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Scott Leaf Real Estate Marketing & Associates

Maple Ridge First Time Buyers Mecca!

What a fabulous Real Estate Market for First Time Buyer! Very Low Interst Rates, lots of selection and now Houses are on SALE!

Warren Buffet gives adviceTo 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

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.

Greater Vancouver September Home Sales Stats

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.

Canadian Govt. Ends 100% Financing and 40-Year Amortizations

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:

    • 100% financing (5% will now be the minimum downpayment on an insured mortgage)
    • 40 year amortizations (35 years will be the new maximum on insured mortgages)

The government will also require the following with all new mortgages it backs:

    • A new 620 minimum credit score requirement
    • 45% maximum TDS ratio
    • New loan documentation standards

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.

Maple Ridge, British Columbia

Alouette Lake Golden Ears Park

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.

Population: 75,783

Location: Maple Ridge is located on the north bank of the Fraser River, on both sides of the Lougheed Highway (Highway 7), 26 miles (42 km) east of Vancouver. To the west of Maple Ridge is the community of Pitt Meadows.

  • Catch a glimpse of life in years gone by at the Maple Ridge Museum on 116th Avenue, overlooking historic Port Haney on the Fraser River. Located in a heritage home built in 1907 for the manager of the Haney brick and Tile Company, the museum displays pioneer and First Nations artifacts, historic photos, a miniature railway, and a Canadian Pacific Railway caboose.
  • The Haney House, originally owned by the well-known Haney family, was built in 1876 for Thomas Haney, the founder of Port Haney. On display in the house at 11612 224th Street, donated to the city in 1977, are many original pieces of furniture, clothing and household effects.
  • The oldest church on the British Columbia mainland, the St. John the Divine Church was built by the Royal Engineers in 1859 and still stands on its original foundation. Now a provincial heritage site, the church is located at Laity Street and River Road.
  • The Maple Ridge Art Gallery at Haney Place presents works from both professional and amateur artists, and a variety of shows throughout the year.
  • There's also picnicking in the park farther upstream at the Bell-Irving Kanaka Creek Fish Hatchery. This open setting beside the main fork of Kanaka Creek (the two forks merge below Cliff Falls) lacks some of the mystique of Cliff Falls, but none of the calm (except in April, when schoolchildren gather for the annual release of fry from the hatchery).
  • Golf: The area offers a number of beautiful golf courses: Meadow Gardens Golf Course is notable for the water, sand, tree-covered rolling mounds, and the attention to the needs of nature. From the winding entry drive to spectacular views of the Golden Ears mountains, the theme of harmony and challenging golf repeats itself on every exciting hole. Golden Eagle Golf Club is situated amidst the beautiful Thompson Mountains in scenic Pitt Meadows, offering 36 fun and challenging holes divided between the North Course and South Course. Rolling fairways surrounded by plenty of water and bunkers lead you to massive bent grass greens testing all aspects of your game. Pitt Meadows Golf & Country Club, situated on the old Greybrook Farm property, offers an enjoyable course, challenging yet fair, with perfectly manicured lawns and a picturesque backdrop of the Golden Ears Mountains (18 holes, par 72, 6,549 yards). Swan-E-Set Bay Resort Club is set in an inspired setting, complete with meandering streams, crystal-clear lakes, and the breathtaking backdrop of the coastal mountains. From the tranquil Pitt River Valley, Lee Trevino sculpted two unique championship golf courses that offer both challenge and playability for all skill levels. Golf Vacations in British Columbia.
  • Saddle up! Maple Ridge is the Horse Capital of British Columbia, with a network of riding trails that encompasses over 100 kilometers of local riding and hiking trails, as well as 50-60 kilometers in nearby Golden Ears Provincial Park. Horseback riding in Maple Ridge caters to a variety of riders, from the occasional weekend rider to top-level competitors representing Canada at international competitions.
  • The tranquil Blue Mountain Forest in Maple Ridge provides a soothing setting for picnicking in Kanaka Creek Regional Park. Tables are spread about in a sunny location just above Cliff Falls. Come June, the salmonberry bushes are laden with ripe fruit, in brilliant shades of red and gold. They both taste the same (the yellow ones are rarer) and provide a sweet, juicy accompaniment to whatever else you have on your menu. Although the best way to experience the lower section of the park is by boat, for an easygoing walking tour, follow Riverfront Trail on foot as it leads out to Kanaka's confluence with the Fraser from the Hwy 7 trailhead. Along the way, climb the three-storey observation tower beside the creek, which provides an overview of the landscape here. Bring your binoculars, as this quiet refuge sustains a host of fascinating flyers. The creek and river close in on both sides of the nose of land as you follow the trail west. Decaying pilings offer mute testimony that fishing boats once tied up in this sheltered backwater. From an observation deck that overhangs the riverbank, you get broad views of the Fraser.
  • The Maple Ridge Park and Campground, a lovely forested municipal campground, is home to an imaginatively designed water park that is open on sunny days from the end of May until early September. The sound of the Alouette River is a pleasant backdrop.
  • East of Maple Ridge, the countryside becomes noticeably less populated. The well-marked turnoff to Rolley Lake Provincial Park is at the mill town of Ruskin, 6 miles (10 km) north of Highway 7, to the northeast of Maple Ridge. Rolley Lake Provincial Park's vehicle/tent campsites are rather spaciously laid out, with special features including hot showers, a small beach, a gentle walking trail and the darling Rolley Lake nearby. You can launch a small boat or inflatable raft from the beach. Powerboats are not allowed on Rolley Lake and tranquillity prevails here. Bring binoculars for wildlife viewing, and a fishing rod, as the lake is well stocked with rainbow and cutthroat trout.
  • Maple Ridge is the entrance to Golden Ears Provincial Park, a 55,625-hectare playground for nature enthusiasts, hikers, mountain climbers, and horseback riders. There are many trails to explore along Alouette Lake, and numerous creeks and lakes in the Coast Mountain Range. A boat launch is available, and 343 well-spaced campsites are located at two locations in the park, at Alouette Lake and Gold Creek Campground, as well as wilderness campsites dotted throughout the park's backcountry.
  • A long-running event that has received numerous awards, the Maple Ridge Agricultural Fair, held during the fourth weekend in July, features traditional logging sports, plus a Logging Show, Flyball Dog Tournament, the P.N.E. Youth Talent Search, Jackpot Cattle Penning, and a number of 4-H Shows.
  • See the best of the area on a driving Circle Tour. Head north out of Vancouver for a scenic tour of the Sunshine Coast and Vancouver Island, or stay on the intensely scenic Sea to Sky Highway, passing through the magical winter resort town of Whistler and looping through the Coast Mountains. To explore the rural farmlands and forests of the fertile Fraser Valley, travel outbound on the scenic route north of the historic Fraser River, returning westwards along the Trans Canada Highway 1 to Vancouver. Circle Tours in BC.

For Maple Ridge Real Estate Information Contact Scott Leaf - Keller Williams Results Realty

604-839-8239 - www.scottleaf.com

Maple Ridge British Columbia