Refinancing

With Christmas just around the corner, making changes to your mortgage is surely not at the top of your wish list this year. However, I always like to hit the ground running when it comes to my New Year’s resolution and that usually requires some pre-planning or at least some thought.

You may find that taking equity out of your home to pay off high-interest debt associated with credit card balances, vehicle loans, or lines of credit can put more money in your bank account each month.

And since interest rates are near a 40-year low (but unfortunately are creeping higher), switching to a lower rate may save you a lot of money – possibly thousands of dollars per year. It may even put you in a better financial position if purchasing a larger home or revenue property is in your plans.

There are penalties for paying your mortgage loan out prior to renewal, but these could be offset by the extra money you could acquire and save through a refinance.

With access to more money, you will be better able to manage your debt. Refinancing your first mortgage and taking some existing equity out could also enable you to make investments, go on vacation, do some renovations or even invest in your children’s education.

Keep in mind, however, that by refinancing you may extend the time it will take to pay off your mortgage. That said, there are many ways to pay down your mortgage sooner to save you thousands of dollars. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.

If homeowners fail to take the time to thoroughly research their options and, instead, simply sign renewal offers received from their bank, credit union or other lender, they could end up paying thousands of dollars more per year in interest. Simply by shopping your mortgage with a qualified mortgage professional, you can access the banks as well as other lenders that you may not have considered, but which can often offer interest rate specials or other attractive terms.

In the current credit-crunched lending environment, now more than ever it’s important to take the time to review your current financial position and see if there are better options available to you.

By refinancing now and paying off your debt, you can put yourself and your family in a better financial position. It’s very important to not rack up your credit cards after refinancing, however, so set your goals and budgets, and stick to them

Vancouver Bucks trends with prices up 9.2%

OTTAWA — Canadian home prices declined in September, ending a string of 16 consecutive increases in the Teranet-National Bank House Price Index.

Housing prices dropped 1.1 per cent in September, which also marked the first time since February 2009 that prices declined in all of the metropolitan areas covered by the index.

The index tracks repeat sales of houses in six metropolitan areas using information from public land registries.

Year-over-year price growth also slowed to 7.9 per cent in September, the third consecutive month of deceleration, the report notes, "leaving the 12-month rise the smallest since last January," the Wednesday report said.

However, home prices are still 5.5 per cent higher than their pre-recession peak, says National Bank senior economist Marc Pinsonneault, a far cry from the situation south of the border, where prices are still 28 per cent from their peak.

"September's drop notwithstanding, we do not think that a significant price correction looms in housing," says Pinsonneault, pointing to a balanced new-listings-to-sales ratio and the continuing health of the Canadian economy.

"This being said, the high indebtedness of Canadian households and record home ownership rate argues for a much slower pace of home price appreciation in the coming years."

Shahrzad Mobasher Fard, an economist with TD Economics, said there is "very limited scope" for prices to increased, "given the relatively weak prospects for employment and income growth, along with increases in interest rates.

"Some disparities at the regional level will continue to prevail, however, with cities having lagged the recovery in home prices such as, most notably, Calgary, presenting more potential for an upside if the local economy continues to improve."

Prices fell in September by 2.4 per cent in Halifax, 2.2 per cent in Calgary, 1.6 per cent in Toronto, 0.5 per cent in Ottawa and 0.3 per cent in Montreal and Vancouver, according to the report.

On a year-over-year basis, prices are up 9.2 per cent in Vancouver and Ottawa, nine per cent in Toronto, 7.6 per cent in Montreal, 3.6 per cent in Halifax and 1.7 per cent in Calgary.

Read more: http://www.vancouversun.com/business/Home+prices+Canada+decline+September+ending+month/3877859/story.html#ixzz16EJrbSty

SOLD!!!! BUSINESS FOR SALE! Kits restaurant/lounge

Fabulous Kitsilano restaurant.Over 3000 sq ft with a beautiful bar, restaurant incl, tables and lounge seating, heated outdoor patio overlooking the bustke of the 4th st shopping district. Specializing in Pizza plus a full menu including, brunch, appys, burgers and entrees.Dine in and take away. Huge kitchen. Brick walls,tile floors, impressive decor both inside and outside. Dining, cocktailing and music in a setting that presents the best qualities of restaurant, lounge & bar in the thriving community of Kitsilano. Open daily:lunch, dinner, and late night eating. A 5 year favourite of locals and visitors alike, offering casual dining of outstanding and award-winning quality and service, including numerous 1st place honours for the best pizza in Vancouver.

more pics here

SOLD Kits restaurant for sale

Wonderful restaurant in Kitsilano serving re-invented Asian street food. Well established since 2006. Fantastic decor, amazing reviews. Super opportunity in fabulous location! Booth, tables , bar and patio.Hours of Operation Thursday - Saturday: 5:30pm - 12pmMonday - Wednesday: 5:30pm - 11pm Sunday: 5:30pm - 10pm

Buying? Get Instant E-mail Notification

The Internet has changed the way many of us live our lives, and the process of buying a home is no exception. Buyers previously had to visit a real estate office and thumb through a large book of homes to find out what’s on the market. These days, everything's instantly updated online.

Purchasers have fun at first plugging in home preferences and browsing through a variety of homes on mls.ca. But it soon gets pretty frustrating as subsequent searches force you to sift through homes you’ve already looked at just to discover the latest ones that have hit the market. By the time you finally find your perfect home online, it could be too late.

I now offer a service that emails you properties which match your criteria so you won’t miss out on your dream home. Although there’s no obligation, it’s best to stick with one agent in order to build a strong relationship so they'll be better able to understand your needs. Dealing with more than one agent is unnecessary and causes confusion as agents have access to all the same homes.

It’s important to get acquainted with the market so you’ll be confident enough to move quickly when your dream home finally comes along. You’ll want to provide me with a detailed list of criteria that clearly specifies your needs and wants -- for example:
-What style of home do you prefer?
-Where do you want to live?
-What are the minimum number of bedrooms and bathrooms?
-Does the house have to be in ‘move in’ condition or are you prepared to fix it up?

It’s important to establish a strong line of communication with me so that I'll be in tune with your likes and dislikes. Be sure to provide feedback when you receive property updates as it'll help me better understand your preferences. It’s a gut wrenching feeling to miss out on a dream home due to miscommunication so make sure you're on the same page.

Finding the perfect home isn't always easy but the right system and clear communication will make it much more enjoyable! If you know of someone who's house hunting, have them drop me a line so I can send them full updates of homes that match their criteria as soon as they hit the market! Instead of playing the frustrating game of telephone tag, they'll be able to sit back and enjoy the process.

SOLD Cloverdale Townhouse for sale

One bedroom corner unit in Clover Park with large fenced patio and yard. Central location close to across form Cloverdale Race Track, CLOVERDALE FLEA MARKET, shopping, transportation, CASINO, park and elementary and high schools, complex has been updated with new roof, gutter, paint, maintenance includes hot water heat. The unit has been freshly renovated with designer colors, new bright white kitchen and flooring. Great revenue property currently rented, pet friendly currently being rented

pics here

Landscaping Business!!!!!!

