After completing all the requirements I am now a Seniors Real Estate Specialist. So what is a Seniors Real Estate Specialist you ask.
In the course of business in Real Estate you meet many different type of clients, each with unique needs. First time buyers needs are totally different from a buyer in their 40's with 3 kids buying a new home. Or a handyman looking to flip a house.
Seniors are no different. They may be looking to downsize, or for young seniors up-size. Perhaps its time to retire and are selling there home to move south. Or perhaps its time to move to a seniors community or home. In some cases perhaps a spouse has passed away and the remaining person can't maintain the home longer.
I am now specially trained to help seniors with these tough choices. If you know someone that can use my expertise in Seniors Real Estate please let me know, I'd be happy to help them.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office 519-949-0345 Cell
Royal Bank Lowers Mortgage Rates
OTTAWA — The Royal Bank of Canada announced Friday is lowering residential mortgage special rates by 0.10 per cent on a dozen products effective May 28.
The bank notes that the rates are its special discounted rates, not its posted rates. To calculate a rate discount, RBC says, compare the special offer rate against the posted rate for the applicable term.
The changes are as follows:
Special Fixed Rate Offers
One-year closed 3.30 per cent
Four-year closed 4.29 per cent
Five-year closed 4.34 per cent
Seven-year closed 5.15 per cent
Fixed Rate Mortgages
One-year closed 3.60
Two-year closed 3.95
Three-year closed 4.45
Four-year closed 5.09
Five-year closed 5.49
Seven-year closed 6.45
Ten-year closed 6.85
Preferred Builder Fixed Rate Offers
Five-year closed:
18-month rate commitment 4.74 per cent
24-month rate commitment 4.94 per cent
Jamie Woodend Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office 519-949-0345 Cell
The bank notes that the rates are its special discounted rates, not its posted rates. To calculate a rate discount, RBC says, compare the special offer rate against the posted rate for the applicable term.
The changes are as follows:
Special Fixed Rate Offers
One-year closed 3.30 per cent
Four-year closed 4.29 per cent
Five-year closed 4.34 per cent
Seven-year closed 5.15 per cent
Fixed Rate Mortgages
One-year closed 3.60
Two-year closed 3.95
Three-year closed 4.45
Four-year closed 5.09
Five-year closed 5.49
Seven-year closed 6.45
Ten-year closed 6.85
Preferred Builder Fixed Rate Offers
Five-year closed:
18-month rate commitment 4.74 per cent
24-month rate commitment 4.94 per cent
Jamie Woodend Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office 519-949-0345 Cell
First-time buyers in major Canadian markets move to get in ahead of higher interest rates, says RE/MAX
Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX.
The RE/MAX First-Time Buyers Report, highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price.
Many purchasers intent on realizing homeownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality – not unlike generations before them.
Inventory levels, while tight in several larger centres, are more balanced overall, giving first-time buyers a good selection of housing product from which to choose.
With the Canadian economy on firmer footing overall, residential real estate is well-positioned moving into the traditionally busy spring market. Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade with each passing day. The mood is cautiously optimistic, as first-time buyers enter the market.
Changes to recent financing criteria have not created the anticipated run up in activity in most markets. From a financial standpoint, most rookie home buyers remain quite prudent. Those making the leap are not doing it lightly, buying within their means. While this most recent round of policy tightening will likely have a negligible effect on demand, the message is getting across.
Jamie Woodend Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office 519-949-0345 Cell
The RE/MAX First-Time Buyers Report, highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price.
Many purchasers intent on realizing homeownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality – not unlike generations before them.
Inventory levels, while tight in several larger centres, are more balanced overall, giving first-time buyers a good selection of housing product from which to choose.
With the Canadian economy on firmer footing overall, residential real estate is well-positioned moving into the traditionally busy spring market. Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade with each passing day. The mood is cautiously optimistic, as first-time buyers enter the market.
Changes to recent financing criteria have not created the anticipated run up in activity in most markets. From a financial standpoint, most rookie home buyers remain quite prudent. Those making the leap are not doing it lightly, buying within their means. While this most recent round of policy tightening will likely have a negligible effect on demand, the message is getting across.
