|
|
| Pre-Approval Should Be Square One For Home Buyers |
| Tuesday February 22, 2011 10:13 AM |
|
|
|
By Kim Covert, Postmedia News February 21, 2011
OTTAWA - Buying your first home is a daunting process - not only is there the concern over owing THAT much money in what are still, for many, uncertain economic times, there are a lot of steps to take and a lot of pitfalls to avoid.
Fortunately, there are also a lot of online tools and in-person professionals to help you chart your course and avoid some of the bigger rookie home-owner mistakes.
The most important thing is knowing where to start - and that's with pre- approval, says Farhaneh Haque, regional sales manager for TD Canada Trust.
``Basically a mortgage specialist, or the (bank) branch personnel, depending on who you're speaking with, will go through your entire personal financial situation, look at your income, weigh that against any output on your debt that you may have, look at what's left over and work within those parameters,'' says Haque. ``So, say if you've got $2,000 a month left over after you've paid your cellphone, your car, etc., look at how much that means in terms of savings and how much you can afford to put toward a mortgage.''
To view entire article click here
|
|
|
|
| Camosun College Bursary for Mature Women |
| Tuesday February 22, 2011 10:13 AM |
|
|
|
As you may know I donate a portion to my income to a bursary at Camosun College . I received a lovely email from the very first recipient!
Hi Liz,
I wanted to extend my most gracious appreciation for this bursary. When Sandra sent me the email about receiving the bursary I couldn't have been more ecstatic, it truly not only made my day, but my week, month and year. My little family has been living on a pretty tight budget (that leaves us wanting and needing a lot) since we decided that it was important for me to continue my education after my son was born a couple years ago. We actually didn't have enough money to pay for rent for January and now we do thank you to you and those that contributed to the fund for this bursary. I couldn't think of a better Christmas present ever. My family really appreciates you and those like you who provide bursaries for students. You inspire me to give back to the cause once I graduate and have some money.
Thank you again and again,
Georgia , Nathan and Cayden
|
|
|
|
| Interest rate special |
| Friday February 18, 2011 10:06 AM |
|
|
|
Hi there.
I have a quick close rate special.
5 year term, must close within 60 days.
3.99%!
Call me for details 250.475.1166
|
|
|
|
| Benjamin Tal Economic Buzz |
| Friday February 11, 2011 02:36 PM |
|
|
|
Benjamin Tal
Deputy Chef Economist, CIBC World Markets
The US labour market is gathering momentum with private sector hiring picking up speed throughout 2010. That uptrend strengthens further this year. Job gains will support consumption spending, which enjoyed a strong fourth quarter. Retailers should post decent results in early 2011 as well, helped by the extension of tax cuts.
In Canada, employers added 22,000 workers to payrolls in December, with full-time jobs replacing part-time positions, and private sector workers displacing the (relatively lower-paid) self-employed. Going forward, we expect private sector jobs to lead employment gains in 2011, compensation for restraint in public-sector hiring.
Rate hikes unlikely until second quarter
After falling for four straight months, November's rebound in the price of natural gas, along with gains in crude oil prices, should energize Canadian exports. However, our trade balance will continue to be held down by the relatively elevated Canadian dollar which bites into exporters' competitive position.
As for Canada's housing market, starts may tick down from November's rebound as house builders face additional headwinds from tightened policy and potential rate hikes in the second quarter of 2011. But the Bank of Canada will likely proceed cautiously, wary of tightening too soon and sending the already soaring loonie to new heights.
|
|
|
|
| Flaherty warns of even higher mortgage rates after this week's jump |
| Thursday February 10, 2011 10:11 AM |
|
|
|
By The Canadian Press
OTTAWA - Interest rates are going up, and the federal finance minister says he expects them to rise even more.
The Royal Bank increased several of its posted and special mortgage rates on Tuesday, joining TD Bank and CIBC.
All three banks have increased the posted rate for a five-year closed mortgage by a quarter of a percentage point, to 5.44 per cent.
RBC also raised its special fixed rate offer for a five-year closed mortgage by the same percentage amount, to 4.39 per cent.
Finance Minister Jim Flaherty said he's not surprised.
"The recent increase by a couple of the banks is exactly what we expected," Flaherty told reporters in the foyer of the House of Commons.
And more increases should be coming, Flaherty predicted, since lending rates have been hovering close to historic lows.
"We're likely to see higher interest rates as we go forward because interest rates are still very low."
Flaherty commented as he denounced a Liberal opposition day motion calling on the Harper government to reverse a planned 1.5-percentage-point corporate tax cut.
If you are in the market to purchase a new home in the next few months, please contact me for interest rate holds before rates go up!
send me an email
|
|
|
|
| January 2011 Victoria Real Estate Market Report |
| Thursday February 10, 2011 10:08 AM |
|
|
|
Welcome Guest Blogger Realtor Stephen Foster
Hi folks, well here it is, the beginning of February and time to recap the last month in the Real Estate Market here in Victoria BC. I have some cool new graphs to show you along with the less "pretty" graphs that are provided by the Victoria Real Estate Board! This is a graph of the action in the Victoria Real Estate Market in the past 7 days! 
