REAL ESTATE TIPS AND ADVICE
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- How to Stop Paying Rent and Own Your Own Home
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11 Critical Questions to Help You Choose The Right Mortgage.
What I'd suggest is that you sit down with your spouse and consider some of the following issues. Only then will you be able to answer the questions any responsible lender will ask in order to help you choose the right mortgage, rate and features.
· How long are you planning to live in this home?
· How are your finances likely to change over the next few years?
· Which are you more comfortable with: mortgage payments that always stay the same OR payments that rise and fall with the Prime rate?
· How soon would you like to be mortgage-free?
· When will your children be entering college or university?
· When are you thinking of retiring?
OK, now that you have your needs and goals in mind, you're ready to start making some calls. As I said, any responsible lender will ask you a lot of questions in order to narrow down the options and select the right mortgage for you and your family. But if you want to make sure you're getting the very best deal available after all, that's exactly what you deserve! You have to ask some questions too.
Today's mortgage market is very complex, with more choices than ever before, innovative new features being introduced every day, and unexpected conditions and fees hidden in the fine print. The best way to protect yourself is to go through every item on this checklist with each lender BEFORE you go any farther.
· What's the APR (annual percentage rate) on this mortgage? Be skeptical of the first rate you're quoted. Always ask if it's the annual percentage rate. The APR is usually higher because it includes the additional fees involved in procuring a loan. And don't always believe the APR quoted in ads. Lenders often use bait and switch tactics: they'll quote a low rate to get you in the door, but it may not include all the points and fees, or it may be almost impossible to qualify for.
· How much of a down payment will I need? Most mortgages require a down payment of somewhere between 5% and 20% of the loan amount. The higher your down payment, the more attractive your rate and terms will be. However, you may not be able to afford a high down payment. If you can't manage a down payment of 20% or more, your mortgage is required to be covered by default insurance, which will involve paying an insurance premium.
· How much extra will it cost to lock in my interest rate? As you know, mortgage rates are changing all the time. If rates rise between the time you apply and your closing date, you can pay thousands of dollars extra over the life of your mortgage. Most lenders will let you lock in the rate you discuss at the time you apply so there are no surprises later. But there's often a fee for this, so find out how much it might cost.
· Are you going to charge any discount points? Some lenders charge prepaid mortgage interest points that can have a big effect on the cost of your loan. Ask for full details.
· What are the guidelines I need to meet in order to qualify for this mortgage? Every mortgage has requirements that relate to your employment, income, down payment, credit history, assets and liabilities. Insured mortgages often have easier qualifying guidelines than conventional loans. “Non-conforming” mortgages for people who require more relaxed guidelines usually carry higher interest rates.
· Can you give me an estimate of my closing fees? Every mortgage involves fees that are paid to the lender and other companies involved in the financing process. Ask for a realistic estimate of what those fees will be, based on the specific mortgage details you're talking about. Any lender that can't provide an estimate should be viewed with suspicion.
· How much will it cost to pay out this mortgage before the term is up? Sure, you may not plan to pay out your mortgage early, but what if you need to move or refinance unexpectedly. Some mortgages with low rates have HIGH prepayment penalties which make getting out of the mortgage VERY expensive. If your plans could change, it may make sense to pay a slightly higher rate and get a more affordable prepayment penalty. Be sure to ask about the terms and conditions of any prepayment penalty.
· What documents will I need to provide? Every mortgage requires you to provide some documents. But the number of documents can vary. As the name suggests, “Full Doc" loans require full documentation of income, assets, debt payments, credit history, etc. “Low Doc” loans require a minimum of documentation. However, you normally have to have very good credit and a large down payment to qualify for a Low Doc loan and they can also carry a higher interest rate. Make sure you find out all the details.
· How long will it take to process this mortgage? Once your mortgage application is approved, it can take from two weeks to two months (or more!) to process and fund the loan. Because you're going to be on a deadline (the closing date of your house), ask the lender for an accurate processing timetable. This will also help you decide whether you need to lock in your interest rate.
· What are some of the things that could slow the approval process? Nobody likes surprises, especially lenders! If the information you've provided is complete and accurate, there should be no delays. But changes to that information can really make a difference. If during processing, your income changes, you take on a new debt, you get married or divorced, or an undisclosed credit problem comes to light, there will be delays. Make sure you know exactly what the lender needs, so you don't accidentally leave anything out.
