Frequently Asked Questions

Shirley Real Estate Ltd. is #1 in the Salmon Arm area, being the largest, locally owned, independent real estate office in town. The company has been established for over 25 years. Located in the core of the city, Shirley Real Estate Ltd. has instant computer on-line service to the Okanagan-Mainline Real Estate Board (MLS Service) and has Nationwide connections with other real estate offices around the world.

Lisa Shirley-Nobbs along with her husband Darrell Nobbs have owned Shirley Real Estate since 1994 when they took over the business from Lisa's parents Tom & Carole Shirley. Tom & Carole opened Shirley Real Estate in August 1983 making Shirley Real Estate the longest established real estate company in the Salmon Arm/Shuswap area.

Shirley Real Estate is the longest established real estate company in the Salmon Arm/Shuswap area and has been in the real estate business for over 25 years. Its competent realtors have over 120 years of combined real estate experience. We offer MLS listing service, professional marketing techniques & personalized confidential service. Shirley Real Estate's realtor sales volume ranks us one of the top real estate companies in the Shuswap/Salmon Arm areas. Shirley Real Estate Ltd. has an excellent reputation for having honest and ethical real estate service. List with Shirley Real Estate Ltd. and you can be confident we will get your property sold with the highest price, least amount of hassle and in the shortest period of time. (refer to our "Seller Tips" on our website for more info).

Usually, you will need to have a minimum of 5% down payment of the purchase price of a house in order to qualify for a mortgage. In some cases you may not need any down payment Contact a realtor at Shirley Real Estate Ltd. and we will assist you in getting pre-qualified for a mortgage so you will know exactly what you need down.

The realtors at Shirley Real Estate Ltd. will put you in touch with a mortgage broker or a financial institution to get you pre-qualified for financing a house that you can afford. Getting Pre-qualified is Key to Buying A House. (Refer to our "Buyer Tips" on our web page to explain the Buying Process)

You will have Notary/Lawyer Fees, Survey Certificate (if required), cost of Mortgage including Appraisal (if required), fire insurance premium, Property Purchase Tax (1% on first $200,000. & 2% thereafter), G.S.T. on legal fees and possibly on purchase price if property is brand new house or vacant land in a company name. (Refer to "Buyer Tips" on this web site for further information")

We are licenced to sell property in the entire province of BC; however, choose to specialize in all sales in the entire Salmon Arm/Shuswap areas. These include: Sicamous/Malakwa, Enderby/Grindrod, Blind Bay/Sorrento, Chase, North Shuswap, Seymour Arm, Anesty Arm, Eagle Bay/Wild Rose Bay, Tappen, Notch Hill, Skimikin, Silver Creek, Deep Creek, Gardem Lake, White Lake, Mara, Salmon Valley and all of Salmon Arm.

Yes, Shuswap Lake, Mara Lake, White Lake & Gardem Lake lakeshore properties are a large percentage of Shirley Real Estate's business each year. Our realtors are very familiar with these lakes and even have access to a boat to show boat access properties.

Residential, Commercial, Lakeshore, Acreages, Businesses, Development Property, Farms & Vacant Land & Lots

Click on the following link to view the graph of the average residential price of homes in the Shuswap for the last 5 years

Click on the following link to view the graph of the home sale prices from 2007-2008, 2007 is in red 2008 is in blue.

 Shuswap Construction Industry Professionals group.

The Income Tax Act of Canada provides that whenever a non-resident disposes of property, the non-resident is required to pay the appropriate amount of taxes on any gain. In order to satisfy the purchaser that the appropriate amount of taxes are being paid, the vendor must provide to the purchaser, on or before closing, a clearance certificate from Revenue Canada. This certificate is issued by the federal government and certifies that a certain amount of money is payable for the taxes. The amount owing is deducted from the sale proceeds and sent directly to the federal government by the vendor's lawyer.

The clearance certificate is issued pursuant to section 116 of the Income Tax Act and is usually required on the closing date. It may be applied for in advance of the closing by the vendor, but not until there has been a contract of purchase and sale entered into by the vendor, with all subjects being removed. The wait for the clearance certificate is usually around 6-8 weeks, so in a perfect world, there would be enough time in a 6-8 week lead-time between when the subjects are removed and the completion date.

Complications can arise if the certificate is not obtained prior to the closing date. In such a case, the purchaser is required to hold back from the sale proceeds a percentage of the selling price. This percentage is either 25% or 50%, depending on whether the property is non-depreciable property (a residence of the vendor) or depreciable property (the property has been rented). The transaction closes with the money remaining in a lawyer's trust account until the certificate is obtained. Once the certificate is obtained, the taxes are paid from the hold back

and the vendor receives any amount left over.

Please note that the hold back is based on the selling price, not the equity in the property. If there is financing on the property, the vendor may need to pay this financing from other sources.

In BC when you purchase real estate there is a 1%  on first $200,000 and 2% thereafter tax due upon completion if you do not qualify for the below exemption. 

As a Purchaser you are exempt if:

• You must be a Canadian Citizen, or Permanent Resident (as defined by Immigration Canada).
• You must lived for 12 months in British Columbia consecutively prior to your date of a property registration.
• You have not ever owned a principal residence anywhere in the world at anytime.
• You have never received an exemption or refund as first time home owner in BC before.

The Property qualification: 

• The value of the property is not more than $425,000
• The land size is no larger than 1.24 acres (0.5 hectares)
• The Purchased property will be your principal residence.

Mortgage financing you receive if: 

• It is at least 70% of the value of the property
• The mortgage term of at least 1 year
• The mortgage financing is registered with 7 days of your property registration date.

Requirements to Keep the exemption

• You need to occupy the home within 9 days of the date of registration of the property in your name and continue to live in the home as your principal residence for min of 12 months after registration.
• If you bought vacant land, a principal residence will have to be built within 1 year and you will need to reside there for the reminder of the first year.
• During the 1st year, there are limitations on how much you can reduce the mortgage or financing. the ministry after one year will send a letter to you asking for details of the financial account that you have registered against the property for your 1st year. it will be your responsibility to make sure the Government ministry receives all the financial information.if you do not report the financial details required, you will be assessed for the Property tax due
• You can qualify for a partial exemption if you pay down your financing more than the limitation amount or if you move off the property within the 1st year.

Source: BC Government PPT Brochure November 2007

Contact one of the professional Realtors at Shirley Real Estate Ltd. today for a complimentary non-obligated market evaluation on your property.  Please call 250-832-9997.

It is a real estate mortgage with a 20% down payment based on your purchase price or the appraisal value, which ever is lower.  You are not required to pay high ratio fees on a conventional mortgage.  It can be amortized up to 35 years, but most common is 25 years.

To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you apply for a mortgage.

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.

Remember: without mortgage insurance you may avoid the insurance premium but you’ll typically pay much higher interest rates and additional administrative fees. At the end of the day, for the vast majority of borrowers, the cost of CMHC Mortgage Loan Insurance is more than fully offset by the savings achieved.

A 10% premium refund and extended amortization period without surcharge may be available when CMHC Mortgage Loan Insurance is used to finance an Energy-Efficient Homes.