CMHC Rule Change will only Impact Small Amount of Canadians

 

In late 2015 Finance Minister, Bill Morneau, announced that starting in February 2016, Canadian Mortgage and Housing Corporation (CMHC) will be changing down payment requirements. The rule change will only impact 1% or less of the Canadian housing market.

 

The new regulations will increase the minimum down payment from 5% to 10% on the portion of the home price greater than $500,000.

 

The minimum down payment on the first $500,000 will remain at 5%.

 

For example: on a $650,000 mortgage the minimum down payment requirement would be $40,000.

 

This is 5% of the first $500,000, and 10% of the remaining $150,000.

 

No other segments are effected, including first-time home buyers or anyone purchasing over $1 million whereby a straight 20% minimum down payment is required .

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Thinking about installing wood floors? The first decision you need to make involves the type. According to the National Wood Flooring Association, there are four types:

 

  • Unfinished. This type requires you or your installer to sand and apply a finish. If you want a specific colour or style or you're trying to match existing flooring, this might be the best option for you.
  • Factory Finished. As the name suggests, this is flooring that has its finish applied in the factory. Although is is more expensive, factory finished flooring can be installed faster and can be walked upon immediately.
  • Solid. This is flooring that is made from a solid piece of wood, top to bottom. The advantage is that is can be sanded and refinished many time over the years, or even decades. 
  • Engineered. This si flooring that is made of thin layers of wood pressed together. It can be engineered to be very durable and expand and contract less than solid flooring.

The type you choose depends on your needs. Talk to your dealer or contractor about your specific application. 

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Weekly Mortgage Update – February 18, 2014 - Lynn McLellan, Verico Dreyer Group

 

*2 year fixed @ 2.69%

*3 year fixed @2.89%

*4 year fixed @3.14%

*5 year fixed @3.09%

*Variable Rate Mortgage @ prime -.55%

*OAC, Rates Subject to Change without Notice

 

 

Housing starts continue to moderate, as reported last week by CMHC. Builders continue to adjust their activity to meet demand and inventories of completed units dropped toward the end of 2013.

 

The Canadian Real Estate Association reported January resale data last week and the winter weather which has gripped much of the country seems to have contributed to a fifth consecutive monthly decline in resale activity. But prices continue to rise with the MLS Home Price Index up by almost 5% from a year ago. The Teranet Index also showed an annual rise 4.5% in Canadian home prices.

 

Equifax Canada reported on Q4 2013 Canadian consumer debt last week. Total debt has risen again to record levels but Canadians are making their payments as the delinquency rate has reached a record low

 

Lynn McLellan BA

Dreyer Group Mortgages Inc- A Member of the Verico Broker Network

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A homeowner once asked me, "What's the most important quality to look for in a REALTOR®?"

What a great question! There are a lot of qualities you want in a real estate professional:

A friendly, caring attitude.
Strong sales, marketing and negotiation skills.
A track record of satisfied customers.
An organized approached to taking care of all the details.
A network of professionals. (Lawyers, contractors, movers, etc.)
This list goes on and on. But if I were to choose one it would be this: Listening.
 
A good REALTOR® really listens to the client’s concerns and desires, so that the entire selling experience is quick, rewarding and trouble-free for them.
 
So if you want to work with that kind of agent, give me a call or email. I'll listen, really listen, to what you want from your home selling experience, and then make sure that happens for you.
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A-Z Home Inspections
Winter N e w s l e t t e r 

November 2013
 
 
header  
Dear Christine, 
Winter Preparation List!
Simple things you can do to save energy and repair costs. 
  1. Change furnace filter & A/C filters.
  2. Change batteries in smoke detectors & carbon monoxide detectors .
  3. Turn off exterior hose bibs and remove hoses
  4. Schedule seasonal maitanance of furnace.
  5. Clean all gutters of debris, ensure that downspots are directing water away from your home.
  6. GFCI electrical receptacles should be tested and reset to make sure they still work.
  7. Check window wells for debris of leaves and such, clear drains.
  8. Check exterior trim for flaking paint and loose open gaps in caulking.
  9. Check weatherstripping on doors for a tight seal.
  10. Check attic and crawl spaces for adequate insulation.
  11. Wrap exposed heating ducts and pipes with proper insulating materials.
  12. Perform a visual inspection of the roof from ground. Look for loose, curling and missing shingles.
 
What About That Old Furnace!
 
