Credit reports part 1: What is in My Credit Report?

Your personal credit report is compiled by Canadian credit bureaus from various sources. The report shows information generally going back six to seven years, including personal information such as your name, address, date of birth and Social Insurance Number. It also includes historical data such as current and previous addresses, current and previous employers, and public records like bankruptcies, liens or judgments. Most importantly, your credit report contains your credit card, mortgage and loan payment information.
This information is used by lenders to see if you have missed payments, carry high balances, or are in other ways overextending yourself financially. Payment history is the most important factor in your credit rating — so try to pay your bills on time, even if it is just the minimum balance due each month.
Lenders evaluate your credit risk based on information in your credit report. It is a good idea to review your credit report periodically and check for inaccuracies that may have an impact on your credit standing.

Discerning Property Value

How is the market value of my property determined?The market sets the price. Your Realtor will help you set a realistic price to match market conditions.
Your REALTOR® can give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).
A competitive price can be based on:
Location
Size
Style
Condition
Community amenities
Financing options
Market conditions (Is it a buyer's or a seller's market?)

Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:
How much you need to purchase your next home
How much you paid
How much you spent on improvements
The value of a similar home in a different community
The cost to build the same home today
Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)

MORE SNOW ON THE WAY!!!

It’s that time again...............
Salt Time........
Rates $ 180.00 + Salt

Contacts.
Terry Sihota
Cell. 604.779.2493
Email. Tsihota@hotmail.com

Chris Kozak
Cell. 604.968.1727
Email. Criscocontruction ltd@hotmail.com

Reliability before Liability

Holiday safety- decorations!

Although decorating for the holidays can be lots of fun, studies show that trees and candles start thousands of fires. Many trips to emergency room are also made due to falls, cuts and shocks related to lights, decorations and trees. Here are some tips that'll help keep things safe:

Candles - Although candles are great at adding ambiance, they're a major fire hazard. If you have candles burning, ensure you keep them away from curtains and other items that could catch fire and never leave them unattended or within reach of children.

Tree Trimmings - Choose decorations that are flame-retardant and avoid breakable items and those that appear edible. Make sure the wires on your lights aren’t frayed and replace defective bulbs. Never overload electrical outlets and despite how festive it may look, unplug lights when you're not around.

Christmas Trees - Keep your tree well watered and place it away from heat sources such as radiators, your TV, the fireplace or heating ducts. Anchor your tree securely so children aren’t able to pull it down on top of themselves.

Being safe is being smart. Introduce a new holiday family tradition this year by discussing potential fire hazards and what to do in case of an emergency. Remember to also test out your carbon monoxide and fire detectors and while you're at it, install some fresh batteries!!!

Did you know?

Canadians are emerging from the recession confident that the value of their homes is rising and optimistic about their local housing markets. The Canadian mortgage market is rebounding and will surpass the $1 trillion mark in 2010, reports the Canadian Association of Accredited Mortgage Professionals (CAAMP) in the fifth edition of the Annual State of the Residential Mortgage Market.Canadians are positive about house prices, and attitudes about whether this is a good time to buy a home have never been higher in the three years that CAAMP has surveyed on that question. The overwhelming majority of those surveyed (40%) expect house prices to go up, which is more than double the opinion of those surveyed in spring 2009 (18%).In past surveys, negative house price sentiments were most evident in British Columbia, Alberta and Ontario, provinces that in retrospect were hardest hit by the economic downturn. On a 10-point scale (where 1 is very negative and 10 is very positive), attitudes in these provinces have sharply rebounded to 6.44 from 4.77 in fall 2008, 6.24 from 5.00, and 6.30 from 5.11, respectively, and are now in line with the 6.25 national average.As interest rates remain low, it is not surprising that Canadians continue to be satisfied with their mortgages. Of those who renewed in the last year, 73% received lower rates than their original mortgage term.

BUSIER THAN NORMAL NOVEMBER FOR FRASER VALLEY REAL ESTATE MARKET

News Release: December 2,2009 (Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the same month last year and only 10.7 per cent less than in October.“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this time of year,” said Paul Penner, President of the Board. “We typically see both sales and listing activity slow in November as people start to get ready for the holidays and we did experience that on the listing side, but not in sales. This was the second busiest November Fraser Valley REALTORS® have seen in ten years.
”The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per cent more than were received in November last year. The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared to November 2008, when it was $467,497.
The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890 last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from $231,498 in November of last year to $235,842 in November 2009. “Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes sold for under $500,000, indicative of a diverse housing stock across our six communities.
”Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.

source: fvreb

Proper Handwashing

Properly washing your hands is the best way to help prevent the spread of germs that can cause influenza (such as H1N1), infections, colds and other respiratory viruses.
1. Wet hands and wrists in warm, running water.
2. Apply liquid soap or clean bar soap. Lather well.
3. Rub hands vigorously for at least 10-15 seconds.
4. Scrub fingertips, wrists, back of hands and between and around fingers.
5. Rinse hands and wrists thoroughly under running water.
6. Dry hands with clean towel or paper towel.If washing hands in a public restroom, rinse hands and leave the tap running. After hands are dry, use paper towel to turn off tap.

If you do not have access to warm running water, you can use an alcohol based hand sanitizer instead.Disinfecting with an alcohol hand sanitizer:
1. Apply sanitizer to open palm.
2. Rub hands together.
3. Make sure to rub fingertips, wrists, back of hands and between and around fingers.
4. Keep rubbing until hands are dry.

You should wash your hands regularily and especially:
•After using the washroom.
•After handling garbage.
•Before and after eating or handling food, especially raw fish, poultry and meat.
•After handling animals.
•After visiting or being near sick people.
•After sneezing or coughing.

15th annual REALTORS® Care Blanket Drive

**November 30 - December 7, 2009**

Every year, Lower Mainland REALTORS® organize a Blanket Drive to collect blankets and warm and/or waterproof clothing to help people in need stave off the winter cold and wet.

The Drive is coordinated by about 75 REALTOR® volunteers and there are over 100 real estate offices across the Fraser Valley, Greater Vancouver and Chilliwack and district serving as drop-off locations. Thousands of REALTORS® and members of the public generously donate to the cause.

Last year, in the entire Lower Mainland, they helped to donate and collect an astounding 4,000+ bags of blankets and clothing — bags the size of green garbage bags stuffed full. Anyone can donate anytime between November 30 and December 7 (during business hours) at one of 41 locations in the Fraser Valley.

Please refrain from dropping donations off before the Drive begins, as realty offices don't have adequate storage. Please donate ANY of these items, either NEW or gently used and clean:

blankets, sleeping bags, bedding (sheets and blankets)- ideally NEW
winter jackets, coats, rain coats, rain ponchos, windbreakers (men, women and children)
sweaters, long-sleeved shirts, turtlenecks, sweatshirts, fleece vests, pullovers
pants, sweatpants, jeans, slacks
long underwear, scarves, hats, mitts, gloves, toques
NEW underware and socks
shoes, boots, especially waterproof
any clothing offering warmth and/or protection from the elements

Please do not donate household items, summer clothing, furniture, books, toys, toiletries, etc. Save them for another time — this is a drive for warm clothing and bedding for people who are homeless! Also, our charities do not have the funds to launder these items, so ask that they are clean and useable, so as to avoid items being recycled or thrown out.

drop off locations At www.blanketdrive.ca.

housing market- Canada

Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to CMHC’s fourth quarter Housing Market Outlook, Canada Edition report. “We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve,” said Bob Dugan, Chief Economist for CMHC. “Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010. The strong pace of MLS sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the MLS, will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS price is expected to be $312,950 in 2009 and $324,500 in 2010.

COLD, FLU, H1N1 SYMPTOMS

NOT TO BE RELIED UPON, SUPPLIED AS INFORMATION ONLY

FEVER
COLD Fever is rare with a cold.
SEASONAL FLU Fever is common with the seasonal flu.
H1N1 Fever is usually present with H1N1 in up to 80% of all flu cases. A temperature of 101°

COUGHING
COLD A hacking, productive (mucus-producing) cough is often present with a cold.
SEASONL FLU A dry and hacking cough is often present with the seasonal flu.
H1N1 A non-productive (non-mucus producing) cough is usually present with H1N1 (sometimes referred to as dry cough).

ACHES
COLD Slight body aches and pains can be part of a cold.
SEASONAL FLU Moderate body aches are common with the seasonal flu.
H1N1Severe aches and pains are common with H1N1.

STUFFY NOSE
COLD Stuffy nose is commonly present with a cold and typically resolves spontaneously within a week.
SEASONAL FLU A runny nose is commonly present with the seasonal flu.
H1N1 Stuffy nose is not commonly present with H1N1.

CHILLS
COLD Chills are uncommon with a cold.
SEASONL FLU Chills are mild to moderate with the seasonal flu.
H1N1 60% of people who have H1N1 experience chills.