Fantastic landscaping business. LOW overhead. Home Based. Price includes extensive contracts and equipment including large items: ie trucks. Yearly sales over 600K. Great opportunity! Turn-key, ready to go! Business is home based and must be relocated.

contact for info and equipment list!

canadacreditfix.com

The Facts About Credit Fix
You are unique, and so is your credit. If you are hiring a credit repair service you want the best possible results and you want them fast. Unlike many services we are not just a bunch of software and automated programs. You and our professionals want errors removed from your report, and want your credit scores to be as good as possible. This is more involved than you may think, and no automated service does what we do effectively. We believe in communication not complication!
Removing Credit Report Errors
Effective credit repair involves more than spotting unfamiliar account information and disputing it. Many reporting errors are compliance violations that you will not find so easily. Compliance violations will look familiar, but should not be on your report as a matter of law. These errors are often overlooked and yet can have a dramatic impact on your credit scores. Let us fight for you!
Optimizing your Beacon/FICO score
Lenders base underwriting decisions on the content of your credit report along with the value of your FICO scores. Removing errors can improve your scores, but in most cases will produce only half the potential result. Optimizing your scores involves a thoughtful reshaping of the content of your credit report; the number of trade-lines, current account balances, and the mix of credit types can have a dramatic impact, yet without proper attention this potential remains untapped.
Getting the Results You Need
The goal of a credit restoration professional is to clean up your credit, optimize your scores, and leave you with truly usable credit. Along with skillful identification and removal of reporting errors, the process may include specific recommendations for building new credit, managing existing debt, and rehabilitating defaulted obligations. The credit repair professional operates in a fiduciary capacity and will utilize the widest range of tools to insure both quick and lasting results.

First Aid Kit Checklist

Having a well stocked first aid kit in your home and car could mean the difference between life and death. Keep it in a safe location that’s known to family members and babysitters but away from young children and replace missing items right away. Your first aid kit should include:

• a first aid manual
• an assortment of bandages
• sterile roller bandages
• sterile gauze pads
• cleansing agent/soap
• moistened towelettes
• latex gloves
• sunscreen
• safety pins
• an epipen
• scissors
• tweezers
• needles
• antiseptic
• thermometer
• aspirin, antacid, antihistamine, etc.

Make sure to review the first aid manual so you’ll know how to use the contents of your kit should the time come. It's also a great idea to take a first aid course so you’re prepared for emergencies. It's a good feeling to know you have the skills to help others in distress.

Mortgage Matters

Homeowners who break a closed mortgage before maturity will often make a pre-payment before the mortgage is discharged. The idea is to reduce the mortgage balance and thereby pay less of a pre-payment penalty. It’s a great idea if you have the funds to do it. Remember, however, that lenders have different policies on how close to the payout date you can make a pre-payment.

FRASER VALLEY HOME BUYERS TAKE HOLIDAY IN JULY

(Surrey, BC) – The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.

“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.

“We attribute it to a combination of factors, the beautiful weather, interest rates edging up and reaction to the Harmonized Sales Tax in BC – although the HST does not apply to resale housing, not everyone knows that,” explains Horn.

“The plus side of this market is highly favourable conditions for buyers – potentially the best they will be this year due to the significant volume of listings currently, which is already showing signs of decreasing.”

In July, Fraser Valley’s MLS® received 25 per cent fewer new listings, 2,355, compared to the 3,153 new listings received in June. At month’s end, the total active inventory was 10,852, 14 per cent more than was available in July 2009, however 2 per cent fewer than in June.

For the first time since January 2009, benchmark prices for the three main residential property types: single family homes, townhomes and condos, decreased compared to the previous month. The benchmark price for Fraser Valley detached homes in July was $510,470, down 1.5 per cent compared to June and 6.9 per cent higher compared to $477,420 in July 2009.

The benchmark price of Fraser Valley townhouses in July was $325,856, a 0.7 per cent decrease compared to June and a 6.9 per cent increase compared to July 2009 when it was $304,940. The benchmark price of apartments decreased by 0.8 per cent from June and increased 4.4 per cent year-over-year going from $234,178 in July 2009 to $244,368 in July 2010.

Avoid overpricing your home

It’s essential that you price your home as accurately as possible in any market to help ensure it sells at a reasonable price within your desired timeframe.
Sellers can often be reluctant to price their home in line with the marketplace as they feel they may be giving away too much of their home equity. The reality is, however, that pricing your home correctly from the start will benefit any seller in the long run.Here are some of the reasons why pricing your home at the current market value is extremely important:
Potential buyers may not look at your home if they believe it’s out of their price range.
Buyers comparison shop when considering a home purchase. When a buyer compares an overpriced home versus one that is priced at market value, it will likely convince them to place an offer on the well-priced property instead of yours.
Properties that have been on the market for extended periods often come under scrutiny from buyers who question why the properties have yet to sell.
Perception is a key factor in how a seller’s home is viewed by the average homebuyer.
Real estate agents may skip over showing an over-priced home as they may believe the seller has little motivation to actually sell the property. Buyers’ agents are always keen on getting their clients through the doors of a well-priced home first in order to give their clients first crack at getting the home of their dreams.
The longer a listing stagnates on the market, the more likely it will sell for less than had it been priced right in the first place.The key to pricing your home to sell for the most amount of money in the shortest period of time is to work with a local real estate professional. We know how to do an accurate market comparison and arrive at an asking price that will offer some room for negotiation, but not scare off potential buyers.
As always, if you have any questions about buying or selling a home, your answers are just a phone call or e-mail away!

homeowner tips Paint brush tips

When it comes to painting, many people will buy the big package of brushes for $7. But the bristles on these brushes may be coarse or could fall out. In addition, they can end up looking ratty after a while and the paint won’t spread evenly. The key is to buy a good quality brush and clean it properly as specified on the label. And if you have a big job and find yourself having to paint in intervals, you can wrap your wet brushes in kitchen wrap. Place the oil-based brushes in the freezer and the latex-based in the fridge. When the job has been completed, you can then clean them and put them away. In many cases a good brush will last for dozens of paint jobs.

Positive correlation between home ownership and financial fitness

According to a recent survey sponsored by mortgage insurer Genworth Financial Canada, homeowners are in the best shape when it comes to financial fitness in Canada.
Sixty-five percent of homeowners pay off their credit card balances each month (versus 48% of non-homeowners). Furthermore, a quarter of those homeowners with mortgages have managed to make a lump-sum payment or accelerate their mortgage payments in the past year.
Nearly half (44%) of homeowners were able to pay all of their bills and save some money in the past year, suggesting a strong correlation between homeownership and financial fitness.
The Financial Fitness survey was conducted in conjunction with the Canadian Association of Credit Counselling Services. Compared to the same survey undertaken in 2007 when the economy was booming, Canadians are even more likely now to say their financial fitness is good (55% versus 50%).

