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

LET'S TALK

RRSP As A Downpayment

By Diane Buchanan • July 16, 2025
Did you know there’s a program that allows you to use your RRSP to help come up with your downpayment to buy a home? It’s called the Home Buyer’s Plan (or HBP for short), and it’s made possible by the government of Canada. While the program is pretty straightforward, there are a few things you need to know. Your first home (with some exceptions) To qualify, you need to be buying your first home. However, when you look into the fine print, you find that technically, you must not have owned a home in the last four years or have lived in a house that your spouse owned in the previous four years. Another exception is for those with a disability or those helping someone with a disability. In this case, you can withdraw from an RRSP for a home purchase at any time. You have to pay back the RRSP You have 15 years to pay back the RRSP, and you start the second year after the withdrawal. While you won’t pay any tax on this particular withdrawal, it does come with some conditions. You’ll have to pay back the total amount you withdrew over 15 years. The CRA will send you an HBP Statement of Account every year to advise how much you owe the RRSP that year. Your repayments will not count as contributions as you’ve already received the tax break from those funds. Access to funds The funds you withdraw from the RRSP must have been there for at least 90 days. You can still technically withdraw the money from your RRSP and use it for your down-payment, but it won’t be tax-deductible and won’t be part of the HBP. You can access up to $35,000 individually or $70,00 per couple through the HBP. Please connect anytime if you’d like to know more about the HBP and how it could work for you as you plan your downpayment. It would be a pleasure to work with you.

Selling Your Property? Let's Talk

By Diane Buchanan • July 9, 2025
If you’ve been thinking about selling your existing property, for whatever reason, it would be in your best interest to connect with an independent mortgage professional before calling your real estate agent or listing it yourself. And while talking with your mortgage professional might not sound like the most logical place to start, here are a few scenarios that explain why it makes the most sense. If you’re buying a new property If you’re selling your property, chances are, you’ll have to move somewhere! So, if you plan on buying a new property using the equity from the sale of your existing property, chances are you’ll need a new mortgage. Don’t assume that just because you’ve secured mortgage financing before, that you’ll qualify again. Mortgage rules are constantly changing; make sure you have a pre-approval in place before you list your property. Also, by connecting with a mortgage professional first, you can look into your existing mortgage terms. You might be able to port your mortgage instead of getting a new one, which could save you some money. If you’re not buying a new property Even if you aren’t buying a new property and want to sell your existing property, it’s still a good idea to connect with a mortgage professional first, as we can look at the cost of breaking your mortgage together. Unless you have an open mortgage, or a line of credit, there will be a penalty to break your mortgage. The goal is to work on a plan to minimize your penalty. Because of how mortgage penalties work, sometimes it’s just a matter of waiting a few months to save thousands. You'll never know unless you take a look at the details. Marital breakdown The simple truth is that marriages break down. When that happens, often, people want closure, and unfortunately, they make decisions without really thinking them through or seeing the full picture. So, instead of simply selling the family home because that feels like the only option, please know that special programs exist that allow one party to buy out the former spouse. The key here is to have a legal separation agreement is in place. If you’d like to discuss the sale of your property and your plans for the future, connect anytime. It would be a pleasure to work with you!