Dianne Moscrip, Associate Broker (Agent 9.15) RE/Max Advantage Realty

Articles of interest... (recent newspaper articles)

On February 16, 2010, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.

1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

To view the full press release from the Government of Canada click on the below link:

http://www.fin.gc.ca/n10/10-011-eng.asp

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List under your competition for a quick sale (Vancouver Sun article dated July 20, 2008) There's some valuable information in this article and some strong statistical information such as:

*for the first six months of 2008 the Real Estate Board of Greater Vancouver showed a 20% decline in sales
*the number of active listings (as of June 30, 2008) has increased by 48% as compared to a year ago
*Canada Mortgage and Housing Corporation measures the market as within the 'balanced' zone
*A ReMax Ridge Meadows realtor describes the market as "about 70% of our old market," which "is still a good market."
*with inventories rising, sellers have to be prepared for their homes to sit longer on the market, and they have to pay attention to decluttering and staging the presentation of their homes
*in addition, sellers have to be more aware of the market, get to know what homes have recently sold--not just comparable listings on the market--and price their home accordingly
*In one example, a homeowner desiring a fast sale set his asking price at $387,000 although other homes in the area were listed for more than $400,000. His reasoning....his home had already earned him substantial equity, which gave him some room to maneuver on price. His neighbors reaction...."Your neighbors don't like the fact that you've priced it a little bit lower, but you know what? I WANT TO SELL!"

The numbers...what are they telling us? (REALTORLink article dated June 27, 2008)

Bank of Canada unexpectedly holds rates on inflation (Vancouver Province article dated June 10, 2008)

More homes for sale (BC Real Estate Associates, article dated May 14, 2008)

Housing dreams clash with reality (Vancouver Province article dated May 13, 2008)

Moderate rise in Vancouver new-home prices (Vancouver Province article dated May 13, 2008)

15 Real Estate Myths and Realities (Vancouver Sun article dated April 26, 2008) and the explanation of who was consulted in the article

Update in light of current developments in the US (CMHC forecast Jan 2008)

Strong Vancouver market expected in 2008 (Vancouver Sun article dated December 29, 2007)

Strong demand drives Lower Mainland housing markets, 4th quarter 2007

New West million dollar view (article dated August 2007)

Home sales continue at torrid pace (article dated September 2007)