British Columbia's government has established several programs to assist first-time homebuyers with their financial burden. While not all of the programs may be applicable to your particular situation, it is beneficial to become aware of them to navigate the home-buying process and potentially save you money.

Below are some of the main programs and options available to first-time homebuyers that you
should become acquainted with.

RRSP Home Buyer’s Plan

The Home Buyers' Plan (HBP) is a program that permits individuals to withdraw up to $35,000
tax-free from their registered retirement savings plans (RRSPs) during a calendar year to use as
a down payment when purchasing or constructing a qualifying home for themselves or a related
individual with a disability. The funds must have been held in the RRSP for at least 90 days
before the home purchase to qualify.

The Home Buyers' Plan is advantageous to Canadians because early withdrawals from RRSPs
are typically subject to taxation. However, under this program, such withdrawals are exempt. It's
important to note that borrowers must start repaying the withdrawn amount from their RRSP two
years after the purchase, and this repayment is spread over 15 years.

First Time Home Buyers Program: Property Transfer Tax Exemption

The property transfer tax cost is as follows:
1% on the 1st $200,000
2% on the balance up to $2,000,000
3% on the balance above $2,000,000

If you are a first-time home buyer that is planning on using the home as your primary residence
and purchasing a home for less than $500,000 then you may be eligible for a full exemption.
There are also partial exemptions up to $525,000. To qualify for a full exemption, at the time the
property is registered you must:

● be a Canadian citizen or permanent resident
● have lived in B.C. for 12 consecutive months immediately before the date you register
the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
● have never owned an interest in a principal residence anywhere in the world at any time
● have never received a first-time home buyers’ exemption or refund

First-Time Home Buyer’s Tax Credit

The First-time Home Buyer's Tax Credit is a program that provides Canadian first-time home
buyers with the chance to recoup some of the expenses related to their home purchase. It helps
to cover expenses such as legal fees, inspections, and other closing costs.

This tax credit is a non-refundable credit of $10,000 and provides a maximum tax rebate of
$1,500 as of 2023 (previously $750 until the approval of the 2022 budget).

First-Time Home Buyer Incentive

The first-time home buyer incentive is a program provided by the government that offers a
shared equity mortgage (loan) to help individuals purchase a home. Under this program, the
government invests in the property with the home buyer. The incentive does not accrue interest
and does not require ongoing payments. However, the loan must be repaid within 25 years of
the sale of the property, whichever comes first. It's essential to note that this incentive is a loan
and is distinct from the BC HOME Partnership, which was a down payment matching scheme.
In a shared equity mortgage, the government shares both the upside and downside of the
property value. As a result, the loan amount is based on the fair market value at the time of
repayment and is either 5% or 10%, depending on whether the purchase was for a resale or
presale property.

GST New Housing Rebate

For newly built homes, first-time home buyers can apply for a GST credit from the government
and/or the developer. The GST in BC is equal to 5%, and as a home buyer, you may be eligible
for a rebate of 36% of the 5% GST. There is a full general rebate for homes that are under
$350,000 where a buyer intends on living an his/her permanent residence, and there are partial
rebates up to $450,000.

It's been a world of change as new Premier David Eby starts his tenure. On Friday, he introduced the new cost-of-living actions after being sworn in. On Sunday, we saw public safety actions and housing legislation on Monday. These will help to deliver more good homes for people. The Province is introducing new laws to build the homes people need, making it possible for homes that are vacant to be rented and removing discriminatory age and rental restrictions in strata that hurt young families. 

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those searching for a home today, there's good news. We're making it possible for thousands of condos that are vacant to be rented out as soon as these new laws pass. For those worried about the future, we're setting out a new way to coordinate the efforts of our cities and the Province to build the homes people need quickly.”

 The first piece of legislation, the housing supply act, will help speed up housing development and increase supply by giving the Province the power to set housing targets in municipalities with the greatest need and highest projected growth. Targets will be based on information provided by and in consultation with municipalities. The new housing targets will encourage municipalities to address local barriers to construction so that housing can get built faster, including updating zoning bylaws and streamlining local development approval processes.

