Real Estate Myths
1/ HST applies to all real estate sales - False - HST does not apply to the sale of homes that are previously occupied. On new homes there are a series of rebates to reduce the impact of HST
2/ You can’t buy with “0” down - False - If you have very good credit you can borrow the amount for the down payment and be “0” down.
3/ All fixed term mortgage penalties are 3 months - False - The minimum penalty is usually 3 months but could also be an “interest rate differential” That is the difference in interest the bank would earn over the balance of the term less the current rate. We have seen many of these penalties in excess of $20,000. These penalties can be avoided by “porting” your mortgage to your new residence.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.