Jamie Woodend Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office 519-949-0345 Cell
Does it Stay or Does it Go?
Does it Stay or Does it Go?
The diffence between a "Chattel" and a "Fixture" has likely caused more grief for real estate agents and homeowners than any other issue. Unfortunetely even the courts haven't sent a clear message about the difference.
In very general terms a Chattel is something that is easily moved and not part of the structure. Furniture, pictures, beds, dressers are all examples of chattels. Fixtures on the other hand are usually built in items lights, central vac, cooktops. but there are many grey areas. While the central vac unit is a fixture what about the powerhead and hose assembly? It's really more of a chattel.
Something new that has caused a few agruments are the new TV's that mount to the wall. These units are bolted to wall with special hangers so are they a fixture or a chattels as TV's usually are?
A rule of thumb I was taught early on was if it needed a tool to be removed it is a fixture. Like everything else dealing with chattels and fixtures it doesn't always work. But this method does.
To ensure you get what you think you are getting, have your agent write into any offer exactly what you are expecting to be left on closing day. Make it part of the deal so that no one, including the vendor or the purchaser, has any questions about what is included and excluded.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
The diffence between a "Chattel" and a "Fixture" has likely caused more grief for real estate agents and homeowners than any other issue. Unfortunetely even the courts haven't sent a clear message about the difference.
In very general terms a Chattel is something that is easily moved and not part of the structure. Furniture, pictures, beds, dressers are all examples of chattels. Fixtures on the other hand are usually built in items lights, central vac, cooktops. but there are many grey areas. While the central vac unit is a fixture what about the powerhead and hose assembly? It's really more of a chattel.
Something new that has caused a few agruments are the new TV's that mount to the wall. These units are bolted to wall with special hangers so are they a fixture or a chattels as TV's usually are?
A rule of thumb I was taught early on was if it needed a tool to be removed it is a fixture. Like everything else dealing with chattels and fixtures it doesn't always work. But this method does.
To ensure you get what you think you are getting, have your agent write into any offer exactly what you are expecting to be left on closing day. Make it part of the deal so that no one, including the vendor or the purchaser, has any questions about what is included and excluded.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Interest Rates Moving - Push the Panic Button
Interest Rates Moving - Push the Panic Button
Over the last few weeks in Ontario the interest rates has gone up twice and down once. Currently our 5 year closed rate is 4.34%. Each time the rate changes our media trot out endless stories about the doom and gloom of rate increases.
From every station you hear them shouting from the roof tops - panic time, rates are increasing people will lose their homes for sure. Than a new story strikes and we are off the front page until the next rate increase. But is it really panic time?
By any historical measurement rates are still low. While they have gone up marginally they are still very low. 5 years ago we would have begged for these rates. But we must remember in the long term rates will go up. It's the only way they can go.
What can do you do to protect yourself? Borrow wisely. Don't mortgage yourself to the hilt, leave room in you budget for the inevitable rate increase. When rates do go up no one is expecting a large increase. In the next year I would be surprised if they went up a full percentage point.
Interest rates will go up, but there is no need to hit the panic button.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office519-949-0345 Cell
Over the last few weeks in Ontario the interest rates has gone up twice and down once. Currently our 5 year closed rate is 4.34%. Each time the rate changes our media trot out endless stories about the doom and gloom of rate increases.
From every station you hear them shouting from the roof tops - panic time, rates are increasing people will lose their homes for sure. Than a new story strikes and we are off the front page until the next rate increase. But is it really panic time?
By any historical measurement rates are still low. While they have gone up marginally they are still very low. 5 years ago we would have begged for these rates. But we must remember in the long term rates will go up. It's the only way they can go.
What can do you do to protect yourself? Borrow wisely. Don't mortgage yourself to the hilt, leave room in you budget for the inevitable rate increase. When rates do go up no one is expecting a large increase. In the next year I would be surprised if they went up a full percentage point.
