Monday 29 September 2014

WHL & RE/MAX: Home Team Contest!

For Immediate Release- Wednesday, September 24, 2014

Calgary, AB- RE/MAX of Western Canada, in association with the Western Hockey League, is once again offering fans a chance to win tickets to see exciting, live WHL action this season. RE/MAX wants to send your group of 10— be it a sports team, community or church group or just you and a bunch of friends—to enjoy some great local major junior hockey action in the RE/MAX Home Team Contest Winners Section
Enter often as group tickets will be given away to 14 different games in each WHL Canadian market* throughout the course the regular season. Don’t miss the opportunity for you and your group to see the hockey stars of tomorrow hit the ice today. 
To enter visit remax.ca, or visit WHL.ca and click on the RE/MAX Home Team Contest button for your chance to be sitting in the RE/MAX Home Team Contest Winners Sectioncompliments of your local RE/MAX agents.    
RE/MAX. The Official Real Estate Agents of the WHL.  Outstanding Agents. Outstanding Results.®
Please note group tickets of 10 are not available in Medicine Hat. For a chance to win 4 tickets to each Tigers home game, visit http://www.facebook.com/whltigers
Check out the promotional video here and the schedule of games here!

Reasons why the Bank of Canada will keep interest rates low


"The overnight rate has not moved in four years. It’s likely that it will remain where it is for some time yet. Why?

Inflation is on target -- Inflation recently increased and is tracking close to the Bank’s 2 per cent target. However, the Bank believes the increase reflects temporary factors and cited evidence in support of this in its policy rate announcement. As a result, it does not see interest rate hikes as being necessary to rein it in. Instead, the Bank thinks inflation will keep itself in check as temporary factors dissipate.

Uncertainty remains high -- While the U.S. economic recovery appears to be back on track after a dismal first quarter, European economic growth has faltered due in part to its trade sanctions with Russia. This means low interest rates are still needed to support Canadian economic growth while questions marks loom about the outlooks for global economic growth, demand for Canadian exports, and Canadian economic growth..."  Read more

HT CREA

Tuesday 23 September 2014

Welcome back to school, BC kids!


Yesterday was the first day back at school for kids in BC, and this bright first grader has high aspirations!  Look for her in a few years Above the Crowd.

www.TheRightAgents.com

Saturday 20 September 2014

Millennials & Real Estate


Based on a report released by The Demand Institute, Millennials and Their Homes: Still Seeking the American Dream:
  • In the next five years, 8.3 million new millennial (Gen Y) households will form. It is predicted that millennials will spend $1.6 trillion on home purchases and $600 billion on rent.
  • The generation is optimistic: 79% expect their financial situation to improve and 74% expect to move within the next five years.
  • Gen Y wants to own. Similar to other survey findings, 75% believe home ownership is an important long-term goal and 73% believe ownership is an excellent investment. 24% already own their home and an additional 60% plan to buy a home in the future.
  • Looking forward: when they move, they will want more space and they will move to the suburbs to start families.
  • 88% own a car, and they are open to moving locations where grocery stores, restaurants, and retail is within a short drive vs walking distance.
  • 44% do think it would be difficult to qualify for a mortgage, and 69% would consider lease-to-own approaches to home buying.
  • The data is based on a survey of more than 1,000 millennial households (ages 18 to 29).
  • Check out http://demandinstitute.org/sites/default/files/blog-uploads/millennials-and-their-homes-final.pdf to view the entire report.
Source

Wednesday 17 September 2014

Mortgage Rate Forecast: Lower, But For How Much Longer?


Mortgage Rate Outlook

In stark contrast to the consensus of economists’ expectations at the end of last year, bond yields have spent most of 2014 trending downward. Indeed, perhaps weary of previous false starts, bond markets
have even shrugged off recent signs of a strengthening economy, an acceleration of inflation and the unwinding of stimulus from the US Federal Reserve. Lenders have responded in kind, offering homebuyers record low mortgage rates...   Read More

Thursday 4 September 2014

Legal Needs & Home Purchase Expenses

There are many costs that home buyers incur, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

Your largest outlay is the down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. Be prepared to pay for additional costs, such as:

Legal Fees & Disbursements
GST and PST (if applicable)
Land Transfer Tax
Property taxes and adjustments (reimbursed to the vendor)
Interest on interim financing, if any
Utility Payments
Strata or Condominium Fees
Estoppel certificate fee
Survey Fee
Home Inspection Fee
Water quality and quantity certificate
Appraisal Fee
Mortgage broker's fee (if applicable)
Mortgage Loan Insurance Premium (if less than 20% down)
Mortgage Loan Insurance Application Fee (if less than 20% down)
Moving Expenses
Renovations and repairs
Furniture, paint, carpeting, window coverings, etc.
Service and Utility Hook-up Fees
Property/Condominium Insurance
Mortgage Application Fee
Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
Mortgage Payment
Water and/or Sewer Payments
Electricity and Gas Services
Cable, Telephone and Internet Services
Property Taxes
Strata or Condo Fees
Repair/Maintenance Expenses
Homeowner's Insurance

How to Make an Offer
When you have found a home you are interested in buying, your RE/MAX Sales Associate will walk you through the process of drafting an offer to purchase. Your sales associate will communicate the offer to the seller or the seller's real estate agent for you. Some properties are in demand and you will not be the only interested party making an offer. Your RE/MAX Sales Associate will assist you in generating an offer that is reasonable and protects your interests using specified terms and conditions.

