Foreclosure sales quite often are thought to be really good deals, but are they?
Depending on your current situation, a sale on a foreclosure might be the right fit for you, but it is important to understand how the process works so that you can decide. When a homeowner defaults on their mortgage here in Canada, the lender will commence the process that will result in a court ordered sale. Foreclosure proceedings must be commenced by a petition that sets out the relief sought and then sets out the factual basis for the relief, once the petition is served to all parties whose interests may be affected by the proceedings such as any registered owners, co-signers, 2nd mortgage holders etc. Lenders then request an Order Nisi from the court; this order when granted commences a time frame where the owners can pay out the mortgage and retain ownership of the real estate in question. This is called the redemption period and the Supreme Court of BC has consistently stated that the usual redemption period is 6 months and that shortening this period is a matter of sound judicial discretion. During this period, the owner may continue to live in the property and cannot be made to leave except in exceptional circumstances. Technically, the property can be sold during this period, but the foreclosed upon owners could still payout the mortgage and regain control of the property. Upon Expiry of the redemption period, lenders usually put the property up for sale with a Real Estate company via a Lawyer who is acting for the lenders. This is the time the property is made available to the public for a court ordered sale. Foreclosure sales have some very important cautions that all buyers need to know and understand. It is very important to have an REALTOR® that understands the process as it is different from your standard purchase. Foreclosure sales are generally on an “as is where is basis” and there is no guarantee as to condition on possession date, plus appliances and other chattels are not included. Oh, and there is no guarantee your offer will be the winning offer.
So, is a foreclosure sale right for you?


You've probably wondered whether it is smarter to invest money in your RRSP , TFSA or pay down your mortgage.This is probably one of the most commonly asked personal finance questions in Canada. The answer depends on many things, including what you expect to earn on your RRSP or TFSA and the terms of your mortgage.

Either way you’re investing in your future. Paying down your mortgage helps reduce future interest costs, and builds home equity. Contributing to your RRSP or TFSA builds your savings through the power of tax-free compounding.

What solution is right for you … or should you do both? Let’s take a look at both sides of the equation.


Pay down your mortgage


Being mortgage-free as soon as possible may be a sound strategy for creating wealth. Contributing to your mortgage over and above your payment will help you be mortgage-free sooner. Any additional amount over your regular payment will go directly towards reducing the principal. The more you pay down now, the more interest costs you’ll save in the future.

If your mortgage interest rate is equal to or higher than the rate of return you expect to earn on your RRSP or TFSA, then reducing your mortgage can be a good choice. An important thing to recognize is that when you pay down your mortgage it guarantees you a rate of return equal to the mortgage rate. In this low interest rate environment, it’s not possible to earn a similar guaranteed rate in your RRSP or TFSA.


Saving through RRSP/TFSA contributions


Money invested in your RRSP compounds tax-free, earnings on TFSA contributions are tax exempt. In either case each can create a sizeable nest egg for you in retirement. Also, if you're not planning on retiring for a while, the compound interest you can earn is likely more advantageous than a paid-off mortgage.

If the expected rate of return in your RRSP or TFSA is higher than the interest rate on your mortgage, then contributing to an RRSP or TFSA makes sense, (eg. 9% in your RRSP vs. 3.99% on a mortgage). It’s important to recognize however that the rate of investment return is not guaranteed and higher returns come with a higher risk.


Do both


Another consideration is to do both and get the best of both worlds. For example, contribute to your RRSP each year, and use the tax refund to pay down your mortgage. Finding a balance between chipping away at your mortgage and saving for retirement is a form of diversification that could benefit you in the long run.

There are a number of online calculators available that can provide a quick comparison of your options. Check out the RRSP vs. Mortgage Calculatoror the Government of Canada's TFSA calculator.

The above is general information and is not intended to be financial advice, and may not be suitable for you. Before you make a decision, we recommend you consult with a qualified financial advisor about which strategy might be right for you.