Interest rates will go up, but there is no need to hit the panic button.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229
Office519-949-0345 Cell
Disclose Everything?
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Roofing
Roofing
Spring is when many homeowners decide it is time for a new roof. If you are in the market for a new roof you have many choices to make.
There are many considerations when deciding on a new roof. How long will it last? Will it work with the slope of your roof? Will the look "fit" your home style? How much will it cost? Will it work in your climate?
There are 7 fairly common types of roofing material.
Asphalt singles - most common and usually cheapest
Metal - once mainly for farm buildings it is more and more popular each year
Plastic polymer - Recyclable and expect to last a long time
Clay tile - long lasting, but very heavy
Concrete tile - long lasting but very heavy
Slate - one of the oldest roofing material, very expensive
Wood - Usually cedar weathers with age
Each has their pros and cons. It really will depend on your roof style, location, and budget.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Spring is when many homeowners decide it is time for a new roof. If you are in the market for a new roof you have many choices to make.
There are many considerations when deciding on a new roof. How long will it last? Will it work with the slope of your roof? Will the look "fit" your home style? How much will it cost? Will it work in your climate?
There are 7 fairly common types of roofing material.
Asphalt singles - most common and usually cheapest
Metal - once mainly for farm buildings it is more and more popular each year
Plastic polymer - Recyclable and expect to last a long time
Clay tile - long lasting, but very heavy
Concrete tile - long lasting but very heavy
Slate - one of the oldest roofing material, very expensive
Wood - Usually cedar weathers with age
Each has their pros and cons. It really will depend on your roof style, location, and budget.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Cleaning Between Deck Boards
Cleaning Between Deck Boards
Cleaning between deck boards can be easy. Following up on my last posting about building decks I came across this great video dealing with maintenance of your deck.
Cleaning between the deck boards is important as the debris can trap moisture and lead to pre-mature rot. Watch this video about how easy it is.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
http://www.jamiewoodend.com/
Cleaning between deck boards can be easy. Following up on my last posting about building decks I came across this great video dealing with maintenance of your deck.
Cleaning between the deck boards is important as the debris can trap moisture and lead to pre-mature rot. Watch this video about how easy it is.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
http://www.jamiewoodend.com/
Do It Yourself Decks
Do It Yourself Decks
Now that spring has sprung and the weather is getting much warmer may people are venturing outdoors for the first time in months. They are looking at their backyards and thinking this is the year for the new deck.
Building a deck can be a great project for the do-it-yourselfers if you follow a few simple rules.
Keep it simple. Multi-level, multi-tier decks look great but are better left to the professional, especially if this is your first major project.
Check with your municipalities building department for your area regulations. They are a great source of information about setback and how close you can come to the neighbour’s property.
Get a building permit (if required). Most areas will require a building permit for a deck. Don’t skip this thinking “it’s in the backyard no one will see it.” They can make you remove it entirely if you don’t get permit. It may also delay the sale of your home in the future.
Building supply centers are a great source of plans and designs. Many will custom design your deck for very little or free if you purchase the supplies from them. Some plans include framing instructions, a valuable resource if this is your first project.
Don’t rush the build. Take your time and do things right. Your deck should last for many years; does it really matter if you built it fast if it doesn’t last?
Once built all decks require some kind of maintenance. Regardless of manufactures claims about their material all outdoor deck needs some care periodically.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Now that spring has sprung and the weather is getting much warmer may people are venturing outdoors for the first time in months. They are looking at their backyards and thinking this is the year for the new deck.
Building a deck can be a great project for the do-it-yourselfers if you follow a few simple rules.
Keep it simple. Multi-level, multi-tier decks look great but are better left to the professional, especially if this is your first major project.
Check with your municipalities building department for your area regulations. They are a great source of information about setback and how close you can come to the neighbour’s property.
Get a building permit (if required). Most areas will require a building permit for a deck. Don’t skip this thinking “it’s in the backyard no one will see it.” They can make you remove it entirely if you don’t get permit. It may also delay the sale of your home in the future.