Other key survey findings show:
Mortgage holders more likely to have accelerated or made a lump-sum payment include those with incomes $75-$99k (32%) or $100k+ (30%), and women more than men (26% versus 21%).
49% of homeowners made down payments of 20% or more on their purchase
13% of homeowners say they are in great financial shape
12% of homeowners say they have requested a credit report within the past 12 months
59% of Canadians say they pay their credit cards in full each month
39% of Canadians say that in the past year they were able to pay their bills and save some money. A further 41% were able to pay their bills but not save
First-time buyers/those who intend to buy a home as well as those requiring mortgage insurance are more likely to have spoken to a financial planner/coach in the past 12 months

Looking beyond a seemingly perfect house

If you’re in the market to purchase your first home or relocate to a new home, it’s easy to get caught up in the home-buying process and forget some of the details. The clock is ticking, rates have nowhere to go but up and you’ve found the perfect home on the perfect street. Nothing left now but to make an offer, right? Well, while location definitely matters, if you’re not careful and observant when making your new home choice, you could end up in a great location and still purchase a money pit. After all, in many cases, those anxious to sell their home have been known to make a few cosmetic adjustments or staging tricks to hide the areas where their house may require a little extra care or even some serious repairs. Pay special attention to and mention to your home inspector (if you reach that point) if you come across anything that seems out of the norm, including: 1. Freshly painted basements. We all know that basements are often prone to leaks. If you notice that a basement has recently been painted – particularly the floor of an unfinished

basement – make sure you ask why this was done. Also take a look around the outside perimeters of the home to see if there are other telltale signs of a possible basement leak. 2. Strong smells. Your senses are your first and one of your best methods of avoiding deception. Mould smells like mould. It’s easy to hide the visual signs of mould with paint, but it’s a hard smell to mask. Don’t be afraid to sniff around any area that makes you feel uneasy. 3. Suspicious piles and large plants. If something looks out of place, ask about it. A pile of bricks stacked against the side of the house could just be a pile of bricks, but it could also be a way of hiding a cracked foundation. The same holds true for a large plant or tree located in an odd area. One of the benefits of working with a qualified real estate professional is that we know what to look for in a home to ensure you’re not buying a money pit. If you see anything that doesn’t feel right, let’s discuss it. Follow your gut. Even after you’ve been through a home, answers to your questions and concerns are just a phone call or e-mail away!

BUSINESS JUST SOLD! Daycare/fine arts preschool

Q'Tees Daycare is truly a unique learning environment for the children of Abbotsford, BC Canada. A wide variety of Music and Dance programs are offered as well as a Fine Arts Preschool. The daycare is centrally located and is fully staffed with the option of relocating. There is an outdoor play area as well as it is walking distance to many community attractions. The business is 3 years established with growth potential

more pics here!

Fraser Valley market picks up in June

Sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) increased by 23 per cent in one month going from 1,477 sales in May to 1,815 in June. June’s numbers represent an 8 per cent decrease compared to the 1,982 sales during the same month last year.

Deanna Horn, president of the Board, says, “Historically, it’s not unusual for June sales to outperform May in the Fraser Valley. This has happened in nine of the last twenty years.

“However, a 23 per cent increase in one month is significant. We were busier than expected and it could be due to the combined effect of mortgage rates edging down, the Harmonized Sales Tax coming into effect July 1, as well as the tremendous selection of homes available in the Fraser Valley.

“Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory on Fraser Valley’s MLS® at month’s end was 11,110, 19 per cent more than was available in June 2009. The Board’s MLS® received 9 per cent fewer new listings in June compared to May, good news according to Horn.

“Listings typically do decrease in the summer, which will continue to stabilize the market.

“Over the last few months, we’ve seen residential benchmark prices leveling. Year-over-year, price increases may still appear dramatic depending on the property type and location because at this time last year, we hadn’t yet begun our recovery phase.

“In a stabilizing market, consumers know to rely on the expertise of a REALTOR® because prices are highly local and competitive.”

In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9 per cent increase compared to $471,788 in June 2009.

The benchmark price of Fraser Valley townhouses in June was $328,080, a 9 per cent increase compared to $301,103 in June 2009. The benchmark price of apartments increased by 6.6 per cent year-over-year going from $231,014 in June 2009 to $246,351 in June 2010

Is your mortgage potable?

Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home. Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better yet, the ability to port also saves you money by avoiding early discharge penalties. It’s important to note, however, that not all mortgages are portable. When it comes to fixed-rate mortgage products, you usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate. With variable-rate mortgages, on the other hand, porting is usually not available. As such, upon breaking your existing mortgage, a three-month interest penalty will be charged. This charge may or may not be reimbursed with your new mortgage.

Porting Conditions While porting typically ensures no penalty will be charged when you sell your existing property and buy a new one, some conditions that may apply include: Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day. Other lenders offer a week to do this, some a month, and others up to three months. Some lenders don’t allow a changed term or force you into a longer term as part of agreeing to port your mortgage. Some lenders will, in fact, reimburse your entire penalty whether you are a fixed or variable borrower if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand new term of your choice and start fresh. There are instances where it’s better to pay a penalty at the time of selling and get into a new term at a brand new rate that could save back your penalty over the course of the new term. While this may sound like a complicated subject, your mortgage professional or lender will be able to explain all of your available options.

JUST SOLD !Taco Franchise location For Sale in Cloverdale

55,000. Well established franchise in busy Clayton Crossing. 24 seats eat-in or take-out restaurant. Beautiful store. Fun decor, easy to operate. Delicious and popular California style burritos, tacos, salads etc. Plenty of parking. Business has been running since March of 2006. Don't miss this excellent opportunity Low lease! Taco Del Mar franchise is busy, Clayton Crossing Shopping Centre. This neighborhood is booming with new developments. This is a super opportunity to get into a great franchise. All franchisees pay a 6% royalty fee along with a 1% advertising fee. "Whether it's a mondo burrito, rippin' fish tacos, nachos, enchiladasor any other made-to-order item, Taco Del Mar guarantees thequality, freshness and taste of every item we serve.Taco Del Mar offers the fresh, fast and fun alternative to traditional Mexican food, serving mondo burritos and ripping fish tacos with a friendly, relaxed Baja style.We feature large, hand-rolled burritos and fish tacos, made to order with the freshest, healthiest ingredients, just the way you want them. Our service is fast, our people are enthusiastic, our store environments are inspired by beach culture and we're growing, growing, growing.So grab your surfboard, let's head out and catch the next wave together. It's a real possibility when you hook up with one of America's hottest concepts, Taco Del Mar. "
More Pictures Here!

Realtor Professionalism

Not every real estate representative can call themselves a REALTOR®. The term REALTOR® is a registered trademark used only by members of the Canadian Real Estate Association. To become a member, individuals pledge to uphold the REALTOR® Code of Ethics and Standards of Business Practice.

REALTORS® are committed to:

• professionally competent service;
• absolute honesty and integrity in business dealings; and
• co-operation with and fairness to all.

Members of the Fraser Valley Real Estate Board also abide by the Rules of Cooperation, a common set of rules agreed to by the three real estate Boards operating in the Lower Mainland of BC. These rules are a model of cooperation and ensure consistency of service across our geographic boundaries.

In addition to our commitment to ethics and professionalism, our members abide by the legal regulations set out by the Province of British Columbia. Any violations to our Code, Standards, Rules, or legislation are brought forward for investigation and disciplinary action at both the Board level and at the provincial level, through the Real Estate Council of BC.

Professional Education

Most consumers take comfort in knowing that the professionals they hire are required to be life-long learners. REALTORS® are no exception. It is critical that, as professionals, our members are abreast of legislative changes, real estate practice topics such as agency and legal issues.

As a condition of membership, our REALTORS® are required to complete a number of accredited professional development courses. Requirements for our Professional Development Program surpass the basic requirements set out in provincial legislation.

Powerful data, powerful technology

Through the Multiple Listing Service®, our members have access to vast amounts of historical and current data to assist their clients in the sale or purchase of a property. Our members also have a variety of powerful technology tools to search and analyze this data for their clients.

MAJORITY OF ATTACHED HOMES IN FRASER VALLEY FALL UNDER HST THRESHOLD

SURREY, BC – The Fraser Valley will offer buyers of new homes noticeable savings after July 1 when the Harmonized Sales Tax (HST) comes into effect, according to the Fraser Valley Real Estate Board.

Deanna Horn, President of the board explains, “Since the majority of new townhomes, apartments, as well as select, new single family homes in our region sell for less than $525,000, the BC new housing rebate threshold in BC, the impact of the new HST will be lessened.”