TIREDNESS
COLD Tiredness is fairly mild with a cold.
SEASONL FLU Tiredness is moderate and more likely referred to as a lack of energy with the seasonal flu.
H1N1 Tiredness is moderate to severe with H1N1.

SNEEZING
COLD Sneezing is commonly present with a cold
SEASONL FLU Sneezing is common present with the seasonal flu.
H1N1 Sneezing is not common with H1N1.

SUDDEN SYMPTOMS
COLD Cold symptoms tend to develop over a few days.
SEASONL FLU Symptoms tend to develop over a few days and include flushed face, loss of appetite, dizziness and/or vomiting/nausea. Symptoms usually last 4-7 days, depending on the individual. Diarrhea is common.
HIN1 - H1N1 has a rapid onset within 3-6 hours. H1N1 hits hard and includes sudden symptoms like high fever, aches and pains. Symptoms usually last 4-7 days, depending on the individual. Diarrhea is common.

HEADACHE
COLD A headache is fairly uncommon with a cold.
SEASONAL FLU A headache is fairly common with the seasonal flu.
H1N1 A headache is very common with H1N1 and present in 80% of cases.

SORE THROAT
COLD Sore throat is commonly present with a cold.
SEASONL FLU Sore throat is commonly present with the seasonal flu.
H1N1 Sore throat is not commonly present with H1N1.

CHEST DISCOMFORT
COLD Chest discomfort is mild to moderate with a cold.
SEASNL FLU Chest discomfort is moderate with the seasonal flu. If it turns severe seek medical attention immediately!
H1N1Chest discomfort is often severe with H1N1.

PREVENTION TIPS:
cough & sneeze into your elbow
wash hands with soap and warm water for a minimum of 15 -20 seconds. Sing your abc's or happy birthday to you
use hand sanitizer when soap & water are not available
avoid touching eyes, nose or mouth without washing or using hand sanitizer first

OCTOBER HOME SALES BRISK IN THE FRASER VALLEY

The Fraser Valley Real Estate Board (FVREB) processed 1,704 sales on its Multiple Listing Service (MLS®) in October, an increase of 122 per cent compared to the 768 sales during the same month last year.“We’ve had a reversal. Last October was unseasonably slow and now this past month was one of the strongest real estate markets we’ve had in the Fraser Valley in the last decade,” said FVREB President, Paul Penner.“We continued to see resale buyers from Greater Vancouver and first-time buyers from all over the Lower Mainland taking advantage of competitive interest rates and lower prices in the Fraser Valley.”
Although the MLSLink® Housing Price Index (HPI) benchmark price of all three residential property types combined has increased by 7.4 per cent in the last six months in the Fraser Valley, prices for each property type remain at or below what they were one year ago. The benchmark price of a detached home in October was $491,128, an increase of 0.4 per cent compared to October 2008, when it was $488,983.
The benchmark price of townhouses decreased 2.1 per cent from $319,160 in October 2008 to $312,339 last month. The benchmark price of apartments also decreased year-over-year by 2.3 per cent, going from $245,635 in October of last year to $240,048 in October 2009. “We expect to see prices remain competitive in the Fraser Valley,” added Penner. “Even during our unusually busy summer, prices were sensitive to location and property type.”
Although Fraser Valley’s MLS® received 7 per cent more new listings in October than it did in September, the strength in October’s sales reduced overall inventory. In October 2009, Fraser Valley property hunters had 8,807 listings to choose from, compared to 11,715 in October last year – a decrease of 25 per cent.
source http://www.fvreb.bc.ca/.

SOLD Lawn Care Business in South Surrey for sale

$45,000

Be your own boss, low overhead-run from home. Lawn care business in South Surrey since 1997. Serving affluent neighbourhood. Regular, loyal clients many that pre-pay for services in the winter for the following spring. Lawn care products are biodegradable and naturally break down with the aid of sun, water and soil. Includes truck, equipment, computer software. All assets owned. Average sales of $95,0000

Check out more here

SOLD The DISTRICT - Vancouver condos

Building 1 is Sold Out! Building 2 suites start from $239,900.

It's been a great three weeks since sales started at District. Building 1 is now sold out and they recently started selling Building 2! Priced from just $239,900, they expect Building 2 to also sell very quickly. Did you see the article in the Vancouver Sun on the weekend? "Competitively priced and conveniently located.." Metro also reported today "Suite demand high at District".

Brand new concrete construction, amazing finishings, all in a location that's second to none.... find out why we're the buzz around town!
Pricing
Studios - starting from $239,900*1 bedrooms - starting from $274,900*2 bedrooms - starting from $399,900**Effective as of October 15, 2009.

Prices do not include applicable GST and/or (proposed) HST, and are subject to change without notice. The purchase price includes one parking stall (**excluding studios) and one storage locker. Please refer to the disclosure statement. E.&O.E.

Happy Thanksgiving

Happy Thanksgiving! Hoping your day is filled with good food, loved ones, and happy times.

Thanksgiving 8000 calorie poem
May your stuffing be tasty, May your turkey plump, May your potatoes and gravy have nary a lump. May your yams be delicious and your pies take the prize, and may your Thanksgiving dinner stay off your thighs! - Unknown

The funny thing about Thanksgiving, or any huge meal, is that you spend 12 hours shopping for it and then chopping and cooking and braising and blanching. Then it takes 20 minutes to eat it and everybody sort of sits around in a food coma, and then it takes four hours to clean it up. ~Ted Allen

If you count all your assets, you always show a profit. ~Robert Quillen

Furnace inspection.

When we're down in the basement, we usually walk past the furnace without giving it a second thought -- until the weather changes and it’s time to turn it on! Having your furnace checked out by a licensed technician will ensure confidence when the time comes to fire it up.
The last thing you want is for your heat to fail on the coldest night of the year when service calls cost a fortune so treat your furnace like your car and have it maintained on a regular basis. An annual inspection which covers the motor, fan, burner, heat exchanger and thermostat will help you avoid costly repairs.
Give your furnace a quick visual inspection from time to time and make sure you clean or replace your furnace filters regularly as dirty air filters block air flow which causes the system to work overtime. Also, keep the area around the furnace clear of obstructions and never store any kind of flammable material nearby.
An efficiently running furnace will reduce heating costs but there are other easy ways to save money. Seal up air leaks with caulk or weather strips and always open your drapes on sunny days and close them at night to keep the heat in. The easiest way to save though is to turn down the thermostat and add an extra layer of clothing!
Regular maintenance will increase efficiency, reduce energy use and prevent general wear and tear. Having your furnace serviced so it works at its optimum performance level is more of an investment than an expense as it'll keep your hard earned cash where it belongs -- in your wallet!

Surrey launches new fire safety and prevention program

Surrey launches new fire safety and prevention program called Home Safe !!
Surrey residents can now request a complimentary home safety inspection and if they need it, receive a smoke alarm installed for free by Surrey's Fire Service. An inspector will come with a checklist looking for ordinary hazards such as a non-functioning smoke alarm, obvious cooking and smoking hazards i.e. candles, heating appliances too close to combustibles and so on. The checklist constitutes only "recommendations" to the recipient and will not be enforceable or cause liability to the occupant. If no smoke alarm is present, upon signing a waiver release form, the occupant can receive a free installation of a battery powered alarm. Surrey's Fire Service wants to reduce the number of residential home fires, which have steadily increased over the last two decades, putting children and seniors at much greater risk as they are twice as likely to be seriously injured or die in a house fire than any other age group. This is terrific information to share with clients, who in turn can share it with friends and family. This is also valuable information for landlords. To receive a complimentary Home Fire Safety Inspection, call 604.543.6780 or go to www.fire.surrey.ca.

Examining No-Frill Mortgage Products

While No-Frills mortgage products typically offer a lower – or more discounted – interest rate when compared with many other available products, the lower rate is really their only perk.This type of product will only seem ideal for you if you have no plans to take advantage of benefits that will help you pay off your mortgage faster – such as pre-payment privileges including lump-sum payments.Essentially, this product is only ideal for: first-time homebuyers who want fixed payments and have limited opportunities to make lump-sum payments during the first five years of their mortgage; and property investors who need a low fixed rate and are not concerned with making lump-sum payments.
No-Frills products also won’t let you take your mortgage with you if you purchase another property before your mortgage term is up – ie, portability is not an option with this product. Portability is an important option that could save you money over the long term if the home of your dreams is within your reach before your mortgage term is up and rates have risen, which they have a tendency to do over a five-year period.
It’s understanding why these products may seem appealing. After all, during tougher economic times who has the extra cash to put down a huge lump-sum payment? And who needs a portable mortgage if they’re not planning on moving until the market picks up? But it’s important to remember that a lot can change over the course of five years – or whatever term you choose for your mortgage.
The thing is, you can still obtain great mortgage savings without giving up the perks of traditional mortgages. For starters, many lenders are willing to offer significant discounts if you opt for a 30-day “quick” close.There are, however, other ways in which to earn your own discounts. For instance, by switching to weekly or bi-weekly mortgage payments, and by obtaining a variable-rate mortgage but increasing your payments to match those of the going five-year fixed rate, you’ll be ahead of the typical 0.1% discount of a No-Frills product within approximately three years.
No-Frills products represent a great example of why interest rates are not the only important factor to consider when deciding whether to opt for a particular mortgage product. Much like buying a car, you get what you pay for. If you don’t want a car with air conditioning, a stereo, a cup holder, and so on, then you can get the cheapest car going… but you’ll likely regret it later.