 “I had a good job lined up, and even I had a hard time finding a home,” said Omama Shoib, a healthcare worker who moved from Alberta to Victoria. “We need more housing options across the board urgently. Some people aren’t as lucky as I was and have to turn down job opportunities or schooling because they can’t find suitable housing. I’m relieved the government is doing more to increase housing so people don’t have to give up on pursuing their goals just because they can’t find a place to live.”

 The Province will monitor progress and work with municipalities to help address barriers to meeting housing targets and to support the increased community needs associated with targeted growth. The act enables compliance options as a last resort should municipalities with the highest need struggle to create the conditions that are necessary to ensure housing gets built.

 If passed, the housing supply act is scheduled to be brought into force in mid-2023. To support implementation, the Province will continue to help local governments speed up local approval processes through the continued implementation of the Development Approvals Process Review and work underway to accelerate provincial approvals. 

 In addition, the Province is making amendments to the Strata Property Act to end all strata rental-restriction bylaws and to limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors' housing through the “55 and over” rule in strata housing. Some buildings have “19+ only” age restrictions that mean couples starting a family have to plan to move out as soon as they become pregnant. Stratas will be able to appear at the Residential Tenancy Branch to evict problem tenants and recover the costs of those appearances. 

 “There are a lot of things on your mind when you are getting ready to start a family. It can be a very stressful time,” said Sarah Arnold, an expectant mother and condo owner in Victoria. “The last thing you need to think about when you’re preparing to welcome a newborn is finding a new place to live. These unjust age restrictions have hurt a lot of families, and I am pleased to see the Province is taking action to make sure no more couples have to uproot their lives and leave their homes if they decide to start a family.”

 In areas where the government has data through the Speculation and Vacancy Tax, there are approximately 2,900 empty condos that cannot be rented out because strata rules prevent them from renting out their condo, and the government expects there are more empty units in strata buildings in other parts of the province. This amendment will enable owners to rent out these badly needed homes immediately. The government also expects that some owners in strata buildings would choose to rent out a room in their condo if they were given the opportunity to do so.

 “Rules that prevent families with children from living in a home or prevent people from renting the unit they own are no longer acceptable in our current housing market,” said Murray Rankin, Attorney General and Minister Responsible for Housing. “These amendments will open up more rental and homeownership options for people at a time when they’re needed the most.”

 If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnBs, will continue to be allowed. These actions are new steps to deliver homes in B.C., building on B.C.’s 10-year, $7-billion Homes for B.C. plan.

 Sources: 

Storeys. (2022, November 22). Real Estate News. Sworn in on Friday, David Eby Announces New Housing Actions on Monday. https://storeys.com/david-eby-premier-housing-supply-strata-property-legislation-november-2022/#:~:text=The%20Housing%20Supply%20Act%20would,and%20consultation%20with%20those%20municipalities.

BC Government News. (2022, November 22). New premier delivers action to expand housing supply within first days. https://news.gov.bc.ca/releases/2022PREM0065-001745

Preventing Downfalls With Your First Home

Walking into your first home is a large step to take.  It is an entirely different process that you will follow, with an entirely new set of rules to begin learning.  Because of the large changes that occur with buying a first home, there are always those who walk into a deal over their head.  Making sure that you don't get the wrong options presented to you will help you to invest right the first time. 

The major factor that you will need to consider when deciding on your first home is where you will stand with the search.  One of the largest mistakes that people make is deciding that they like a specific home then only investing in that home by becoming emotionally attached to it.  This can cause several problems.  The first is that you may not be able to get the home because of something happening in the process.  This can be disappointing and tiring.  The second mistake is that you will offer a price that is too high or too low.  Make sure that you know exactly what the house is worth and how it fits into your needs before becoming attached. 

Not only will you need to shut off emotions in order to find and compare homes, but you should also do this after you have chosen a home.  Even if you have signed a contract for your first home, the process isn't over.  You will have to find a mortgage and inspections will have to be made.  If there is a large problem with the home that needs to be prepared, or if something goes wrong in the process of the loan, you will have to start over again.  If you are prepared and detached until you set foot in the house for the last time, it will make the entire process much easier. 

