February 16, 2010

Finance Minister Jim Flaherty has just announced a change in the way CMHC will deal with insured mortgages. “There is no evidence of a housing bubble, but we are taking prudent steps today to prevent one,” he said at a news conference in Ottawa. “If some lenders aren’t willing to act themselves, we will act.

The Minister’s plan has three main components: First, Canada Mortgage and Housing will require that all borrowers meet the qualifying standards for a five year mortgage, even if they choose a variable rate or a shorter term. Secondly, the rules would lower the maximum people can borrow on a re-finance to 90% from the current 95% and finally, CMHC will now require a minimum down payment of 20% to qualify for an insured mortgage on an income property.

These new rules will come into effect on April 19 of this year and should have a significant effect on the real estate market. In the short term there may be a rush by some buyers to purchase before the new rules are in place. After April 19 it is likely that the market may cool a bit as some buyers may have trouble qualifying for a mortgage or they will be forced to look at less expensive homes. This would slow the pace of price increases in the market and may even cause price decreases in some markets – Toronto and Vancouver in particular.

As usual this should have the least effect in Atlantic Canada where buyers are generally more conservative and less likely to stretch themselves to buy the most house possible.

Buying or Refinancing? I have been preaching the same thing for over a year; seriously consider getting a mortgage with a 7 year or even a 10 year term. Today’s rates are going to look very good in years to come.

http://www.innovativerealestate.ca

Trevor and Innovative Real Estate are pleased to be your Old Dartmouth Experts.

For the past 20 years, Trevor has been promoting the advantages to living in this historical, charming, well located, and well serviced neighbourhood.

And guess what? There is an definite buzz happening around the Halifax region as more and more cafe’s, spas, salons, and restaurants open up and new homes and condominium buildings are popping up.

Hate to say it, but …we told you so!

http://homes.point2.com/Neighborhood/CA/Nova-Scotia/Halifax-County/Dartmouth/Old-Dartmouth-Real-Estate-Agent.aspx

Creative Advertising is an important element in marketing your property.

At Innovative Real Estate our creative team is always on the cutting edge of marketing strategies that bring attention to your home.

Our ads are unique, attractive, memorable, informative, persuasive and placed in high profile publications and numerous internet venues.

Trevor Can Help With That© – Just one of the reasons Innovative Real Estate should be your Real Estate company.

Designs by Jamie Sinclair Creative

Visit our Innovative Advertising Page for examples of our creativity:

http://www.innovativerealestate.ca/custom2.php

February 4, 2010

Mortgage Update. Well the lenders still want your mortgage business. Here are some samples of Rod MacInnis’s best mortgage rates.  1 yr. closed – 2.35%, 3 yr. – 3.25%, 5 yr. – 3.79%, 10 yr. – 5.40%. For more information, you can contact Rod MacInnis at the Mortgage Centre at         422-6707 or by e-mail at macinnis.r@mortgagecentre.com

Celebrating 30 Years
the Dartmouth Farmers’ Market