Courtesy Joanne Vickery- Dominion Lending

it's Time to Buy!

The market is picking up but some buyers are still hesitant to buy, the number one reason we have been hearing is that they believe the market is still going to drop lower. The housing prices may in fact drop lower but there is definitely not a lot of hope for mortgage rates to drop any lower. Some buyers don't give a lot of thought to mortgage rates but consider this:

A $350,000 mortgage 2 years ago at the best 5 year fixed rate, over 35 years would have cost $1910.26 approximately per month. Now a $450,000 mortgage with the same conditions cost $1923.41 per month.

A mortgage of $100,000 more will cost them the same amount per month! So yes, housing prices may drop but with interest rates so low it may cost them less per month if they were to buy now rather then wait till housing prices drop and mortgage rates to increase!

Cheaper home prices doesn't always mean monthly affordability. Get pre-approved, it costs nothing, saves time, there is no obligation and it locks in the rate, if rates go down you would receive that rate, but if rates go up........you are still secured at the lower rate!.

Maintaining your home

For most Canadians, their home is their most important investment – it’s where your family spends a lot of time, so keeping it healthy, well tended and safe is important. A regular schedule of seasonal maintenance and repairs can help you protect your investment by putting a stop to the most common and costly problems before they occur. Canada Mortgage and Housing Corporation (CMHC) offers many suggestions on a variety of topics related to home maintenance on the following website: www.cmhc.ca/en/co

Move up Buyers return to Fraser Valley

'MOVE UP' BUYERS RETURN TO FRASER VALLEY REAL ESTATE IN AUGUST
September 2, 2009
(Surrey, BC) - The Fraser Valley Real Estate Board credits ‘move-up’ buyers and greater affordability for the second best August in its real estate sales history, bolstered by a summer of historically low interest rates.
There were 1,786 sales processed in August, an increase of 96 per cent compared to the 910 sales during the same month last year. Add in sales from June and July generated by many first-time buyers and the result is 5,857 sales – outperforming the summer of 2007, at 5,800, but far from matching 2005, when summer sales peaked at 6,866.
“The last three months was a welcome return to a busier, more stable market, but also a discerning one,” describes Paul Penner, President of the Fraser Valley Real Estate Board. “Not every house was flying off the shelf like they did four years ago.”
“It’s a more complex market now, with variations in activity depending on the area and price and it requires knowledge, knowing what’s selling, for how much, and why.”
Penner says stability has returned to house prices, but with the average days on market in the Fraser Valley effectively remaining unchanged for six months, at just under 60 days for most property types, pricing remains highly competitive. “
Our August market poll reveals how much price matters. Over half of Fraser Valley buyers qualified for a conventional mortgage putting 25 per cent or more down, yet 39 per cent of REALTORS® who participated in our survey reported challenges in closing sales due to their clients’ inability to reach financing terms.”
The MLSLink® Housing Price Index (HPI) benchmark price of a detached home in August was $483,839, a decrease of 3.5 per cent compared to August 2008, when it was $501,317. In the last three months, the HPI benchmark price of a detached home has increased by 3.8 per cent.
The HPI benchmark price of Fraser Valley townhouses decreased 4.7 per cent from $325,833 in August 2008 to $310,389 in August 2009, and in the last three months has increased by 4 per cent. The benchmark price of apartments also decreased year-over-year by 5.9 per cent, going from $250,888 in August of last year to $236,146 in August 2009, and has increased by 1.7 per cent in the last three months.
The number of active Fraser Valley listings in August decreased 5 per cent from July, dropping to 8,987 listings. This was a 24 per cent decrease from last year. The MLS® saw 2,470 new listings come on stream in August, 2 per cent fewer than in August 2008 and 23 per cent less than this past July.

Back to School saving tips

It’s that time of year again – back-to-school time is almost upon us, although it seems like the summer just began. The back-to-school shopping season is a lucrative one for retailers, but it can be a cash-strapped one for parents and grandparents.
Following are some tips to help you save money during the back-to-school shopping season.

1)Make a List- Evaluate your child’s wardrobe and determine what still fits and what needs to be replaced. Figure out how many pairs of pants, shirts, socks, underwear and shoes your child needs to comfortably make it through a week. Check the school supply list from the teacher and weed through last year’s leftover school supplies for anything that can be salvaged. Heavy duty items such as clipboards and backpacks can usually be used for more than one year, while items like pencil crayons usually need to be replaced each year. Make a master list of all the items you will need to purchase before the start of the school year.
2)Build a Budget -If you figure out the maximum amount you will need to spend per child – and stick to your budget – you will not be surprised by the amount of money you have to shell out to get your kids ready for the school year. Based on the master list you created above, realistically budget for all required items.
3)Check Sales Fliers -Department store back-to-school sales fliers are a great resource to help with your checklist and budget . And each store often offers a few items at extremely low prices. These loss leaders are designed to draw customers into the store in the hopes that they’ll complete all of their back-to-school shopping in one stop. Savvy shoppers can take advantage of the sales at each store and get the best possible prices on a variety of items.
4)Start Early -Waiting until the last minute to complete your back-to-school shopping may result in a few great sale purchases but, overall, more money will be spent trying to get all the items at once. Prices on popular back-to-school supplies will often go up at the last minute, making those sales prices a wash. Starting early ensures that you’ll be able to find all of the items your children need while, at the same time, getting the best prices.
5)Wait an Extra Month or Two-If you miss out on early back-to-school shopping, waiting until after the school year has begun is also a smart decision. School supplies generally need to be brought to school on the first day, but all the clothing does not need to be purchased ahead of time. Ensuring that your child has one special, new outfit for the first day of school is often enough. Wait until the next month to make additional purchases to ease the initial financial burden. Most children start school at the end of the summer when the weather is still warm enough for summer clothes. Since long pants and long-sleeved shirts will often not be practical right away, these purchases can be delayed.The back-to-school shopping season does not have to deplete a parent’s or grandparent’s bank account. Reusing existing items, smart shopping and timely shopping can ease the burden and make the back-to-school time a financial breeze if you plan ahead.

courtesy of Joanne Vickery- Dominion lending center http://joannevickery.com/

Real Estate Statistics

--The 2009 Royal LePage Recreational Property Report found that 59% of British Columbians agree that a cottage is a good long-term investment and 43% think a recreational property provides a good financial return on investment. Sixty-three per cent said they would be most likely to purchase a cottage on a lake.


--British Columbians are the most willing Canadians (62%) to make financial or lifestyle changes in order to buy a recreational property. One in five (22%) would purchase with friends or family members – the highest rating in the country – 13% would rent out during the year and 11% would move into a smaller, more affordable primary residence to make a vacation home purchase.

Why now is an ideal time to buy

Given the current national credit-crunched lending environment and the slower real estate market – which has shifted to a buyers’ market – there are several reasons why now is an ideal time to purchase your first home, upgrade to the house of your dreams, purchase vacation property or buy a real estate investment property.
With purchase prices levelling out and interest rates sitting at “emergency” levels – lower rates than your parents and possibly grandparents have ever seen – you should be able to more easily obtain financing for your property.
During a buyers’ market in the real estate cycle, sellers are far more flexible and willing to work with you because they are not receiving much traffic through their doors, let alone being bogged down with multiple offers. And in cases where property has been on the market for quite some time, negotiating a sales price should offer you even more added flexibility.
When it comes to choosing a home that meets your needs, now is also a great time because the inventory of available properties is plentiful. You will have multiple properties to look at and not be rushed into making a hasty decision with a long list of other buyers ready to make a purchase.
First-Time Buyer Incentives
When it comes to making your very first purchase, the latest federal budget offers a couple more reasons why now is the optimal time to take the plunge into homeownership.
First, the budget proposed a $5,000 increase to the RRSP Home Buyers’ Plan, meaning first-time homebuyers can now withdraw up to $25,000 from their RRSPs for a down payment – tax- and interest-free.
The budget also proposed a $750 tax credit for first-time homebuyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.
The tax credit is based on an amount of $5,000 for first-time homebuyers who acquire a qualifying home after January 27, 2009 (ie, the closing is after that date).
You are considered a first-time homebuyer if neither you nor your spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.
Renovation Perks
If you’ve been thinking about doing some home renovations to a property you’d like to purchase, a 15% Home Renovation Tax Credit (HRTC) of up to $1,350 on eligible home renovation expenses undertaken before February 1, 2010 that was proposed in the latest budget may help in your decision.
The credit will apply to expenditures in excess of $1,000, but not more than $10,000, for the 2009 taxation year. Expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, will be eligible for the credit. You can claim this credit (including expenditures made in January 2010) in your 2009 income tax returns.
As always, if you have any questions, I’m here to help!