 
Those older style atmospheric furnaces may be dangerous, (the ones with a pilot light.) Over the years the metal heat exchanger inside these older machines tends to deteriorate and can potentialy develope a crack. If this were to happen then combustion gases are able to mix with heated air that is then blown into the home. Some brands in particular have a bad reputation for cracking, call me for more information on these problem furnaces. I got a call last year from the head office of one manufacturer to stop telling the truth about their older products. If in doubt have it checked by a licensed HVAC technician.
  
This is why a carbon monoxide detector is a must if you have an older forced air furnace!
 
So Why Choose A-Z Home Inspections?
 
I  Know that you already have your favourite inspectors however........
  • Quality inspections at Affordable prices.
  • Certified Master Home Inspector.
  • All appliances tested.
  • Excellent people skills.
  • Flexible Scheduling.
  • The absolute best on site reports you can buy.
  • Clear and concise communication skills. 
  • Free check up on required seller repairs.
  • Licensed and Insured.
  
The reason that I became a home inspector is because I care about the clients. I want to see them happy in their new home and to proceed with confidence. I will always go above and beyond their expectations and explain everything in very clear terms and language. The defects are not usually the problem, its not knowing what the defects were before completion that upsets the clients.
  
Please allow A-Z Home Inspections the honour of helping you or your family and friends complete their next transaction.
  
Thank you.
  
Sincerely,
  

                                                          
Gary Ladwig CMHI
A-Z Home Inspections

778 888 4893

License # 51393


Pricing
  
Condos                           $295.00
Town  Houses                $350.00
Houses start @              $395.00
Larger Homes call for quote. 
Call 778 888 4893 
This email was sent to christine.tobias@me.com by homeinspectors@shaw.ca |  
A-Z Home Inspections | 7179 201 Street | Unit 29 | Langley | BC | V2Y2Y9 | Canada
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When you're looking for a new home, you want to find one in a great neighbourhood - or, at least, in a neighbourhood that is on the upswing. How can you tell if a particular area is improving? here are some common indicators:

 

  • Pride of ownership. Take a walk around the neighbourhood. Do you get a sense that people take good care of their homes? Are the lawns mowed? Is the landscaping trimed? Are flowers planted? Homeowners are more likely to look after their properties when they like where they are living. 
 
  • Home improvements. Are people investing in their homes? Are they getting their driveways re-done? Their windows replaced? Are there signs of home improvement projects? If so, this is a clear indicaton that homeowners like the area enough to invest in their properties. 

 

  • Real Estate sales activity. Do homes tend to sell quickly in the area? Do they sell for a good price? If so, the neighbourhood is probably in demand. If people want to live there, it's a desirable area.
 
  • Business investment. Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable neighbourhoods?
 
  • Community involvement. Are there signs that the community plays an active role in the look and lifestyle of the neighbourhood? Are there neighbourhood picnics, yard sales and other get-togethers? Check Facebook.com to see if the neighbourhood has a community page.
 
  • City plans. Find out what plans the city has for the area. Will there be road improvements done in the near future? Are there any major construction projects on the schedule, such as a new school or community centre. Although such projects can be disruptive in the short term, they may improve the neighbourhood - and, as a result, boost the value of any home you buy - in the long-term.

Of course, the best way to find out the desirability of a neighbourhood is to talk to a good Realtor who knows the area. Call Today.

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Finding storage space in the home is becoming increasingly challenging. These days, we all just seem to have more stuff!

 

Fortunately, you don't necessarily need to rent a storage locker or add a new room to your home to fit everything. There are many innovative ways to increase the capacity of the storage space you're already using. 

 

For example, there are storage bins you can buy that are designed to fit neatly under a bed. Some have wheels, making the bins easy to pull out and access. 

 

You've probably seen closet organizers at your local home improvement centre. These can easily double the storage capacity of a closet, while making the space look neater and more organized. 

 

Finally, there are storage units available that are camouflaged as something else, such as an ottoman. 


Visit your local home improvement centre. There are many more innovative storage solutions available for your home.

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How do you select the best moving company for your needs?

  • Ask for recommendations from friend other professionals in the local real estate industry.
  • Beware of fly-by-night operations. They may seem like a bargain, but you get what you pay for.
  • Does the company provide you with a written estimate and contract? (Beware of movers that just give you a price over the phone.)
  • Ask if they are covered by insurance, and what their policy is regarding lost or broken items. Make sure you receive a copy of their insurance certificate. 

Finally, always ask what circumstances would result in extra charges being applied. The number one complaint received about movers by the Better Business Bureau is unexpected extra charges. 

