Wednesday, January 19, 2011

Tighter Mortgage Rules

Monday, Canada's finance minister announced new tighter mortgage rules that will take effect March 18th.
The rules in a nutshell:
1)CMHC will no longer insure morgages amortized more than 30 years (from 35).
2) The maximum amount that can be refinanced will be 85% (From 90) of the value of the property.
3)CMHC will no longer insure home equity lines of credit.

These new rules are aimed to promote saving through home ownership and discourage debt, hoping Candians will pay off mortgages quicker and thus pay less total interest.

The message here folks is not to overextend yourself in debt!

Any questions? Let me know! :)

Thursday, January 13, 2011

2011

To begin this year I'd like to look at the past year. 2010 was a great year for the Kitchener Waterloo real estate market. The spring was, as I like to refer to it as, NUTTY! Many buyers purchased in hopes of avoiding the predictions of rising interest rates, tighter mortgage rules, and the introduction of the HST in July. As a result, prices were driven up and many first-time home buyers got into the market. The fall market finished off the year, still strong and holding onto the increased prices. As a result, single-detached house prices ended 2010 at an average of 9.3% over the previous year.
http://www.kwreb.on.ca/Stats/December_2010_Media_Release.pdf

2011 began with a few out-of-town referrals so I thought I'd say a few words on this. Moving to a new city can be a scary process that I can certainly help with. If you or someone you know is moving to a new city give me a call! If it's in the KW area I'm happy to welcome them to the city (whether they're purchasing a home or not) and be a contact for them for information and referrals about the Kitchener-Waterloo area. Over the holidays a lovely agent from the Ottawa area called me up to interview me for clients she has who were selling their home and moving for a new job in Waterloo. We had a great 45 min. chat on the phone and I was able to answer some pretty pointed questions about how I work with my clients. The agent interviewed a few more agents and called me back to let me know she wanted to refer her clients to me. C&R will be listing their home with her out Ottawa way, and I was able to meet R this week to chat about how we can find his family a fantastic new home in Waterloo. Another agent I know from Brantford also called me up last week to pass along the name of a client selling in Waterloo and moving to Paris. I look forward to possibly being able to connect with him as well. I always appreciate it when other agents entrust me with their clients and I take the responsibility seriously.

Likewise, sometimes I have people contact me wondering if I have an agent recommendation for another city and I'm always happy to help! I have many contacts for agents in other cities and if I don't, I have other agents I ask, and similar to the agent from Ottawa who called me, I also am willing to call other agents to interview them to decide who to refer people too. So, don't hesitate to call or email me if you're looking for some referrals to agents in other cities. I know some great people out there!

As we look to 2011 if you're thinking that selling or purchasing a property may be something you'll be looking into please don't hesitate to pop me an email or give me a call....sooner rather than later! Don't feel like you have to have all of your ducks in order! I have a few clients out there who I know are thinking of selling this year who I have already met with and given tips on getting their properties ready. Giving me the heads up also gives me the opportunity to keep an eye on comparable properties for you so we can keep tabs on properties that may affect the price you get for your property when you sell. So keep me posted!

Thanks to Cathy and Jeff for trusting me this month to refer me! And thanks to you all for reading! Any questions or suggestions as far as topics for this blog are always welcomed!

Wishing everyone a joy, health, and happiness - filled 2011!