· Can I contact any of your existing clients? It's easy for a lender to tell you how great the service is. But the only way to know for sure is to talk to some previous customers. If the lender is hesitant to put you in contact with actual customers, ask to see some recent client satisfaction surveys. The more willing the lender is to share client opinions with you, the more confident you'll feel in proceeding.
Use this checklist for each lending institution you contact, whether you speak over the phone or in person. It's a good idea to do all this research on the same day since mortgage rates can fluctuate daily. Be sure to record the company name, contact name, type of mortgage quoted, interest rate, etc. along with all the answers to the questions.
OR …
If you have the time, energy and patience to do this research on several different lenders, you'll likely end up with a reasonably good mortgage. But if you want the ABSOLUTE BEST mortgage for your specific situation and goals, why not get professional help?
I hope you've found this checklist useful. It gives you a really good idea of what's involved in getting the right mortgage. If you choose to use this checklist to do it yourself, I'm glad I've been able to provide assistance.
| Linda Linfoot 604-765-8873 Email: linda@globalmortgagecorp.net PS: If you've found this report useful, can provide several other FREE reports on a wide range of important financial issues. View them at your convenience by visiting my website: http://www.lindalinfoot.ca/
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Features:
5 Very Important Reasons To Buy a House
5 Tips for Home Buyers
5 Home Buying Mistakes
5 Things You Must Do Prior To Selling Your Home
5 Ways to speed up the Sale of your House
A few tips on pulling together a down payment
Can I Buy a Home with damaged credit?
Fixed vs. Adjustable
How do you prepare a house to sell?
Make your home more appealing with these low cost tips
How are Pre-qualifying and Pre-approvals Different?
How Many Homes Should I Consider Before Buying?
How to Pull Cash Out Of Your Home
Important Readiness Checklist for Homebuyers
Listing Agreements aren't all the Same
Exclusive Right to Sell Listing Agreement
Exclusive Agency Agreement
Open Listing
What Exactly is an Interest Only Home Loan?
Mortgage Brokers vs. Mortgage Bankers
How Landscaping Will Improve the Value of Your Home
For more FREE no obiligation reports visit www.lindalinfoot.ca
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In recent months, economists have had the unenviable task of trying to calculate the direction the housing market is likely to take, factoring in things like unemployment rates, population and immigration figures, economic growth, mortgage rates, and that most nebulous of criteria, consumer confidence.
They agree that the decrease in housing sales and prices bears little relation to the economic indicators in British Columbia. What has changed is public perception of our financial security, triggered by the troubled global financial markets.
As realtors, people are asking us to help make sense of the housing market.
Sellers are asking if the market value of their home is decreasing. Buyers want to know if they should wait for further price reductions. Homeowners not in the market to buy or sell want to understand the impact on their equity, which may affect decisions like plans for renovations.
Investors are asking about short-term impact -- is it a good time to buy, renovate, and re-sell for a profit? And long-term impact -- is quality real estate now available at lower prices? First-time buyers want to know how much they need for a down payment, whether they can afford the monthly mortgage payment, and if they can get financing in these uncertain times. There are no easy answers. Around the Lower Mainland's kitchen tables, realtors are helping people assess their individual situations.
Circumstances cause each of us to make decisions despite uncertainties related to global economies and politics. Someone gets a job in another city. A family must consider estate planning for a parent. A young couple wants to start investing in their own home, rather than renting.
Our MLS statistics and housing price index (HPI) tell us that, since May, residential home sales and prices have been decreasing. After five years of unprecedented growth in home values in the Lower Mainland, that's not particularly surprising or necessarily unwelcome.
Between 2003 and 2008, the HPI benchmark price of a detached home in Greater Vancouver increased nearly 70 per cent to $761,000 from $449,000. Condominiums over the same period increased 82 per cent to $387,000 from $213,000.
Left unchecked at this rate, by 2013 the benchmark price of a detached home would top $1.2 million and condos more than $700,000.
Current trends offer moderation to a market where affordability, for much of this decade, was eroding, making home ownership unattainable to an expanding segment of our community.
Since May, residential home prices have declined 12.8 per cent, resulting in an 8.3-per-cent year-to-date price reduction for detached, attached and apartment properties across Greater Vancouver.
These moderating home prices should not be confused with the U.S. housing downturn. Since 2005, prices in the U.S. have been edging downward owing in large part to imprudent subprime lending practices.
