10. Houses sit on the market for a longer period of time. This means you have less pressure in finding the house that is right for you.
9. Because the average days on the market is longer, you stand a much better chance at buying a house for the price you want.
8. Interest rates are low and they might be going lower soon. Lock in your rates with your mortgage broker now and save money over the life of your mortgage.
7. If you are looking to buy a property as an investor, now is a good time. The market value of properties have dropped quickly but rental rates are more sluggish to change. This means that you will likely be able to cover all your costs with the rents received.
6. Slower economies mean more foreclosures. While it's not easy being on the side being foreclosed on, banks generally sell these houses at values that are below market value.
5. If you are renting, this might be a good time to buy to out pace the market. Slow times now generally mean better times ahead. You may be able to buy a house and make mortgage payments that are similar to your current rents. When the market goes up you will have equity in your home.
4. By buying in a slow economy you will actually be doing your part in helping the economy pick up again. So make sure everyone you know buys a house this year!
3. If you have to sell your house in order to buy another it might not be a bad time to move. Yes prices are dropping so you will get less for your house but the house you are going to buy will also be less and your net amount will be the same.
2. Because some area's average prices are dropping faster than others, you may be able to come out ahead depending on what area you move to and what area you are coming from.
1. Remember: Buy Low, Sell High!
Wednesday, November 26, 2008
Wednesday's Words for Real Estate (Adjustment Date)
Date agreed to by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items.
Wednesday, November 19, 2008
Wednesday's Words for Real Estate (Mortgage Loan Insurance)
Mortgage loan insurance is required by lenders for high-ratio mortgages (more than 80% of the purchase price). It is available from CMHC (Canadian Mortgage and Housing Corporation) or a private insurer.
Monday, November 17, 2008
Motivational Monday (Crane Ride)
Positive thinking. It's amazing what this can do for you. Lately I've been focusing more and more on maintaining positive thoughts and perusing specific personal and professional goals. I guess my kids have seen me doing this and want to take part themselves.
On Saturday, my son talked about wanting to operate a crane. He saw a crane a bit later and again told me that he wanted to operate a crane. Of course my response was that when he was older he could. Well we walked down to farmers market for our weekly egg and muffin pickup. After that we went for a walk down to the fisherman's wharf. A large fishing boat was coming into dock to have some new hardware lifted on. We waited and watched the first of four pieces get lifted onto the boat with a crane. While the crew on the boat were affixing the piece to the boat the crane operator came over and told us that if we wanted to wait around, my son could have seat in the crane. Well of course we waited.
My son was extremely excited for the opportunity to sit in a real crane. When he finally got settled into the operators seat, the real operator told him to start pulling one of the levers. He pulled it and the crane began to spin around. Then he got to pull another lever that moved the hook up and down. Well, within a couple of minutes my son looked like a pro, operating both levers at the same time, spinning back and forth and moving the hook up and down. This was the highlight of his week.
After that he remembered that he had just thought about doing that the same morning. I told him to make a list like mine of all the things he wanted to accomplish in life. We wrote down about 20 things, most of which involved riding on various machines. After we had written the list he wanted me to read it to him over and over and over. What a great way to stay focused on your goals. And because my son was so excited from the crane ride he truly believes with all his heart that you can accomplish whatever it is you set your mind to.
On Saturday, my son talked about wanting to operate a crane. He saw a crane a bit later and again told me that he wanted to operate a crane. Of course my response was that when he was older he could. Well we walked down to farmers market for our weekly egg and muffin pickup. After that we went for a walk down to the fisherman's wharf. A large fishing boat was coming into dock to have some new hardware lifted on. We waited and watched the first of four pieces get lifted onto the boat with a crane. While the crew on the boat were affixing the piece to the boat the crane operator came over and told us that if we wanted to wait around, my son could have seat in the crane. Well of course we waited.
My son was extremely excited for the opportunity to sit in a real crane. When he finally got settled into the operators seat, the real operator told him to start pulling one of the levers. He pulled it and the crane began to spin around. Then he got to pull another lever that moved the hook up and down. Well, within a couple of minutes my son looked like a pro, operating both levers at the same time, spinning back and forth and moving the hook up and down. This was the highlight of his week.
After that he remembered that he had just thought about doing that the same morning. I told him to make a list like mine of all the things he wanted to accomplish in life. We wrote down about 20 things, most of which involved riding on various machines. After we had written the list he wanted me to read it to him over and over and over. What a great way to stay focused on your goals. And because my son was so excited from the crane ride he truly believes with all his heart that you can accomplish whatever it is you set your mind to.
Wednesday, November 12, 2008
Government of Canada Announces Additional Support for Canadian Credit Markets (CMHC)
The Honourable Jim Flaherty, Minister of Finance, today announced the Government will purchase up to an additional $50 billion of insured mortgage pools by the end of the fiscal year as part of its ongoing efforts to maintain the availability of longer-term credit in Canada.
This action will increase to $75 billion the maximum value of securities purchased through Canada Mortgage and Housing Corporation (CMHC) under this program.
"At a time of considerable uncertainty in global financial markets, this action will provide Canada’s financial institutions with significant and stable access to longer-term funding," said Minister Flaherty.