This article is provided by First National Financial. For more information call 888.488.0794 or visit


Has a new job or a new direction necessitated your moving to Kelowna, British Columbia? Or perhaps you visited, fell in love with one of BC’s fastest growing yet laid-back communities and have decided to retire there. Whatever it is drawing you to Kelowna, you’ll best start the process of finding a Kelowna home by approaching a qualified Kelowna Real Estate agency. When it comes to Kelowna properties for sale, no one’s going to have their thumb on the pulse of the market quite like the friendly folks at Royal LePage Kelowna.


First and foremost, their realtors won’t aim to find you a house, condo, townhouse etc. – they’re goal is to find you a home, and the definition of what is an ideal home differs with every individual and every family. Being receptive to the particular needs and wishes of the client is of the utmost importance and a value every Royal LePage Kelowna realtor places front and center in their service. Anyone can evaluate any number of Kelowna homes for sale on their own. Where a quality realtor provides real value is in fine tuning your search by combining his or her market expertise with an understanding of what distinguishes you as a buyer. It starts with a lot of listening, is followed by a lot of hustle and ends with a satisfied homebuyer.


The consistency seen in the large numbers of quality Kelowna properties for sale is a testament to the way the city has grown and the attractiveness it has for people at different stages of their lives. Like any mid-sized city, folks come and go but those who are on their way in are sure to feel good about what Kelowna has to offer. It features a burgeoning economy with a growing high-tech sector and other similarly strong industries. In addition, there is a real quality of life in Kelowna that is buoyed by the ample opportunities available to one and all to enjoy its spectacular natural beauty.  Add to it all the fact that Kelowna homes for sale and their properties offer good value for your dollar and some might say it’s a slam dunk in favour of BC’s interior gem of a city.


Do yourself a favour and weigh the many Kelowna properties for sale with the help of one of the experts at Royal LePage Kelowna. They’ll narrow the field of Kelowna homes for sale that meet your criteria and streamline the process of getting you into the one that’s perfect for you. Visit http://kelownahomefinders.caand get the ball rolling.



We just listed a new property located at 1 1811 Ambrosi RD in Kelowna.
Welcome to the Dwell!! This END UNIT is Big, Beautiful, & Bright - with plenty of windows to let in all the Okanagan Sunshine. This very unique townhome has it all!!! The living space is very carefully thought out + a funky kitchen with stainless appliances & a sit up bar to watch the cook as he chefs up dinner! The second floor has 2 large bedrooms 1 bedroom has its own ensuite and the other bedroom has its own private deck! Now its time to start living the Okanagan Lifestyle as you head upstairs to the HUGE Rooftop Patio. The patio has tons of space for all yours friends while barbecuing and sipping on your favorite drink this will definitely be the place to be! Lastly, this unit has a double attached garage that provides plenty of opportunities for storage, a spot for a gym, studio...possibilities are endless. NO HST!!!! Contact the Dion-Ivans Group for your own personal tour!!

We just listed a new property located at 1566 Large AVE in Kelowna.
Stunning Black Mountain FAMILY home located on a quiet cul-de-sac!! This home features 5 bedrooms with 3 on the main floor, 3 baths, vaulted ceilings with a bright open floor plan, & an over sized garage with shop area. Other features include; a gas fireplace, hardwood flooring, maple cabinetry, a walk-in pantry, A/C, built-in vacuum & a HUGE rec room. Enjoy entertaining in the great room and let the kids play in the pool sized fenced backyard!! Call the Dion-Ivans Group today to book a private showing!!

We just listed a new property located at 1355 Mckenzie RD in Kelowna.
10.5 Acres of truly INCREDIABLE property!! Panoramic views of the city and lake. Property is surrounded by estate properties, backs on to range land and is only minutes away from the new Towers Ranch golf course. ABSOLUTELY AMAZING BUILDING SITE AT THE TOP OF THE PROPERTY!!! There is a existing home at the bottom with a large detached garage and a implement shed. Former orchard cleared and waiting for your personal touches - vineyard, horses? The property is fully irrigated and is sloped towards the west. Definitely one of the nicest acreages left!!