The local real estate market is not immune to global economic challenges; however, Canada's disciplined lending structure has kept the mortgage landscape steady in these uncertain times.
While the current rate of foreclosures in the U.S. is nearly five per cent, only 0.28 per cent of mortgages in Canada are in arrears, a proportion that is not only low but steady, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).
Low prices are not the concern as much as the view that prices are falling. Buyers are waiting to see of the real estate market has hit bottom.
Identifying the "bottom" of a market is difficult, given that certain variables must remain constant to attain real savings.
For example, interest rates must remain low and that perfect house must remain available at an acceptable price.
Most of us sell a home and buy a home within the same market; while we may be selling at a lower price, we're also buying within that lower-priced market.
Deciding to buy or sell a home should be a milestone moment based on your financial and personal circumstances, and the market conditions within your neighbourhood of choice. For those whose finances allow it, there are excellent opportunities in today's housing market. This is a good market for long-term investors.
The Real Estate Board of Greater Vancouver has existed for nearly 90 years and witnessed numerous market cycles. Sales increase and decrease. Prices go up and down. Historically, the values at the peak of the next cycle inevitably surpass the ones before.
Dave Watt is president of the Real Estate Board of Greater Vancouver.
The good news is that you may be eligible to claim a rebate for a portion of the GST or amount you pay on the purchase price or cost of building your new home if you meet one of the following:
You buy a new or substantially renovated home and buy or lease the land from a builder.
You buy a new mobile home, new floating home or new modular home from a builder or seller.
You buy a share in the capital stock of a co-operative housing corporation.
You construct or substantially renovate your own home or hire another person to do it.
Your home is destroyed in a fire and is substantially rebuilt.
If you merely redecorate or add an addition without substantially renovating your existing home, you do not qualify for a rebate.
Builders from whom you purchase your new or substantially renovated home, mobile home, or floating home can pay or credit you with the amount of the rebate for which you qualify. If they do, they are responsible for sending the rebate application to Revenue Canada.
Should you decide to apply directly to Revenue Canada for the rebate, you must use the appropriate form available from any Revenue Canada Excise/GST district office.
The rebate applications involve the purchase of a new single unit residential complex or a residential condominium unit from a builder. To apply for the rebate you need to meet all of the following conditions:
The builder sells both the building and the land the home is on.
The home is intended as the primary place of residence for yourself or a relation.
The purchase price of the home (both building and land) is under $450,000.
Ownership of the home is transferred to you after the construction is substantially completed.
You or a relation are the first occupants, or you sell the home and transfer ownership before anyone occupies it.
You pay GST, or GST is included in the price of the home.
You have up to four years to claim your rebate from the date ownership of the home is transferred to you.
Buyers purchasing such homes priced up to $350,000 will qualify for the maximum rebate of $8,750, or 36 per cent of the GST paid on the purchase price, whichever is less.
For homes priced at more that $350,000, but under $450,000, the rebate is gradually reduced. There is no rebate for homes selling for $450,000 or more.
Example A - Purchase price/fair market value (not including GST) is under $350,000
| Purchase price | $200,000 |
| GST paid (6% of purchase price) | $ 12,000 |
| GST rebate ($12,000 x 36%) | $ 4,320 |
Example B - Purchase price/fair market value (not including GST) is over $350,000
| Purchase price | $400,000 |
| GST paid (6% of purchase price) | $ 24,000 |
| GST rebate | $ 4,375 |
| Calculation: | $450,000 minus $400,000 (purchase price) = |
| $50,000/100,000 X $8,750 = $4,375 |
View this recently sold Condo or see all my home sales
]]>We are proud to announce that this Sunday, November 2, 2008, 12:00 PM to 5:00 PM we will be hosting an Open House at 10374 McEachern Street in Thornhill Heights, Maple Ridge.
This is an opportunity to visit this excellent Detached House for sale in beautiful Thornhill Heights.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Thornhill Heights Detached House for sale.
As always please do not hesitate to give me a call at if I can answer any questions before the open house, or if you would like to book a private showing.
Linda Linfoot
Park Georgia Realty Ltd.
NORTH AMERICAN & INTERNATIONAL ECONOMIC HIGHLIGHTS
• The 2008 federal budget gave birth to arguably the most dramatic change in Canada’s savingssystem since the introduction of the Registered Retirement Savings Account (RRSP).