"This extension of the program to purchase insured mortgages will further support the availability of credit, which will benefit Canadian households, businesses and the economy. In addition, it will earn a modest rate of return for the Government with no additional risk to the taxpayer."
In addition:
* The Government will reduce the base commercial pricing of the Canadian Lenders Assurance Facility by 25 basis points. It will also waive the 25 basis point across-the-board surcharge for insurance provided under the Facility until further notice. This will make the Facility more competitive with similar programs offered in other countries. The term sheet for the Facility will be posted on the Finance Canada web site (www.fin.gc.ca) shortly.
* The Office of the Superintendent of Financial Institutions (OSFI) announced yesterday an increase in the allowable limit of innovative and preferred shares in Tier 1 capital. This will provide Canadian financial institutions with more sources of funds to support lending in Canada. This will also ensure that similar decisions in other countries do not place Canadian institutions at a competitive disadvantage. Further technical information is available from OSFI at www.osfi-bsif.gc.ca.
* As the Bank of Canada noted in its announcement on October 13, the Bank will continue to provide exceptional liquidity to the Canadian financial system as long as conditions warrant.
"The Government of Canada is prepared to take whatever steps are necessary to ensure that Canada’s strong financial system is not put at a competitive disadvantage by developments in other countries. The Government will not allow Canada’s financial system, which has been ranked as the soundest in the world, to be put at risk by global events," said Minister Flaherty.
This action will increase to $75 billion the maximum value of securities purchased through Canada Mortgage and Housing Corporation (CMHC) under this program.
"At a time of considerable uncertainty in global financial markets, this action will provide Canada’s financial institutions with significant and stable access to longer-term funding," said Minister Flaherty.
"This extension of the program to purchase insured mortgages will further support the availability of credit, which will benefit Canadian households, businesses and the economy. In addition, it will earn a modest rate of return for the Government with no additional risk to the taxpayer."
In addition:
* The Government will reduce the base commercial pricing of the Canadian Lenders Assurance Facility by 25 basis points. It will also waive the 25 basis point across-the-board surcharge for insurance provided under the Facility until further notice. This will make the Facility more competitive with similar programs offered in other countries. The term sheet for the Facility will be posted on the Finance Canada web site (www.fin.gc.ca) shortly.
* The Office of the Superintendent of Financial Institutions (OSFI) announced yesterday an increase in the allowable limit of innovative and preferred shares in Tier 1 capital. This will provide Canadian financial institutions with more sources of funds to support lending in Canada. This will also ensure that similar decisions in other countries do not place Canadian institutions at a competitive disadvantage. Further technical information is available from OSFI at www.osfi-bsif.gc.ca.
* As the Bank of Canada noted in its announcement on October 13, the Bank will continue to provide exceptional liquidity to the Canadian financial system as long as conditions warrant.
"The Government of Canada is prepared to take whatever steps are necessary to ensure that Canada’s strong financial system is not put at a competitive disadvantage by developments in other countries. The Government will not allow Canada’s financial system, which has been ranked as the soundest in the world, to be put at risk by global events," said Minister Flaherty.
Wednesday's Words for Real Estate (Easement)
Definition: A limited right of use of another's land by a landowner for the benefit of his land. The land receiving the benefit is called the dominant tenement and the land granting the benefit is called the servient tenement.
Tuesday, November 11, 2008
Trent's Tuesday Top Ten (Reasons to Buy a Home in Port Alberni this November)
10. If you buy now, you can still move in before Christmas. But no long enough to get organized and have the in-laws over.
9. It's raining, hard. You can't hide leaks and flooding when it's raining hard.
8. Property values are now actually coming down in price and there are many deals to be had.
7. There are still many homes for sale on the market. Many of them have been listed since the summer so there is a great selection.
6. The moons are in alignment, the north star casts a shadow on Venus, and your lucky numbers November 1 through 30.
5. You still stand a chance at getting in a few good lawn mowings before the end of the year. Yipee!
4. In the typical yearly cycle October and November have the lowest volume of sales in the year. This means that sellers have more incentive during this time to sell than any other time of the year.
3. You can wait until Boxing Day sales to furnish your home.
2. It's a great time of year to get landscapers to come out and work on your yard because this is there slow season.
1. With the money you save on your purchase this month you can take vacation in the new year.
9. It's raining, hard. You can't hide leaks and flooding when it's raining hard.
8. Property values are now actually coming down in price and there are many deals to be had.
7. There are still many homes for sale on the market. Many of them have been listed since the summer so there is a great selection.
6. The moons are in alignment, the north star casts a shadow on Venus, and your lucky numbers November 1 through 30.
5. You still stand a chance at getting in a few good lawn mowings before the end of the year. Yipee!
4. In the typical yearly cycle October and November have the lowest volume of sales in the year. This means that sellers have more incentive during this time to sell than any other time of the year.
3. You can wait until Boxing Day sales to furnish your home.
2. It's a great time of year to get landscapers to come out and work on your yard because this is there slow season.
1. With the money you save on your purchase this month you can take vacation in the new year.
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