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MORE TAX?!
 
Feel like your money is flying away?..
 
British Columbia is imposing its very own provincial HOME FLIPPING TAX!
 
Beginning in 2025, any sale or assignment of residential property that is owned for less than 2 years will be subject to an ADDITIONAL 20% provincial tax(calculated on the profit of the sale), ON TOP OF ALL OTHER provincial and federal taxes, INCLUDING the federal 'anti-flipping tax'!
 
(as always - some exemptions will apply!)
 
For more information ⬇️
 
#kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #flipping #tax #taxes #flippingtax #BChomeflippingtax
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I was hosting an Open House, when a middle aged man walked in and told me immediately that he will not be using a real estate agent for his purchase because "he was an experienced buyer and felt comfortable negotiating on his own".
 
I nodded my head in understanding, and the rest of the viewing went like this:
 
#1 
Him: "I'm really glad you were hosting an Open House today because I've been waiting to see this building, but no one has had an Open House."
 
Me: "Well I am glad you were able to make it! You know - if you were working with an agent they would be able to schedule you viewings at whichever property you'd like, at your convenience."
 
...
 
#2 
Him: "Do you know if anyone is having an Open House in the building across the street? I've been wanting to see that one, too."
 
Me: "Just so you are aware, that complex has had a series of water issues and water insurance claims in the past few months, so the strata is still calculating whether there may be special levies to come in the following months, and there is still plenty of damage to be repaired. I would recommend you do plently of research before purchasing in that complex right now."
 
...
 
#3 
Him: "Once I buy a place, I plan to get a short term rental license and rent it while I'm gone - it's my principal residence, so I know it's allowed."
 
Me: "Unfortunately, for the time being, the City of Kelowna is no longer accepting applications for short term rental licenses, regardless of whether you are following the new rules and bylaws."
 
...
 
 The point is - EVEN IF YOU ARE COMFORTABLE NEGOTIATING ON YOUR OWN, USE A PROFESSIONAL AGENT! THERE IS SO MUCH MORE TO THE TRANSACTION THAN THE PRICE!
 
#kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #shorttermrental #insurance #buyersagent
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POV: YOU BUY A HOME AND DON'T PAY A CENT IN COMMISSIONS 
 
...
Okay, okay, before you get too overconfident - if I'm being honest, IT'S ALWAYS FREE FOR A BUYER TO WORK WITH A REALTOR!
 
In a typical real estate transaction in British Columbia, the SELLER is responsible for paying BOTH their agents commission, and the Buyer's agents commission!
 
So, if you're a Buyer..
PLEASE DO YOURSELF A FAVOUR AND HIRE A PROFESSIONAL TO ASSIST YOU WITH YOUR PURCHASE - IT DOESN'T COST YOU A CENT!
 
 
 
#kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #realestateterminology #commissions #nocommissions 
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 I'm NOT a salesman, I'm a REALTOR.
 
As a REALTOR, I am not here to convince you to buy or sell your home - I am here to guide, educate and assist you with your purchase or sale whenever it is that you decide you are ready!
 
We have a legal obligation, called a Fiduciary Duty, that we must maintain for each and every client. This is the legal duty to act in YOUR BEST INTEREST at all times!
 
When I represent you, it is my goal that you feel:
》valued
》respected
》well taken care of
》educated 
》confident
》satisfied 
》supported
 
 If you are thinking about buying or selling in 2024, I would love to apply to be your real estate guide!
 
More information at ⬇️
 
#kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism
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Want my two cents on making a dollar count?
!
Find the one you can't live without, get a ring let your knee hit the ground, do what you love and call it work, throw a little money in the plate at church, send your prayers up and your roots down deep, add a few limbs to your family tree, and watch their pencil marks and the grass in the yard all grow up,
' , - , !
 
‍♀️ BUYERS - are you ready to create a home, and a life, for you and your future family?
 