Glossary of Mortgage and Real Estate terms "A"

Agreement of Purchase and Sale - A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Amortization Period - The actual number of years it will take to pay back your mortgage loan, or the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 35 years.

Anniversary - Many mortgage products allow you to make payments against the principal on the anniversary of the mortgage.

Appraisal - The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.

Appraisal Value - An estimate of the market value of the property.

Assumability - Allows the buyer to take over the seller's mortgage on the property.

Buying recreational property

What should I look for when viewing a recreational property?

Nothing can spoil your summer fun as much as a cottage plagued with costly and time-consuming maintenance problems.
Protect yourself and your investment, and gain a little peace of mind by hiring a qualified home inspector before you buy.
But, even before you hire a home inspector, there are warning signs to look for. Recreational properties are often unoccupied for several months of the year, so they are vulnerable to infestation, freezing pipes, mildew, vandalism, and theft. When viewing recreational property, take special note of potential problem areas:

Exterior
Signs of infestation – Check along the foundation, under eves, around windows, doors, vents, and chimneys for signs of animals or insects. Watch for small piles of sawdust, unsecured holes, nests, signs of chewing, and animal droppings.
Roof – Look for loose or missing shingles. A sagging roof will mean a costly replacement.
Decks and stairs – Check for rotten timber, missing nails, warping, and peeled paint. If the deck is listing or sagging it may not be safe.
Dock – Look for signs of rot, missing nails, and warping. Are the floats and supports in good shape? Are swimming ladders, tie-ups, and other hardware firmly fixed?
Trees and utility poles – Check for dead or leaning trees or unsecured utility poles that could be a hazard to you or the building.
Windows and doors – Check the caulking and weather stripping around doors and windows. Check for rot on frames and sills.
Siding – Examine the siding for loose or missing planks. Look for peeling or bubbling paint.
Driveway and access roads – Is the driveway full of potholes, puddles, or trenches? Is the access road private or publicly owned? Find out who is responsible for maintenance and if there are any special conditions concerning its use?
Septic and water supply – Are the water pump, well, and pipes in good condition? Is there a sewage system or a septic tank or field? How old is the septic system?

Interior
General state of repair – Note the general state of the cottage. Is it clean and well kept? Walls in need of paint, loose banisters, stains, and a general state of disrepair may indicate there are other, bigger problems the owner has neglected to fix.
Electrical – Check the fuse box for signs of water damage. Test light switches and outlets. Make sure appliances included in the sale are in good working order.
Furnace – Check the condition. Turn on the heat and see how well it works (and how noisy it is).
Water damage – Examine ceilings and walls for stains and bulges. Excessive mildew can be a sign of a leak or poor ventilation.
Plumbing – Turn on all faucets to test water pressure and hot water. Flush toilets to ensure proper drainage. Examine the base of faucets, bathtubs, and under sinks for signs of water damage.
Water quality – What is the source of the water? Is it reliable and consistent? Can you drink the water? Does it have any unpalatable odours?
Security – An unoccupied cottage is an inviting target for burglars. Are there good locks on all outside doors and windows? Is there an alarm system?

Outlook 2007 tip

Add Canadian holidays to your Outlook 2007 calendar:
Open Outlook 2007. From the tools menu, click Options. Click Calendar Options. Click Add Holidays. Place a check beside the appropriate country/countries and click OK.

Tip I recommend clicking on Canada and unclicking the United States or you will end up with double entries for Christmas, Easter, etc.

Click OK to close the Calendar Options dialog box and OK to close the Options dialog box.

did you know...

One of the most important features to look for when you’re obtaining a mortgage could very well be prepayment privileges. Having a prepayment privilege that works to your specific needs could mean the difference of thousands of dollars over the life of your mortgage. Although many lenders offer some form of prepayment privilege, the amount and how it can be applied varies from one to another. Some only offer up to 10%, once per year, and on the anniversary date, while others offer as high as 20% per year, and prepayments can be made throughout the year as long as the total does not exceed 20%. Many mortgage shoppers often get so caught up in the rate debate that they overlook this interest-saving feature. A Mortgage Borker can help determine the best mortgage features to meet your unique needs!

FVREB's July market poll

The results are in for the Board's second monthly market poll regarding home buyers. Over 100 members who sold a property within the first two weeks of July participated. Here are some highlights:
First time buyers (37%) are still the most active segment of those buying homes in the Fraser Valley, followed by those moving from one property to a similar property (25%), followed by those moving from an apartment or a townhouse to a detached house (16%).

Almost half of the buyers (47%) paid 25% or more for their down payment, however 42% required a high ratio mortgage with less than 25% as their down payment.

Who's buying? Families with children are still the main group at 40%, while young couples with no children represented 25% of July's buyers, 16% were singles and empty nesters/retirees rounded out the final 17% of buyers. Interesting that from June to July, families as the number one group dropped from 51%, while young couples with no children went up from 18%.

Where people bought in the Fraser Valley was pretty evenly divided in July between Surrey (24%), Langley (27%) and Abbotsford (25%). South Surrey/White Rock was at 12% and Mission and North Delta, 3%.

JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY

News Release: August 5, 2009 -
Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales. "The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market. "In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up." Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."

The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year. The benchmark price measures the value of a 'typical' Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in July was $477,420, a decrease of 5.6 per cent compared to July 2008. In the last three months, the HPI benchmark price of a detached home has increased by 3.7 per cent. The HPI benchmark price of Fraser Valley townhouses decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and in the last three months has increased by 3.3 per cent. The benchmark price of apartments also decreased year-over-year by 8 per cent, going from $254,510 in July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in the last three months.

HST- Harmonized Sales Tax

The BC government announced on July 23, 2009 that effective July 1, 2010, BC will adopt the HST, combining BC's seven per cent PST with the five per cent federal GST for a single sales tax rate of 12 per cent.
The proposed HST will affect home buyers. Consumers will have to pay a higher tax on new houses, renovations, REALTORS®' fees and other real estate transaction fees such as notary services, home inspections and appraisals. All of those are currently exempt from the PST and are only subject to the GST. Under the new proposal, they will be subject to a 12 per cent HST tax.

Thinking of Buying? now may be the time!!!! call me

2009Fraser Valley home buyers take advantage of greater affordability

Crediting low interest rates and reductions in house prices, Fraser Valley REALTORS® had their fourth busiest June on record. The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,982 sales in June, an increase of 40 per cent compared to the 1,418 sales in June 2008 and 32 per cent higher than sales in May 2009. June’s numbers were comparable to sales achieved during the same month in 2006 and 2007 during the strongest real estate cycle in the Lower Mainland’s history. “The combination of historically low interest rates and sellers reducing their asking prices has created greater affordability,” Board President Paul Penner said.“Buyers are looking at monthly mortgage costs that are 20 to 25 per cent less than they were a year ago.
For a home in Fraser Valley, that translates into hundreds of dollars a month in savings.”A recent market poll conducted by the Board confirms that first-time homebuyers and people ‘buying-up’ are taking advantage of the current market conditions. The survey, looking at buying trends, was issued to Fraser Valley REALTORS® who completed a sale during the first two weeks of June. Results show that 32 per cent of buyers were first-time homebuyers and 22 per cent were buyers moving from an apartment or townhouse to a detached house.Penner observed, “We’re essentially seeing two markets right now. Sellers have the advantage when it comes to more affordable homes, but buyers hold more sway with higher-end properties.”The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in June was $471,788, a decrease of 8 per cent compared to June 2008 when it was $512,850 and a 1.3 per cent increase compared to May 2009 when it was $465,939.The HPI benchmark price of Fraser Valley townhouses decreased 10.1 per cent from $335,090 in June 2008 to $301,103 in June 2009, and increased 0.9 per cent compared to May 2009 when it was $298,308. The benchmark price of apartments also decreased year-over-year by 9.6 per cent, going from $255,670 in June of last year to $231,014 in June 2009, and decreased 0.5 per cent compared to $232,170 in May 2009.

