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A Little Help to Purchase Your First Home!

 
As well as record-low mortgage rates, first-time home buyers have other incentives to reduce the cost of homeownership. These include:
  • The ability to withdraw up to $25,000 from a RRSP for a downpayment, interest and tax free. (A couple can draw out a total of $50,000). Talk to your bank for more information.
  • A $750 First-Time Home Buyers Credit that can help with closing costs.  
  • Qualifying first-time buyers may be exempt from paying the BC Property Transfer Tax of 1% on the first $200,000 and 2% of the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.
  • The BC Home Owner Grant, which helps reduce property taxes by up to $570 with the basic grant and a further $275 for those who qualify.

You qualify as a first time home buyer for the Property Transfer Tax  if:

  • you are a Canadian citizen, or a permanent resident as defined by the Immigration and Refugee Protection Act (Canada),
  • you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed 2 income tax returns as a British Columbia resident during the 6 years before the date you register the property,
  • you have never owned an interest in a principal residence anywhere in the world at any time (a principal residence is the usual place where an individual lives), and you have never received a first time home buyers’ exemption or refund.
  • the fair market value of the property (land plus improvements) is not more than the qualifying value of $425,000 (only if purchasing an existing home),
  • the land is 0.5 hectares (1.24 acres) or smaller, and
  • the property will only be used as your principal residence.

Please note: If there is more than one purchaser and not all purchasers qualify for the exemption, only the percentage interest acquired by the first time home buyer(s) is eligible. Your lawyer or notary can advise you on all requirements when closing.

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For the second year in a row, Macdonald Realty has been voted Best Neighbourhood Real Estate Office in Vancouver by Georgia Straight readers!
 
With three convenient locations in Vancouver - Kerrisdale, Downtown, and our new Main Street office, Macdonald Realty is commited to innovation and professionalism.
 
Macdonald Realty also placed first for total sales volume in the Real Trends 200 survey of Canada’s largest brokers in 2009. The results were published in the May 2010 edition of Real Trends magazine and reported by the National Post, Vancouver Sun & The Province.

 

Realtors with Macdonald Realty are recognized by more Canadians for their knowledge, professionalism and quality of service. When you call me to help you buy or sell, you can be assured you´ve made the right decision! 
 
For the Georgia Straight’s 16th annual Best of Vancouver issue, readers completed more than 10,000 online ballots on everything from their favourite politician to the best place to buy cheap drinks. There are over 250 readers’ choice categories, dealing with a vast number of topics. The people have spoken - Macdonald Realty is the best neighbourhood real estate office in Vancouver!
See our ad on page 166.
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Top 25 Grants and Rebates for Property Buyers and Owners in BC

 

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency

www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box | 1.800.959.8287

  

2. GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. Canada Revenue Agency

www.cra.gc.ca. Enter ‘RC4028’ in the search box | 1.800.959.8287

  

3. BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate  1.800.959.8287

  
4. BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate | 1.800.959.8287

 

5. BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/rpt | 250.387.0604

  
6. First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency

www.cra.gc.ca/hbtc | 1.800.959.8281

 

7. BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/hog or contact your municipal tax office.
  
8. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors.

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children.

Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue

www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

 

9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm | 1.800.668.2642 | 604.873.7408

 

10. CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno | 604.731.5733

 

11. Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html | 1.800.769.2511

 

12. Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the search box enter ‘energy saver loan’.

 
13. LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

www.livesmartbc.ca/rebates | 1.866.430.8765

  
14. BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and in the search box type in ‘Residential Energy Credit rebate program.’ It is the first item. | 1.877.388.4440

 

15. BC Hydro Appliance Rebates

Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers

until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html | 1.800.224.9376

 

16. BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/rebates_savings/fridge_buy_back.html | 604.881.4357

 

17. BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available

until March 31, 2011.

www.bchydro.com/rebates_savings/windows_offers/current_offers.

html | 604.759.2759 for a free in-home estimate.

