Dan Petersen

According to a RE/MAX Canada survey of Canadians, 16% said they want to enter the housing market or sell in order to “move up.” The high cost of real estate has made entering the market a challenge for many first-time homebuyers, but thanks to well-timed purchases and considerable equity gains, move-up buyers are in a great position right now, making shopping for a “forever home” feel like less of a stretch.

When you bought your first place, chances are you were young, strapped for cash, and prepared (or at the very least, warned) to make some concessions. “You can’t have it all,” they said. “So where will you take the hit – price, location, home style?” Move-up buyers, on the other hand, typically has some savings and equity to work with, making their next move less of a compromise and more of a thoughtful selection.

But move-up buyers face their own set of challenges that call for a carefully considered strategy. Here are three options for the smart move-up buyer with a plan!

1. Sell First, Buy Later

This strategy is ideal for the move-up buyer who doesn’t want to get stuck paying two mortgages simultaneously. Selling the existing home eliminates the risk of having to carry two mortgages if you don’t sell your existing home in time. It also reduces the chances of having to reduce your asking price if the sale isn’t happening quite quickly enough for your liking. This is a good option for move-up buyers who are banking on the proceeds of their sale to fund their new (and likely more expensive) property. By selling first, you’ll know exactly how much money you have to purchase your next home.

2. Buy First, Then Sell

If homes in your area of choice are selling faster than the “For Sale” signs can hit the front lawn, also known as a seller’s market, the “buy first” strategy might be the way to go. By buying your new home before selling your old one, you won’t feel rushed into settling for a sub-par property or having to seek alternative temporary accommodations while you shop the market. This move-up buyer still lives in their existing home, allowing them the flexibility to shop around and continue looking until they find that perfect place, without any added inconvenience or pressure. This move-up buyer typically requires a bridge mortgage.

3. Time and Align Your Purchase and Sale

When all is said and done, this move-up approach is the most ideal, but getting there is another story. Aligning your purchase and sale closing dates can be tricky. Remember that there are three dancers in this tango – you, the person you’re buying from, and the person you’re selling to. You’ll also have to move out and move in on the same day. In this scenario, time is your best friend and flexibility your savior.

This means you’ve planned ahead – you’ve researched neighborhoods, gotten pre-approved for a mortgage, and you’ve started the organizing and de-cluttering process well in advance.

Your move-up strategy will depend on a number of factors, such as your financial situation, current housing market conditions, and your personal comfort level. Plan ahead and get the right advice to ensure a smooth transaction at both sides of the offer table. Reach out with your questions, it would be a privilege to serve as your Realtor and I love to help!

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Watch Video
Source: 3 Selling Strategies for Move-Up Buyers | Re/Max

Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).

Refinish Instead of Replace

As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.

Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.

Reuse and Recycle

What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime

If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.

Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.

DIY When Possible

It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.

But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Reach out with any questions anytime! It would be a privilege to serve as your Realtor.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca

Watch Video
Source: How to Renovate Your House on a Budget | Re/Max | February 17^th, 2023

Before heading into the long weekend I want to say a massive THANK YOU to the most incredible clients in Fort St. John!


The year has had a good start and as we approach the Spring market, I can feel it getting busier. You deserve the best experience and being prepared prior to listing will help keep you ahead of the curve when the Spring market arrives.

What’s in it for you?
- A Client-First Experience
- Professional Photography, Videography & 3D Experience
- Refined Listing & Marketing Strategy
- Systems to keep you updated & in charge

When you’re ready, call/text (250) 262-7496⁠, or email dan@remaxaction.ca⁠⁠⁠. I love to help!

For homeowners, a historic home is a unique opportunity to live in a local piece of history. They do, however, have issues that newly constructed homes do not have. Committing to a historic home is a big decision and you should be informed of the care that will be required.

What is a Historic Home?

They’re 50+-year-old residential buildings with some sort of heritage value and include private homes, commercial buildings that consist of residential units, landmarks, and entire districts or neighborhoods depending on criteria. The criteria is at least 50 years old (with some exceptions) and meet 1 of 4 criteria:

- It is connected to significant historical events.
- It is connected to the lives of one or more significant individuals.
- It is considered an embodiment of a particular master or historic style.
- It has provided or is likely to provide important historical information.

Historic buildings can be found everywhere and some neighborhoods are even designated as historic areas. They can be a competitive market so as a homebuyer you’ll want your finances in order prior to house hunting.

Benefits of Owning a Historic Home

1. You’ll be the owner of a piece of history and for some homebuyers, it’s an emotional investment.
   
   
2. Passion for history, architecture, and one-of-a-kind features is appealing to some.
   
   
3. You’ll be a part of a community committed to preservation. Buying a home in a historic area means joining a community of homeowners aiming to preserve the character and history of the district, even with costs and certain limited property rights.
   