On July 1, the seven per cent Provincial Sales Tax (PST) will join the five per cent Goods and Services Tax (GST) for a combined HST rate of 12 per cent. The HST will apply to the sale price of all new residential homes however; the BC government will provide a rebate up to a maximum amount of $26,250. According to the provincial government, homes that sell for up to $525,000 will cost the same or less than what they would have when only the GST applied.

“When the HST was first announced, we were concerned for our clients,” explains Horn, who represents nearly 3,000 REALTORS® working in the Fraser Valley.

“Although the HST impacts new home purchases more dramatically than resale, we’re pleased that through our lobbying efforts alongside other BC housing industry representatives, we were able to convince the government to increase both the threshold for the new housing rebate, and the amount of the rebate itself.

“The result is that most buyers of new, attached homes and select detached homes in the Fraser Valley will be able to maximize the benefit of the government’s rebate program. Just recently, I was recommending a lovely new, single family home in Cloverdale to one of my clients with an asking price of $519,000. A similar home in other Lower Mainland communities could be considerably higher in price and after July 1, will result in higher taxes because it is above the HST threshold.”

According to Canada Mortgage and Housing Corporation (CMHC), the average price of new townhomes in Surrey in May was $475,154 and in Abbotsford $403,469. The average price of new detached homes in Abbotsford in May was $532,129. CMHC also reports new apartments – 1,000 square feet in size – are selling currently on average for $294,860 in Surrey; $232,800 in Abbotsford; and, $273,880 in Langley.

The Fraser Valley Real Estate Board is a professional association of 2,989 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

Condo or House

Condo or House? Exploring the Differences in Ownership

More than ever before, condo ownership represents an appealing alternative to traditional home ownership for all types of residents. Though condos have conventionally been the choice of singles and families without dependent children, more traditional families have begun experiencing the unique benefits of condo ownership. However, condos are certainly not for everyone. While condo ownership may provide access to certain amenities and limit time spent on upkeep, there can be certain restrictions – few of which are experienced by owners of single family homes. This article will consider the primary differences between condo and traditional home ownership. If you consider the facts in relation to your family’s goals, you may come to a better understanding of the best type of property for your family.

Two of the most important factors in determining what type of home is right for your family are location and lifestyle. If your family is looking to move to an urban environment where single family homes are scarce, a condo could be a good choice. In such markets, condos are always in high demand and appreciation often matches the best single family homes.

Additionally, if you live a busy life and can live without a large yard, a condo could help you live simply and happily. While most families with young children prefer single family homes for the added space, condos often provide amenities such as swimming pools, tennis courts and large open areas to help families relax and play.

However, there is far more to consider than location and lifestyle when deciding which type of property is best for your family. Nearly all of the differences between houses and condos stem from the different types of ownership. In the simplest terms, owners of single family homes are entitled to exclusive ownership, while most condo owners are subject to certain forms of shared ownership.

In regards to single family homes, exclusive ownership allows home owners to alter their home and surrounding property in nearly any way. While building codes may prevent certain home additions and other large-scale renovations, owners of single family homes can adapt their homes to meet their unique goals.

The owner of a condo is not always allowed to make such radical changes to their property. When purchasing a condo, owners are subject to the rules and regulations of the condo association or board. Typically composed of fellow residents, this governing body collects dues from condo owners to conduct ongoing maintenance of shared areas and perform any unexpected repairs.

As part of the agreement with the condo board, new owners will be informed of what types of changes can be made to the interior and exterior of their property. In most cases, condo owners possess the same type of exclusive ownership inside their condos as homeowners, yet are limited in exterior alterations to maintain the uniformity of the community.

If you are thinking about purchasing a condo, it is important to read the Covenants, Conditions and Restrictions (CC&Rs) before making a commitment. These documents include all the rules condo owners must follow and can vary widely between complexes. If you have indoor pets or other specific needs, make sure these are addressed in the CC&Rs to prevent any unwanted surprises. If you don’t understand any part of the CC&Rs when purchasing a condo, you can try to gain clarification from the director of the condo association.

While the concept of shared ownership might seem limiting to potential owners, there are certainly plenty of benefits. For instance, the owner of a single family home is solely responsible for any problems with the properties, incurring all costs of needed repairs. However, the dues paid by condo owner cover many repair costs – both inside and outside the home. Furthermore, condo ownership can also provide access to amenities – such as pools, spas and recreation equipment – outside the budget of a home owner.

Regardless of location, either a single family home or a condo can be the right fit for the right family. To make the most informed decision, all prospective homebuyers should reflect on their own lifestyles and priorities and how they relate to the different types of property ownership. While there may be many differences between house and condo ownership, the goal is always the same – finding the best home for your family.

Five Topics to Discuss With Your Real Estate Agent When Selling Your Home

Thinking of selling your home? Before you place the “For Sale” sign in front of your house, there are a few things you should consider in order to maximize your home value and make the sales process smooth and efficient. Be prepared to discuss the following subjects with your real estate agent when you’re ready to sell your home and you’ll be one step ahead in the market.

1) Best Time of Year to Put Your House on the Market
Conventional wisdom dictates that spring is the best time for selling a home. The weather is getting warmer, the school year is coming to an end, and people who have just received their tax refunds may now have extra cash to use for a down payment on a home. However, since not everyone can sell a home in the spring, here are some other seasonal factors to consider. According to annual home sale data from the National Association of Realtors, the slowest selling months of the year are typically January and February, since fewer home sales occur during the holidays. In spite of this, with less competition in the marketplace, you may be able to ask for a higher price for your home, or a quicker closing. Additionally, temperate locations like Florida and California don’t see the seasonal fluctuations in the housing market, where house-hunters are almost always looking. And a late winter or early spring in the Northeast may extend the typical “selling season.” These seasonal variations, as well as a variety of local factors, will all influence the housing market in your area. Be sure to talk to your real estate agent regarding the current state of the market and how it will affect the sale of your home.

2) Open House Strategy and How to De-Clutter
At an open house, first impressions count, so you’ll want to enhance your home’s perceived value. Make your home inviting by taking care of bothersome minor repairs; clean bathroom and kitchen counters and clear them of dishes and clutter. Arrange storage areas neatly and put unused items in a closet. If you have pets, consider having a neighbor watch them for the duration of the open house. It’s a good idea for you to be absent during the open house, also. If you must be present, let your agent do the talking.

Decorate your home to sell by arranging the furniture to look as spacious as possible. Add color and fragrance to any room with fresh flowers. Lastly, don’t forget the outside of your home. Put away all gardening equipment and neatly arrange outdoor items like firewood or furniture. Even take a hard look at your mailbox and make sure it reflects the value and character of your home.

3) Features to Accentuate
While you may have long determined which aspects of your home you love, having a fresh set of eyes assess its best features is a smart idea. If you’re considering selling your home, take the time to walk through it methodically with your real estate agent. Together you can determine which features of the home should be accentuated. Does your home have a wonderful view? Make the most of it by sprucing up window treatments and arranging furniture to draw the eye toward the windows. Perhaps the location of your house is truly incredible. Your real estate agent can help accentuate this feature in sales and marketing materials.

4) Desired Price and Bottom Line Price
It’s great to shoot high, but when determining your home value, it’s also important to identify your bottom line. By assessing recent home sale statistics in your area, your real estate agent can recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well as privately determine the absolute lowest price you would comfortably accept for selling your home. By crunching the numbers and setting parameters early on, you can avoid emotional rollercoasters during the process of receiving, countering and accepting offers.