 

18. BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10 % off an ENERGY STAR cordless phone. Check for new offers and for deadlines.

www.bchydro.com/rebates_savings/coupons.html | 1.800.224.9376

 

19. Fortis BC (formerly Terasen Gas) Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good

until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012). http://www.fortisbc.com/NaturalGas/Homes/Offers/Pages/Residential-Water-Heater-Program.aspx| 1.888.224.2710

 
20. Terasen Gas Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.

http://www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx. | 1.888.477.0777

 

21. City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a first come, first served basis

until March 2011 or until the City reaches its target of 30 solar homes. www.vancouver.ca/sustainability/SolarHomes.htm | 604.873.7748

 

22. City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.

www.vancouver.ca and in the search box enter ‘rain barrel program.’ 604.736.2250. Other municipalities have similar offers.

 

23. Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.

www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange GreenBuildingGrant | 604.877.7000

 

24. Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

 

25. Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.
 
 
 

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March 18th Deadline Could Spark a Stampede!
 
For the second time in twelve months, the Department of Finance has tightened rules on residential mortgages to help slow the pace of household debt accumulation.
 
New rules pertaining to mortgage financing were just announced by the Federal government effective March 18th. Here are the highlights:
  • Maximum amortization reduced to 30 years from 35 years.
  • Maximum refinancing limits reduced to 85% from 90%.
  • No more ability for lenders to receive mortgage insurance on lines of credit (beginning April 18th).

More details regarding these changes will no doubt trickle out over the next few days. Although the first two points are directly aimed at high ratio financing involving the mortgage insurers it will be interesting to see if any lenders eliminate 35 year amortizations even on conventional financing deals.

 

The first point will directly impact first time buyers as they are typically the segment of the market with the smallest down payments and are thus forced to have their mortgages insured. In the expensive Vancouver market it is becoming more rare to see first time buyers with a realistic ability to finance their first home on a 25 year basis.
 
The changes effective in 60+ days might spark a bit of buying in this segment of the market as they look to lock down mortgage approvals with 35 year amortizations before the deadline.
 
Homeowners with substantial equity and higher incomes have taken out extended amortization mortgages for maximum affordability and/or repayment flexibility (including many who actually pay down their mortgages quickly). 

 

The cap on refinancing will have some impact on them, although it is too early to tell how much. It has been estimated that 35-40% of all refinances are used for debt consolidation so the government has effectively increased the cost of debt on the margin given that mortgage credit is one of the cheapest forms of debt consolidation in the marketplace.
 

Take note that CMHC purshases with 5% down are not affected by these rules because a purchase is treated differently than a refinance. There was substantial concern in the industry that the government was going to increase minimum downpayment requirements from the current 5% level to possibly as high as 10%. Thankfully, this didn't  happen although it may down the road.

 

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Dropping...

     

Great news this week as the “Big Banks” are finally getting in the game for interest rates. The news is all about the drop in interest rates by the Banks. Other lenders have already been down for a few weeks and I am looking to see rates go down even further. It is becoming more difficult to make the choice between variable and fixed rates as these rates get closer together.

 
The Real Estate market has slowed considerably since the hectic pace of late spring/early summer. Higher rates, changes to qualifications for obtaining a mortgage and the perceptions surrounding the HST are all responsible for the slowdown.
 
When things get slow, rates stay low….or go lower. Perhaps we will see a busy fall market as borrowers see an opportunity with lots of housing inventory and great interest rates.

          

Bank Prime Rate 2.50%
Term
Best
Bank Posted
1 year
2.65%
3.50%
3 year
3.49%
4.50%
5 year
3.79i

 5.49i

10 year
5.25%
6.90%
25 year
9.30%
9.65%
 
 
 

 

 
 
 
 
 
Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime!
 

Courtesy of

Laura Stein - The Mortgage Centre
T
elephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Baby Steps...

      Another week - another small decrease in interest rates. I’ve been telling you that fixed terms have to come down and they are. There’s more room for decreases but whether or not the lenders offer the savings to the borrower or try to hang onto their larger spreads, only time will tell.

      The Bank of Canada next meets Wednesday, September 8th. It’s widely thought that the B of C cannot go too much further without the rest of the world, most notably the USA, joining in the recovery. Based on what I’ve read, the recovery in the USA is looking more like 2012-2013. About the time that the Port Mann bride is finished, rates in the USA will be going up.