News Release: July 3, (Surrey, BC)
source fvreb.ca

SOLD

Top of the hill with magnificent south east views. 3 level townhome . Main floor features large living room with corner fireplace, deck, dining room powder room and spacious kitchen. Entry and hall with slate floors, painted in modern colors. Upstairs has 3 bedrooms. Master has beautiful ensuite bathroom with soaker tub and separate tiled shower. Plus large walk-in closet/dresing room. Basement has rec room, laundry room, bonus room and sliding patio doors to yard area. double side by side garage and lots of extras done in this unit.

Want your home sold? call me!!!

JUST SOLD

Just sold! 6000 sq ft chilcare and fine arts school in Mission.

Mortgage Update

Fed not likely to raise rates

Peter Hodson, Financial Post
Recently, there has been some loud talk about inflation and how the U. S.Federal Reserve is going to have to start raising interest rates soon inorder to nip inflation in the bud. When first confronted with this news,you may have said, "Hogwash! No way in this economic backdrop could the Fedraise rates, slow down growth and risk sending us into a steep 'double-dip'recession." . That certainly would be my view. It's unclear at this point even if weare coming out of recession, so it really would be premature to slow thingsdown at this point before any growth traction has been achieved.
However, let's not just make assumptions. Let's delve into history to seewhat the Fed has done in prior cycles.
The last U. S. recession was from March, 2001, to November, 2001, a periodof eight months. The Fed funds rate was 6.5% from June, 2000, to January,2001. In January of that year, the Fed lowered the rate to 6%, then went ona 12-month lowering frenzy during the recession and in the aftermath of the9/11 attacks. By year-end 2001 the Fed funds rate was 1.75%, with the Fedstill maintaining an easing bias.
Despite the official ending of the recession in November, 2001, the Fedmaintained very low interest rates for almost three more years. In fact, itkept lowering rates, down to 1% from June, 2003 to May, 2004. This strategyof keeping rates low despite no recession is now widely blamed as the reasonfor the creation of the housing bubble that popped in 2007. The Fed finallyraised rates in June, 2004, a full 30 months after the recession had ended.
In the recession of July, 1990 to March, 1991 (eight months) the Fed hadbeen easing or maintained a neutral bias since February, 1989. At the startof that recession, the Fed funds rate was 8.25%. By the end of therecession, it was down to 6%. Again, despite the recession being over, theFed kept jamming rates lower, all the way down to 3% in December, 1993. TheFed didn't raise rates again until February, 1994. In that recession, againthe Fed kept lowering rates for 30 months after the end of the recession.
Going back further into history, in the recession of July, 1981 to November,1982 (16 months) the Fed acted a little more quickly. In May, 1981 the Fedrate was 20.0%. By December of that year, the Fed had moved rates down to12%. In the spring of 1982, though, rates were back to 15%. But, showingsigns of confusion, by the end of the summer 1982, rates were much lower, at9.5%. The Fed was tightening rates again by September, 1982, and for aperiod of time investors had no idea what to expect, as the Fed moved ratesup or down seemingly at random for a period of 18 months.
In the energy crisis of the early 1970s, the recession lasted from November,1973, to March, 1975 (16 months). In November, at the start of the recessionthe Fed funds rate was 9.00% but by May, 1974, because of inflation fearsthe Fed had already raised the rate to 13%. Recession fears, however,ultimately ruled the day, and by year-end 1975 the Fed rate had been cut inhalf, to 4.75%. The tightening began anew, however, in April, 1976, 13months after the official end of the recession.
What can we conclude? One, it seems sometimes that the Fed is just wingingit, moving rates at random in response to short-term events. But it doesseem the Fed is unwilling to raise rates too quickly after any recession.
Based on the severity of this economic downturn, you would have to concludethe Fed is unlikely to risk a double-dip recession, and will keep the Fedfunds rate very low (now 0% to 0.25%) for a long time.
This may, of course, cause inflation, but for the time being, that is stillbetter than a giant de-leveraging economic death-spiral.

- Peter Hodson is a senior portfolio manager at SprottAsset Management.

How much do you need to purchase a new home?

How much will I initially need to purchase my new home?
You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.

A larger down payment means greater savings.
The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.
The larger your down payment, the more you save in the long run.
A larger down payment:
-Reduces the amount of your monthly principal and interest payment
-Reduces the total amount of interest you pay over the life of your mortgage

A Mortgage Specialist can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies.

Closing costs
Closing costs are the legal and administrative fees and disbursements associated with buying your home. These costs are in addition to the purchase price of the home. They can vary widely depending on:

-The property being purchased
-Services required
-Taxes
-Applicable insurances
-Closing dates affecting interest adjustments
-The balances of any prepaid expenses

Home Buyers' Plan
The Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RRSPs for a home purchase, subject to certain repayment conditions. For more information, check the Canada Customs And Revenue site.

The Listing Agreement

What is involved with the signing of a listing agreement?The listing agreement is a contract between you and your REALTOR®'s brokerage company. It will:

• Provide a framework for subsequent forms and negotiations
  
• Clearly spell out the rights and obligations of all parties, the length of the agreement, and the compensation
  
• Set the listing price, and accurately describe the property (including lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions)
  
• Detail what is, and what is not, included in the sale (As a general rule, fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.)
  
• Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property
  

The agreement binds both parties to its terms and conditions. You and the listing REALTOR® sign the listing agreement and each of you receives a copy.

Rate Update

Bumpy week last week when it came to rates. As you may know, the Bank of Canada decided not to make any changes to the Overnight rate therefore the Prime Rate will stay at 2.25%
The Bank of Canada is planning on keeping the rate down until June 2010 however inflation and a strong Canadiann dollar may make it necessary to raise it beforehand. The simple determination of where rates are going is, when the economy is bad rates will be low(er), and when the economy is good, rates will be high(er).The Canadian economy and others around the world are showing good positive signs that the worse is behind us. We saw fixed rates go up last week and we may have more to come!

Market more active than anticipated!

OTTAWA – May 14th, 2009 – A Spring housing market that was more active than anticipated has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association for the rest of 2009, and for 2010.
National home sales activity is forecast to be down 14.7 per cent to 370,500 units in 2009. This is slightly less than the reduction in activity predicted in CREA’s forecast issued last February. The forecast decline in annual activity was trimmed to reflect a stronger than expected rebound in activity in British Columbia and Ontario in the first quarter of 2009. Forecast declines in annual activity were reduced for these provinces.
They were also shaved for Manitoba, Quebec, New Brunswick, and Prince Edward Island to reflect stabilizing trends in sales activity in these provinces. National MLS® home sales activity is forecast to rebound by 7.2 per cent to 397,000 units in 2010. This is a slightly weaker rebound than predicted in CREA’s previous forecast. The revision reflects recently downgraded forecasts for economic growth next year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta.
New listings on MLS® systems in British Columbia, Alberta and Ontario are forecast to continue easing following the peak reached last year. New listings are also expected to shrink in Saskatchewan, Quebec, New Brunswick, and Nova Scotia. Fewer new listings will further stabilize the resale housing market as sales activity draws down inventories.
The national MLS® average home price is forecast to decrease 5.2 per cent in 2009, led by average price declines in British Columbia and Alberta. By contrast, the average home price is forecast to rise in Manitoba (4.3 per cent), Price Edward Island (4.2 per cent) and Newfoundland & Labrador (10.9 per cent). CREA’s previous forecast predicted a decline in the national average price of eight per cent in 2009.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to decline 3.6 per cent in 2009, and hold steady in 2010. CREA’s previous forecast predicted the weighted national average price for MLS® homes sales would decline by 6.4 per cent.
“Monthly resale housing activity improved as the first quarter progressed, entering the second quarter on a rising trend and closing in on levels last seen before it fell sharply late last year,” said CREA Chief Economist Gregory Klump. “It will take time for housing inventories to be drawn down enough to put new home construction on a stronger footing, but the balance between resale housing supply and demand is improving in a number of major markets. The national average price has begun to rebound from the recent low reached in January, and is forecast to begin rising modestly above year-ago levels in the fourth quarter of 2009.”

source: crea.ca

Affordability & job security most important factors for 1st time buyers

New government incentives help but market fundamentals more important,Canadians say.

TORONTO, May 26 /CNW/ - Canadians who are considering purchasing theirfirst home are primarily motivated by lower home prices and very low interestrates, but some require confidence in the economy and their employmentprospects before they will enter the market, according to a report releasedtoday by Royal LePage Real Estate Services. Eighty-six per cent of potentialfirst-time buyers say low interest rates make them more likely to purchase ahome; 81 per cent cite lower housing prices as a motivating factor; while 76per cent cite job security and 64 per cent say a stable economy is animportant factor in their decision to buy.Potential buyers were asked to rank their top incentives for purchasing afirst property. While home prices and interest rates took the number one andtwo rankings, respectively, the third most popular incentive was theFirst-Time Home Buyers' Tax Credit. The recently introduced Home RenovationTax Credit for 2009 was cited by 42 per cent of potential first-time buyers aseither 'very likely' or 'somewhat likely' to impact their purchasing decision.