5) Disclosures
When selling your home, you may be obligated to disclose problems that could affect the property’s value or desirability. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a basement that floods in heavy rains. And many states now require sellers to take a proactive role by making written disclosures on the condition of the property. Ask your real estate agent for the particular laws of your state.

US homeprice corrections unlikely in Canada

The Canadian Real Estate Association (CREA) released a new report last week indicating that home prices will stabilize, and remain stable for some time. This means that Canadian homeowners are unlikely to experience a US-style decline in the value of their homes. While the relationship between average price and income has recently been cited as signifying a US-style correction in Canadian home prices, these warnings ignore the longer-term relationship between prices and income, and disregard typical Canadian housing market cycle dynamics, CREA says. Home prices tend to rise in cycles, characterized by periods of sharp growth and periods of stability. By contrast, income generally follows an orderly upward trend over time. For home prices to keep pace with incomes, they must rise faster during housing booms to make up for periods of little or no price growth. Canadian home prices were stagnant throughout most of the 1990s, while incomes continued rising, making housing more affordable. Over the past decade, home prices have climbed sharply as mortgage interest rates declined. The Canadian housing market is now widely thought to be at, or very near, the top of a cycle, and the ratio of home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle. History suggests, however, that it will not do so by means of a significant correction in home prices. The more likely scenario is that home prices will stabilize, giving incomes a chance to catch up again. The correction in US home prices has sparked fears that Canadian home prices may share a similar fate but, according to CREA, warnings to this effect ignore solid Canadian mortgage market trends. Conservative lending practices in the mortgage industry combined with prudent borrowing and accelerated payments among Canadian mortgage holders have been seen throughout the recent housing market cycle. Accelerated accumulation of home equity will provide options for the small proportion of homeowners who may face financial difficulty when their mortgage is renewed at a higher interest rate. These trends are expected to help Canada avoid a US-style housing crisis. The correction in US home prices is set against a massive oversupply of homes due to distress sales, combined with a drop in housing demand spurred by unemployment. The unwinding of the housing boom in Canada will be more orderly, characterized by softening sales activity and stable prices

Feng Sui: fad or selling tool?

Feng Shui: Fad or Selling Tool for homeowners
Over the past decade, Realtors, particularly those representing Asian clients, have become familiar with the term Feng Shui - the ancient Chinese art of placement and design. Feng Shui, (pronounced "fung shwoy") which literally means wind and water, is the art of creating an environment of harmony and balance, both inside and out. It has been practiced for thousands of years in China and is rapidly gaining recognition in western culture as a tool for creating the ideal living and working environment.

Feng Shui Principles
The ancient Chinese sought to explain the visible and invisible forces on the earth and the mysterious influences of these forces on human behavior. They understood that every living thing, including a house, has its own Qi, (pronounced "chee") or vital energy that must be protected and nurtured to promote continuous growth. This mythical blend of science and art follows the philosophy that each room in a house has its own unique Qi centre that determines the areas of good or bad energies. Many believe that a life filled with peacefulness and harmony will follow if the Feng Shui principles are applied to one's environment.

Feng Shui Practitioners
Some homeowners have recruited Feng Shui practitioners to assist them in creating a positive home environment. But one should be cautious and pay particular attention to the practitioner's credentials before hiring. The resurgence of using Fen Shui has generated misconceptions and misuse. Some people claim to be experts after only one weekend workshop. Others claim to provide cures to "bad" Feng Shui by prescribing mirrors, crystals, chimes or stones. So, be discerning. Qualified practitioners use only the five basic elemental forces of wood, fire, earth, metal and water to bring a place into an energetic balance.

When making recommendations, practitioners will first review the location and orientation of the house. Next, the practitioner will determine the nature of the Qi or energy in the home, taking into account the location of entrance, the bedrooms and other key areas. Paint colours, environmental influences and characteristics of the individuals living in the home are also considered in the evaluation.

While a Feng Shui analysis of a home requires careful calculations of over sixty factors, some fundamental knowledge can be helpful.

The External Environment:

• "Mountains surround and water embraces." The best position is to have mountains behind the house protecting it with a river running in front for prosperity. Flowing water represents wealth.
• Buildings should be constructed on high ground, rather than a valley.
• Avoid sharp and pointed objects facing the front door --such as, telephone polls, tree trunks, mountains, high rise buildings or a church steeple. These objects can cast shadows over the roof of the house and are called "secret arrows." They have the affect of cutting the house in half.
• Cul-de-sacs and dead end roads create stagnant Qi. The energy flows in, but has no place to go.

The Interior Environment

• Symbolically, the front door brings in the Qi and must be given careful attention. There should be a winding path to the main entrance similar to a meandering stream. The foyer should be clear, open and without clutter or debris.
• The front door should not be directly aligned with the back door or window (allowing the Qi to leak). Many recommend a screen or plant be placed in its path to reserved the Qi.
• Doors should not form a knife’s edge by swing in and slicing the bed, desk, or sofa.
• Staircases that are directly aligned with the main entrance will bring conflict and financial instability to the occupants of the house.
• The kitchen should not be in the centre of house or too close to the entry. Having the sink and stove opposite one another promotes marital conflict.
• "Heart-blocking pillars" or columns in the centre of a room can cause conflict. Roof beams are equated to dangerous swords lurking above.

source: realtylink

Fraser Valley Buyers enjoy abundant selection

Property buyers continued to see an increase in selection while sellers faced more competition as listings grew and sales decreased on Fraser Valley’s Multiple Listing Service® (MLS®) in May.

The Fraser Valley Real Estate Board posted 1,477 sales in May, a decrease of 2 per cent compared to the 1,501 sales processed on the MLS® during May 2009. At the same time, the Board received 3,457 new listings, taking the number of active listings to 11,411, an increase of 14 per cent compared to the 10,047 listings available during May of last year.

Deanna Horn, president of the Board, puts the numbers into context. “May’s sales were 16 per cent below our ten-year average, 1,760 sales for that month. Considering how busy the market has been in the last decade that represents solid sales activity, slower yes, but steady. "

“What’s changed most is the increase in inventory. The last time this many homes were available on Fraser Valley’s MLS® in May was in 1995.”

Horn adds, “Tremendous selection allows buyers the luxury to find the right home, comparison shop and gives their REALTORS® the ability to negotiate hard on their behalf.

“For sellers, getting specific advice about home values in your local neighbourhood is crucial in a competitive market.”

In May, the benchmark price for Fraser Valley detached homes was $515,375, a 10.6 per cent increase compared to $465,939 in May 2009. The average number of days to sell a detached home in May was 43 days, one day faster than it was in May of last year.

The benchmark price of Fraser Valley townhouses in May was $328,295, a 10.1 per cent increase compared to $298,308 in May 2009. Townhomes in May sold on average 27 days faster than they did a year ago – 39 days compared to 66 days in 2009.

The benchmark price of apartments increased by 8.6 per cent year-over-year going from $232,170 in May 2009 to $252,221 in May 2010. The average days to sell in May for apartments in the Fraser Valley was 51 compared to 69 days during the same month last year.

source FVREB

Prime Rate Increase

The Bank of Canada has increased prime rate by 0.25%, to 2.50%. This will affect those clients who have Variable Rate Mortgages, and those who hold Lines of Credit.

