Blog | Mortgages By Liz

Elizabeth Prins, CAAMP

Mortgage Alliance – Cutting Edge Lending
Liz@CuttingEdgeLending.com
Office:  250.590.6009
Cellular:  250.812.1529
Toll Free:  1.877.590.6009
Fax:  250.590.5899

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Welcome to Guest Blogger Lisa Riehl

Monday December 13, 2010 01:39 PM

I love painting people’s pets!

Well, not directly (can you imagine - “hey, why is your dog purple?”). Rather, I paint their portraits. I started doing pet portraits about 4 years ago after we got our dog Lucy (a black lab cross). I had taken a ton of photos of her and some of them just screamed “paint me”! So I did. I painted a few in fun funky colours (the first one I did of her was “Green Dog”). Then people started asking me to paint their own pets. How could I say no?

To date, I have painted over 80 pet portraits! I even did a painting Liz’s dog Sonny. He was a wonderful subject to paint, such an expressive gorgeous face! I have done quite a few of my dog now, 10 or so, and I like to go a little crazy with her paintings - I have cropped her face into a corner, made her some fun Warhol-style colours, and did a super close up of her nose! But I can paint with realistic colours as well - a green dog is not for everyone.

Pets are so much fun to paint. They mean so much to us, becoming part of our families. I have been told that my paintings really capture the personalities of each pet. The pet owners provide me with fabulous photos from which to paint, and I email them back with photo samples showing different coloured backgrounds (or different colours of fur) for them to choose from. It’s a fun process. Once they have chosen their proof, they can be confident that their finished painting will look exactly like it.

My home is full of Lucy’s paintings now, all the ones that I won’t sell. She is immortal. But at least it hasn’t gone to her head - yet!
___________

For more information on Lisa Riehl’s art, please visit her websites:
www.lisariehl.com
www.lisariehlpetportraits.com
www.lisariehlblogspot.com

Sonny!

Canada Could Tighten Mortgage Rules: Flaherty

Monday December 13, 2010 01:32 PM

Mon Dec 13, 2010 4:06pm EST

OTTAWA (Reuters) - Finance Minister Jim Flaherty warned again on Monday the government could tighten mortgage rules further if needed, after a report showed the country's household debt levels have soared.

"As I've said before, if necessary, we will tighten the mortgage rules again. We keep an eye on the level of credit," he told reporters.

But Ottawa is not about to take immediate steps to curb household borrowing, he said, based on discussions with banks about default rates. The government has recently tightened mortgage rules twice.

"There is no reason for extreme concern now. There is reason for concern, so I watch," Flaherty said.

"Part of what I have to do is balance the amount of credit we see out there with the job creation that we see in the economy as well."

Earlier on Monday, Bank of Canada Governor Mark Carney flagged his concerns over household debt levels, which according to a Statistics Canada report on Monday surpassed household debt levels in the United States in the third quarter.

(Reporting by Louise Egan; editing by Rob Wilson)

What is the difference between a full Service Brokerage & the flat fee service?

Thursday December 09, 2010 03:01 PM

Here is more excellent information from Realtor Stephen Foster:

What is the Flat Fee (Mere Posting) Model?

With the recent Canadian Real Estate Association (CREA) agreement with the competition bureau, there have been a number of questions about what Flat Fee models are and how they work.
Flat fee, or For Sale by Owner (FSBO), companies typically provide a kit to a seller that may include a sign and the ability to place a property on the MLS system, now known as a "MERE POSTING", for an up-front and non-refundable fee. These companies allow a seller to "contract out" of other services provided by full-service agents. Of course, along with allowing sellers to contract out of these services, they also allow agents to contract out of their fiduciary responsibilities of disclosure, confidentiality, and agency. In addition, agents who merely post may not be able or willing to: qualify buyers, provide advice on the market, contracts, legal issues, questions about the house, or even how to deal with an offer

In these cases, sellers would be responsible for showing their own property, being knowledgeable about the market, understanding their legal responsibilities, and hiring a lawyer to draw up contracts, which can run thousands of dollars and are paid regardless of whether a transaction is completed. In addition, a seller, under this model, may not be covered by errors and omissions insurance, meaning that they would be fully liable for a litany of offences, many of which could potentially run hundreds of thousands of dollars.