"When first time buyers stepped out of the market in the fourth quarterof 2008, at the height of the global recession, their absence was profoundlyfelt. Without significant volumes of entry-level homes trading hands, theentire market limped through the winter months. First time buyers are back inforce this spring, and with them the beginnings of a market recovery. Whilethese consumers appreciate government incentives such as tax credits, greaterRSP deduction limits and rebates on home renovations, it is markedly improvedaffordability that is proving to be the powerful drawing card," said PhilSoper, president and chief executive of Royal LePage Real Estate Services."Our survey demonstrates how important affordability factors such as interestrates and house prices are in stimulating demand."

Across the country, potential first-time homebuyers agreed thataffordability was their top consideration, however the survey also revealeddifferences amongst buyers in various regions of Canada. In provinces such asBritish Columbia where high housing prices have kept some buyers out of themarket in recent years, 92 per cent of potential first-time buyers are nowmotivated by low interest rates and 96 per cent say lower home prices arelikely to prompt them to buy.

In Atlantic Canada, where local economies have been resilient in the faceof a worldwide recession and housing markets remain stable, 43 per cent offirst-time buyers say they that job security is a factor in their decision tobuy, while 84 per cent of buyers in British Columbia and Alberta said jobsecurity will influence them.

Atlantic Canadians were less motivated than other Canadians by declininginterest rates, with only 72 per cent saying it will likely prompt a buyingdecision, compared to 86 per cent of Canadians overall. Buyers in Ontario andQuebec rated the Home Renovation Tax Credit as a bigger factor in their buyingdecision, compared to the Canadian average.

Mr Soper continued, "The significant response differences from region toregion show how closely the residential real estate market is tied to broadereconomic trends and consumer confidence. Buying your first home is a majorlife decision, and people are more likely to purchase a home if they feelcomfortable about the state of the economy and confident that they will have ajob to support their new mortgage obligation."

existing home sales rise most in 5 years

Greg Quinn, Bloomberg Published: Thursday, May 14, 2009

Canadian sales of existing homes rose the most in more than five years in April, a realtor group said, citing lower prices and a rebound in consumer confidence.Sales rose 11% from the previous month on a seasonally adjusted basis to 34,838 units, the Canadian Real Estate Association said Thursday in a statement from Ottawa.
The average price fell 3.2% from a year earlier to $306,366."Price adjustments in some markets have helped affordability," Dale Ripplinger, the group's president, said in the statement. Consumer confidence has also "risen in the housing market through the spring."The housing market sagged late last year as the country entered its first recession since 1992, and the Bank of Canada says it will be a drag on the economy this year.
Other recent reports have shown housing starts fell to the lowest since 1996 in April, while residential building permits rose 5% in March, according to Statistics Canada figures.From a year ago, existing sales declined 12%, the real estate group's report today said. The pace of year-over-year decline has slowed from November's record 42% drop.

Renovating for resale

Renovations don't have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new décor is tasteful, with shades of white and tame versions of popular colours.The kitchen and bathroom are your best bets for renovation with the highest payback. Take a look at these average rates of return for home upgrades:

Interior painting and décor - 73%
Kitchen renovation - 72%
Bathroom renovation - 68%
Exterior paint - 65%
Flooring upgrades - 62%
Window/door replacement - 57%
Main floor family room addition - 51%
Fireplace addition - 50%
Basement renovation - 49%
Furnace/heating system replacement - 48%
New lighting - 84%

As an expert on home sales trends in your neighbourhood, your Royal LePage Sales Professional can suggest which areas of your home could benefit from renovation and increase its value.

Good News Highlights

It is always fun to report good news. Following are highlights from various news sources. More proof that the world is not coming to and end and in fact possibly off life support.

The (US) credit crunch is therefore easing and the Loan Officer survey is confirming what the stock market is already telling you-- that the worst is likely past us. Financial Post May 7, 2009

Although North American equity markets are up more than 30% during the current rally that shows few signs of stopping, most investors continue to call the run little more than a bear market rally. But a growing number of strategists on both sides of the border are sticking their necks out and pronouncing a new bull market has officially arrived. National Post, May 7, 2009

"The rise in demand, combined with fewer new listings, has restored a better balance to the market," Scotiabank analyst Adrienne Warren wrote in a new report on Canadian real estate trends.Ms. Warren noted a healthy pickup in home sales through the first part of the year, coupled with a drop in the national new-listings-to-sales ratio to 2.2 in March from a peak of 2.7 last November as reason for cautious optimism. Financial Post, May 6, 2009

The labour market added 35,900 jobs in April, a small increase but one that puts an end to months of steep declines. And while self-employment accounted for the gain, there were signs of stability in manufacturing and construction employment – two of the sectors most hurt by the recession.Globe and Mail, May 7, 2009

While data on U.S. employment capped off the week, the week kicked off with data on pending home sales - a leading indicator for U.S. existing home sales. Pending home sales beat expectations, increasing by 3.2% in March.Conditions in the housing market remain ground zero for an economic recovery and even secondary indicators like pending home sales are watched with interest. TD " Weekly Bottom Line" May 8, 2009

Recession update

Confidence. Probably the most important measure of when and how we will get out of this recession. We know that in order for all of us to get out of this recession, The U.S, housing market and the various stock markets need to turn around.We are already seeing very encouraging signs on our local markets as were addressed in recent reports, however it is also important to understand that the good news also coming out is better than expected via US Housing data and the positive growth in the stock markets. We are not out of this soup yet but we are certainly hearing that the worst may be over.

Pending sales of previously owned homes rose for a second straight month in March, while construction spending edged higher, according to reports yesterday that suggested a moderation in the housing slump.

"On balance, it's an encouraging set of news. Pending home sales tell us, as far as the housing sector is concerned, we are getting near the bottom," said Nigel Gault, chief U. S. economist at IHS Global Insight in Lexington, Mass. Financial Post, May 5, 2009

“We continue to expect economic activity to bottom out, then to turn up later this year. Recent data suggest the recession may be loosening its firm grip on the country" Ben Bernanke, U.S. Federal Reserve Chairman, May 5, 2009

The pace at which house prices in Canada are falling is moderating and at this rate, this housing market correction (from a national perspective) will end up being a mild one—both in absolute and relative terms. In fact, the notable improvement in housing affordability is injecting some life to the mortgage market, encouraging new purchasing and refinancing activities.Consumer confidence in both countries is starting to improve, while retail sales are surprisingly on the upside. Benjamin Tal, CIBC Senior Economist, May 1, 2009

“I think there is some legs here and we can continue on the upside longer than maybe we originally expected,” Charles Marleau, portfolio manager at Palos Management Inc. in Montreal. Vancouver Sun, May 4, 2009

“The stock market continues to shake off bad news. Instead, even small hints of positive news are embraced, suggesting that the bearish pall over equities is slowly lifting,” said the research firm based in Montreal. BCA Research, Vanouver Sun, May 4, 2009

More signs of a rebound in the Fraser Valley

More signs of a real estate rebound in the Fraser Valley (Surrey, BC) – May 4 2009

The Fraser Valley real estate market continued to show signs of rebalancing in April with the number of sales increasing for the third month in a row while the volume of available properties stayed constant. Benchmark prices for detached homes and condominiums also showed increases over the last three months.There were 1,293 sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in April, reflecting a 28 per cent decrease compared to the 1,787 sales in April of last year, however, a 29 per cent increase over March sales. At the same time, the Board received 44 per cent fewer new listings compared to one year ago, 2,477 in contrast to 4,458 in April 2008, helping to stabilize the number of active listings in the Fraser Valley at 9,855.

Paul Penner, President of the Board, says current conditions have created one of the best buying opportunities in years. “REALTORS® have successfully communicated to their sellers to be more realistic with their prices, which is why we’ve seen a 29 per cent increase in sales from March to April.”Penner also attributes the increase to all-time historically low interest rates and still relatively high inventory for Fraser Valley, although it is dropping rapidly.“In April, REALTORS® received 44 per cent fewer new listings compared to a year ago and 18 per cent less than we received in March. When supply and demand start to balance out, the effect is that prices begin to firm up and that’s exactly what we’re seeing.”

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to April 2008. However, it has increased by 1.8 percent over the last three months. The benchmark price was $460,229 in April 2009 compared to $513,403 last year.The HPI benchmark price of Fraser Valley townhouses decreased 11.6 per cent from $333,982 in April 2008 to $295,07 in April 2009. That decrease, however, slowed to 0.1 per cent during the last three months. The benchmark price of apartments also decreased year-over-year by 11.4 per cent going from $260,037 in April of last year to $230,337 in April 2009. Similar to detached homes, the benchmark price for apartments has increased by 4.4 per cent over the last three months.