• The Tax-Free Savings Account (TFSA) is simply a tax exempt savings account which is available toany individual aged 18 and over. At this point, the maximum contribution is $5,000 a year—a
figure that will be indexed to inflation in multiples of $500. Unlike RRSPs, TFSA contributions are
not tax deductible, and the investment earnings are not subject to income tax. Any unused TFSA
contribution room can be carried forward, and amounts can be withdrawn at any time. So in
many ways, TFSAs are RRSPs in reverse.
• How popular will the new scheme be? And to what extent will Canadians utilize the $120 billion annualTFSA contribution room that will be available to them starting next year? Where will the money come
from? Will it be new money or will it be transferred from other accounts?
• In this context, looking at the experience of similar plans in other countries might be a good startingpoint. In the US, “Roth IRA” is a similar tax-free scheme, but it is much more restrictive than the TFSA since contributions are limited only to employed individuals and are restricted to only low- and midincome earners. It is also a pure retirement plan as individuals cannot withdraw the money before the age of 59. The British Individual Savings Account (ISA) is much closer to the TFSA—with the main difference being that the British plan imposes some restrictions on the cash/stock distribution held in ISA balances. In this sense, the Canadian TFSA is somewhat more flexible since it does not face such limitations.
• But since the British version is so similar to the new Canadian one, it can provide us with some insightinto the future trajectory of the TFSA. Note that the ISA was introduced in 1999 and it is now a ₤270 billion market ($530 billion). The number of accounts has been rising at a strong average rate of 6% a year. And with the British adult population hardly changed over the past decade, the share of UK citizens that use the ISA has risen to 37% in 2008 from 22% in 2000. The average contribution is close to ₤2,500 ($4,800) out of the ₤7,200 maximum contribution allowed. • Another useful source of information is a recent Harris/Decima* poll which examined Canadians’ knowledge, perception and intentions with regard to the TFSA. The results suggest that no less than 52% of Canadians aged 18 and over are planning to open a TFSA. This is not surprising given that 58% of Canadian households hold an RRSP account. Interestingly, almost one-fifth of those planning to open an account will use borrowed money. Furthermore, as opposed to what is assumed by many, more than 40% of Canadians are likely to use new money in contributing to the TFSA. This is consistent with the situation in the UK where more than half of the money invested in an ISA is new money. While the average contribution to TFSAs is reported to be just over $2,000 a year, 25% of contributors that maximize their RRSP or face a large pension adjustment will maximize their contributions. At the same time, 42% (most likely low-income and young Canadians) will contribute less than $1,000 annually. • The issue of who will contribute is of great importance. While the budget assumption is that two-thirds of the tax savings in the next few years would be enjoyed by low-income Canadians, the experience in the UK suggests otherwise. No less than 50% of high-income individuals contribute to the ISA— significantly above the 30% seen among lower income UK citizens. As well, note that individuals over the age of 55 have the higher tendency to contribute to the ISA. There is no reason to believe that the age and income distribution in the Canadian TFSA scene will be fundamentally different than what we see in the UK. • Based on this information we estimate that Canadians will contribute roughly $20 billion to the newly created TFSA in 2009, and will continue to utilize this vehicle at an impressive rate. Note that we assume a relatively modest 3-4% annual return on capital since the duality feature of the plan (investment for retirement as well as a vehicle to finance consumption) suggests that at least in the first few years, a significant portion of the money parked in TFSAs will be in cash and cash-equivalent accounts. This assumption is supported by the Harris/Decima survey. Accordingly, we project that by 2013, the TFSA market will grow to a $115 billion market**—with a cumulative tax savings for Canadians of roughly $2 billion.* Harris/Decima poll taken between April 30 and May 5, 2008, sample size: 2,613.
**We assumed 2.5% inflation rate. We also allowed for a gradually rising withdrawal rate—reaching close to 10% by 2013.
Benjamin Tal
Senior Economist
]]>No GST!!! and No Car Needed!! This bright corner end unit offers, 2 bdrm, 2 bath in an open floor plan with the privacy of a large wrap around patio. All appliances included - some have never been used!! This one owner, newer unit, offers warmth from it's natural earth tones. Close to transit, shopping, amenities, and schools.
]]>With the recent declines in the value of US real estate and the relative strength of the Canadian dollar as compared with the US dollar, it may be an ideal time to buy property south of the border. Those who decide to take the plunge need to consider the tax consequences associated with owning US real estate.