Life really does fly by, so let's get started on that dream!✨
 
Reach out to me today and we can create a plan to get you to where you want to be! ✔️
 
#jordandavis #kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #realestate #canadianrealestate
 
SONG: Buy Dirt - Jordan Davis
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ASSESSED VALUE vs. MARKET VALUE 
 
THE NUMBER ONE THING TO REMEMBER ABOUT THE OF YOUR PROPERTY IS THAT IT IS THE OF YOUR PROPERTY!
 
Your Assessed Value will be used to determine your property taxes, while the Market Value of your home is determined by well, THE MARKET! And the value of your land and improvements.
 
A real estate agent will determine the market value of your property with some of the following resources:
》inspection of the property, its improvements, and its condition
》recent comparable sales & active competition
》the neighbourhood & available surrounding amentities
but ultimately, the local market conditions will determine the market value of your home.
 
If you have any questions about the assessed and market values of your home, please reach out to me! If you are interested in reviewing more real estate terminology you can do so on my terminology page at https://teeganbridges.com/terminology.html
 
#wordoftheweek #realestateterminology #assessed value #marketvalue #homevalue #kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism 
 
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Amortization Period - Real Estate Terminology
⏳️= 
 
Most mortgage amortization periods are 20-25 years.
This is the amount of time your lender will give you to pay back your mortgage loan in full.
 
The reason I say that time ⏳️ =  money is because for the length of that amortization period, you will be charged interest on your mortgage loan balance. The longer the loan payment schedule, the more interest will accrue over time.
 
For example:
Mortgage Amount = $800,000
Interest Rate = 5.690%
 
AMORTIZATION: 25 YEARS
TOTAL INTEREST COST: $691,589.34*
Approx. Monthly Payment: $4,971.98
 
AMORTIZATION: 20 YEARS
TOTAL INTEREST COST: $534,191.67*
Approx. Monthly Payment: $5,559.15
 
Long story short - if you can afford an increase in your payments on a monthly basis, you can potentially save yourself hundreds of thousands of dollars by amortizing your mortgage loan for a shorter amount of time!
 
Always speak with a mortgage professional for the best advice! If you're looking for one, reach out and I'd be happy to connect you!
 
#wordoftheweek #realestateterms #realestatedefinitions #mortgage #amortizationperiod #kelowna #kelownarealestate #realestate #buyinkelowna #sellinkelowna #okanagan #kelownarealtor #kelownasmallbusiness #kelownatourism #okanagan #westkelowna #livedowntownkelowna #liveinkelowna #lovekelowna
 
*these interest costs are calculated at 5.690% for the entirety of the loan - typically your interest rate will vary during your amortization period. If you have questions about this, please DM me.
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2024 Interest Rate Announcement Schedule

FINGERS CROSSED!

The Bank of Canada is preparing for their January announcement, and I know that we are all hopeful to see a decrease in interest rates.

The BOC has insinuated that interest rates will begin to decrease this year, as we come closer to our target inflation rate.

We have seen high interprovincial migration rates, particularily since COVID 19, that has created an influx of first time home buyers in Kelowna, the Okanagan, and British Columbia as a whole. Between interest rates and the average purchase price of a home, purchasing property in 2023 was almost unafforable. Heading into 2024, with a decrease in interest rates, we are hoping to see affordability return for the millions of Buyers patiently waiting on the sidelines.

If you plan to purchase a home in 2024, reach out to me and I would be happy to help you get started on your journey!

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Welcome to the Real Estate Blog

Welcome to my Real Estate Blog! Here you can find timely updates of my latest properties, open houses, just solds, market updates and much more.

Whether you are interested in buying or selling real estate, I am here to help guide you every step of the way.

Kelowna's population doubles every summer with tourists! With my expertise in the Downtown Kelowna area, I can assist you with finding the perfect short or long term investment to take advantage of Kelowna's bustling tourism market!

If you have any questions about real estate from home evaluations to mortgages to searching for properties in your area, don't hesitate to contact me today!

#realestate #realtor #kelowna #ylw #buy #sell #invest #sellingsunsetkelowna

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.