Father's Day
Ever Since I Remember
Ever since I can remember
You have been the one
who picked me up when I would fall
lift me up when I was down
You are the one who
wiped away the tears
And made a smile magically appear.
You are the one who
loved me no matter what I did
And you are the one who
helped me to be what i am today
How can I ever tell you
how very much I love
THE HOME SHOW
The Home Show on April 17th, 18th and 19th put on by the Central Okanagan Home Builders Association [CHBA-CO] was a large success. We had a great time and wanted to thank all of those who came by to say hi. I wanted to announce the following as winners from the draw contest: Ev Volk, Shane Brown, Ken Zarr, and Janice Elliott all enter the draw contest for $250.00 towards their next legal fee. Again thank you for your support and I look forward to the next event.
NEW LIVE CONTACT AND WEEKLY RATES
I wanted to let you know that you now have an opportunity to reach me live. Go to MSN and you can chat with Your Mortgage Professional even faster then ever. Phone and email are great, but now instantly you can chat with me while you’re thinking about Your Mortgage. Just sign up to MSN and type in yourmortgages@live.ca and instantly we are connected. Feel free to call or email for further instructions.
ALSO NEW
Now on my web site you can add your name and email and receive the Weekly Rates under the Mortgage Tools. Originally designed to keep all Real Estate Professionals I work with in the loop to quick changes, but after much request, I have now made this available to all my readers and subscribers. Just go to www.yourmortgages.ca and on the left hand side of the home page at the bottom enter your name and email. At any time you may unsubscribe from any email publications.
What the rate cut means for mortgages!
Garry Marr, Financial Post
The latest rate cut means consumers buying a house can borrow for as little as 3% interest on their loan if they are willing to buy into the Bank of Canada's statement Tuesday that it won't be changing rates until June, 2010.
If you don't believe the bank will hold steady on its promise, you can lock into five-year, fixed-rate mortgages for as low as 3.85% on a discounted basis -- the lowest rate in Canadian history.
But all of that may amount to nothing when it comes to soothing a Canadian housing market in which new construction has fallen below 200,000 on an annualized basis for the first time in seven years. March existing-home sales were off 13.7% from a year ago.
"What is 25 basis points among friends? It's really nothing," said Benjamin Tal, senior economist with CIBC World Markets. "This is not something that is going to change the course of the market. It only helps at the margin."
Mr. Tal did say mortgage refinancings have risen dramatically in the past few months as Canadians who might have borrowed at 5.75% just over two years ago are ready to eat any interest rate penalty because a five-year rate mortgage is now so low.
The penalty to break an existing mortgage is the greater of three months interest or what is called the interest rate differential. The interest rate differential is the lost interest between your current rate and market rates.Mr. Tal says while there is not much lower for variable-rate mortgages to go, the gap between short-term money and long-term money is still significant enough that the temptation is not to lock in.
"You might do better the first two years [of a five-year mortgage] but not the remaining three. I'm convinced long-term interest rates will rise. I can see [long-term] rising 200 basis points. These are emergency rates and at some point this emergency will end," says the economist.
John Turner, the director of mortgages at the Bank of Montreal says he's never seen anything like what is going on in today's market.
"There is a possibility of another drop," says Mr. Turner. "But does your tummy feel good about something that has a higher possibility of going up than going down any further."
He is convinced these lower rates will boost the housing market. The 13.7% decline in home sales in March was the smallest year over year decline in six months. "I think there is a segment of the market that couldn't afford a home before," said Mr. Turner.
Don Lawby, chief executive of Century 21 Canada, said while rates are declining, banks are getting tighter with how they hand out credit.
"If you are self-employed, the banks are demanding more documentation. Appraisals are getting harder too. It's not what you bought the house for but what it's appraised for," said Mr. Lawby, who also heads up a mortgage broker business. "There is not a lot of subprime out there for people with any credit problems in their history."
Quantitative easing Q&A with the BoC
FP Posted: April 21, 2009, 10:16 PM by Alia McMullen
With interest rates now at a record low 0.25%, the Bank of Canada has provided definitions of quantitative easing and credit easing on its website.
What happens when the policy interest rate approaches zero?
"The traditional monetary policy instrument used by central banks to stabilize the economy and maintain price stability is the policy interest rate. When the policy rate moves towards zero, a central bank may consider using other tools to provide stimulus to the economy and achieve its inflation objective. This can include consideration of so-called 'unconventional' monetary measures such as quantitative easing and credit easing."
What is quantitative easing?
"Quantitative easing is the purchase by a central bank of financial assets through creation of central bank reserves. As a result, the price of the purchased assets (which can include government securities or private assets) rises and the yield on the assets falls. The expansion of reserves available to commercial banks also encourages them to increase the supply of credit to households and businesses.
In economic terminology, quantitative easing uses 'unsterilized' funding; in other words, the reserves of the central bank are increased to finance asset purchases."
What is credit easing?
"Credit easing is the targeted purchase by a central bank of private sector assets in certain credit markets which are important to the functioning of the financial system. The goal of credit easing is to reduce risk premiums and improve liquidity and trading activity in specific markets so that credit will flow and demand in the economy will expand.
