Alpine Credits' Blog

If you own residential property in Richmond, chances are the value of your home increased dramatically last year. B.C. Assessment is reporting that the market values for residential properties in Richmond rose by 17.4 per cent from the following year. The second largest municipality jump was Vancouver, with a value increase of 12.17 per cent.

Vancouver Living

One of the reasons for the jump was the interest by investors in Mainland China. Another factor could very well be the expansion of the Sky Train line, making communities like Richmond more accessible.

It all adds up to quite the year for homeowners on the west coast. But what does this mean to the average family living in their home. Not much. If you can’t sell your house, you can’t access that increase in value. If you live in it, the banks are the only ones smiling.

WRONG!

You can access that increase in value by applying for a second mortgage. Alpine Credits looks at two things when it negotiates terms for a second mortgage. They look at the value of your house and the amount paid into your initial mortgage. When property values increase, homeowners can borrow larger amounts.

What you do with the money is up to you, but re-investing in your home is always a smart option.