Making an Offer

When you’re making an offer to buy a home, there are six main elements to consider:

Price---The price you offer reflects your opinion of the value of the house and is determined by the condition of the property and local market factors. You can make any offer you like. It does not have to be the same as the seller's asking price.

Deposit---The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your Royal LePage Realtor can advise you on an appropriate amount.

Terms---Include the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

Conditions---Conditions are items that must be completed or fulfilled prior to an offer being concluded. These can include subject to home inspection, subject to you obtaining financing, or subject to you selling your existing property.

Inclusions and exclusions---Your offer may be contingent on certain items being either included or excluded in the sale. These might include appliances, fixtures, and decorative items, such as window coverings or mirrors.

Closing or possession date---The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified (except in Manitoba and Quebec). In British Columbia the possession date is legally one to three days after closing.

Source Royal Lepage

Needs VS..Wants

What features do I want in a home?

What features do I need in a home?Looking for a new home can seem overwhelming at first. There are so many things to think about, so many choices, and often not enough time.
A small investment of time and effort right at the start can pay tremendous dividends. Take the time to organize your thoughts and think seriously about what sort of home you want before you start looking. It will simplify the process, save you time, and help lead you to the right home for you.
Make sure that you talk to a REALTOR® before you start your search to help you get organized, answer your questions, and also to raise important questions to ask yourself, such as:
Where do I want to live? (community/general area)
How much should I expect to spend on purchasing a home?
Are schools a factor?
Do I want an older home or a new one?
What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family, bungalow, other)
How much renovation and remodelling am I willing to do?
Is being close to public transportation important?
Do I have special physical requirements, such as wheel chair access?
Do I have pets to consider?
What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
How many bedrooms do I need? How many would I like to have?
How many bathrooms do I need? How many would I like to have?
How big a house do I want? How many rooms? How many square feet?
What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)

Source: royal lepage

Signs of Optimism in Fraser Valley Market!

SIGNS OF OPTIMISM IN FRASER VALLEY REAL ESTATE MARKET
April 2, 2009
(Surrey, BC) - Fraser Valley REALTORS® credit first-time homebuyers, low interest rates and greater overall confidence in the housing market for an increase in sales on the Multiple Listing Service® (MLS®) in March.
The Fraser Valley Real Estate Board reports 1,006 sales were processed in March, reflecting a 24 per cent decrease compared to the 1,315 sales in March of last year, however, a 48 per cent jump from February’s 682 sales. March is the first month to surpass one thousand sales in the Fraser Valley since July of last year, reflecting more typical March sales totals last seen in the early 2000s.
Paul Penner, President of the Board, confirms real estate activity has picked up. “REALTORS® are seeing the return of first-time home buyers who have been waiting in the wings for the last few months, and homeowners responding to the opportunity to buy-up by moving from a condo to a townhome or a townhome to a detached house. Homes with a lower price-point are attracting more attention.
“With current interest rates and price reductions, buyers are looking at monthly costs that are 20 per cent less than they were a year ago. In Fraser Valley, that’s a $780 per month savings on a mortgage for an average detached home.”
Property selection continues to moderate from the record levels of over 12,000 active listings reached in September 2008. The Board received 7 per cent fewer new listings in March compared to the same month last year – 3,028 compared to the 3,277 last year – taking the total number of active listings to 9,832, an increase of 14.7 per cent compared to the 8,570 active listings available in March of last year.
Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.6 per cent compared to March 2008, however, increased slightly, 0.7 per cent, for the second consecutive month. The benchmark price was $459,841 in March 2009 compared to $514,616 last year. As well, detached homes sold on average, 10 days faster in March than they did in February.
The HPI benchmark price of Fraser Valley townhouses decreased by 10.3 per cent in one year, going from $329,859 in March 2008 to $295,809 in March 2009, while the benchmark price of apartments decreased by 10.8 per cent going from $254,664 in March of last year to $227,188 in March 2009.

Source: The Fraser Valley Real Estate Board

Happy Earth Day

Here are a few tips to help green the earth and your bank account! Your home is a great place to start making a contribution. Small changes can have a huge impact!


---- Tank less water heaters : you’ll save one more water heater from ending up at the landfill. Although it may cost more initially, you’ll save money in the long run as water's only heated on demand.

---- Low flow shower head: You will instantly cut down on water usage. If your toilet’s seen better days, consider installing a low flow toilet which will also put money back in your pocket while conserving water.

---- Energy saving light bulbs: consume 75% less electricity than regular bulbs and last up to ten times longer Adding timers or motion detectors outside helps to save even more!

10 important pieces of paper!

If a natural disater or fire forced you to flee your home what would you take with you? The following 10 items are just some of the important papers you should keep safe and store in a safe place such as a fire proof lockbox:

-social insurance cards
-birth certificates
-marriage certificate/ divorce papers
-deeds and titles to your home
-home/property insurance policy
-life insurance policies
-banck account/retirement/credit card information
-passport
-list of your assets
-copies of will & trusts

Rates drop again!

We have a drop in the prime rate from P+ .80 to P+.75. That is good news as it is a sign that the lenders costs are decreasing. Five year rates have also dropped down.

Just a quick note when you are searching for a mortgage. The lowest rate in the market is not always the best product in the market!

Often the lender will have a great low rate but the mortgage has restrictions on it such as:
-there are no provisions for extra payments or
-it can't be paid out unless you sell your house.

Not all mortgages and rates are the same. Make sure your mortgage works with your future plans.

2 Energy tips to save you money!

1. Enjoy the warmer weather and fresh spring air by walking and/or cycling more, instead of driving. If you walk or bike daily, you can save as much as $3,000 a year in gas, vehicle maintenance and parking!

2. Fight climate change by washing your clothes in cold water. They'll be just as clean and you'll save a lot of energy. Almost 90 per cent of the energy used to wash clothes goes into heating the water!

Buying? get PREAPPROVED!

A mortgage is one of the biggest expenses a Canadian will take on during their lifetime, yet close to half wait less than 30 days before their home’s closing date to secure a rate, according to a recent Angus Reid poll.
The poll, commissioned by ING Direct, found that 40% of Canadian mortgage holders waited only 30 days or less in advance of the home’s closing, while another 27% waited nearly two months.This last-minute behaviour indicates that many Canadians are not taking advantage of the savings inherent in securing rate guarantees, which are available as early as 90 to 120 days before a home closes.
Analysis shows that those who used the full rate guarantee period of 120 days saved 0.18% on average or about $1,800 over five years. These savings are based on a $200,000 mortgage with a 25-year amortization, five-year fixed term at 6.96% (average posted five-year fixed rate over last 10 years) and paid monthly. Taking full advantage of a rate guarantee period makes financial sense for both new homebuyers and those with existing mortgages. In fact, those with existing mortgages are the ones who could benefit most from a rate hold.
The survey found that of the 64% of Canadians whose mortgages have come up for renewal, over one quarter (27%) indicated they let their mortgage automatically renew. Not negotiating a better rate than what is offered in a renewal letter by the current lender, or looking to alternate lenders for the best rate available in the market, means Canadians could be missing out on the opportunity to get a better rate.

DO NOT CALL Registry

Tired of Telemarketers? Every year, thousands of Canadians receive unwanted telemarketing calls. In 2006, the federal government passed a law allowing for the creation of a National Do Not Call List (DNCL) that all telemarketers must respect. Sign up to have your cellular, home phone or fax number included on it so that companies making unsolicited marketing or sales calls can no longer contact you.

Registering for the National DNCL is simple.
Call 1-866-580-DNCL (866-580-3625) or log on to http://www.LNNTE-DNCL.gc.ca and follow a few easy steps. That's it: your number will be on the List.

Your numbers will be added to the List within 24 hours. Telemarketers then have 31 days to update their own information and make sure they don't call you in their next round of solicitation. Don't expect all calls to stop immediately, though. You could still receive calls within those first 31 days.

Inspections and Appraisals

Buying a home is probably the biggest single investment you will make.
A home inspection will protect you and your investment. A qualified home inspector will give prospective house a thorough examination, checking the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors,windows, doors, foundation, basement, and visible structures of the home. The inspector will point out the need for major repairs, identify areas that may need attention in the near future, and explain what maintenance will be necessary to keep the house in good shape. But, it is not all negative. Most inspectors are more than happy to tell you about the home's good qualities as well.
Home inspections are relatively inexpensive considering the size of the investment that you are about to make. Many people consider this a small price to pay for peace of mind.

Appraisals:An appraisal is a report containing an estimate of the value of the property. Appraisals are conducted for the purpose of mortgage lending by certified appraisers. The appraisal should not be confused with the home inspection or the market analysis.

SOURCE: royallepage.ca

JUST SOLD - SEAFOOD SHOP

Just Sold- fantastic seafood shop in the heart of Kerrisdale. thinking of selling- residential or commercial? give me a call!











