FICOM Consumer Alert May 2016

Diane Buchanan • May 12, 2016

Attempts to sell your own property online may be targeted by unlicensed operators

The Office of the Superintendent of Real Estate is warning homeowners who advertise their own properties for sale online that they may be approached and offered real estate services by individuals who are not licensed to provide those services under the Real Estate Services Act (Act).

For example, homeowners advertising their own properties using free online classified advertising services such as Kijiji, Craigslist, Castanet, Prop2Go, and OKHomeSeller have been offered assistance by unlicensed individuals in marketing the property, arranging viewings, and reaching potential purchasers. The unlicensed activities are known to have targeted the Okanagan region.

The unlicensed real estate services have also been promoted through websites including canadapropertyguys.com, commissionfreesystems.com, ispeedprivatelending.com, and realestatecouncilofcanada.ca. The Real Estate Council of Canada is not a government office or regulatory body. These websites and related parties are the subjects of an application by the Real
Estate Council of Alberta for a civil court injunction to halt unlicensed real estate services. A hearing is scheduled in the Court of Queen’s Bench of Alberta on June 7, 2016.

Unlicensed real estate services providers may charge opportunistic fees and commissions, and expose consumers to other forms of misconduct. They are not required to carry errors and omissions insurance, manage funds through trust accounts, meet educational and professional standards, and are not subject to regulatory oversight by the Real Estate Council of British Columbia.

Protect Yourself

Ask questions.  Seek information from potential purchasers, including their full names and contact information.

Do Your Research.  Before working with a real estate services provider, check whether they are licensed by visiting the Real Estate Council of British Columbia’s website.

Check Online Ads.  Ensure that your online for-sale-by-owner advertisement and pictures have not been copied into another marketing website to divert potential purchasers to an unlicensed broker.

Be Vigilant.  Consumers are encouraged to report improper advertisements to the website host and suspected unlicensed real estate services to the Office of the Superintendent of Real Estate (604-660- 3555, 1-866-206-3030, RealEstate@ficombc.ca)

DIANE BUCHANAN
 Mortgage Broker

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Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Diane Buchanan • April 22, 2026
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.

How to Get a Mortgage for a Second Property

By Diane Buchanan • April 15, 2026
Thinking About Buying a Second Property? Here’s What to Know Buying a second property is an exciting milestone—but it’s also a big financial decision that deserves thoughtful planning. Whether you're dreaming of a vacation retreat, building a rental portfolio, or looking to support a family member with a place to live, there are plenty of reasons to consider a second home. But before you jump in, it's important to understand the strategy and steps involved. Start with “Why” The best place to begin? Clarify your motivation. Ask yourself: Why do I want to buy a second property? What role will it play in my life or finances? How does this fit into my long-term goals? Whether your focus is lifestyle, income, or legacy planning, knowing your “why” will help you make smarter decisions from the start. Talk to a Mortgage Expert Early Once you’ve nailed down your goals, the next step is to sit down with an independent mortgage professional. Why? Because buying a second property isn't quite the same as buying your first. Even if you’ve qualified before, financing a second home has unique considerations—especially when it comes to down payments, debt ratios, and how lenders assess risk. How Much Do You Need for a Down Payment? Here’s where the purpose of the property really matters: Owner-occupied or family use: You may qualify with as little as 5–10% down, depending on the property and lender. Income property: Expect to put down 20–35%, especially for short-term rentals or if it won’t be occupied by you or a family member. Your down payment amount can be one of the biggest hurdles—but with strategic planning, it’s often manageable. Ways to Fund the Down Payment If you don’t have the full amount in cash, you might be able to tap into your current home’s equity to help fund the purchase. Here are a few ways to do that: ✅ Refinance your existing mortgage to access additional funds ✅ Secure a second mortgage behind your current one ✅ Open a HELOC (Home Equity Line of Credit) ✅ Use a reverse mortgage (in certain age-qualified scenarios) ✅ Take out a new mortgage if your current home is mortgage-free These options depend on your income, credit, home value, and overall financial picture—another reason why having a pro in your corner matters. Second Property Strategy: It’s More Than Just Numbers This purchase should be part of a bigger financial plan—one that balances risk and reward. It’s about: Assessing your full financial health Maximizing your existing assets Minimizing your cost of borrowing Aligning your purchase with your long-term goals Ready to Take the Next Step? There’s no one-size-fits-all answer when it comes to buying a second property. That’s why it helps to talk things through with someone who understands both the big picture and the small details. If you’re ready to explore your options and build a plan to make that second property dream a reality, let’s connect. I’d love to help you take the next step with confidence.