This Flat Fee model and others such as discounted brokers, contrary to popular belief and media's reports, have always been allowed to exist in the BC real estate industry.

However, the rest of the country has historically placed barriers or restrictions on alternative business models trying to use the MLS (multiple listing service) system as a selling tool. With the recent CREA agreement, the rest of Canada has adopted BC's progressive stance, which may have the effect of lowering the rest of Canada's commission rates (typically 5-6 % of the total selling price) to where they are now in BC. This is a good thing, and, as we can see from the BC example, will improve the industry's competitiveness. That said, despite having alternative models available to consumers for decades in BC, they still only represent less than 10% of the market, in part because sellers typically understand the important role a competent agent plays in effecting the successful sale of the most important asset in most people's lives.

If you want even more information on any of the above, please don't hesitate to call me for any of your questions you may have. I stand by my service and value that I provide to my clients. Competition is a good thing and for those of us up to the challenge, we will meet the demands of the marketplace and endeavour to challenge the constraints of conventional marketing to provide a service that will be considered as valuable as the asset itself.

*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, I assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.

Cheers,

Stephen

Stephen Foster
http://stephenfoster.ca/

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Victoria BC November Real Estate Sales Rise!

Wednesday December 08, 2010 03:32 PM

Welcome guest blogger Realtor Stephen Foster!

Victoria BC November Real Estate Sales Rise!

Here is the latest Victoria Real Estate Board stats for Victoria and outlying areas. Some positive news!

The following Report was prepared by the Victoria Real Estate Board.

The number of property sales throughout Greater Victoria rose in November. Prices, meantime, remained mixed with gains for condominiums but some declines for single family homes and townhomes.

A total of 479 homes and other properties sold in November through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up slightly from the 467 sales in October. There were 604 sales in November of last year.

Victoria Real Estate Board President, Randi Masters, noted that the number of sales has now risen for two consecutive months, “The further increase in sales in November adds more weight to our belief that the market has now returned to a stable, balanced state.” Masters added that with declining inventories, some further increase in sales can be expected next year while prices will likely remain stable. “There were 3,723 properties available for sale at the end of November – a decline of some 300 properties compared to October though still 25 per cent higher than a year ago,” added Masters.

The average price for single-family homes sold in Greater Victoria last month was $636,634, down from $641,780 in October. The median price declined to $530,000. The six-month average also declined slightly to $623,941.

There were 20 single family home sales of over $1 million in November including one sale in Oak Bay of over $5 million. There were 12 sales of over $1 million in October.

The overall average price for condominiums was $349,512 last month, up from $323,522 in October. The average for the last six months rose to $325,196. The median price for condominiums in November rose to $290,000.

The average price of all townhomes sold last month declined to $416,067 from $446,026 in October. The median price declined to $395,000. The six month average was $430,437.

MLS® sales last month included 264 single family homes, 123 condominiums, 47 townhomes and 17 manufactured homes.

And so there we have it, a healthy market for your investment!

Have a great December and see you in the New Year!!

Visit Stephen's fabulous website www.stephenfoster.ca for more information.

Bank of Canada maintains overnight rate target at 1 per cent

Tuesday December 07, 2010 03:01 PM

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding largely as expected, although risks have increased. As anticipated, private domestic demand in the United States is picking up slowly, while growth in emerging-market economies has begun to ease to a more sustainable, but still robust, pace. In Europe, recent data have been consistent with a modest recovery. At the same time, there is an increased risk that sovereign debt concerns in several countries could trigger renewed strains in global financial markets.

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