John's March Home News

John Charbonneau -

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john@canadianmortgagefinders.com
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Our March 2023 Foreclosure List

 

Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Attached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
New Westminster Attached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Richmond Attached
Surrey, North Delta, Cloverdale Attached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Richmond Detached
Surrey Delta Cloverdale Detached

Our March list of Vancouver Lower Mainland properties listed for sale through the foreclosure process has once again been provided by P.A. "Doc" Livingston, PREC.

Feel free to reach out to "Doc" if you would like more information about these properties and  contact me if you would like to know how arranging financing for a foreclosure purchase is different than a traditional real estate purchase.



It's Never Too Late To Find Your Real Purpose

 

As we enter a brand new year, many of us get stuck on a reflection of what truly fulfills us. 

And with the added pressure of being a retiree,  the challenge of figuring out what you are really meant to be doing can be daunting,

With the demanding years of work and family responsibilities behind you, you finally have time to explore your deeper purpose – but financial constraints can stand in the way of these dreams.

Whether it’s starting a small business, writing that long-planned memoir, mastering watercolors, researching family history, or giving back through volunteer work, pursuing these passions shouldn’t be limited by financial worries. This is where your home’s equity can be transformative through a reverse mortgage.

A reverse mortgage lets you access tax-free funds while living payment-free in your home, providing reliable cash flow to support your aspirations. Want to take art classes, travel abroad, or launch a passion project? Your home equity can fuel these dreams without requiring you to take on part-time work or stress about monthly payments.

The home you spent years paying for can now be the foundation for your next chapter. You’ve earned the right to explore what brings you joy and meaning, unburdened by financial constraints. Your equity can provide the freedom to nourish your mind, body, and spirit in whatever way resonates with you.

Let’s discuss how a customized reverse mortgage strategy could help fund your journey of personal growth and purpose in the years ahead. After all, retirement should be about pursuing what matters most to you.



Home Trends For 2025

 

Real estate pros and home designers weigh in on hot home design trends that may have timeless appeal – and the ones you need to approach with caution. Home trends can be hot one minute but not so hot the next. So, how can you tell which home design trend will survive or even be a classic someday versus one that might fade faster than you can say “carpeted bathroom.”

#1 Home Trend for 2025 - Brassy Fixtures: Brass metals are making a comeback. The last run featured shiny, polished brass that coated kitchens and bathrooms in the 1980s and 1990s. But the more modern look is brushed gold or unlacquered brass. 

#2 Home Trend for 2025 - Biophilic Design: Biophilia may sound like a medical condition, but it’s actually a trend centered on increasing a home’s connection to nature. And it’s the top trend that designers, contractors, and homebuilding professionals are identifying for the new year. You can try out this home trend by adding more plants and greenery, filtering in more natural light to the interior, or embracing neutral, earthy color palettes and materials.

#3 Home Trend for 2025 - Wallpaper: Richly patterned wallpaper is predicted to be a hot trend in 2025. We will see more unique, bold-patterned wallpaper featuring geometric shapes or metallic shine. The wallpaper is popping up in smaller areas, like the powder room, or used on the “fifth wall” - the ceiling. Wallpaper is making a huge comeback. It’s taking on the design world as it adds depth and texture to a room instantly.

#4 Home Trend for 2025 - Wood Accents: Wood elements, like ceiling beams, trim, millwork, wall paneling, and cabinetry, are adding natural wood tones back into interiors. Natural materials are gaining prominence in home remodels. Eighty percent of home professionals are identifying natural wood (untreated with paint) as one of the top construction materials for 2025.

#5 Home Trend for 2025 - Hidden Storage: Trends include paying more attention to everyday entries for storage. These might include a small vestibule or hall with a small alcove for shoes, a key drop, or a backpack valet.  More storage is coming to kitchens, too. Larger pantries are outfitted with cabinets and countertops to accommodate more food prep. Also, storage is being added throughout the home, like washing machine cupboards at the top of stairs and laundry zone bathrooms.



From Plus 30 Celsius To Minus 15 Celsius in a Week

 

While my wife Caroline and I really enjoyed our two week vacation in sunny and hot Mexico, without a drop of precipitation, we also enjoyed coming home to Canada and our winter sports.

We both curl several times per week and enjoy downhill skiing, cross country skiing and snowshoeing. 

The photo above was taken at our local ski hill this week. We are fortunate to have a place to downhill ski less than a half hour from our new home!



The Challenges of Gifting Your Family Funds For A Downpayment

 

For over 25 years now I have been working with the same law firm (with 11 offices) to help my clients complete the legal work of buying a home and registering a mortgage. The article below has been provided by Tony Spagnuolo of Spagnuolo and Company Real Estate Lawyers. I have seen hundreds of families provide a gift to their children to help with the downpayment to buy a home. This article should be considered a request to pause for a moment (and where necessary get legal advice) when providing funds for a gifted downpayment.

It’s no surprise to readers of this newsletter that real estate (and life!) is expensive.  It’s hard if not impossible for young adults to enter the real estate market without help. The Bank of Mom and Dad is one way that young adults have been able to gain a toehold in the market.

One way a parent can help their children is to give an outright gift. Parents give all or part of the down payment to their kids. Legal tidbit of the day: it is a condition of (almost) every mortgage that a borrower does not have additional financing on their home – in other words, having a second mortgage is a technical breach of the first mortgage.  To satisfy this bank requirement, parents sometimes write gift letters to their kids – saying that the gift is a true gift, the parents aren’t loaning it to them, etc.

However, this strategy may come with risks!  A gift letter may be used against a parent by an aggrieved creditor down the road (think: ex-spouse). We recently read about a BC dad who can’t get back $500k he gave to his now-separated son and daughter in law for their home purchase (https://biv.com/news/economy-law-politics/bc-dad-cant-get-back-500k-he-gave-now-separated-son-daughter-in-law-for-home-10104723).

There’s a lot of other factors at play in this case, but importantly in our mind, the gift letter that the parent gave to their child ended up being used as evidence that the money was meant as a gift and not a loan.  In other words, the son and ex-spouse split the gift 50/50 versus the son receiving 100% of the gift.

There are a number of ways to mitigate this risk without upsetting the bank giving the first mortgage.  Each strategy has varying levels of certainty and risk, and some are more expensive than others.  But if you, or your clients, are planning on helping their child enter the market, it is certainly worth a conversation with a legal professional.



Incorporating Your Rental Property Business: Should You Do It?

 

So, you’ve finally taken the plunge into real estate, or maybe you’ve been collecting those sweet rental checks for a while. Either way, one question keeps popping up:

Should I incorporate my rental property business, or keep it under my personal name?

You’ve probably heard stories about big tax savings and bulletproof liability protection - but is that really the case for you?

Let’s peel back the layers and see what incorporation actually means, and whether it’s worth the paperwork, fees, and added complexity.

By the end, you’ll have a clearer picture of what could work best for your situation (and hopefully a lot less confusion). 

READ MORE BY CLICKING HERE



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