An offer can be drafted with or without conditions; an offer without conditions is known as a firm offer and one with conditions is known as a conditional offer. A conditional offer represents the party with the placement of certain conditions on the purchase. Some of these conditions could be "subject to financing approval", "subject to the strata council allowing pets", "subject to the buyer's house selling", "subject to an approved home inspection", among many others.

The seller may accept your initial offer, reject your offer or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, the closing date or any other items. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations.

There are many components of an offer that you should be aware of and understand. Your RE/MAX Sales Associate will answer your questions and explain the entire process to you so that you are comfortable with the steps involved.

Terms
An offer includes certain "terms", which specify the total price offered and how the financing will be arranged, such as if you will arrange your own with a financial institution or mortgage broker or if you wish to take over the seller's mortgage (assumability).

Inclusions and Exclusions
These are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces.

Deposit
A deposit is provided from the buyer to the seller as a token of the buyer's assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Your RE/MAX Sales Associate can assist you in proposing a certain and appropriate amount for the deposit.

Conditions 
Items that are usually put in place to protect a party's interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes.

Closing Date
This is usually the date that the legal ownership of the property transfers from the seller to the buyer and, unless otherwise noted, when the funds for the purchase are concluded.

Possession Date
When the buyer takes possession as specified in contract oif purchase sale.

Purchase Price
This is the amount that the buyer is offering to pay for the property. The price is usually dependent on market conditions and may differ from the seller's current asking price.

Legal Needs
Purchasing a home involves a lot of paperwork, most of which are contractual documents that will legally bind you to the numerous terms and conditions. For this reason it is important to have a good lawyer or notary public acting for you. Someone to protect your rights and interests.

Finding a Lawyer/Notary Public
If you don't have a lawyer or notary public, you can look for a referral from friends, family or business acquaintances. Look for someone with real estate experience and discuss their fee scales. Your RE/MAX Sales Associate can help you locate a reliable professional, whom you feel comfortable working with.

Lawyer's/Notary Public's Function
You will need a lawyer or notary public to process your purchase and ensure the terms are met:

the correct property is purchased
transfered title to your name
ensureed title is free and clear of prior owners encumbrances
your mortgage is registered properly on title
The legal process varies from province to province within Canada. Specifically, you will need to consult with your chosen legal professional and he/she will explain the process and the steps that need to be completed before you get the keys to your new home.

Your lawyer/notary public will prepare a "Statement of Adjustments" outlining all the financial aspects of your sale.

Legal Fees and Disbursements
The difference between legal fees and disbursements is analogous to the parts and labour you pay when fixing your car. Your RE/MAX Sales Associate can help you locate a reliable professional, whom you feel comfortable working with.

Home Inspection
A home inspection is an objective visual examination of a home's structure and systems.

Why get a home inspection?
There are a number of reasons why RE/MAX recommends a home inspection including:

To ensure you are not surprised by major defects
So you can be advised about the various elements of the home including - heating and cooling systems, structure, electrical and plumbing
To learn about how the mechanical systems work and need to be maintained
Most homeowners are not expert in the numerous components of house construction
A third party can be objective as there is no emotional attachment
Who should you hire?
Home inspectors are often referred by family or friends. Your RE/MAX agent can also provide you with a list of inspectors. Look for one that is trained and certified by a national organization such as Canadian Association of Home Inspectors (CAHI) or National Institute of Building Inspectors (NIBI) and who has errors and omissions insurance. Do not hire someone who will do any suggested work due to the conflict of interest.

When should you call?
Order the inspection after your offer has been accepted. The contact will stipulate the length of time you have to complete the inspection.

What is involved?
The home inspection will determine the structural and mechanical soundness of the home. Your home inspector can identify existing and potential problem areas, suggest possible solutions and provide estimates for the cost of the work required. You will receive a report outlining the inspection findings. You should accompany the home inspector during the inspection or arrange to meet them at the home so they can walk you through the report. If as a result of the inspection, you have further concerns, have a specialist in that area conduct a more extensive examination.

What does it cost?
Costs vary depending on a number of factors including:

Size and location of the home, features, age, and services required. Additional services may include radon, septic and well testing. Your RE/MAX agent can assist you in obtaining a quote from a potential inspector before you enlist his/her services.

Mortgage Information
Mortgage lending is a highly competitive field. Information on mortgage rates, which can change daily, is available in local newspapers, through mortgage brokers, from individual lenders and of course through conventional financial institutions. When you are shopping for a loan, interest rates tell just part of the story. You will also need to study the various fees lenders charge and many mortgages today are almost custom-tailored to individual needs with many options available.

Ask your Agent
Your RE/MAX real estate professional can recommend lenders to check with prior to beginning any serious house hunting so you will know exactly what you can afford.