   
4. Financial assistance is available for renovations. There are programs available to help fund them
   
   
5. Look into a Home Equity Line of Credit (HELOC), purchase plus renovations mortgage, a second mortgage, or refinancing your mortgage.

Things to Consider Before You Buy

1. Get ready for hard work! The older the home, the more often than not means it was built before modern construction techniques. Lots of love, care, and regular maintenance will be necessary.
   
   
2. Get ready to pay more! Historic districts have higher price tags and even higher prices when modern amenities like central air conditioning have been added; even at a good price, you’ll likely invest in upgrades and renovations and materials will be more expensive.
   
   
3. Restrictions on Renovations. Historic homes have their own real estate laws and regulations designed to preserve local history, such as not changing the interior layout, preserving outdoor spaces, and only using certain materials on the house’s exterior. With the stipulations, you may find it more difficult to do maintenance and renovations.
   
   
4. You Can’t Modernize Everything. Historic homes have lasted through numerous decades and owners, there will often be a clash of décor elements inside the house. Preservation laws that impact interior and exterior elements often don’t apply to décor.

Historic homes are not for everyone but bring a ton of satisfaction if you’re up for a challenge! An experienced, reliable home inspector with experience working with historical homes goes a long way and will be able to detect signs that you and I might miss.

Reach out anytime with questions or for a referral! It would be a privilege to serve as your Realtor.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca

Watch Video
Source: Buying a Historic Home: What You Should Know | Re/Max | January 10^th, 2023

In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.

Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Watch Video
Source: What Is A Balanced Market | Re/Max | January 14th, 2023

B.C.’s Cooling-Off Period⁠

Home buyers are now able to back out of a residential purchase within a set period after signing a contract thanks to BC’s new Home Buyer Rescission Period, also known as the “cooling-off period.” This change to real estate law was done so by the government of BC to help ‘cool off’ the market and the speed of decision making. Taking effect on January 1, 2023, it regulates all residential real estate, with few exceptions, regardless of whether a licensed real estate representative is involved in the transaction.⁠

Home Buyer Rescission Period⁠

Home buyers can choose to rescind a contract within 3 business days after the final acceptance of a firm and binding offer. It applies to all contracts, regardless of subjects, and cannot be waived by either the seller, buyer, or their representatives. Home buyers can legally withdraw from the firm and binding offer in exchange for a fee of 0.25% of the purchase price. ⁠ ⁠

If you have any questions about the new regulations, I encourage you to contact me as I would be happy to walk you through the new regulation and its implications for buying and selling.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Watch Video

When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. In most cases, property transfers are completed by a legal professional.

The property transfer tax is based on the fair market value of the property (land and improvements) on the day it was registered with the Land Title Office, unless you qualify for an exemption or purchase a pre-sold strata unit.

Property transfer tax should not be confused with annual property taxes. Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a registered interest in to fund services in your area.

General Property Transfer Tax

The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is:

1. 1% of the fair market value up to and including $200,000
2. 2% of the fair market value greater than $200,000 and up to and including $2,000,000
3. 3% of the fair market value greater than $2,000,000
4. Further 2% on residential property over $3,000,000

If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000. If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.

If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.

Additional Property Transfer Tax

If you’re a foreign national, foreign corporation or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C.

Have questions? Contact me to find answers.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

The Canadian government’s Home Buyers’ Plan (HBP) lets you borrow money from your RRSP if:

1. You're a first-time home buyer; or
2. You’ve lived separately and apart from your spouse or common-law partner for at least 90 days and started living separately and apart anytime in the preceding 4 years as a result of a relationship breakdown (conditions apply).

If you’re looking to buy, build or maintain your primary residence, you can use this money for your down payment, closing costs, or both.

You can withdraw up to $35,000 from your RRSP per calendar year. Spouses or partners may also each withdraw up to $35,000 per calendar year — $70,000 in total. The borrowed funds must be in your RRSP for at least 90 days before being taken out. Withdraw the money no later than 30 days after the closing date.

You can borrow money from your RRSP tax-free if you pay it back to your RRSP starting no later than the second year after the withdrawal date. Pay back the full amount within 15 years, through regular payments. Every year, the government sends you a statement summarizing what you repaid and what's outstanding.

Want to discuss how this impacts your home-buying decision? Contact me with your questions and to find the answers you're looking for.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Professionals in my Referral Network bring you peace-of-mind during a busy time. You can trust them to deliver the same high level of customer service that I provide.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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