From here, you can decide exactly what you can afford and how you will get there.  The best place to start is with your credit history.  By knowing your score, you will also be able to estimate the type of loan that you will be able to get.  You will want to make sure that your bank statements are stable and secure.  There is nothing like walking into your first home and not being able to pay the mortgage from the beginning. 

By staying detached and logical about your new home, you will have the ability to find the best.  Preventing the mistakes, in the beginning, will save you hours and days of time, as well as stop years of hassle that may occur.  Being prepared and honest about what you are looking for is an easy way to help with the process. 

5 Tips to Ensure Your Home’s Showing Is a Success

The purpose of showing your home is to hook a buyer. You want the buyers to come through your house and be impressed - so impressed in fact, that they’re ready to make an offer! You’ll have one chance to make a great first impression on the potential buyers, so make sure to follow these five helpful tips to really make it count!

1. Focus on the outside. Make sure that you don’t neglect the outside of your home. Curb appeal can make or break the odds of someone even bothering to get out of the car to come in. If they pull up and see a home with a lawn that obviously needs edging and has an unkempt flower bed, they’re going to wonder what else hasn’t been cared for properly. You want the outside of your home to be spotless. Clean the siding, the windows, and the doors. Make sure there are no dirt smudges, no cobwebs and that anything that needs painting has been spiffed up.

2. Take yourself out of the house. That means that you want to take out all the personal stuff. Remove the family photos from the wall or tables. You want the home to look neutral so that the potential buyers can look at your house and picture it as themselves living there. Everything should be as neutral as possible in terms of personal items.

3. Remove all the extra clutter you see at first glance. If you look around, it’ll amaze you at how much stuff you’ve accumulated over the years. Some of it might very well be important, but that doesn’t mean that your potential buyers should see it. When you have a lot of clutter, it shrinks the living space of the house. It makes it look and feel cramped and smaller. Many homeowners get something called house blindness. They’ve lived in the home for so long with the same clutter that they don’t even really see it anymore. But a stranger will always notice. So clean out your house and make the space as big as possible.

4. If you have a pet, no one that walks through your house should be able to notice it exists. That means no cat litter box, no dog to jump on anyone, no food sitting around in a dish. Your home should not have any pet odors. Having a clean house that’s odor free is a big selling point. You don’t want to lose a possible deal just because they can smell your pet’s presence or your pet makes a bad impression.

5. Stage your home! You can hire a professional or you can do it yourself. Stage your living areas in a way that shows off your home. You can rent furniture to make your home furnishings look good if you don’t use a stager. Someone who knows how to stage a house knows how to play up the best features of your home and knows what to bring in or get rid of to make the entire house appeal to a buyer.

First impressions are HUGE when showing you home to potential buyers, but by following the simple tips above you will be well on your way to making a great impression and, hopefully, receiving multiple offers!  (And if you are at all anxious about this important step, just reach out to a trusted real estate agent in your area who can help guide you through this process!)

7 Things to Look for in a New Neighbourhood 

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the following in mind:

1. If you’re considering buying a home in a community that is unfamiliar to you, get to know its lay-out, offerings, and ambiance. Take some time to walk or drive through the neighbourhood, both during the day and at night, familiarizing yourself with the sights, sounds, and smells.

2. What amenities does the neighbourhood have to offer? Is public transportation readily accessible? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children.

3. What is the nature of the job market in the area? Keep in mind that if area employers are producing more jobs, you can expect property values to increase, especially if the jobs offered fall within a higher salary bracket.

4. Speak with the neighbours. Ask questions. They can offer you a wealth of information, from an inside perspective.

5. How will you be affected by a new commute to work? Drive the route between the new neighbourhood and your office during the appropriate times to gauge the volume of traffic you could expect to encounter, and the amount of time you’d need to put aside for daily travel.

6. Contact local land-use and zoning officials to determine existing development plans or potential for development in the area. A strong agenda for neighbourhood planning and local zoning will increase the value and draw of a neighbourhood. Keep in mind that any large, tree-covered area may be a target for future development in popular communities.

7. Determine whether financial resources have been put in place to support infrastructure projects in the area. These construction projects might include building, replacing, or improving anything from schools to roads, and are usually part of a city or town’s long-term plan. While disruptive, construction could also be a benefit to your experience of a community, influencing the long-term value of the area. 