* not intended to solicit those currently listed

Housing Market Highlights

It has been an interesting week. Stock market has had a positive week. Retail sales are up. There is cautious optimism creeping into both the Canadian and US housing market. Below are some of the highlights form news articles posted this week:

-Canada's housing industry showed signs of life in February after several months of declines, with resale's rising 8.6% from January thanks to lower mortgage rates and prices, the Canadian Real Estate Association reported yesterday.

-A total of 28,669 homes changed hands in February on a seasonally adjusted basis via the industry group's Multiple Listing Service. That marks the first month-to-month uptick in home-resale activity since September, 2008.

-CREA said February's 9.2% annualized price decline is smaller than year-over-year drops posted in the past four months and is the first time the pace of decline has decelerated since turning negative in July, 2008.

-OTTAWA - Retail sales surprised on the upside in January, adding hope that the economic free-fall is at least showing signs of slowing down. Sales rose 1.9 per cent to $33.7 billion during the month, almost double market expectations, and a welcome relief after December's revised 5.2 per cent retreat. But economists warned it was too early and perhaps too fleeting a statistic to break out the bubbly just yet.

-OTTAWA - American housing starts surged last month, U.S. wholesale sales edged higher and Canadian factory shipments surprised on the up side. The encouraging developments unveiled Tuesday come at a time when both the Canadian and U.S. economies are at rock bottom.

-NEW YORK, March 18 (Reuters) - U.S. mortgage applications surged last week, driven by a spike in demand for refinancing as the average 30-year fixed-rate home loan rate fell, the Mortgage Bankers Association said on Wednesday.

-Fannie Mae (FNM.N) (FNM.P), the government-controlled home funding company in the USA, on Wednesday said its February refinancing volume nearly tripled from January to more than $41 billion. February's refinancing volume was the company's highest in almost a year. This activity is expected to increase further under Obama's 'Making Home Affordable' plan and new broader refinancing programs from Fannie Mae and its counterpart Freddie Mac.

Signs of Spring in Fraser Valley Housing Market

February sales on Fraser Valley’s Multiple Listing Service® (MLS®) experienced a typical ‘early spring’ surge, increasing by 75 per cent in one month from 389 sales in January to 682 last month. However, by historical standards, they continued to reflect sales levels last seen in the mid-1980s, according to the Fraser Valley Real Estate Board. Sales showed a 48 per cent decrease compared to the 1,308 sales processed in February 2008.

The Board also received fewer new listings last month compared to the same month last year – 2,369 compared to the 2,808 new listings received in February 2008 – however, the total number of active listings at 9,594 was still 11 per cent higher than in January and almost 30 per cent higher than the 7,415 active listings available in February 2008. Paul Penner, President of the Fraser Valley Real Estate Board explains, “High inventory and low demand over the last few months have created the best buying opportunity since 2006, which buyers started capitalizing on in February.” Penner feels that though consumers are still cautious about the global economic situation, based on February’s real estate market, he is guardedly optimistic. “For the first time since last September, Fraser Valley REALTORS® had higher traffic at open houses, more multiple-offer situations and an increase in home sales. “Because of lower prices and mortgage rates, consumers are gaining confidence.”

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.4 per cent compared to February 2008, however, increased from the previous month for the first time in nine months. The benchmark price was $456,683 in February 2009 compared to $509,958 last year. The HPI benchmark price of Fraser Valley townhouses decreased by 10.5 per cent in one year, going from $330,444 in February 2008 to $295,731 in February 2009, while the benchmark price of apartments decreased by 10 per cent going from $253,351 in February of last year to $228,091 in February 2009.

SOURCE: FVREB News release March 3, 2009

Mortgage rates cut

The Bank of Canada today cut the overnight rate by 1/2 of a percent. This will bring the Prime rate down to 2.5%.

Thinking of Buying? Now is a great time to get pre-approved. Call me

Recycling Electronics

Old, outdated, and broken electronics are piling up in our landfills. Many commodities found in electronics can be recovered and recycled. Glass, copper, steel aluminium, plastic and precious metals can be removed and reused in new products.

BC Return -it Electronics is a province wide electronics recycling program. You can drop off end-of-life products at any of the collection sites free of charge. Items that can be recycled include: fax machines, tvs, desktop computers, computer monitors, keyboards, mouse, cables,laptops and desktop printers. (Have a working useable electronic? Make sure to donate it to a thrift store).

Encorp also recycles beverage containers including milk cartons. You can free up landfill space and make some extra cash too with your beverage containers! For information on the recycling programs, a list of recylcing locations and beverage deposits visit http://www.encorp.ca/

January 2009 housing statistics

(Surrey, BC) – A total of 389 sales were processed through Fraser Valley’s MLS® in January, a decrease of 59 per cent compared to 956 sales in January 2008 and comparable to January sales figures last seen in the early 1980s, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®. However, for the fourth month in a row, the Board received fewer new listings. REALTORS® added 2,003 new listings in January 2009, 30 per cent less compared to the same month last year. This decreased the number of properties available in the Fraser Valley to 8,630, 26 percent higher than January 2008, but 30 percent fewer than the Board’s record high number of active listings in September 2008.

“Those who don’t have to buy right now aren’t and they’re creating tremendous opportunity for those who are house-hunting,” says Kelvin Neufeld, president of the Board. “The ability right now for Fraser Valley REALTORS® to negotiate for their buyers is the strongest it’s been in over a decade.” Neufeld says if the current imbalance between supply and demand continues to change with the trend moving toward a decrease in homes on the market, buyers will only have this window of opportunity for so long. “When selection decreases, pricing becomes more competitive,” he says.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI)*, decreased 9.6 per cent compared to January 2008, the eighth consecutive monthly decline. The benchmark price was $452,145 in January 2009 compared to $500,070 last year.

The HPI benchmark price of Fraser Valley townhouses decreased by 8.5 per cent in one year, going from $322,888 in January 2008 to $295,339 in January 2009, while the benchmark price of apartments decreased by 12.9 per cent going from $253,198 in January of last year to $220,595 in January 2009.

* The MLSLink® Housing Price Index (HPI), established in 1995, is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or defl ation). The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area. Each month’s sales determine the current prices paid for bedrooms, bathrooms, fi replaces, etc. and apply those new values to the ‘typical’ house model.

Source FVREB

Buyers Market Conditions! Market Outlook

Economic growth is set to moderate in the province, but will remain stronger than the national average. New home construction will decline over the forecast period. High
levels of existing homes listed for sale, as well as fewer overall home sales, has created buyers’ market conditions throughout the province.

Resales: A slowing economy and job market will contribute to lower the number of existing home sales through MLS® this year, after a significant decrease in 2008. Resales will increase in 2010 as a stronger economy and lower mortgage carrying costs, as a result of moderating house prices, eventually draw buyers back to the housing market.

Prices: Buyers’ market conditions will prevail throughout 2009 and result in lower home prices. The average MLS® price will decline ten per cent this year, to just under $408,000, and narrow the price gap with the rest of Canada. In 2010, the resale market will return to more balanced supply and demand conditions, and will result in an average existing home price stabilized at close to the 2009 level.

Thinking of Buying? CALL ME!

SOURCE: CMHC Housing Market Outlook

Great time to BUY

"Because the market can create a knee-jerk reaction among sellers, and market perception can create a hesitance among the buyers, prices can be lower on the way down than they will be at the bottom.... What does this mean?...It's a GREAT time to buy!" source:Mortgage News Daily

Lower prices with great mortgage rates! Thinking of Buying , give me a call, I would be happy to help.

Mortgage Rates

Fixed rates are still edging downward, especially for the ‘quick close’ mortgages completing within 45 days of approval. For purchases/refinances of investment or ‘mortgage-helper’ properties, a percentage of rental income can be offset against mortgage payments . . . a very good opportunity at fine, fine rates

Mortgage Rates Effective - February 6, 2009
Prime Rate: 3.00%
Our Best Deals: Floating Rate - Closed, variable mortgage @ Prime + .80 = 3.80%

New Federal Budget affects homeowners

The January 27th federal budget brought forth change for homeowners and first-time home buyers. Here are 2 two highlights that will be useful for many first-time Buyers:

• RRSP Home Buyers’ Plan Increase The budget proposes a $5,000 increase to the RRSP Home Buyers’ Plan, First-time home buyers will be able to withdraw up to $25,000 from their RRSP's for a down payment – tax- and interest-free!!
• Tax Credit for First-Time Home buyers Also proposed is a $750 tax credit for first-time home buyers to help with closing costs, ie: legal fees, disbursements and land transfer taxes. The tax credit will be based on an amount of $5,000 for first-time purchasers who buy a principal residence home. Credit for the tax year will be based on the lowest personal income tax rate for the year and is claimable for the tax year in which the home is purchased.

First Time Buyer questions? Call me.