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One of the most prominent features of any home is the windows. When they are well maintained they have a positive impact on the impression people (such as potential buyers) will have of your property. The opposite occurs, of course, when your windows look old and worn. 

 

So does that mean you should replace your windows?

 

That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision. 

 

  • Do your windows  get frost or condensation build-up on the interior side? This could be a sign that the windows are not keeping out the cold as well as they should be.
  • Do you see water infiltration or mildew on the interior side? This means that moisture that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.
  • If your windows are double-paned  -(two panes of glass) - check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and at a minimum, the glass will need to be replaced. 
  • Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required. 
  • Check the operation of your windows. Do they open and close easily? This is important because some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire. 
  • Finally, are you happy with how your windows look? Do you feel that your property will look signifincantly better with new windows?

Although they are expensive, replacing windows has a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter. 

 

Want more tips on increasing the value, and enjoyment of your property?

Call today Smile

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You may think that dealing with multiple offers on your home is a wonderful problem. After all, there are so many buyers clamoring to purchase your property!

 

The challenge, however, is picking the best offer - and that isn't always the one with the highest price. 

 

Most offers come with conditions, such as "conditional on securing appropriate financing" or conditional on the sale of our current property". You have to consider both the price and the conditions when choosing which offer to accept. 

 

These are other considerations, too. What if someone makes a great offer on your home, but they don't have a pre-approved mortgage and they haven't put their current home on the market? That kind of offer is risky because it is more likely than an unconditional offer to fall through. 

 

So there's a lot to think about when you're in the seemingly enviable position of dealing with multiple offers. How do you select the right one? The answer is to have a good REALTOR by your side to help you make the right decision!

 

Want more tips on finding and buying your next dream home? Call today. Smile

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You could get upgraded insulation installed in all the walls of your home, or buy a new high-efficiency furnace and air conditioner. These improvements would certainly reduce your energy costs - but they each require a significant investment. 

 

What if you don't have the budget?

 

There are a lot of little things you can do to make a big difference in your heating or cooling bill, Here are just a few examples:

  • Turn down the thermostat a couple of degrees in winter. (And turn it up a few notches in the summer). Chances are, you'll hardly notice the difference in comfort, and you'll cut your heating/cooling costs by about 5%.
  • Do you need the air conditioner on all the time during the summer months? Consider turning it way up, or completely off, at night when it's cooler outside.
  • Invest in a programmable thermostat. That way, you'll be able to set up a schedule that uses less heating/cooling energy while you're out of the house.
  • Let the sunshine in through windows in the winter (and block the sun where possible in the summer). "Passive heat gain" can contribute up to 20% of the heat in your home. Best of all, the sun is free.
  • Use energy efficient lights throughout your home. These can cut the cost of lighting by up to 40%!
  • Be careul with outside lights, which can use a lot of energy! Turn them off before you go to bed or, better still, use programmable outside lighting that can be set to turn off automatically.

These are just a few ideas for reducing your energy bill. If you do some research, you can probably discover many other ways to cut your cost. It's worth the effort !

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If you're thinking of making a move within the next few months, there are two important things ou need to know.

 

The first is the market value of your current property. That's the amount your home will likely sell for on today's market. When you know its market value, you'll have a better idea of how much money will be available to invest in a new home.

 

The second is an overview of what's available on the market. Which of the homes currently available for sale meet your criteria with respect to type of home, special features (such as a big kitchen or pool), neighbourhood, etc? 

How much are these homes selling for? 

 

With those two pieces of information, you'll be able to make a better decision. 

 

A good REALTOR can get that information for you. Call today.

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Dreyer Group Mortgages Inc.

 

Our 5-year fixed is now sitting at 2.89 %!!

 

To give you a historical account of rates and payments:

 

In March of 1993 the 5-year fixed mortgage rate was 8.97%

Your monthly payment for a $400,000 mortgage with a 25-year amortization would have been

approximately $3304.03

 

Fast-forward today, 20 years later, that same $400,000 mortgage with a 25-year amortization has a

monthly mortgage payment of $1870.48

 

 

What a difference of $1433.55 per month!!

 

Contact Lynn McLellan, BA

Phone: 604-536-8400

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You will want to make the process of shopping for a home as productive and enjoyable as possible. After all, you'll be on a quest to find your next dream home. That's why it's important to take the right things with you:

 

  • A digital camera, so you can take pictures of the features you like in the properties you see.
  • A notepad, so you can take notes.
  • Measurements of your largest pieces of furniture, so you can confirm they'll fit in the rooms of properties you like.
  • A measuring tape.
  • Some healthy snacks and beverages, (especially important if you're taking the kids along).
  • A map of the area, so you can check out local parks and other neighbourhood features.
  • Clear driving directions to each of the properties you want to see.
 