Building supply centers are a great source of plans and designs. Many will custom design your deck for very little or free if you purchase the supplies from them. Some plans include framing instructions, a valuable resource if this is your first project.
Don’t rush the build. Take your time and do things right. Your deck should last for many years; does it really matter if you built it fast if it doesn’t last?
Once built all decks require some kind of maintenance. Regardless of manufactures claims about their material all outdoor deck needs some care periodically.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Interest Rate Changes
Interest Rate Changes
If you follow the news you would have heard that most majors banks raised their interest rates on March 31, 2010. The half point increase in the rate will increase new mortgage costs slightly but it will have little impact on the market place.
First the increase is small and competitive factors may wipe out that increase over the next month. If banks see a drop in their lending portfolios they are apt to lower the rates to re-capture market share. Remember it was the banks who raises rates not the Central Bank, that rate remains unchanged.
Which is the second point. The Bank of Canada will not be changing the overall rate until likely June and even than the current talk is they will raise the rate only 1/4%.
Rates in Canada will remain very close to historical lows for some time. It continues to be a great time to buy and invest in the Stratford market
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
If you follow the news you would have heard that most majors banks raised their interest rates on March 31, 2010. The half point increase in the rate will increase new mortgage costs slightly but it will have little impact on the market place.
First the increase is small and competitive factors may wipe out that increase over the next month. If banks see a drop in their lending portfolios they are apt to lower the rates to re-capture market share. Remember it was the banks who raises rates not the Central Bank, that rate remains unchanged.
Which is the second point. The Bank of Canada will not be changing the overall rate until likely June and even than the current talk is they will raise the rate only 1/4%.
Rates in Canada will remain very close to historical lows for some time. It continues to be a great time to buy and invest in the Stratford market
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
CREA and the Competition Bureau
CREA and the Competition Bureau
Over the last few weeks the real estate industry has been front and center in the news. The Canadian Real Estate Association (CREA) and the Competition Bureau has been front page news. The issues are very complex and many, including the reporters, don't really understand either side of the disagreement.
Perhaps the most visible issue to the public is allowing the public to list their homes on the Multiple Listing Service (MLS) system. Currently a home can only be listed on the MLS system by a licensed realtor, while some in the public want open access to the MLS. We as realtors are certainly prepared to make changes as to how things are listed on MLS but we shouldn't be forced to allow public access as some want.
The reasons reached far beyond the real estate industry. MLS is a privately owned and operated information system. It was built, developed, maintained and paid for by realtors. Should realtors not maintain the right to control who puts information into this system?
MLS is a very successful system, likely the best in the world at what it does. The public does have access to viewing the content of this system through its public portal Realtor.ca. But it is a privately ran information system.
Think of this way. Tim Horton's is very likely the most successfully coffee shop brand in the world. Should you, if you want to sell coffee, force yourself into the local Tim Horton's lobby and be allowed to set up there in order to sell your coffee? I'm sure you agree this is ridicules, but this is exactly what we as realtors are being asked to do.
For me this is why I say this issue reaches beyond the real estate industry. I'll frame this in a different way. The Competition Bureau is forcing a private enterprise to allow its competitors to have access to their proprietary information and advertising system. Maybe your business will be next.
A second issue that directly affects Ontario realtors is some of the things being asked for by the Competition Bureau actual are against the laws covering the real estate industry in Ontario. We as realtors are guided by a Code of Ethics that goes into great details about how we must conduct our selves as realtors.
In actual fact our Code of Conduct is much more than a simple Code. It is the law. Our Code is part of the regulations governing our profession and was enshrined directly in the laws of Ontario. As a result of this Code we can be held legal liable if we break this code. If we do some of the things the Competition Bureau wants, we break the law. (The Competition Bureau is a federal body but they can not change federal or provincial laws.)
CREA's disagreement with the Competition Bureau is a long way from being resolved. Hopefully both sides will step up and reach a settlement that will benefit the public and the real estate profession.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Over the last few weeks the real estate industry has been front and center in the news. The Canadian Real Estate Association (CREA) and the Competition Bureau has been front page news. The issues are very complex and many, including the reporters, don't really understand either side of the disagreement.
