price for a property under $500,000. For properties between $500,000 and $1,000,000, you’ll need 5% on the first $500,000 and 10% on the remainder. For properties over $1,000,000, a minimum down payment of 20% is required.

    Mortgage loan insurance

    If your down payment is less than 20%, you’ll need to take out mortgage loan insurance with Sagen, the Canada Mortgage and HousingCorporation (CMHC) or Canada Guaranty. There is a premium for this insurance. It can add up to 4% of your mortgage amount and can be added to your mortgage.

    Funding sources

    Your down payment can come from a number of sources, including personal savings or a gift from family. There are a couple of federal programs available to help you raise this amount too. They are the HomeBuyers’ Plan (HBP) and the First Home Savings Account (FHSA).

    Keep reading for more information on them.

    Plan for additional costs

    Land transfer taxes

    Land transfer taxes vary by province and municipality and can add up. Be sure to include this calculation in your budget.

    The tax is calculated on the basis of the purchase price of the property. Progressive rates are applied according to different price brackets.

    For example, in BC, the property transfer tax is 1% up to $200,000, 2%between $200,000 and $2,000,000, and 3% between $2M and $3M. For over$3,000,000 there is a further 2% tax. In some jurisdictions, there are additional municipal taxes.

    Transaction costs

    Allow approximately 1.5% to 4% of the purchase price for transaction costs. These include closing costs, legal fees, building inspection, and prepaid adjustments, to name a few of the more common ones.

    Consider homeownership assistance programs

    The federal government offers some financial programs to help Canadians enter the real estate market.

    ● First-Time Home Buyers’ Tax Credit (HBTC): First-time homebuyers acquiring a qualifying home can claim a non-refundable tax credit of up to $1,500. The value of the HBTC is calculated by multiplying$10,000 by the lowest personal income tax rate. This credit can be claimed at the time of income tax filing following the purchase of your first property.
    ● Home Buyers’ Plan (HBP): The Home Buyers’ Plan (HBP) allows you to withdraw from your Registered Retirement Savings Plans (RRSPs)to buy or build a qualifying home. In its 2024 budget, the government announced an increase to the withdrawal limit from $35,000 to$60,000.
    ● First Home Savings Account (FHSA): Launched in April 2023, this program allows you to save up to $40,000 tax-free for the purchase of your first home. The FHSA combines elements of a Tax-FreeSavings Account (TFSA) and a Registered Retirement Savings Plan(RRSP). It allows users to make tax-deductible contributions and tax-free withdrawals from the account.

    Find your dream home

    Research and visits

    These days, everyone can do their own property searches online. Your realtor has more precise research tools and a thorough knowledge of their local market. This gives you an advantage. She can match your needs to the right neighbourhood, and to the ideal property for you. During showings, she will be able to point out some things about the property’s
    condition and possibly spot some potential problems. Most buyers will want to have a home inspection before committing to the purchase.

    Make an offer

    Once you’ve identified your ideal home, your realtor will prepare a competitive offer that takes into account your deadlines, budget, financing, or inspection conditions. She will represent you to the sellers and advise you on negotiating and presenting a counteroffer, if necessary.

    Finalize your first home purchase

    Home inspection

    A thorough inspection of the property by a professional can reveal issues not visible to the naked eye. These could be structural problems, water damage, or electrical or plumbing concerns, amongst other things. Knowing about these issues in advance allows you to make an informed decision. The inspection is not intended to be a negotiating tool but to further inform you about the property you want to purchase. Depending on what is discovered, your realtor can help with further investigation.

    Obtaining final financing

    To obtain a mortgage, your lender will need detailed financial documentation. This includes bank statements, pay stubs, notices of assessment, and any other information on your debts and asse

    Buying a home requires preparation and perseverance. By following these key steps, you can move from renter to homeowner with confidence. Consult Janice, a real estate professional, to guide you through it.

    Good Luck on your path to homeownership!