SOLD Coffee shop/ cafe business for sale

JUST SOLD

Location, location, location!!! Amazing business opportunity in a beautifully restored heritage home in this trendy neighborhood. 1,200+ office employees in a one block radius. This cafe (and potentially lucrative catering business) is frequented by steady & loyal customers. Two patios available with view of the city & additional seating just outside. Huge retailers located nearby includes Best Buy, Canadian Tire, The Home Depot, Save on Foods, Winners/Home Sense, London Drugs, RBC, Whole Foods, & Lululemon HQ. Walking distance to the Canada Line Station. PLEASE NO CONTACT WITH STAFF.

Senior Real Estate Specialist

I am pleased to announce my designation as a Senior Real Estate specialist, possessing the necessary knowledge and expertise to counsel clients age 50 plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home.

Petition to stop the HST

There is only one valid, legal, authorized petition with a chance to stop the HST...

If you want to be heard by your Government, you will need to sign "an Initiative to End the Harmonized Sales Tax"

The first phase of the strategy is to successfully complete the first Citizen Initiative in BC by obtaining the required signatures of 10% of registered voters in every riding.

To find out your City riding, please call 1-604-800-2461

Tips for a green lawn

A thick, healthy lawn greatly improves a home's curb appeal. We all want our gardens to look spectacular when we’re entertaining or relaxing outside. Properly taking care of your lawn is key to enjoying lush green grass so read on for some great lawn care tips:

1. Zig Zag - Mowing the grass in different directions prevents wear patterns and encourages upright growth.
   
   
2. Stay Sharp - Avoid mowing when it’s wet and remember to sharpen the blade several times during the season.
   
   
3. No Short Cuts - Don't cut your lawn too short. Tall grass is more stress tolerant, shades out weeds and has deeper roots to increase the intake of nutrients and water.
   
   
4. Breathe Deeply - Aerating puts holes in your lawn to loosen the ground which allows water to easily get to the roots. This natural treatment will make your lawn look like a golf course!
   
   
5. Natural Nutrients - Unless your grass is in really bad shape, it’s best to leave your grass clippings on the lawn as they’ll provide important nutrients.

There’s nothing quite like the smell of freshly cut grass. Properly taking care of your lawn will greatly increase your home's curb appeal! Just make sure to walk around and pick up sticks, stones and the kids toys before you begin :)

Owning a Home During a Seperation

We all know that marriage isn’t always forever. And when a separation occurs, a home is often involved. Since most couples have a joint mortgage – one where both names are on the mortgage and title of the home – when separation or divorce proceedings occur, many wonder what will happen with the home. When the marriage comes to an end, there are two obvious options concerning the home: 1) sell the property and split the proceeds according to your agreement and go your separate ways; or 2) one person buys the other party out of the mortgage and the title of the property. The first option is a straight-forward transaction where you put the house up for sale, sell and split the proceeds. The second option, however, is slightly more complicated. The decision between the options is a personal one borne out of the specific circumstances of the parties involved. Perhaps there are young kids involved that need to stay in the house, the market is down and there will be a loss on the property that neither party can afford, one party can afford to buy the other party out, etc. Once the decision is made, how do you go about buying the other person out of a mortgage? Well, essentially, you are refinancing your mortgage using a single income (the person who is buying the other party out of the house) and

qualification, versus the original purchase, which was based on joint income and qualification. If you are the one buying your partner out, the first step is to ensure that you can afford the mortgage payments. This is imperative because the lender will ask for proof that you are capable of covering the mortgage in order for you to apply on your own. In addition to covering the mortgage amount, you will have to come up with whatever dollar amount you have agreed on to buy the other partner out. This may come out of the equity in your home if it’s sufficient. In essence, if you can afford the mortgage on your own, the most common means of buying out your partner post-separation and transferring title out of the joint name and into your name, is to refinance. If you are not in a financial position to buy your ex-partner out of the house, and you agree to both stay on title and have payment arrangements, there is one warning to be taken very seriously. Just because one person is responsible for the payments (even with a court order), if the mortgage goes into default, both parties on the mortgage will be affected. The most important piece of advice when dealing with a mortgage during a separation is to become informed. Know your options, talk to professionals about your options, and make an informed decision regarding your home and mortgage.

Reverse Mortgages- whats the catch?

t’s a tempting proposition: after years of writing cheques to the bank to pay off your mortgage, the bank will write a nice big cheque for you. That’s the allure of reverse mortgages, which allow anybody 60 or older to borrow money against the value already built up in their home. With the number of 60-year-olds in Canada expected to double in the next 25 years, demand for the product is expected to grow. Seeing that as an opportunity, a new provider of reverse mortgages has arrived in Canada, providing some competition to the Vancouver-based Canadian Home Income Plan, which has become almost synonymous with the product over the past 20 years.

Seniors Money Ltd., based in Mississauga, Ont., started selling reverse mortgages in Ontario in 2007. By this past February, it had expanded into every other province except for Quebec, a market it expects to enter later this year or in early 2009. There are differences between the two competing reverse mortgage products, but the basics are the same. They allow a person or a couple to convert up to 45 per cent of a home’s equity into cash, providing extra money that can come in handy during the retirement years when there’s an absence of a regular income stream.

A homeowner will usually get a lump sum upon opening an account and will make no interest payments, although the products are offering options now to receive the funds in regular instalments and make some payments along the way. Home equity gradually decreases as the debt load goes up, but the products are designed to leave a homeowner with at least 50 per cent equity at the end of a reverse mortgage, and promise total charges will never be more than the value of the home. Reverse mortgages get repaid when a homeowner dies, the house is sold, or a pre-determined term ends, often set at 10 or 15 years.

Reverse mortgages are still a niche market; CHIP currently has 6,600 of them outstanding in Canada worth over $700 million. But they appear to be catching on with seniors, who are estimated by Statistics Canada to have 77 per cent of their net worth in their home equity. According to Greg Bandler, senior vice-president of sales and marketing for CHIP, the company’s business is now growing by over 20 per cent a year.

Financial experts warn there are drawbacks. Reverse mortgages, for instance, charge interest rates that are usually two to three percentage points higher than a simpler home equity line of credit, which some financial planners suggest as a better alternative. Seniors Money offers a variable rate calculated as the bank prime rate plus 1.25 per cent, while CHIP’s rate is prime rate plus 2.0 per cent. But Seniors Canada’s interest compounds monthly, while CHIP’s compounds semi-annually. Some customers also are eligible for discounts under the CHIP plan.

“This is a product for people who either can’t make any payments or don’t want to make any payments, and they are typically looking to free up cash flow,” says Nick DiRenzo, president and CEO of Seniors Money Canada. Reverse mortgages help seniors to “squeeze a living out of their home, so they don’t just have to sit there on the old nest egg like their grandparents did,” adds PJ Wade, strategist and Toronto author of the reverse mortgage primer Have Your Home and Money Too.

The best candidate for a reverse mortgage is somebody who wants to stay in their existing home for the long haul, but has no major funds or employment income to draw on and doesn’t have other options to raise cash, such as taking in a border or reorganizing their finances, says Wade.
If a homeowner can be just as happy downsizing and moving somewhere else, then the reverse mortgage is not the right route, she says.

“There are a lot of situations where there may be better options,” agrees Philip Shead, a Certified Financial Planner with Investors Group in Winnipeg. A line of credit, for instance, where a person pays off the monthly interest charges right away, may be a better fit in many circumstances. He cautions that a person doesn’t typically make any payments towards a reverse mortgage, so what is owed can accumulate to a large portion of the home’s value.