If you buy a US property and rent it out, either on a full-time or part-time basis, under American tax law the gross rent is subject to a 30 per cent withholding tax, which tenants are required to deduct and remit to the Internal Revenue Service. This is a high tax rate to pay. If you have expenses associated with the property (such as interest, property taxes and utilities), you would likely pay a much lower amount of tax if you were taxed on the basis of your net income from the property, using US tax brackets applicable to individuals.
Fortunately, US tax law allows non-residents to elect to be taxed on a net income basis. However, to benefit from this election, you must file a US tax return (Form 1040NR), which includes a statement that you’re making the election and specific information about the property.
Once made, the election is valid for that property for all subsequent years unless you decide to revoke it. However, it’s critical that you file Form 1040NR annually to report the rental activity from your US property. The normal deadline for filing your US return is June 15 for the previous calendar year. It can be filed late, but the net income election will only be valid if the return is filed no later than 16 months after the original due date.
If you don’t rent out your US property, you still can’t ignore American taxes. The US has an estate tax, which arises on the death of an individual, and this tax will apply to Canadians on any US property they own on their death. This tax can be a significant cost for your estate.
While the US estate tax rates are being reduced and exemption amounts are being increased, it’s widely believed that these reductions won’t be permanent. Planning techniques are available to mitigate your exposure to this tax, and you should consult with your professional advisor before acquiring any US real estate.
For more information on the tax consequences of investing in US real estate, visit BDO Dunwoody LLP’s website (www.bdo.ca) and read their bulletins, “US Tax Issues for Canadians” and “US Estate Tax Issues for Canadians.”
]]>Nature at it's best in Thornhill Heights!! This executive style home offers a bright open floor plan with in a natural setting. View the double sided fireplace, heritage doors,maple kitchen, laminate, vaulted ceilings and large bedrooms wrapped in the warmth of earth tones. Privacy is at it's best on the backyard patio. This home is close to recreation, transit and schools. Double garage...10 year warranty.
]]>Proudly developed by Omni Pacific. Walking distance to the sky train, local transit, shopping, SFU & parks, all conveniences of this 3 bdrm bright modern condo. Features include: granite counter tops, stainless steel appliances, all window coverings, and laminate/tile flooring. "Earth" colour scheme. Bike storage room. Two parking spots at no extra charge. Call for private viewing and completion dates. Hot water included in strata fees.
]]>To help answer most presale questions and concerns please refer to the following link below. If further information is required please feel free to contact me at anytime, my specialty is New Development. I look foward to your call.
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Market conditions have shifted. After five years of blockbuster activity and double-digit price growth, market conditions have slowed, and now favour buyers in many areas of the province.
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Mortgage terms and mortgage options have become more complex over the last few years, and at the same time, consumers in Canada are more informed than ever before about mortgage finance. The following information is a guide to some of the mortgage terms you may come across during your mortgage financing.
Amortization Period
The actual number of years it will take to repay a mortgage loan in full. This can be well in excess of the loan's term. For example, Mortgages often have five year terms but 25 year amortization periods.
Closed Mortgage
A closed mortgage agreement does not provide for payout prior to maturity. A lender may permit payout under certain circumstances but will levy a penalty charge for doing so if such exceeds certain limits, if any, specified in the mortgage (i.e. 15% prepayment provision). An open mortgage allows prepayment / repayment at any time without penalty.
Bridge Financing
A special short term loan needed to cover or bridge the gap in time between completing the purchase of one property and finalizing arrangements to pay for it. Usually this is a result of mismatched closing dates.
Debt Service Ratios (GDSR & TDSR)
The Gross Debt Service Ratio (GDSR) is the percentage of gross annual income required to cover payments associated with housing (mortgage principal and interest, taxes, secondary financing, heating, and 50% of condominium fees, if any). The GDSR should not exceed 32% of gross annual income. The Total Debt Service Ratio (TDSR) is the percentage of gross annual income required to cover payments associated with housing (GDSR) and all other debts and obligations, such as payments on a car loan. The TDSR ratio should not exceed 40% of gross income.
High Ratio Mortgage
A mortgage loan which exceeds 75% of the lesser of the appraised value or purchase price of the property. This mortgage must be insured and borrowers must pay an application fee and the insurance premium (which may be added to the mortgage) to the insurer.