Credit easing can be done on a 'sterilized' basis; in other words, there is no need to increase central bank reserves in order to undertake credit easing. If undertaken on an unsterilized basis, this amounts to combining credit easing with quantitative easing."
Ask the Home Inspector
“My home has air conditioning. What do I need to know?”
When it is warm enough, home inspectors will activate the A/C to make sure it is running "as intended". This means the cooled air coming out of a floor register, should be 14 to 21 F degrees lower than the warm air "going into the furnace". The outside air temperature does not really come into play. The compresser unit (outside) should be well vented - no decks, fences or bushes against it, touching it or above it The metal cooling vanes should be free of leaves, dirt, dryer fluff, gravel, etc. If air has trouble passing thru the unit, very carefully clean the openings with a blast of water, a soft brush or a shot of compressed air.
Please don't get upset if your furnace "leaks" in summer! One of the by-products of air conditioning is "consensation moisture" which comes out of the furnace, usually via a white PVC pipe. This should lead to a floor drain or into a small pump (usually blue and white) to be disposed of elsewhere.
In winter, shut off the power to the A/C unit to prevent accidentially turning it on, and put a piece of plywood on top of the unit to keep falling ice from doing any damage.
Kieth Sutfin
OK Valley Home Inspections Ltd.
Cell: 250-317-3349
Toll Free: 888-575-7784
www.okvalleyinspector.ca
CMHC HOUSING REPORT MAY 2009
Please click here to download a PDF of the CMHC Housing Report for May 2009.
DID YOU KNOW... (5 of 5 series)
Between 1947 and 1952, Billy and Bobby Byrne robbed over 52 banks across Ontario. However history has all but forgotten them. In fact, they may be more famous for the outrageous stunts they pulled, rather then the crimes themselves. Here is #5 of five facts about Canada`s most bizarre bank robbing Brothers: The Bryne Brothers were often cited as having robbed banks drunk as skunks! One witness to a bank of Montreal heist in 1949 claimed “The Little feller stopped on his way out and gave me a swig of his hooch. Then ran off when the sirens started to get closes. Left me the flask.”
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 3.00% | 4.00% |
| 6 Month Closed | 4.90% | 6.85% |
| 1 Year Closed | 2.99% | 4.20% |
| 2 Year Closed | 3.15% | 4.35% |
| 3 Year Closed | 3.20% | 4.45% |
| 4 Year Closed | 3.89% | 4.35% |
| 5 Year Closed | 3.59% | 4.65% |
| 7 Year Closed | 4.95% | 7.00% |
| 10 Year Closed | 5.15% | 7.05% |
| 15 Year Closed | 9.05% | 0.00% |
| 18 Year Closed | 9.05% | 0.00% |
| 25 Year Closed | 9.15% | 0.00% |
Rates are subject to change with very little notice and certain conditions may apply to individual mortgage applications, QAC, E&OE
For the best rates call 1-866-993-8787.
Resources
Business Supporting Business — Thank You:
Okanagan Home
www.okanagan-home.com
Investments
www.thenewwestside.ca
Insurance
Canyon Insurance covers all your needs, ask for Harry Mason
hmason@canyoninsurance.ca
FCm Travel Solutions
wes.flanagan@fcmtravel.ca
Jocko Toic - Consultant
Investors Group Financial Services
3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. (250) 707-3265 Cell (250) 869-9636
Fax (250) 768-4563 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Private Home Sellers
www.privatehomesellers.ca
David Beeson
Realtor for the Kelowna Area
Royal Lepage Phone:1-800-747-6954
Email: davidbeeson@royallepage.com
Spring Creek CONSTRUCTION & MILLWORK
Established 2007 by Owner/Operator Florian Hoppen with 25 years in the woodworking industry.
Spring Creek offers quality custom craftsmanship and superior service on:
- Woodwork & Millwork
- Cabinetry Building & Installation
- Woodcraft Doors
- Renovations
- New Building Construction
References for Projects and Workmanship upon Request
Contact: Florian Hoppen
Ph: 403-931-2247 Cell: 403-510-8925
Email: springcreek@platinum.ca
Leslie Marton, C-I-R REALTY
Calgary PH:403477-6996
EMAIL: lmarton@cirrealty.ca
Mikala James / Real Estate Agent for Calgary and Area
Sutton Group
Email: mikalaj@sutton.com or visit at www.mikalajames.com
Direct Line: 403-889-7020
Friends Supporting Friends — Thank You:
Krystal Beisick
www.krystalbeisick.com
For Investments check out — www.renascencedevelopments.com
Ask for Lisa Thomas lisa@renascencedevelopments.com
A Quote to Note:
Cherish your visions and dreams as they are the children of your soul, the blueprints of your ultimate achievements.
- Napolean Hill
Also a member of the Okanagan Mortgage Lenders Association
Contact
At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!
Direct Line — 1.866.993.8787
Email — steve@yourmortgages.ca
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