Wade suggests that financial planners may be hesitant to recommend reverse mortgages because many aren’t familiar with them, and aren’t interested in supporting a product that puts a client back into debt. “Many of them are in the saving or investing business, not in the spending business. They are not comfortable advising a client to spend an asset,” says Wade. Bandler agrees that taking out a line of credit may make sense when a person can pay off the debt and interest charges. But that usually means he or she still must be earning income. By contrast, no payments are required during the life of the reverse mortgage loan.

“Working in association with a financial planner, you can see the application for a reverse mortgage in many, many ways,” Bandler contends. “Whether as an estate planning tool, a wealth management tool, or used in any number of instances to fit into a broader financial plan, a reverse mortgage makes a tremendous amount of sense.”

Here’s an example of how the product works, based on calculations provided by Krzycki of CHIP:
If a couple, both 72, has a $220,000 home in Manitoba, they would be eligible for a loan of about $76,000. At the end of 15 years, they would owe about $230,978 in principal and interest, assuming an interest rate of 8.25 per cent. Supposing the home appreciates by 5.6 per cent annually (the national 20-year average), it would be worth $498,174, leaving $267,197 in equity.

© (c) CanWest MediaWorks Publications Inc.

Future rate hikes by the Bank of Canada

Here is the latest news on what to expect on future rate hikes by the Bank of Canada.

The Bank of Canada kept its benchmark lending rate at an historic low Tuesday, but removed a so-called conditional commitment to stay on hold through the middle of the year, signaling that it could raise interest rates as early as its next policy decision June 1.

In the statement accompanying Tuesday’s decision, Governor Mark Carney and his rate-setting panel said they expect the economy to return to full capacity in the second quarter of next year, rather than the third as previously forecast.

That shows the central bank believes that slack created by the country’s first recession since the early 1990s, and the sharpest global downturn since the Great Depression, is being absorbed more quickly than policy makers had predicted.

At the height of the global crisis in April, 2009, the central bank cut the benchmark overnight rate to the lowest it could go, 0.25 per cent, and pledged to keep it there until at least the middle of this year, depending on inflation. The removal of that pledge increased investor bets that the first rate hike will be on June 1, rather than July 20 or later, and sent the currency shooting through parity with the U.S. dollar because it now seems certain the Bank of Canada will act long before the U.S. Federal Reserve.

``A June rate hike is now likely,’’ said Doug Porter, deputy deputy chief economist at the Bank of Montreal. ``This statement marks a dramatic change in tone by the Bank, and doesn’t rule out possible 50-basis-point moves.’’

Tuesday, Mr. Carney said that his “extraordinary guidance” has achieved its purpose, as the reliably low cost of money has spurred more borrowing and spending than expected since late last year.

“This unconventional policy provided considerable additional stimulus during the period of very weak economic conditions,” the central bank said. “With recent improvements in the economic outlook, the need for such extraordinary policy is now passing, and it is appropriate to begin to lessen the degree of monetary stimulus.”

The statement said that core inflation, the bank’s preferred gauge that has been ``somewhat firmer than projected in January,’’ will ``ease slightly’’ in the current three-month period while staying close to the bank’s 2-per-cent target until the end of 2012. The total inflation rate will be ``slightly higher’’ than 2 per cent over the next year and return to the target level in the second half of 2011, the bank said.

Central bankers also tweaked their growth projections for the economy, reflecting a wave of stronger-than-expected data in recent months both in Canada and abroad and a white-hot housing market that point to a ``more front-loaded’’ expansion.

Real Estate Channel now with Chinese language portal

Real Estate Channel Update

Real Estate Channel now with Chinese language portal!

Thu 15 Apr, 2010

VANCOUVER, BC March 14th, 2010. Real Estate Channel is pleased to announce a powerful new feature designed to help our clients leverage maximum exposure for their propert ies in foreign markets. Available immediately all Real Estate Channel listings are automatically translated into Chinese and posted to our exclusive web portal www.beimeifangwu.com based in Hong Kong. Translated to English Bei Mei Fang Wu means quite simply "North American Housing" and though in its infancy has already proven to be immensely popular. Available now and publishing new listings by the minute, BeiMeiFangWu is designed to specifically target domestic mainland China residents looking for real estate opportunities in Canada and North America. This exciting free service represents a tremendous value add-on for our Real Estate Channel clients who can now be sure that their properties will be placed in front of an enormous foreign audience looking to invest in Canadian and North American Real Estate. The best part about this new translation service is that it requires absolutely no input from our clients. This service is automatic and functions in the same way as our automatic social network postings such as Twitter, Craigslist and Kijiji. BeiMeiFangWu features simplified versions of our Real Estate Channel listings including text description and pictures; however, Real Estate Channel clients also now have the option to have their videos and voiceovers recorded into Chinese for a small cost which are then incorporated into our Real Estate Channel website along side traditional English speaking listings. The Real Estate Channel is now deep in the works to secure similar distribution platforms for French, Spanish and Korean audiences. Stay tuned for updates as the Real Estate Channel continues to pus h the boundaries and generate more leads for your properties. Pacific Real Estate Media Ltd. on December 1st, 2006 - launched The Real Estate Channel (www.realestatechannel.ca), with the mission to be the Number One Multimedia portal for researching, buying or selling residential real estate in Canada. The Real Estate Channel made television advertising an affordable reality for local and national businesses. Products and services can be advertised on TV and web portal at affordable rates.

Closing Costs

When you purchase a home, there are various fees in addition to your mortgage that you’re responsible for. An unexpected bill's the last thing you want when you go to pick up your keys. Closing costs will vary depending on individual circumstances but here’s a brief summary:

-Title Insurance - Assures title to the property. Costs usually range from $200 to $400.
-Legal Fees - Vary depending on the complexity of your situation but could cost up to $1,000.
-Mortgage Insurance & Appraisal - Prepare yourself by speaking with your lender so you’re aware of all the upfront costs associated with your mortgage.
-Taxes/Fees - Depending on your situation, there could be various land transfer fees and taxes to pay that could range from hundreds to thousands of dollars.

There are also some expenses that you'll want to keep in mind after you receive your keys (often referred to as post closing costs) which could include:

-Moving Costs - Factor in the costs of a moving and/or packing company. If you decide to move yourself, don’t forget the cost of the rental truck.
-Connection Fees - You may have to pay for hook ups at your new place which could include electricity, gas, cable TV, telephone, Internet, etc.
-Renovations and Repairs - It’s a good idea to set some money aside for potential repairs that may arise. Home ownership is all about expecting the unexpected!
-Miscellaneous - Costs could include such things as having the locks changed, decorating, window coverings, appliances, etc.

This summary is by no means all inclusive as closing costs vary from situation to situation but they usually represent somewhere between 2 - 4% of the purchase price. It's best to discuss your circumstances with a local real estate expert for a more accurate estimate. Buying a home can be an emotional roller coaster but you'll enjoy a smoother, less stressful ride if you're aware of what lies ahead.

Buyer's Market Continues in Fraser Valley

News Release: April 6, 2010

BUYER’S MARKET CONTINUES IN FRASER VALLEY

(Surrey, BC) – With plenty of selection and relatively modest price increases, buyers are enjoying a healthy spring market in the Fraser Valley. The Board’s Multiple Listing Service® (MLS®) recorded 1,565 sales in March, an increase of 30 per cent over February’s sales and an increase of 56 per cent over the 1,006 sales processed March of last year.

Deanna Horn, president of the Board says, “March sales volumes can fluctuate as much as the weather, and this year’s reached the mid-point between the highs and lows seen over the last decade.

“However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of great buying opportunities.”

