More than a quarter million British Columbians participated in 11 HST telephone-town hall meetings in communities across the province in the last three weeks.
For more info rethe HST and public input go to http://bit.ly/gkPuUw
These happy owners have sold their home and are now looking forward to moving into their new home in the Hall-Packers road area!
We found a wonderful home there that really suits what they were looking for! Happy times for all.
Qualifying for mortgages:
1-4 year fixed (high ratio - Less than 20% down mortgages) and high ratio variable rate mortgages - Clients qualify based on Bank of Canada Benchmark Rate
5 year fixed or conventional mortgages (20% down or more) - Clients qualify based on 5 year rate and in some cases 3 year rates
What does this mean for your clients? Clients who want shorter terms or variable mortgages need more income to qualify or they qualify for less.
Why? Because the benchmark rate increased today from 5.10% to 5.44%.
Please feel free to call if you have any questions.
printed with permission from:
TAMMY CARTIER
LendingMax
Mortgage Broker
Tel: 250-448-7448 | Fax: 250-448-7449
#212, 1980 Cooper Rd, Kelowna BC V1Y 8K5
GVCA General Meeting is
Tuesday, February 22nd.
at Kelowna Bible Chapel - 1432 Vineland Street
Topic Brandts Creek
Bring your input to the City's Official Community Plan back to the general meeting.
Bring your date and your neighbours.
Free coffee and cookies. 
Good door prizes!!!! 
Web Site: http://www.glenmorecommunity.com/
The agenda will be distributed later.
The City of Kelowna Official Community Plan is moving to the final stages of public consultation and the City encourages your participation. This will likely be the last set of Open Houses before the Plan is forwarded to Council. The purpose of this consultation is gather input on the OCP and related Servicing Plan. That input will be reported to Council in aggregate before the Plan is forwarded to Council for initial consideration.
The schedule of events, locations and times are:
• Thursday, Feb. 17 (Glenmore) St. David’s Presbyterian Church, 271 Snowsell St., 4 to 7 p.m.[Used to be Glenmore Road]
• Saturday, Feb. 19 (Downtown) Laurel Packinghouse, 1304 Ellis St., 10 a,m to 2 p.m.
• Wednesday, Feb. 23 (Pandosy), St. Paul’s United Church, 3131 Lakeshore Rd., 4 to 7 p.m.
All three Open Houses will have the same information.
The display material will include general information on Future Land Uses, policies, Development Permit (DP) Guidelines and the 20 Year Servicing Plan and Financing Strategy
Did you know that when you “post” a picture on the internet it may tell the address of where the picture was taken?
Not trying to scare anybody, BUT, this is worth watching.
Now, I tried to right click on a picture and wasn’t successful at finding it’s location, but again, that
means nothing. It may depend on the camera that was used. The story is a credible, ABC news story.
http://abclocal.go.com/wabc/video?id=7621105
The Rockets are playing a hockey game in town this weekend! Friday, against Prince George and Saturday against Vancouver. GO ROCKETS!
We are going on Saturday, hope to see you there!
Tickets and information available here: http://www.kelownarockets.com
The new measures: Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
http://www.fin.gc.ca/n11/11-003-eng.asp
WHAT DOES THIS MEAN FOR YOUR BUYERS?
30 year vs. 35 year amortization
$300,000 purchase price $300,000 purchase price
$15,000 (5% down payment) $15,000 (5% down payment)
3.75% interest rate/5yr term 3.75% interest rate/5yr term
30 yr amortization 35 yr amortization
$1620.66/month $1519.59/month
$60,774.92 income needed $56,984.80 income needed
This example is based on today’s rates and is subject to change.
Refinance is changing from 90% to 85% as mentioned in the above article.
Copied with permission from:
TAMMY CARTIER LendingMax Mortgage Broker
Tel: 250-448-7448 | Fax: 250-448-7449
#212, 1980 Cooper Rd,
Kelowna BC V1Y 8K5
A great Motgage Broker! If you want help with your financing call TAMMY at 250-448-7448 
BCREA (British Columbia Real Estate Association) ECONOMICS
just announced that:
US Housing Starts/Permits - January 19, 2011
US housing starts fell back 4.3 per cent in December to an annualized rate of 529,000 units, retracing a 3.8 per cent gain in November. US housing starts remain at a depressed level and are a long way from the pre-recession peak of 2.3 million units. However, building permits climbed nearly 17 per cent to an annualized rate of 635,000 as a result of a 54 per cent increase in multiple unit starts. This signals a modest increase in new home construction for the first quarter of 2011.