Perhaps the most visible issue to the public is allowing the public to list their homes on the Multiple Listing Service (MLS) system. Currently a home can only be listed on the MLS system by a licensed realtor, while some in the public want open access to the MLS. We as realtors are certainly prepared to make changes as to how things are listed on MLS but we shouldn't be forced to allow public access as some want.
The reasons reached far beyond the real estate industry. MLS is a privately owned and operated information system. It was built, developed, maintained and paid for by realtors. Should realtors not maintain the right to control who puts information into this system?
MLS is a very successful system, likely the best in the world at what it does. The public does have access to viewing the content of this system through its public portal Realtor.ca. But it is a privately ran information system.
Think of this way. Tim Horton's is very likely the most successfully coffee shop brand in the world. Should you, if you want to sell coffee, force yourself into the local Tim Horton's lobby and be allowed to set up there in order to sell your coffee? I'm sure you agree this is ridicules, but this is exactly what we as realtors are being asked to do.
For me this is why I say this issue reaches beyond the real estate industry. I'll frame this in a different way. The Competition Bureau is forcing a private enterprise to allow its competitors to have access to their proprietary information and advertising system. Maybe your business will be next.
A second issue that directly affects Ontario realtors is some of the things being asked for by the Competition Bureau actual are against the laws covering the real estate industry in Ontario. We as realtors are guided by a Code of Ethics that goes into great details about how we must conduct our selves as realtors.
In actual fact our Code of Conduct is much more than a simple Code. It is the law. Our Code is part of the regulations governing our profession and was enshrined directly in the laws of Ontario. As a result of this Code we can be held legal liable if we break this code. If we do some of the things the Competition Bureau wants, we break the law. (The Competition Bureau is a federal body but they can not change federal or provincial laws.)
CREA's disagreement with the Competition Bureau is a long way from being resolved. Hopefully both sides will step up and reach a settlement that will benefit the public and the real estate profession.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Understanding Your Credit
Understanding Your Credit
Many people get confused when it comes to their credit report. Few people know what information is gather to make up your report and your final score. Your credit report is made up of several parts, but basically it contains information about your past and present personal and financial situation.
Personal information: This is your basic information such as your name, address, (several if you have moved recently) social insurance number, telephone number, date of birth, and your current and previous employer(s) again if you have changed jobs in the last few years.
Credit information: This section is information related to any credit you may already have, like credit cards, store credit cards, a line of credit, a loan or a mortgage, car lease.
Banking information: This is information about the bank or credit union accounts you have, including a record of NSF (non-sufficient funds) or "bad" cheques you may have written.
Public records: A bankruptcy or a credit-related court judgment against you in a lawsuit would be in this section. Loans, where you have pledge an asset as collateral, like a car loan, would also appear in your credit report.
Collection information: This section will show if you ever had a debt that you could not pay which was referred to a collection agency for payment.
Consumer statement: This area allows you to put a statement on your report related to a problem with a creditor. For instance, if you have a dispute with your credit card company and they report you to the credit bureau it allows you to post your side of the story.
Credit report inquiries: This is a list of all of the people who have inquired about your credit: yourself, a lender, or any other authorized organization.
By taking the information from each of the catagories above, a very complicated mathemathical formula is applied to arrive at your credit score. But each of the above is not treated equally in determining your credit rating or as it is commonly called in the industry your Beacon score. Your payment history, outstanding credit balances and if you have been bankrupt are weighted much more heavily than if you personally enquired into your credit score. Credit cards with high limits and high balances affect you more than a high limit with a low balance.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Many people get confused when it comes to their credit report. Few people know what information is gather to make up your report and your final score. Your credit report is made up of several parts, but basically it contains information about your past and present personal and financial situation.
Personal information: This is your basic information such as your name, address, (several if you have moved recently) social insurance number, telephone number, date of birth, and your current and previous employer(s) again if you have changed jobs in the last few years.