Interest Adjustment Date (I.A.D.)
A date, usually one month before monthly mortgage payments begin, when interest on monies advanced before that date is calculated and must be paid by the borrower.
Joint Tenancy
Ownership of land by two or more persons whereby, on the death of one, the survivor or survivors take the whole property.
Loan-to-Value Ratio
The ratio of the loan to the appraised value or purchase price of the property, whichever is less, expressed as a percentage.
Mortgage Insurance Premium
A premium which is charged as a percentage of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.
P.I.T.
Principal, Interest, and taxes.
Second Mortgage
A mortgage placed in 2nd position on property which is already encumbered with a first mortgage. Determination of first, second, third mortgages is by priority of registration (time and date).
Tenancy in Common
Ownership of land by two or more persons: unlike joint tenancy in that the interest of the deceased does not pass to the survivor, but is treated as an asset of the deceased’s estate.
Vendor Take Back Mortgage
A mortgage which a vendor of property takes from the purchaser usually as part payment of the purchase price for that property. A private first or second mortgage that the vendor lends to the purchaser/borrower.
The Finance Department said Wednesday in a news release that the government will guarantee no mortgages with durations longer than 35 years. The government also will demand a minimum down payment equal to 5 per cent of the value of the home.
“Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada,” the Finance Department said.
The government hastened to emphasize that Canada's housing and mortgage markets were performing much better than in the United States.
Canadian housing prices are in line with economic factors such as low interest rates, rising incomes and a growing population and the demand for residential housing remains buoyant at more than 200,000 housing starts a year, it said.
The percentage of bank mortgages in arrears is also stable at 0.27 per cent, the lowest levels experienced since 1990 and well below the highs of 0.65 per cent in 1992 and 1997.
“The historically prudent and cautious approach taken by Canadian financial institutions to mortgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets,” it said.
It nonetheless noted “accelerated financial innovation” in the mortgage markets since the fall of 2006, for example, allowing loans up to 100 per cent of the value of the house and increasing amortization periods to 40 years from 25 years.
The government will now require a consistent credit score for mortgages it backs, and a minimum level of loan documentation standards to ensure evidence of the reasonableness of property values and the borrowers' income.
In addition, government guarantees will not be allowed for high-ratio mortgages where amortization is not required in the first few years – e.g., mortgages that begin with interest-only payments.
Finally, it will set a maximum of 45 per cent on a borrower's debt-service ratio – the proportion of gross income that is spent on debt service and housing-related fixed or essential payments
]]>pay off your mortgage, is an important decision that can affect how much interest you pay over the life
of your mortgage.
Historically, the standard amortization period has been 25 years. However, shorter (10 or 15 years)
and longer (up to 40 years) time frames are also available.
A shorter amortization saves you money as you will pay less in interest costs over the life of your mortgage. Your regular
mortgage payment amount would be higher than if you had selected a longer amortization, as more of your payment goes
towards paying down your principal balance. However, the benefits are that you build the equity in your home faster and are
mortgage free sooner.
A longer amortization provides you lower monthly payments and because of this it is appealing to many people. However, it
does mean that more interest will be paid over the life of the mortgage and you will build the equity in your home at a slower
pace.
The chart below shows the impact of various amortization periods on the monthly mortgage payment and total interest costs
(over the full amortization). It is important to be aware that the total interest costs increase significantly if the amortization
period exceeds 25 years.
Example: Extended Amortization – 5 Year Fixed Rate Closed Mortgage
Details 25 Year 40 Year
Mortgage Principal $150,000.00 $150,000.00
Default Insurance Premium @ 90% LTV $3,000.00 $3,900.00
Total Mortgage Principal $153,000.00 $153,900.00
Monthly Mortgage Payment (P & I)
(5 yr Term @ 6.00%)
Monthly payment reduction from 25 Year Amortization
$978.91 $838.90
$140.01
Interests Costs for Full Amortization
Additional Interest Costs for the Full Amortization over the 25 Year
Amortization
$140,668.98 $248,753.29
$108,084.31
You have the flexibility to shorten your amortization period.mean you have to stay with it throughout the life of your mortgage.
It makes good financial sense to re-evaluate your amortization every time you renew your mortgage.
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View this recently sold Condo or see all my home sales
]]>Features:
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"Be Pet Smart"
]]>Features:
"Uncommon Tips for Making Your Home Show Better"
"Under What Conditions Should You Accept a Conditional Offer?"