There were 3,395 new listings entered onto the MLS® in March, slightly higher than in March 2009, when 3,028 new listings were added. Altogether, there were 9,828 active listings on the MLS® at the end of March, on par with the 9,832 active listings one year ago.

The ratio of sales compared to active listings, which indicates the type of market, reached 16 per cent in March, representing a buyer’s market. This is up from last year’s 10 per cent but a far cry from the 25 per cent ratio in March 2007, when the Fraser Valley was in a seller’s market.

“Prices are closing in on the record highs we last saw in spring 2008, so it’s no surprise to see the increase in listings as sellers position themselves to move up or downsize into a smaller residence using their home equity for their purchase.”

In March, the benchmark price for Fraser Valley detached homes was $514,787, an increase of 11.9 per cent from the March 2009 price of $459,841.

The benchmark price of Fraser Valley townhouses in March was $326,307, a 10.3 per cent increase compared to $295,809 in March 2009. The benchmark price of apartments increased by 8.6 per cent year-over-year going from $227,188 in March 2009 to $246,673 in March 2010.

Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public web site www.REALTOR.ca. Further market statistics can be found on the Board’s web page at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 2,990 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.

HST

Resale homes

Similar to the GST, the HST will only apply to the sale of new or substantially renovated homes. Substantially renovated homes are homes with additions or major renovations completed on at least 90% of the property.

New homes

In general, buyers of new homes priced at up to $525,000 will be eligible for a new rebate of 71.43% on the provincial portion (7% of the HST’s 12%) of the HST paid. Purchasers of new homes priced at $525,000 or above will be eligible for a flat rebate of $26,250. These rebates are in addition to the new housing rebates already available under the GST, however unlike the GST rebates, the new provincial HST rebate will not be eliminated for higher priced homes.

CMHC Changes

Qualifying Interest Rate:
1) all borrowers (high ratio, less than 20% down), if taking a variable mortgage or a fixed term under 5 years, must qualify on the contract interest rate, or the "benchmark rate" set by Bank of Canada. ( We don't know what the benchmark rate will be yet but we expect it to be close to a 5 year posted rate)
2) all borrowers (high ratio) taking a 5 year fixed term or higher will qualify on the contract interest rate.

Self- Employed:
1) purchases for self empl under "stated income" program ltv is reduced to 90% from 95%
2) refinances for self empl under "stated income" program ltv is reduced to 85% from 90%
3) anyone self empl in same business for 3 or more years will not be eligible for "stated income" program and will have to provide proof of income to support what they earn.


Courtesy
Joanne Vickery
Dominion Lending Centres

Changes to Mortgage rules- rule #2 and #3

Rule #2 All borrowers will have to meet qualification standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate and shorter term (such as one- or three-year terms).Current standards for mortgage qualifying are typically based on a lender’s three-year fixed rate (if you’re opting for a variable rate, home equity line of credit, or one-, two- or three-year fixed-rate product, which typically carry a lower interest rate). This qualifying standard has, in the past, been sufficient to protect consumers from rates increasing over the term (at least on paper). Essentially, the government is forcing people to prepare for a likely rate hike over the next five years. Considering the average difference between discounted three- and five-year fixed rates is only between 0.30% and 0.49%, this should truly not have a drastic impact on the average mortgage applicant – if, in fact, the new rules intend to have mortgage applicants qualify based upon discounted rates. It is still unclear if the upcoming alterations are meant to have Canadians approved based upon “posted” five-year rates, which would mean a difference of over 2%!
Rule #3
The maximum amount Canadians can withdraw when refinancing their mortgages will be reduced from 95% to 90% of the value of their homes.This final change will likely have the most impact on those Canadians who have a current government-backed insured mortgage and would like to take advantage of the equity in their home to do some debt consolidation in the future. In recent times, with rates at historical lows, it’s been advantageous for consumers to roll their unsecured debt into their mortgage to decrease monthly payments – so much so that the government has sought an end to this trend of high loan-to-value mortgages.This does not, however, stop consumers from overspending and taking on large amounts of credit card debt. In some cases, the ability to borrow the equity in one’s home to pay off debt has saved people from bankruptcy and kept them in their homes. Hopefully this change doesn’t backfire on the government’s intentions.

Only time will tell if the government’s measures to curb spiking house prices and encourage equity savings will be a positive change for Canadians.Prior to this announcement, there was wide-spread speculation that the government was going to change current mortgage policies to include a minimum 10% down payment, an increase from the current 5%, and a reduction in amortization from a maximum of 35 to 30 years. Luckily for first-time homebuyers in Canada, these rumours have not proven true. As always, if you have any questions about these new mortgage rules or real estate in general, I’m here to help!


Source: Joanne Vickery Dominion lending

Changes to Mortgage rules- rule #1

Minister Jim Flaherty announced three changes to the mortgage insurance rules, which will come into effect on April 19th, 2010.
The good news is that most mortgage consumers will not be significantly impacted by the three latest changes. The intentions of the new rules are to curb speculation housing and encourage homeowners to use their homes as a savings tool, rather than borrowing home equity to pay down loans and credit cards.
Rule #1
Minimum down payment requirements for non-owner-occupied homes will increase to 20% from 5%, and the way that rental income is considered has been scaled back as well. This rule will have the most dramatic impact of all three changes, but only on real estate investors. Being required to put more money down and being able to use less potential rental income for qualifying purposes will displace many new real estate investors (who currently only make up around 4% of all mortgage consumers in Canada).This change is intended to avoid any kind of future housing bubble in Canada by curbing speculation building. The recent economic downturn caused builders to stop building and many new homes sat vacant through the early stages of 2009. When rates started to drop and buyers began to gobble up property that had been on the market for some time, the supply/demand ratio started to lead to higher demand and higher prices.

STRONGER THAN EXPECTED FRASER VALLEY HOME SALES DURING OLYMPICS

March 2, (Surrey, BC) – Not even the most engaging Olympics in Canadian history could completely slow the appetite for house hunting, according to the most recent statistics from the Fraser Valley Real Estate Board. The Board’s Multiple Listing Service® (MLS®) recorded 1,204 sales in February, an increase of 23 per cent over January’s sales and an increase of 77 per cent over the 682 sales during February of last year. Deanna Horn, president of the Board explains, “Although the phones were quieter and we did experience less traffic at open houses, we were surprisingly busy given how much everyone, including REALTORS® were enjoying the Games.“Buyers are aware of two key changes that could impact their purchasing ability. The new mortgage rules coming in April, plus the Harmonized Sales Tax in July, so the ‘Olympic effect’ we were expecting wasn’t as deep.”The Board’s MLS® received 2,879 new listings in February, an average of 144 per business day, providing buyers with 14 per cent more selection than they had the previous month. The number of active listings in February was 8,485, 12 per cent fewer than were available during February last year.
Horn adds that the combined strength of listings and sales currently is stabilizing Fraser Valley home prices. “Overall, we’ve seen modest price gains for the last three months. The benchmark price for all residential types combined increased less than one per cent from January to February.“When you have a healthy level of inventory, it puts less upward pressure on prices and creates a stable, balanced market.”
In February, the benchmark price for Fraser Valley detached homes was $508,136, an increase of 11.3 per cent from the February 2009 price of $456,683.The benchmark price of Fraser Valley townhouses in February was $324,708, a 9.8 per cent increase compared to $295,731 in February 2009. The benchmark price of apartments increased by 7.8 per cent year-over-year going from $228,091 in February 2009 to $245,879 in February 2010.

source fvreb