British Columbia's government has established several programs to assist first-time homebuyers with their financial burden. While not all of the programs may be applicable to your particular situation, it is beneficial to become aware of them to navigate the home-buying process and potentially save you money.

Below are some of the main programs and options available to first-time homebuyers that you
should become acquainted with.

RRSP Home Buyer’s Plan

The Home Buyers' Plan (HBP) is a program that permits individuals to withdraw up to $35,000
tax-free from their registered retirement savings plans (RRSPs) during a calendar year to use as
a down payment when purchasing or constructing a qualifying home for themselves or a related
individual with a disability. The funds must have been held in the RRSP for at least 90 days
before the home purchase to qualify.

The Home Buyers' Plan is advantageous to Canadians because early withdrawals from RRSPs
are typically subject to taxation. However, under this program, such withdrawals are exempt. It's
important to note that borrowers must start repaying the withdrawn amount from their RRSP two
years after the purchase, and this repayment is spread over 15 years.

First Time Home Buyers Program: Property Transfer Tax Exemption

The property transfer tax cost is as follows:
1% on the 1st $200,000
2% on the balance up to $2,000,000
3% on the balance above $2,000,000

If you are a first-time home buyer that is planning on using the home as your primary residence
and purchasing a home for less than $500,000 then you may be eligible for a full exemption.
There are also partial exemptions up to $525,000. To qualify for a full exemption, at the time the
property is registered you must:

● be a Canadian citizen or permanent resident
● have lived in B.C. for 12 consecutive months immediately before the date you register
the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
● have never owned an interest in a principal residence anywhere in the world at any time
● have never received a first-time home buyers’ exemption or refund

First-Time Home Buyer’s Tax Credit

The First-time Home Buyer's Tax Credit is a program that provides Canadian first-time home
buyers with the chance to recoup some of the expenses related to their home purchase. It helps
to cover expenses such as legal fees, inspections, and other closing costs.

This tax credit is a non-refundable credit of $10,000 and provides a maximum tax rebate of
$1,500 as of 2023 (previously $750 until the approval of the 2022 budget).

First-Time Home Buyer Incentive

The first-time home buyer incentive is a program provided by the government that offers a
shared equity mortgage (loan) to help individuals purchase a home. Under this program, the
government invests in the property with the home buyer. The incentive does not accrue interest
and does not require ongoing payments. However, the loan must be repaid within 25 years of
the sale of the property, whichever comes first. It's essential to note that this incentive is a loan
and is distinct from the BC HOME Partnership, which was a down payment matching scheme.
In a shared equity mortgage, the government shares both the upside and downside of the
property value. As a result, the loan amount is based on the fair market value at the time of
repayment and is either 5% or 10%, depending on whether the purchase was for a resale or
presale property.

GST New Housing Rebate

For newly built homes, first-time home buyers can apply for a GST credit from the government
and/or the developer. The GST in BC is equal to 5%, and as a home buyer, you may be eligible
for a rebate of 36% of the 5% GST. There is a full general rebate for homes that are under
$350,000 where a buyer intends on living an his/her permanent residence, and there are partial
rebates up to $450,000.

It's been a world of change as new Premier David Eby starts his tenure. On Friday, he introduced the new cost-of-living actions after being sworn in. On Sunday, we saw public safety actions and housing legislation on Monday. These will help to deliver more good homes for people. The Province is introducing new laws to build the homes people need, making it possible for homes that are vacant to be rented and removing discriminatory age and rental restrictions in strata that hurt young families. 

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those searching for a home today, there's good news. We're making it possible for thousands of condos that are vacant to be rented out as soon as these new laws pass. For those worried about the future, we're setting out a new way to coordinate the efforts of our cities and the Province to build the homes people need quickly.”

 The first piece of legislation, the housing supply act, will help speed up housing development and increase supply by giving the Province the power to set housing targets in municipalities with the greatest need and highest projected growth. Targets will be based on information provided by and in consultation with municipalities. The new housing targets will encourage municipalities to address local barriers to construction so that housing can get built faster, including updating zoning bylaws and streamlining local development approval processes.