]]>View this recently sold Townhouse or see all my home sales
]]>Proudly developed by Omni Pacific, this 1 bdrm condo is close to all transportation including the sky train station....shopping, SFU, hospital, parks and library only minutes away. Features include: Granite countertops, laminate, tile, 9" ceilings, and a mountain view!! Move in this winter. For a private viewing call Linda today. Sizes & dimensions are approx.Actual floor plans & sq ft may vary E.E&O. Assignment of contract.
]]>Newly developed and never been lived in...this home is waiting for your ideas!! This bright end corner unit offers a large private patio, 2 bathrooms and lots of cupboard space in this open floor plan. A lot of natural light is welcomed in through the extra large windows.
]]>Proudly developed by Pennyfarthing, these townhomes offer high quality craftmanship and finishing. Features include, all appliances, 2" PVC blinds, garage door opener, upgraded carpet, vaulted ceilings in master bedroom, 9'ceilings on main, laminate, tile, granite countertops and granite on island, gas fireplace, gas range, crown moulding on kitchen cabinets, bright open floor plans. Call to see all floor plans available.
]]>View this recently sold Condo or see all my home sales
]]>
The number of residential unit sales continued to decline in February for the second consecutive month. The number of residential units sold in B.C. on the Multiple Listing Service® (MLS®) dropped 9.8% to 6,822. Residential sales dollar volume reached $3.26 billion this month, a 4.5% increase compared to the same month last year, while the average residential home price hit $478,172, up 15.8% compared to February 2007.
Greater Vancouver: The number of residential units sold in February reached 2,733, a drop of 5.9% compared to the same month last year, while dollar volumes climbed 10.3% to $1.7 billion. The average residential home price reached $623,517 this month, an increase of 17.3% compared to February of last year.
Fraser Valley: The number of units sold in February declined 9% compared to the same month last year with 1,237 units sold. Dollar volumes also dropped 2.1% to $540.3 million, while the average residential home price increased 7.6% compared to February of last year reaching $436,824.
Chilliwack: February sales declined 19.9% to 218 units, while dollar volumes reached $69.7 million, a 9.3% drop compared to the same month last year. Despite this, the average residential home price continued to climb in February reaching $319,503, a 13.1% increase compared to February of last year.
Victoria: Sales in February reached 580 units, a 12.7% decline compared to the same month last year. Dollar volumes also dropped 1.5% to $283 million, while the average residential home price reached $487,696, a 12.8% increase compared to February of last year.
Vancouver Island: The number of residential units sold in February reached 647, a decline of 10.3% compared to the same month last year. Dollar volumes increased 2% reaching $212.2 million, while the average residential home price rose 13.7% to $328,046.
Okanagan (including South Okanagan): The Okanagan and South Okanagan markets recorded 721 units sold in February, a decrease of 7.6% compared to February of last year, while dollar volumes remained stable at $268 million, an increase of 0.1%.
Kamloops: Dollar volumes climbed 15.5% compared to the same month last year reaching $73.5 million in February. Sales dropped 9.1% with 229 units sold, while the average residential home price jumped 27.1% compared to the same month last year reaching $321,092.
BC Northern: Residential sales continued to decline in February with 286 units sold, a drop of 22.3% compared to February of last year. Dollar volumes also declined 4.4% to $63 million, while the average residential home price recorded a 23% increase reaching $220,478.
Kootenay: The number of residential units sold in February reached 136, a 33.3% drop compared to the same month last year. Dollar volumes also declined 15.8% reaching $41.1 million, while the average residential home price jumped 26.3% compared to February of last year hitting $302,462.
| Board
|
Dollar Volume (000s)
|
% Chg.
|
Units
|
% Chg.
|
Average Price
|
% Chg.
|
|||
|
|
Feb. 08
|
Feb. 07
|
|
Feb. 08
|
Feb. 07
|
|
Feb. 08
|
Feb. 07
|
|
|
|
|
|
|
|
|
|
|
|
|
| BC Northern
|
$63,057
|
$65,958
|
-4.4
|
286
|
368
|
-22.3
|
$220,478
|
$179,234
|
23
|
| Chilliwack
|
$69,652
|
$76,810
|
-9.3
|
218
|
272
|
-19.9
|
$319,503
|
$282,388
|
13.1 |