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS®
“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
an explanation:
This document is "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Number 442, November 2010 Title Insurance Occasionally, claims are reported to the Real Estate Errors and Omissions Insurance Corporation (REEOIC) involving complaints by buyers against licensees which might not have been made if those buyers had bought title insurance. Title insurance is an insurance policy provided by title insurance companies that protects residential or commercial property owners and/or their lenders against losses related to a property's title or ownership. While each title insurer may offer slightly different coverage, some of the coverage provided by title insurance companies includes: coverage for unknown title defects; survey errors and errors in public records; losses related to improvements made without the requisite building permits (unless made by you); existing liens against the property's title for unpaid debts by the previous owner (utilities, taxes, mortgages or condominium charges registered against the property); real estate fraud and forgery; invalidity of mortgages; and encroachment and unregistered easement issues. Title insurance will generally not cover known title defects1, environmental hazards, native land claims, matters created, allowed or agreed to by the insured, or matters known to the insured but not disclosed to the title insurer prior to closing (e.g. matters identified in a building inspection). Title insurance is usually purchased by a buyer at the time of purchase, although it may be purchased anytime after. The insurance cost, generally a one time fee or premium, is usually determined by the property's value and depends upon the chosen provider. The advantage to licensees of buyers purchasing title insurance is that it shifts liability from the licensee to the title insurer. Consider this scenario: an elderly seller owns a piece of property in a rural area for many years. After obtaining a variance from the governing authority, the seller constructs outbuildings which encroach upon the adjacent property. No record is kept of the variance by the approving authority. Years later, when selling the property, the seller completes the Property Disclosure Statement indicating that he is unaware of any unregistered encroachments.2 The buyer discovers the encroachment after purchasing the property and incurs a loss in rectifying the issue. A buyer with title insurance would likely be indemnified by the title insurer for any proven loss associated with the violation. A buyer without title insurance would likely sue the seller and licensees involved in the sale to recover losses associated with the undisclosed encroachment. Here are examples of recent claims paid out to BC homeowners by a major title insurer3: - Buyer received notice from the City that the basement apartment was built without obtaining required development or building permits. A permit was required to remove or to legalize the apartment. Cost of claim: $239,958.
- Buyer had municipality conduct a site inspection of the property after experiencing plumbing problems. The inspector found numerous problems with the dwelling, as well as illegal gas and plumbing lines, and an unpermitted addition to the garage. The municipality issued an Order to Comply. Cost of claim: $270,797.4
To date, there is no standard industry practice to alert buyers to title insurance availability. Given the protection that may be afforded to buyers (and indirectly to licensees) who purchase title insurance, licensees may well wish to advise buyers of its availability. This suggestion has already been made to real estate practitioners.5 For more information on title insurance see Legally Speaking issues 321, 322 and 323. Jennifer Clee
Real Estate Errors and Omissions Insurance Corporation
Vancouver, BC |
http://www.bcrealestatelawyers.com/faqs/faq.htm#titleinsurance
“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
BCREA ECONOMICS NOW
Third Quarter GDP Growth - November 30, 2010
Economic growth in Canada continued to slow in the third quarter. Annualized GDP growth slipped to 1.0 per cent after a revised increase of 2.3 in the second quarter and 5.6 per cent during the first quarter. On a monthly basis, real GDP declined 0.1 per cent in September after increasing 0.3 per cent in August. Expectations were for a 1.0 per cent gain.
Lower exports and investment in housing restrained economic growth. However, business investment in plant and equipment posted its strongest increase this year, expanding by 6.5 per cent in the third quarter. Mining, manufacturing and the public sector were the main sources of growth. Output from real estate agents and brokers, wholesale trade and the finance and insurance sector declined.
Fourth quarter GDP is expected to reverse the slowing trend as increased exports and continuing strong domestic demand fuel the economy.
CM.
For more information, please contact:
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
It's an Australian spot against drinking and driving. Ouch
DUI
Note that this information is outdated.
Come out between 1:30 and 3 , Sunday December the 5th Drive north on Richter, right on Bay, left on Walrod! Just a great home for a family and there is a garage/workshop with 220 wiring for the handyman! Three bedrooms plus a main floor den or have four bedrooms. Hot water radiant heating. Neat as a pin and really cute. Located next to a parkwith a fenced back yard for your little ones or pets. Back lane access to RV parking.This property is zoned RU6. See you there!