 “I had a good job lined up, and even I had a hard time finding a home,” said Omama Shoib, a healthcare worker who moved from Alberta to Victoria. “We need more housing options across the board urgently. Some people aren’t as lucky as I was and have to turn down job opportunities or schooling because they can’t find suitable housing. I’m relieved the government is doing more to increase housing so people don’t have to give up on pursuing their goals just because they can’t find a place to live.”

 The Province will monitor progress and work with municipalities to help address barriers to meeting housing targets and to support the increased community needs associated with targeted growth. The act enables compliance options as a last resort should municipalities with the highest need struggle to create the conditions that are necessary to ensure housing gets built.

 If passed, the housing supply act is scheduled to be brought into force in mid-2023. To support implementation, the Province will continue to help local governments speed up local approval processes through the continued implementation of the Development Approvals Process Review and work underway to accelerate provincial approvals. 

 In addition, the Province is making amendments to the Strata Property Act to end all strata rental-restriction bylaws and to limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors' housing through the “55 and over” rule in strata housing. Some buildings have “19+ only” age restrictions that mean couples starting a family have to plan to move out as soon as they become pregnant. Stratas will be able to appear at the Residential Tenancy Branch to evict problem tenants and recover the costs of those appearances. 

 “There are a lot of things on your mind when you are getting ready to start a family. It can be a very stressful time,” said Sarah Arnold, an expectant mother and condo owner in Victoria. “The last thing you need to think about when you’re preparing to welcome a newborn is finding a new place to live. These unjust age restrictions have hurt a lot of families, and I am pleased to see the Province is taking action to make sure no more couples have to uproot their lives and leave their homes if they decide to start a family.”

 In areas where the government has data through the Speculation and Vacancy Tax, there are approximately 2,900 empty condos that cannot be rented out because strata rules prevent them from renting out their condo, and the government expects there are more empty units in strata buildings in other parts of the province. This amendment will enable owners to rent out these badly needed homes immediately. The government also expects that some owners in strata buildings would choose to rent out a room in their condo if they were given the opportunity to do so.

 “Rules that prevent families with children from living in a home or prevent people from renting the unit they own are no longer acceptable in our current housing market,” said Murray Rankin, Attorney General and Minister Responsible for Housing. “These amendments will open up more rental and homeownership options for people at a time when they’re needed the most.”

 If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnBs, will continue to be allowed. These actions are new steps to deliver homes in B.C., building on B.C.’s 10-year, $7-billion Homes for B.C. plan.

 Sources: 

Storeys. (2022, November 22). Real Estate News. Sworn in on Friday, David Eby Announces New Housing Actions on Monday. https://storeys.com/david-eby-premier-housing-supply-strata-property-legislation-november-2022/#:~:text=The%20Housing%20Supply%20Act%20would,and%20consultation%20with%20those%20municipalities.

BC Government News. (2022, November 22). New premier delivers action to expand housing supply within first days. https://news.gov.bc.ca/releases/2022PREM0065-001745

Preventing Downfalls With Your First Home

Walking into your first home is a large step to take.  It is an entirely different process that you will follow, with an entirely new set of rules to begin learning.  Because of the large changes that occur with buying a first home, there are always those who walk into a deal over their head.  Making sure that you don't get the wrong options presented to you will help you to invest right the first time. 

The major factor that you will need to consider when deciding on your first home is where you will stand with the search.  One of the largest mistakes that people make is deciding that they like a specific home then only investing in that home by becoming emotionally attached to it.  This can cause several problems.  The first is that you may not be able to get the home because of something happening in the process.  This can be disappointing and tiring.  The second mistake is that you will offer a price that is too high or too low.  Make sure that you know exactly what the house is worth and how it fits into your needs before becoming attached. 

Not only will you need to shut off emotions in order to find and compare homes, but you should also do this after you have chosen a home.  Even if you have signed a contract for your first home, the process isn't over.  You will have to find a mortgage and inspections will have to be made.  If there is a large problem with the home that needs to be prepared, or if something goes wrong in the process of the loan, you will have to start over again.  If you are prepared and detached until you set foot in the house for the last time, it will make the entire process much easier. 