    Until then, keep your speed under 80km/h (in Vancouver) and consider riding in a variable mortgage. Have a Great week!

          
Bank Prime Rate 2.50%
Term
Best
Bank Posted
1 year
2.65%
3.50%
3 year
3.49%
4.50%
5 year
3.89i

 5.79i

10 year
5.25%
6.90%
25 year
9.30%
9.65%
 
 
 

 

 
 
 
 
 
Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 2.15%!
 

Courtesy of

Laura Stein - The Mortgage Centre
T
elephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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No Surprise Hikes.

Not much movement with interest rates this week. All lenders raised their prime rate last week with the Bank of Canada...but we were all ready for that move. The bond market has left room for lenders to bring down their longer term rates. The 5 year rate could come down by another .5%. The Banks are charging 4.49% for their 5 year rate while others are willing to discount further. Low rates are here for awhile longer. Still a great time to keep floating!

  
           Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.64%
4.35%
3 year
3.75%
4.60%
5 year
4.19%
5.99%
10 year
5.25%
7.05%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 1.90%!
 

Courtesy of

Laura Stein - The Mortgage Centre
T
elephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Number of Listings Rise to Start Off the Spring Season!

VANCOUVER, B.C. – April 6, 2010

A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60%increase compared to March 2009 when 4,385 new units were listed, and a 52.1% increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®). At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19% in March compared to last month, but remains 7.6% below this time last year.
 
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.
 
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5% increase compared to March 2009, a 4.7% increase over March 2008, and a 12.4% decrease compared to March 2007. The current figure also represents a 26.8% increase compared to the 2,473 sales recorded in February 2010.
 

“With a sales-to-listing ratio of 23%, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.

 
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3% to $584,435 from $485,845 in March 2009. This price is 2.8% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
 
Sales of detached properties in March 2010 reached 1,336, an increase of 49% from the 897 detached sales recorded in March 2009 and a 19.7% increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3% from March 2009 to $800,341, but declined 0.6% compared to last month when the benchmark price was $800,796.
 
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3% compared to the 976 sales in March 2009 and a decline of 8.6% compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3% from March 2009 to $395,507 and is up 1.2% compared to last month when the benchmark price was $390,899.
 
Attached property sales in March 2010 totalled 549, an increase of 40.1% compared to the 392 sales in March 2009 and a 7.4% increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3% between March 2009 and 2010 to $493,263, but declined 0.5 % compared to last month when the benchmark price was $495,496.
 
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The count down is on for rate increases. It is only a matter of time until lenders decide to stop giving their money away and make us pay for it. Some lenders are offering rate sales right now, so this is the time to get pre-approved if you are wishing to buy a home this Spring. Call me today to hook you up with a respected & professional mortgage broker that can get you these rates:
 
CURRENT MORTGAGE RATES
Effective March 16, 2010


TERM                        BEST RATE              POSTED RATE
1 Yr Closed                     2.50%                         3.60%
2 Yr Closed                     2.85%                       
3 Yr Closed                     3.35%                         4.15%

4 Yr Closed                     3.69%                       

5 Yr Closed                     3.89%                         5.39%
7 Yr Closed                     5.05%                        
10 Yr Closed                   5.30%                        
 
Prime Rate: 2.25%
5 Year Variable @ Prime - 0.40%
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New Mortgage Standards to Begin April 19th.

Tuesday, February 16, 2010 - Globe an Mail Report on Business

 
Finance Minister Jim Flaherty today unveiled new mortgage standards aimed at stopping housing speculators and ensuring homebuyers can adequately juggle their debts when interest rates inevitably rise. Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19, would stop “negative trends” from development. Ottawa moved in three areas:
  
New qualifying standards will mean borrowers must be able to handle a five-year, fixed-rate mortgage, even though they may opt for a shorter term and lower rate. The government said this test will help homebuyers prepare for higher rates. As it now stands at the major banks, borrowers are income-tested for a three-year fixed rate. Craig Alexander, Toronto-Dominion Bank's deputy chief economist, said in a research note that the change could influence about 25 per cent of all new mortgages. That does not mean those buyers wouldn't still buy, but they may have to lower their expectations as to the size of the homes they want, Mr. Alexander said. Based on a 5-per-cent down payment and a national average home price of $337,000, a buyer would need about $9,200 more in annual income to qualify under the changes, Mr. Alexander said. At $200,000 and 5 per cent down, that would fall to $5,500.
  
