TGIF: We’re Not Scared – We’ve Got You Covered!

We discovered some quiet good news this week. If you buy a brand new condo under $750,000, property transfer tax does not apply even if you are not a first time buyer. It was an unexpected $8,000 windfall for our buyer this week! Amazing how this good real estate news got buried under the constant barrage of bad news.

Going into a presentation centre to purchase a brand new condo, not yet built, can be daunting and tricky to see the full picture with all the details. Let us help you – we have done this before!! And…we are representing your best interests, not those of the developer. Here are our happy mother and daughter – this week’s condo purchasers – 1 each! Hats off to Ledingham McCallister who made the experience at ‘The Cameron’ pleasant & efficient – great product and professional, patient, accommodating staff. Thank you Larissa and Josephine.

As long time realtors, we are enjoying this shift in the market where we can put our years of negotiating practice to work for our clients. Without the previous frenzy, our buyers have time to consider and do their due diligence with a building inspection, financing subject, strata documents etc. And… sellers don’t wake up to find their buyer has remorse because of having outbid the competition and taken all the risks attendant to a cash offer! It is back to business as usual.
Looks like we might get all the rain over in time for a dry Hallowe’en – what a novelty! We hope the costumes stay dry and the trick and treaters can stay warm. Wishing you the safest and spookiest Hallowe’en – don’t forget to visit the frightfully scary haunted house at 443 Draycott St, Coquitlam. All donations to Variety Club – the Children’s Charity. Thanks to the Ayers family who continue to do this incredible labour of love year after year.

Let us clear the fog and demystify the real estate world for you because we’re not scared to have you covered as always!
Sheila and Michelle

TGIF – Talking affordability and the new mortgage rules!

In this neck of the woods, we are always accused of being obsessed with real
estate (and the weather!) just like this obsession is unique to Vancouver
and environs. Well – guess what? I was in the tiniest village in Yorkshire
recently – Danby – for those Brits in the know -and found myself deep in
conversation with an elderly, long time resident. He lived in the most
beautiful stone cottage which had, in its time, served as the butcher’s then
the pub – surrounded with hanging baskets, it was charm itself. His real
estate beef? – local residents can no longer afford the Danby cottages
because outsiders have bought them up for holiday homes and they lie empty
for much of the year – sound familiar? To add insult to injury in Danby,
these holiday makers bring their own food and beverage and don’t add to the
village economy while they are there! It is universal folks!

Talking of affordability closer to home – the new mortgage rules announced
by the Federal Government will make it more difficult for first time buyers
to get into the market. Buyers with less than 20% down will have to qualify
on the posted Bank of Canada rate regardless of the term of their mortgage.
For instance, a buyer taking a 5 yr. fixed rate mortgage at 2.39% interest
rate would previously have been qualified to purchase using the 2.39% rate -
now the buyer will have to qualify at the BOC posted rate – currently 4.64%.
The net result of this is an approximate 20% reduction in the amount of
mortgage money being made available to the buyer.

I just heard from a person previously anticipating buying at $400,000 – now the price tag has to
be $340,000. It will take a little while, but there will be a ripple effect
as fewer people buy at the first rung of the housing ladder, affecting the
number of people upgrading from their first home to a second and so on.
Watch this space! Not clear on anything, please call us.

Enjoy the sunshine between the showers. And remember, we always have you
covered! Sheila and Michelle.

Sheila’s Letter from New York

Yes – it’s not even Friday, but this blog is coming from New York. Here’s our TGIF news update, so we’ll just pretend it’s Friday!

Good news theatre lovers, talented Canadians are taking over 42nd Street on Broadway! The oldest operating theatre on Broadway and the first to offer family shows is the Victory, where “20,000 Leagues Under the Sea” opened last weekend. And our personal connection is the coauthor & creator, Craig Francis who grew up in Port Moody and now resides in Montreal. This is a Canadian production commissioned for the Panam Games last year and reworked for Broadway by Craig and coauthor, Rick Miller. It is a multimedia, current, clever, relevant and entertaining production – from the youngest to the oldest in the audience, the magic of exciting story telling and special effects took over. The online component is a smart addition.
And…right next door is the Lyric Theatre showing “Paramour”, another Montreal production! Way to go Canucks!

In the interests of full disclosure, I have to say that I am the proud mother of Craig Francis and delivered personally the warm congratulations from our team as Craig has been an integral part of our marketing over many years. Now looking forward to the reviews as the New York Times critic in evidence!

Best wishes from the New York Airport!

Know that Michelle and Shane will keep you covered – see you soon. Sheila