A TIME TO REMEMBER
Each year, Canadians pause on November 11 to remember the Veterans who served our country in times of war during the 20th century — the men and women who died or risked their lives while serving in the Army, the Air Force, the Navy, the Merchant Navy, and with peacekeeping forces. We also remember the men, women and children who rallied to support Canada's war efforts in countless ways in homes, businesses, factories, voluntary service organizations and schools across the country.
Through the yearly celebration of Veterans' Week, we have a unique opportunity to better understand the achievements of men, women and children of all ages, from all backgrounds and in all areas of endeavor, who contributed wherever they were needed in wartime.
Getting involved is the first step toward remembering the past, understanding the present and facing the future.
RBC Survey Finds Homebuying Intentions Hold Steady
TORONTO, Oct. 29 /CNW/ - A new RBC study conducted during the market turmoil in October finds overall intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008. As well, renovation intentions are slightly higher than last year - up four percentage points as 70 per cent of respondents are planning to renovate or make home improvements in the next two years.
"Despite recent economic events, we've noted that Canadians still believe a home is a good investment and many are continuing with their home improvement plans," remarked Catherine Adams, RBC Royal Bank's vice-president, Home Equity Financing.
According to RBC's 5th Annual Renovation Survey, given the choice, most Canadian homeowners would opt for hammers and paint brushes, rather than packing tape and cardboard boxes. Seventy five per cent of Canadian homeowners say that, if their home needed major renovations, they would rather renovate, than sell and move.
While the majority of Canadians (55 per cent) would definitely continue to renovate even if housing prices were to drop, they appear to be a little more hesitant than they were in 2007 (66 per cent). Many Canadians seem to be choosing to renovate rather than relocate, noted Adams.
Renovation Budgets
Most Canadians planning renovations will spend less than $50,000 and indicate they plan to spend $10,801 on average - up about 10 per cent from $9,850 in 2007.
The RBC survey also showed that 63 per cent of homeowners have renovated in the past two years and more are establishing a realistic reno budget. Seven-in-ten had a budget and half (53 per cent) stuck to it. Even those renovators that did go over budget have pulled back significantly. The average budget excess was 24 per cent in 2008 compared to 74 per cent overage in 2007 and 88 per cent in 2006.
To finance their reno expenditures, Canadians will be less likely to tap into cash or savings than they have in the past (47 per cent in 2008, 51 per cent in 2007 and 69 per cent in 2004). Only 28 per cent would consider using the equity in their home, down from 41 per cent who said they would consider it in 2007. More men (32 per cent) than women (24 per cent) would consider borrowing against home equity for their renovation - the lowest cost of all the borrowing options.
"When people are looking for a mortgage they're usually very cost sensitive, and they seek advice about the best possible rate and product combination. We don't always see those same savvy cost comparisons for home renovations, even though many involve sizable expenses," added Adams.
When it comes to top mistakes or renovation disasters, Canadians who have completed a renovation in the past two years, blame going over budget (26 per cent); using the wrong contractor or tradespeople (14 per cent); choosing the wrong products (12 per cent) and doing it myself (11 per cent).
| Intentions among Regions | Average Spend | |
|---|---|---|
| BC | 69% (down from 70%) | $10,064 |
| Alberta | 74% (up from 69%) | $12,422 |
| Sask/Man | 71% (down from 75%) | $ 9,742 |
| Ontario | 71% (up from 66%) | $12,305 |
| Quebec | 67% (up from 64%) | $8,463 |
| Atlantic Canada | 73% (up from 67%) | $10,042 |
| Region | Renovate | Sell |
|---|---|---|
| BC | 75% | 19% |
| Alberta | 71% | 23% |
| Sask/Man | 75% | 17% |
| Ontario | 75% | 19% |
| Quebec | 74% | 17% |
| Atlantic Canada | 78% | 15% |
By Age:
- 18 to 34 - 70 per cent would renovate instead of sell (down from 75 per cent)
- 35 to 54 - 78 per cent would renovate, not sell (up from 75 per cent)
- 55 and above - 76 per cent would opt for renovations (up from 58 per cent)
These are some of the findings of two RBC polls conducted by Ipsos Reid. The online surveys are based on nationally balanced samples and were weighted according to 2006 Census Data.
The poll conducted between October 9 and 13 included 1,474 Canadians. A random, representative sample of this size would yield results considered accurate to within +/-2.6 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled.
The second poll conducted between August 13 and 18, 2008 dealing with renovation intentions included 3,733 Canadian homeowners. A random, representative sample of this size, would yield results considered accurate to within +/-1.6 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled.