Refinancing homes will now be limited to 90 per cent of the value of a property, down from 95 per cent. That means property owners won't be able to draw equity back down to the 5 per cent down payment level, Mr. Alexander noted. The government said this will help make owning a home a more effective way to save. “The impact of this change should be quite limited,” according to Mr. Alexander. “Less than one-third of refinancing is done by individuals with mortgage loans in the range of 90 per cent to 95 per cent of the value of the property. On the margin, it will act as a small negative for consumer purchases (largely on durable goods) that are financed through mortgage refinancing - but the amount will be small.”
  

A minimum down payment of 20 per cent will be required for government-backed insurance on properties not lived in by their owners, up from 5 per cent. “This measure is likely aimed at tempering speculative buying of real estate by reducing the leverage available to buyers,” Mr. Alexander said. “It will, however, also impact individuals buying real estate for investment purposes more generally, including those looking for rental properties. In rough ballpark terms, the change might impact about 5 per cent to 15 per cent of new mortgage originations.”

Scotia Capital economist Derek Holt, noting that the market alone would have cooled things down, said the biggest move that could affect prices is the one on qualifying, which would kick out many potential buyers. “The mortgage rule changes raise the odds of lower house prices into the back half of 2010 and into 2011,” Mr. Holt said. “… I think house prices were going to fall because of market mechanisms, but today's rule changes add further pressure in that regard.”

Eric Lascelles, TD Securities chief economics and rates strategist, projected “some extreme volatility” in the housing market in the short term as home buyers rush to beat the April 19 date. After that, he said, activity could “crater” because so many buyers moved up their purchases. Over all, Mr. Lascelles said, “the economic implications of this rule change are unlikely to be severe, and we expect the housing market to slow its ascent without crashing back down to earth.”

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Happy New Year!

 

2010 promises to be an interesting year for mortgages and real estate. The final numbers are in for 2009 and prices and volumes of activity have eclipsed 2008. The market has been spurred on by record low interest rates and a very, very slow start to the year. The demand is still strong and, with less listings on the market, there will be pressure on prices to increase.

   

Interest rates will remain low for the next while too. The Bank of Canada is holding to their commitment to keep rates low into June. The rise in the Canadian dollar will mean that the B of C will have to wait to raise rates. Too soon and they derail the recovery, especially in the manufacturing sector.            
 
            Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.25%
4.5%
3 year
3.25%
5.15%
5 year
3.89%*
5.84%
10 year
5.25%
7.15%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
 *Strings attached to this rate!
 Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 2.15%!
 

Courtesy of

Laura Stein - The Mortgage Centre
T
elephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

Call Laura today and tell her Lyn sent you!

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Interest Rates Going Down?

 
The bond market, where lenders go to get funds to lend for longer term mortgages, has room to move mortgage rates lower. The Bank of Canada is showing no signs of wavering from its commitment to keep rates low until at least June 2010. Rates are staying low but affordability is coming down as the very busy Real Estate market drives prices up.

 

The trouble in Dubai caused a quick knee jerk reaction but seems to have been absorbed without great notice by financial markets. Slow and steady recovery will be how this recession plays out. Keep floating.
  
             Bank Prime Rate 2.25%
Term
Best
Bank Posted
1 year
2.25%
4.5%
3 year
3.25%
5.15%
5 year
3.99%*
5.84%
10 year
5.25%
7.15%
25 year
9.30%
9.65%
 
 
 
 
 
 
 
 
 
 *Strings attached to this rate!
 Bold numbers denote change from last posted rates.  
 
Variable mortgage from Less Than Prime...TODAY at 2.15%!
 

Courtesy of

Laura Stein - The Mortgage Centre
T
elephone: 604-657-6535 ext 22
2

www.mortgagecents.ca

 

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.