Divorce can be one of life’s most challenging events, and when a marital home is involved, the process becomes even more complicated. The home is often the largest shared asset, and selling it during a divorce requires careful planning and cooperation to avoid financial and emotional setbacks. Here’s how to protect your home sale from the messiness of divorce and ensure a smoother transition during this difficult time.

In a significant shift for the Canadian mortgage market, the Office of the Superintendent of Financial Institutions (OSFI) has announced that it will eliminate the stress test requirement for uninsured mortgages starting in November 2024. This change marks a departure from the stringent qualifying criteria that have been in place since 2018 and is aimed at providing more flexibility for borrowers and lenders in the face of evolving economic conditions.

When determining real estate property value in a divorce there are 2 common methods for obtaining value. You can either use an appraisal from a licenced appraiser or use a CMA from a licenced real estate professional. Both methods are acceptable but what is the difference?

When purchasing a real estate property you are typically required to provide a money deposit to show the seller that you the buyer are serious about purchasing their property.  While a deposit is not required to create a binding contract, it is viewed as a good faith gesture.

Two new changes to the real estate sector. The BC government has announced a new Flipping Tax starting January 1st 2025. The proposed BC Home Flipping Tax will apply to any home or property zoned for residential use sold within two years of purchase.

When you are going through a divorce and you are deciding what to do with the marital home. There are generally 3 options, buy out the other spouse, sell the house, or the couple can continue to co-own the house.

Conducting a title review is so important when selling a home as it brings transparency to the sale of the home and it can help protect buyers from potential legal issues and disputes that may arise in the future.

The spouse who is buying out the other, will pay a lump sum and incorporate any equity that has been accumulated over the marriage. The spouse who is taking over the home will need to apply for a refinance in only their name and go through the mortgage pre-approval process.

LOCATION - We usually cannot move a home! To quote the favorite phrase of appraisers, “Location, location, location!” The pricing of your home must reflect its location.

There are really two phases when it comes to preparing your home. The first phase is getting ready for the market and the second phase is getting ready for showings. Let’s start with the first phase, getting ready for the market, the best way to do this is to walk around your entire home with a notepad paying careful attention to everything.

Do you need to be close to schools, public transit, highways, or work? Those can be huge factors when choosing an area to live in. It is important that you scout the neighborhood in person. You live in more than your house.

There are other costs to consider. These closing costs and additional expenses can impact your offer, the size of your down payment, and the amount of mortgage you qualify for, so be aware of these costs from the start.

The first step is to be sure you understand how the market conditions affect the price you choose. Markets change from city to city and from neighborhood to neighborhood, the value of your home is determined by supply and demand. If there are a lot of sellers and few buyers, prices tend to go down and homes take longer to sell, this is referred to as a “buyer’s market”.

Choose a team of professionals to guide and support you through a divorce. These individuals help you to maintain sanity, make sound choices, and keep you moving through.