For full tabular results, please see the Ipsos Reid website at www.ipsos.ca.
Steven Faux can provide the Mortgage information for your Renovations.
You will want to see what the options are before you start.
Good to have a plan, go to www.yourmortgages.ca
Mortgage TIP
If you have had a Line Of Credit for more than two or Three years now on your home, you have seen the Prime rate higher then it is at this time. It would be to your best benefit to stay loyal to the payments even though you can pay less. At this time, you should take advantage and make the most on the lower interest rates and make large lump sums if you can. Even an extra $100 a month can make a difference.
We all have some very interesting times coming into the New Year and we all look to the professionals and experts for the best solutions. Keep your best interests and those of your friends and family`s in mind when they talk to you about Mortgages and or financing the House Hold. You may offer them my services as to ensure the support of their Financial Stratagies will have a plan for the times ahead.
For your Line of Credit opportunities and Financial Strategies contact me at www.yourmortgages.ca
Wall Street Forces NASCAR to Wave the Yellow Flag
The spreading financial gloom that envelops Wall Street has hit the most Main Street of American sports: NASCAR. The popular race circuit has expanded beyond its redneck roots in the Deep South to capture fat profits and a huge TV audience throughout North America. But now it has turned into another high-profile victim of the global financial crisis and rapidly slowing economy. Some of the most illustrious names in the sport , including Dale Earnhardt JR. and Michael Waltrip , have suddenly lost a slew of big-time sponsors as struggling auto makers, failing financial firms and retrenching oil companies decide they have better things to do with their shrinking capital than spend up to $25 million [ U.S.] annually to sponsor a team. NASCAR races are supposed to have 43 cars. But fields are certain to be smaller next year. “There`s maybe 26 team that have sponership for the next year, and five or six that have partial.: Mr.Waltrip told Bloomberg News.
Article is from the Globe and Mail, by Brian Milner and Paul Waldie
Weekly Market Commentary
TSX rallies into Friday’s close despite overall weekly decline
As the week came to a close, global equity markets saw a significant selloff going into the opening of trading in North American markets on Friday morning with Canada’s resource-heavy S&P/TSX composite index recovering more than 660 points, or roughly 7 per cent, after hitting lows early in the day. For the remainder of the session, buyers returned to the market with the market steadily rising, closing the week ended October 24, 2008 with a decline of 2.8 per cent.
Despite crude oil’s descent to a 16-month low, the benchmark’s Energy sector climbed 2.6 per cent on the week. The benchmark’s Health Care and Consumer Staples sectors also advanced on the week, climbing 8.8 per cent and 0.6 per cent, respectively.
Canada’s Financials sector slipped 4.6 per cent on the week despite further easing from the Bank of Canada and a move from the federal government to level the playing field for Canadian banks seeking to borrow money abroad... Learn More
This article of intrest was presented By Jocko Toic at the Investors Group. If you would like more one on one information, please feel free to contact him at:
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 5.00% | 6.00% |
| 6 Month Closed | 6.35% | 6.45% |
| 1 Year Closed | 4.35% | 6.35% |
| 2 Year Closed | 5.29% | 6.70% |
| 3 Year Closed | 5.39% | 7.05% |
| 4 Year Closed | 5.50% | 7.04% |
| 5 Year Closed | 5.50% | 7.20% |
| 7 Year Closed | 6.05% | 7.65% |
| 10 Year Closed | 6.15% | 8.00% |
| 15 Year Closed | 6.55% | 0.00% |
| 18 Year Closed | 6.65% | 0.00% |
| 25 Year Closed | 6.75% | 8.65% |
Rates are subject to constant change, for the best rates call 1-866-993-8787.
Resources
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
John Ferrier Head Teaching Professional
CPGA Class A
#320 - 1405 Stevens Road, Kelowna, BC.
Tel: 250-769-0339
Email: kelowna@urbanlinks.net
Twice the Fun Games - Al Samson
1783 Ross Road on the Westside
Tel: (250) 769-4346
Fax: (250) 769-4347
www.TwiceTheFunGames.com
Rockworld - Natural and Manufactured Stone , Fireplaces & Stoves, Sales & Installations
Brent Copeland
PH: 250-769-7250
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Private Home Sellers
www.privatehomesellers.ca
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:
I'm asking you to believe. Not just in my ability to bring real change in Washington... I`m asking you to believe in yours.
- Senator Barack Obama
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 — 250.768.0535
Direct Fax — 250.768.0510
Email — steve@yourmortgages.ca
Refer a Friend
If you found any of the information in this email to be of value, please refer a friend to sign up!