Here is what has happened over the Month of January courtesy of the Victoria Real Estate Board
January Real Estate Sales and Prices Steady
February 1, 2011
The number of property sales throughout Greater Victoria showed little movement in January while overall prices remained stable. A total of 339 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down slightly from the 349 sales in December. There were 418 sales in January of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that January’s figures reflect the continuation of the return to a stable and balanced market that began last year, "Historically, the winter months are usually a slower time for real estate sales and we anticipate market activity will pick up as we head toward spring." Fimrite noted that inventory levels showed little change in January. "There were 3,283 properties available for sale at the end of January - a slight increase compared to the 3,252 properties available at the end of December," he added.
The average price for single-family homes sold in Greater Victoria last month was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of over $1 million in January including one on the Gulf Islands.
The overall average price for condominiums was $323,002 last month, up from $301,671 in December. The average for the last six months was virtually unchanged at $320,108. The median price for condominiums in January rose to $293,000. 
The average price of all townhomes sold last month rose to $447,792 from $434,783 in December. The median price also rose slightly to $418,050 while the six month average rose to $435,749. 
MLS® sales last month included 178 single family homes, 90 condominiums, 39 townhomes and 11 manufactured homes.
 And there we have it....see you soon!! Stephen Foster Macdonald Realty Victoria 250.889.7862
|
|
|
|
|
|
| 'Window Closing ' on ultra-low mortgage rates |
| Tuesday February 08, 2011 09:40 AM |
|
|
|
Amid the noise of volatile-but-improving economic indicators, mortgage rate hikes are likely to repeat like a chorus in the coming months.
Canadian banks are raising interest rates on mortgages, marking the beginning of a trend as they correlate with rising bond yields and expected monetary tightening.
That’s making a strong case for borrowers to lock into fixed rates before it’s too late, said Benjamin Tal, deputy chief economist with CIBC World Markets. “The window is closing.”
TD Canada Trust and CIBC both announced Monday hikes to their residential mortgage rates, the first increases since changes to the rules of borrowing were announced by the federal government last month. The other big banks where expected to follow the moves shortly.
view entire article
|
|
|
|
| Down Payment and Amortization Confusion |
| Monday February 07, 2011 03:56 PM |
|
|
|
Okay...here are the rules:
Down payment
When you purchase a home for your own residence you need a minimum down payment of 5%.
When you purchase a revenue property to rent out, you need a minimum down payment of 20%.
This is not changing.
Refinancing
Before March 17, 2011 if you are refinancing a property you already own and live in, you can only borrow a maximum of 90% of the market value of the property.
After March 17, 2011, you can only borrow a maximum of 85% of the value of the property.
Amortization
Before March 17, 2011, the maximum amortization on a high ratio mortgage (less than 20% down payment) is 35 years.
After March 17. 2011, the maximum amortization on a high ratio mortgage is 30 years.
It is still possible to arrange amortization periods up to 40 years on conventional mortgages (more than 20% down or 20% in equity)
If you have any questions, do not hesitate to call me at 250.475.1166 or send me an email
|
|
|
|
| Welcome to Guest Blogger Alyx Gilgunn |
| Friday February 04, 2011 03:35 PM |
|
|
|
Hi everyone!
Let me introduce myself: my long name name is Alexandra Marguerite Catherine Gilgunn but I go by Alyx (an amusing story, be sure to ask me!). My family moved to Victoria in 1989 and I’ve been here on and off ever since (the off parts having me living in Ottawa, England and Japan). Loving education and studying, I have a BA in Mass Communications and Business from Carleton University, a Certificate in Business Administration from UVic, a life insurance license for BC and my Canadian Certified Financial Planner (CFP) designation. I am a competitive ultimate frisbee player, a former coxswain (I rowed at Royal Henley on the Thames) and I used to speak three languages quite well. I love to go away on the weekends - either camping in Strathcona Park, skiing at Mt. Cain or ultimate frisbee tournaments.
As a Certified Financial Planner and owner of Apple a Day Financial, I help young families and professionals get their financial lives on track. Because we live in Victoria and not another small Canadian town, many of the under 40s (and some over 40s!) find themselves struggling with student loans, starter incomes, new families and large mortgages. Add to this the expectation that we’re all maxing out our RRSPs and planning for retirement and it’s easy to get overwhelmed!
The first thing I help families and individuals do is have a plan; knowing what your goals are and writing them down is the best way to move forward! Next, I help you sleep at night by ensuring you have the right life and health insurance coverage. And finally, when you’re ready, I help advise on investments and retirement planing.
Question for next time: how much do you think you’re worth?
|
|
|
|
|
|