Credit information: This section is information related to any credit you may already have, like credit cards, store credit cards, a line of credit, a loan or a mortgage, car lease.
Banking information: This is information about the bank or credit union accounts you have, including a record of NSF (non-sufficient funds) or "bad" cheques you may have written.
Public records: A bankruptcy or a credit-related court judgment against you in a lawsuit would be in this section. Loans, where you have pledge an asset as collateral, like a car loan, would also appear in your credit report.
Collection information: This section will show if you ever had a debt that you could not pay which was referred to a collection agency for payment.
Consumer statement: This area allows you to put a statement on your report related to a problem with a creditor. For instance, if you have a dispute with your credit card company and they report you to the credit bureau it allows you to post your side of the story.
Credit report inquiries: This is a list of all of the people who have inquired about your credit: yourself, a lender, or any other authorized organization.
By taking the information from each of the catagories above, a very complicated mathemathical formula is applied to arrive at your credit score. But each of the above is not treated equally in determining your credit rating or as it is commonly called in the industry your Beacon score. Your payment history, outstanding credit balances and if you have been bankrupt are weighted much more heavily than if you personally enquired into your credit score. Credit cards with high limits and high balances affect you more than a high limit with a low balance.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
New Mortgage Rules
New Mortgage Rules
On February 16, Minister of Finance Jim Flaherty, announced some changes to mortgage rules for Canada. Overall they are not bad news for the industry and may help to safeguard Canadians.
The government has implemented three major changes. The first is people seeking mortgages will have to qualify at the prevailing 5 year rate. Currently, you only need to qualify at the 3 year rate. This change will give a bit of a cushion to consumers when rates go up. This change applies to all borrowers and not just first timer buyers as some media has incorrectly reported.
The second change comes into play when an existing home-owner wants to refinance their home. Under the old system you could re-finance up to 95% using CHMC, now the new limit is 90%. It’s never a bad idea to maintain some equity in your home.
The final major change applies to investors purchasing non-owner-occupied rental properties. They will now need a 20% down payment. The previous limit was 95%. Now this does represent quite a change and may have an impact on the invest market, short-term, until investor works out how it applies to their own situation.
All changes were designed to protect consumers from getting themselves into financial trouble. While I’m never a big fan of government interfering in the market place these changes are reasonable.
These changes will take effect on April 19, 2010.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
On February 16, Minister of Finance Jim Flaherty, announced some changes to mortgage rules for Canada. Overall they are not bad news for the industry and may help to safeguard Canadians.
The government has implemented three major changes. The first is people seeking mortgages will have to qualify at the prevailing 5 year rate. Currently, you only need to qualify at the 3 year rate. This change will give a bit of a cushion to consumers when rates go up. This change applies to all borrowers and not just first timer buyers as some media has incorrectly reported.
The second change comes into play when an existing home-owner wants to refinance their home. Under the old system you could re-finance up to 95% using CHMC, now the new limit is 90%. It’s never a bad idea to maintain some equity in your home.
The final major change applies to investors purchasing non-owner-occupied rental properties. They will now need a 20% down payment. The previous limit was 95%. Now this does represent quite a change and may have an impact on the invest market, short-term, until investor works out how it applies to their own situation.
All changes were designed to protect consumers from getting themselves into financial trouble. While I’m never a big fan of government interfering in the market place these changes are reasonable.
These changes will take effect on April 19, 2010.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
New Financing Rules For Canada
Press Release form the Department of Finance:
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Real Estate Forecast
The Canadian Real Estate Association has released their predictions for next couple of years. Keep in mind these stats are for all of Canada, your area will vary from these numbers.
2009:
195,840 units
Change: +8.2%
Average 2009 price: $318,366
Change: +5.3%
2010: 223,700 units
Change: +14.2%
Average 2010 price: $332,700
Change: +4.5%
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
2009:
195,840 units
Change: +8.2%
Average 2009 price: $318,366
Change: +5.3%
2010: 223,700 units
Change: +14.2%
Average 2010 price: $332,700
Change: +4.5%
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
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