Please visit our Open House at 3948 Sunset Ranch DR in Kelowna.
OPEN HOUSE: Sat March 24th from 1:00 - 3:00PM
Bright, Beautiful, Classy Walkout Rancher in the desirable Sunset Ranch Golf Community. This home has all the bells and whistles - trayed ceilings, geothermal heating & cooling, corian countertops, amazing views and the list goes on. The home has an open concept, perfect for entertaining and taking in all the views of the golf course, lake and city. The master bedroom is extremely cozy with a large picture window and a spa like ensuite. The basement is the perfect set-up for anyone - 2 additional bedrooms, gym, and a beautiful family room wired for sound which includes a bar and finally a storage room big enough to ease all your storage needs. This home is sure to impress!! Contact the Dion-Ivans Group today for your private viewing!!

We just listed a new property located at 63 9845 Eastside RD in Vernon.
EXPANSIVE 270 DEGREE LAKE VIEW! Very exclusive 2228 sqft 3 bed, 3 bath Outback Resort Ridge Home with nearly 700 sqft of outdoor living space. Luxury cottage feel featuring dramatic wood beams, granite counters, distressed oak hardwood, 18ft vaulted ceilings & walls of windows to maximize views & invite natural light while also connecting the living space to natural forested surroundings. Designed with green living in mind, Outback Ridge Homes utilize super efficient Geothermal heating & cooling, combination grass & zinc roofs, & were built with minimal site disturbance to maintain the natural integrity of the community. This home is set amongst an enclave of luxury lakefront cottages within the 60 acre resort. Owners enjoy 2 community pools, 4 hot tubs, private marina, beach, tunnel-accessed lakefront picnic area, neighbouring 240 acre Provincial Park and so much more. This is your chance to own the ultimate family get-a-way in the finest lakefront community in the entire Okanagan! Call the Dion-Ivans Group today for more info!!

We just listed a new property located at 147 9845 Eastside RD in Vernon.
Ideally situated ground level two bedroom plus den South Bay Villa at Outback Lakefront Resort. Let the family spill out on the lawn or go for a short walk to explore the pools, hot tubs, beach, marina, tunnel accessed picnic area, tennis courts, neighbouring 240 acre provincial park & more! Whether it's boating, swimming, golfing, cycling, hiking or simply relaxing...the Outback offers fun for all! An optional rental pool affords great revenue potential and a chance to offset carrying costs. Call the Dion-Ivans Group today for details!!

Property Type:

20.7% by First Time Buyers
20.7% of purchases were by Move-Up Buyers
14.0% buying Revenue/Investment Property
13.2% moving from Single Family Home to Strata Unit
6.6% moving into Retirement Home/Seniors Community
4.1% Recreation Property Buyers
3.3% moving from Strata property to Single Family Home

It is interesting to note that first-time buyers and move-up buyers appear to be neck and neck this month!

Buyer Type (Family Dynamic):
28.0% Two parent family/children
23.2% Couple without children 
16.8% Empty Nesters/Retired
12.8% Single Female
9.6% Single Male
4.8% Single Parent with children

Moving From: 
64.8% from Within OMREB Board Area
19.2% from Alberta
9.6% from Lower Mainland/Vancouver Island
4.8% from Other Areas in BC
0.8% from Saskatchewan/Manitoba
0.8% from Eastern Canada/Maritimes
0% from Outside Canada
0% from NWT/Yukon (fifth month reported)


We just listed a new property located at 713 Cantina CRT in Kelowna.
Absolutely IMMACULATE family home in the Upper Mission!! This home features 5 beds, 3 baths an open concept, espresso cabinetry with a tile back splash, new stainless appliances, new flooring, new baseboards & was just painted. Enjoy the sunset and partial lake views from the front deck or relax in privacy on the stamped concrete patio in the back yard. Call the Dion-Ivans Group today to book a private showing!!

We just listed a new property located at 369 Uplands DR in Kelowna.
STUNNING views of Okanagan Lake with this Upper Mission walk-out rancher!! The home is situated on a HUGE .46 acre private lot and features 5 beds, 3 baths & a triple detached garage. The main floor has been totally renovated including granite counters, new flooring, new paint, new baseboards & up-dated electrical. The basement & yard require some work, but there is a ton of POTENTIAL with this property. Call the Dion-Ivans Group today to book a private showing!!
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