From here, you can decide exactly what you can afford and how you will get there.  The best place to start is with your credit history.  By knowing your score, you will also be able to estimate the type of loan that you will be able to get.  You will want to make sure that your bank statements are stable and secure.  There is nothing like walking into your first home and not being able to pay the mortgage from the beginning. 

By staying detached and logical about your new home, you will have the ability to find the best.  Preventing the mistakes, in the beginning, will save you hours and days of time, as well as stop years of hassle that may occur.  Being prepared and honest about what you are looking for is an easy way to help with the process. 

5 Tips to Ensure Your Home’s Showing Is a Success

The purpose of showing your home is to hook a buyer. You want the buyers to come through your house and be impressed - so impressed in fact, that they’re ready to make an offer! You’ll have one chance to make a great first impression on the potential buyers, so make sure to follow these five helpful tips to really make it count!

1. Focus on the outside. Make sure that you don’t neglect the outside of your home. Curb appeal can make or break the odds of someone even bothering to get out of the car to come in. If they pull up and see a home with a lawn that obviously needs edging and has an unkempt flower bed, they’re going to wonder what else hasn’t been cared for properly. You want the outside of your home to be spotless. Clean the siding, the windows, and the doors. Make sure there are no dirt smudges, no cobwebs and that anything that needs painting has been spiffed up.

2. Take yourself out of the house. That means that you want to take out all the personal stuff. Remove the family photos from the wall or tables. You want the home to look neutral so that the potential buyers can look at your house and picture it as themselves living there. Everything should be as neutral as possible in terms of personal items.

3. Remove all the extra clutter you see at first glance. If you look around, it’ll amaze you at how much stuff you’ve accumulated over the years. Some of it might very well be important, but that doesn’t mean that your potential buyers should see it. When you have a lot of clutter, it shrinks the living space of the house. It makes it look and feel cramped and smaller. Many homeowners get something called house blindness. They’ve lived in the home for so long with the same clutter that they don’t even really see it anymore. But a stranger will always notice. So clean out your house and make the space as big as possible.

4. If you have a pet, no one that walks through your house should be able to notice it exists. That means no cat litter box, no dog to jump on anyone, no food sitting around in a dish. Your home should not have any pet odors. Having a clean house that’s odor free is a big selling point. You don’t want to lose a possible deal just because they can smell your pet’s presence or your pet makes a bad impression.

5. Stage your home! You can hire a professional or you can do it yourself. Stage your living areas in a way that shows off your home. You can rent furniture to make your home furnishings look good if you don’t use a stager. Someone who knows how to stage a house knows how to play up the best features of your home and knows what to bring in or get rid of to make the entire house appeal to a buyer.

First impressions are HUGE when showing you home to potential buyers, but by following the simple tips above you will be well on your way to making a great impression and, hopefully, receiving multiple offers!  (And if you are at all anxious about this important step, just reach out to a trusted real estate agent in your area who can help guide you through this process!)

7 Things to Look for in a New Neighbourhood 

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the following in mind:

1. If you’re considering buying a home in a community that is unfamiliar to you, get to know its lay-out, offerings, and ambiance. Take some time to walk or drive through the neighbourhood, both during the day and at night, familiarizing yourself with the sights, sounds, and smells.

2. What amenities does the neighbourhood have to offer? Is public transportation readily accessible? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children.

3. What is the nature of the job market in the area? Keep in mind that if area employers are producing more jobs, you can expect property values to increase, especially if the jobs offered fall within a higher salary bracket.

4. Speak with the neighbours. Ask questions. They can offer you a wealth of information, from an inside perspective.

5. How will you be affected by a new commute to work? Drive the route between the new neighbourhood and your office during the appropriate times to gauge the volume of traffic you could expect to encounter, and the amount of time you’d need to put aside for daily travel.

6. Contact local land-use and zoning officials to determine existing development plans or potential for development in the area. A strong agenda for neighbourhood planning and local zoning will increase the value and draw of a neighbourhood. Keep in mind that any large, tree-covered area may be a target for future development in popular communities.

7. Determine whether financial resources have been put in place to support infrastructure projects in the area. These construction projects might include building, replacing, or improving anything from schools to roads, and are usually part of a city or town’s long-term plan. While disruptive, construction could also be a benefit to your experience of a community, influencing the long-term value of the area.