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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.

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:

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%

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.

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.

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. 

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.

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. 

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. 

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.