What a fabulous Real Estate Market for First Time Buyer! Very Low Interst Rates, lots of selection and now Houses are on SALE!
To quote Warren Buffet (A Billionaire and completely self-made), "When others are greedy be fearful and when others are fearful be greedy".
Would you rather wait until prices go back up again? How about that rent your paying, getting any lower? Maple Ridge and Pitt Meadows Real Estate stands to increase disproportionatly to the rest of the Greater Vancouver region due to the massive expenditure of transportation dollars building the new Golden Ears Bridge and the new Pitt River Bridge.
Now is the time to buy, suffer with the traffic issues for one more year then reap the rewards of modern highway infrastructure...finally!
Scott Leaf 604-839-8239
Keller Williams Results Realty
www.whatismyhomesvalue.ca
Changes to Mortgage Insurance Guarantee Framework Announced by Canada's Finance Ministry
The federal government introduced changes to the Mortgage Insurance industry yesterday that will have an impact on consumers with less-than-perfect credit, those looking at longer-term amortizations, or those looking to purchase without a down payment.
Mortgage Insurance (sometimes called Mortgage Default Insurance) is used by clients wishing to purchase a home who have less than 20% of the property value saved for a down-payment. In Canada, this insurance is offered by a crown corporation (CMHC) and two private companies (Genworth Financial Canada and AIG United Guaranty).
Individuals wishing to purchase a home with less than 20% down-payment pay an insurance premium to one of these insurers, protecting the lender in case the mortgage payments aren't made by the consumer, and the mortgage goes into default.
Highlights of the changes are:
· The maximum amortization period allowed (the time over which a mortgage has to be repaid in full) is being reduced from 40 years to 35 years
· All mortgages will have a maximum loan-to-value ratio of 95%, down from 100% - meaning the consumer will need to have 5% of the purchase cost of their home saved, gifted to them from a family member, or borrowed from another source
· Mortgage Insurance will only be offered to clients with a minimum credit score of 600, as determined by one of the three credit reporting agencies in Canada (Equifax, TransUnion, and Northern Credit Bureaus)
o There will be some exceptions to this rule under specific circumstances that mitigate risk to the lender
· The maximum Total Debt Service Ratio allowed for Mortgage Insurance (the ratio of your gross monthly income compared to your total monthly debt and mortgage principal, interest, and property tax payments) will be set at 45%.
· More stringent documentation requirements are being placed on lenders and Mortgage Brokers to ensure the value of the property will be retained over the life of the mortgage - in other words, more properties will require more thorough appraisals in order to be approved under the new guidelines
These changes are scheduled to be implemented on October 15th, 2008 - allowing for any current home purchase transactions that are in progress. In addition, any home purchase transactions agreed to before but closing after October 15th, 2008 will be exempt from the new rules.
Home prices adapt to affordability demands VANCOUVER, B.C. - October 2, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007. New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed. "After five years of unprecedented increases, housing prices are beginning to realign," REBGV president, Dave Watt said. "Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals." Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent. Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent. Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.
CMHC Drops 100% Financing and 40-Year Amortizations
BREAKING NEWS
This will be a big surprise to many. The Department of Finance has just announced that it will no longer back the following:
The government will also require the following with all new mortgages it backs:
The new rules will take effect October 15, 2008. This affects CMHC insured mortgages as well as mortgages insured by Genworth, AIG, etc. Insured mortgages are generally those with less than 20% down. Certain conventional mortgages are also insured, however.
In a statement earlier today, the Department of Finance said, "Today's announcement marks a responsible and measured approach by the Government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada."
These new rules pertain only to new, government-backed insured mortgages. This will not affect existing mortgages.
The key to this at this time is that the change takes place on October 15, 2008.
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Nestled below the Blue Mountain on the north bank of the Fraser River, the quiet pastoral community of Maple Ridge proudly boasts a rich heritage of First Nations and pioneer history, much of which has been well preserved. From the Coast Salish people to the settlers of the Hudson's Bay Company, Maple Ridge (then known as Port Haney), was the third municipality to be incorporated into the new province of British Columbia, in 1874. Maple Ridge is named after the farm of John McIver, who settled on a ridge above the Fraser River in 1860. With an abundance of broad-leafed western maple trees on his fertile land, McIver named his farm Maple Ridge. The Golden Ears, so named for two pronounced mountain peaks, dominate the northern landscape. Golden Ears Provincial Park offers up some of the region's best hiking, boating and camping. You'll find well maintained camping sites close to Alouette Lake and Gold Creek. Maple Ridge celebrates its long history with a number of preserved buildings from the past, some of which have become museums. St. John the Divine Anglican Church, British Columbia's oldest, is just up the hill from the few remaining buildings of historic Port Haney. The Fraser River Heritage Walk links key heritage sites in the Port Haney area and is only a few minutes walk from Maple Ridge's downtown. While certainly a community in its own right, many of the residents of Maple Ridge consider themselves to be living in a countrified suburb of Vancouver. Locals will tell you that the soil is rich, but it was only in the last 40 years that any serious farming took root here. |
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For Maple Ridge Real Estate Information Contact Scott Leaf - Keller Williams Results Realty
604-839-8239 - www.scottleaf.com

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