One of the best ways to shop for a home, and actually enjoy the experience, is to work with a great Realtor.

 

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If you've been thinking about selling your home, you might be waiting until the "market is right". After all, if the local market suddenly booms, your property will likely sell for a higher price.

 

That may be true. However, there are other factors to consider in your decision to list. 

 

For example, will you be buying a new home as well? If so, then the higher selling price will probably be offset by the higher cost of the new property. 

 

In addition, there may be characteristics of your home that will help sell it quickly and for a good price - today - regardless of the market conditions. 

 

A good REALTOR will help you make the right decision. Call today

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Why is it so important to know how much you can afford to spend on a home?

 

Two reasons.

 

First, you don't want to buy a property and then find out, only after you've moved in, that you can't financially maintain it. That would mean having to resell it under stressful conditions. 

 

Second, you don't want to settle for a property that's less than ideal, when you really could have afforded the "dream home" you've always wanted. 

 

So how do you figure out how much you can afford to pay for your next home?

 

The first step is to talk to a good REALTOR. He or she will help you gain a cleaner understanding of how much your current home will likely sell for in today's market. That amount, together with other financial resources you might have (such as savings), will determine your down payment. 

 

The next thing you'll need to figure out is your mortgage. Your REALTOR can help you find a lender who will take a variety of factors into account - income, credit rating, debts, expected down payment, etc. - to calculate the maximum amount of mortgage for which you qualify.

 

Say, through the proceeds of the sale your home combined with your savings, your expected down payment is $90,000. If the lender authorizes a mortgage of $270,000, then you can afford a $360,000 home.

 

Of course, that doesn't mean you'll need to spend that much. In fact, a home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less. 

 

One thing is for sure. A good REALTOR can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.

 

Looking for a good REALTOR? Call today.

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You might have hired a painter, plumber, or renovator several times during your history of home ownership. But how many times have you hired a decorator?

 

For many homeowners, hiring a decorator is a first time experience. That's what makes knowing how to choose the right one so challenging. 

 

Here's a tip: Clip photos from magazines of rooms that match the "look and style" you want. Pay particular attention to desired colours, decor, accents, furnishings, and themes. 

 

Then, when meeting with a prospective decorator, see if there's anything in his or her portfolio that matches your clippings. If there is, then you'll have a good indication that he or she can pull off the look you want.

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Like heat, water and air conditioning, insurance is a home expense you have some degree of control over. In fact, there are ways to reduce your insurance costs by as much as 20%.

 

The thing to keep in mind is that insurance companies will often reward you- in the form of lower rates-when you do something to reduce the risk of damage to your property. That's why you can often get a discount when you install smoke detectors on all floors. Other discounts may be available if you get better door locks, an alarm system, upgraded wiring and so forth. 

 

Contact your insurance company and ask how you can lower your insurance costs. Sometimes just a few minor changes can save you a bundle. 

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When you're shopping for a new home, you want to find a property that has all the features and characteristics you want. A large deck surrounded by pictureesque landscatping...a beautiful kitchen with gleaming marble countertops.. a cozy finished basement with fireplace....

 

You should look for the ideal home. You deserve it! But some home buyers make the mistake of becoming fixated on finding the "perfect" property, and passing too quickly on those homes that don't quite measure up. 

 

Why is that a mistake? Because some of those less-than-perfect properties have the potential of becoming your next dream home. 

 

First of all, a home that is lacking some desirable features, such as a finished basement, will probably cost less. Those savings may be more than enough to cover any needed upgrade or renovation. 

 

Secondly, if you look at a home in terms of its potential, rather than the features it happens to have now, there will be more properties available on the market for you to consider. 

 

If you're determined to have a large wrap-around deck for entertaining, for example, don't cross homes that don't have this feature off your list. At least not yet. Instead, view these properties with an eye on potential. Is the baxkyard big enough to accommodate a large deck? How would a deck like that look if added to this particular property? How much would such a renovation cost? 

 

There's no doubt about it. You want to find a home that has all the features and characteristics you want. If you work with a good REALTOR, there is a good chance you'll find a property that has most of them. 

 

But keep an open mind. Sometimes a "diamond in the rough" can - with an upgrade or renovation - become a home you'll treasure for years. Smile

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