Nov
30
Got an email from RBC today… Below is a couple graphs that they had in their article…
I would love to hear some feedback and honest thoughts on where you think this economic market and perhaps in particular real estate market is going… Please don’t hold anything back, other than being respectful in what is said….
Jared
Click on Image to Enlarge!
Nov
28
Home Buyers Glossary Part 2 of 3
Filed Under Buying, Glossary, Mortgages, Special Reports | Leave a Comment
Here is the second part of the Glossary that you should know when purchasing a property…
HIGH-RATIO MORTGAGE:
A mortgage that exceeds 80% of the home’s appraised value. These mortgage must be insured for payment
INTEREST RATE:
The value charged by the lender for the use of the lender’s money. Expressed as a percentage.
MATURITY DATE:
The end of the term, at which time you can pay off the mortgage or renew it.
MORTGAGEE:
The person or financial institution that lends the money.
MORTGAGOR:
The borrower, or yourself.
MORTGAGE INSURANCE:
Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage.
MORTGAGE LIFE INSURANCE:
Pays off the mortgage if the borrower dies.
OPEN MORTGAGE:
Allows partial or full payment of the principal at any time, without penalty.
PORTABILITY:
A mortgage option that enables borrowers to take their current mortgage with them to another property, without penalty.
PRE-APPROVED MORTGAGE:
Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a “firm” offer when you find the right home.
PREPAYMENT PRIVILEGES:
Voluntary payments in addition to regular mortgage payments.
If you have any Real Estate needs, please contact us directly!
Regards,
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Email Us!
Nov
27
The World Isn’t Over…
Filed Under Oil Sands, Real Estate General | Leave a Comment
I was reading some articles online today, and I like to look for the “good” articles. These days there is so much doom and gloom…
In the Calgary Herald I found an article titled…
Petrobank reveals plans for oilsands plant:
Whitesands gets provincial boost worth $10 million
This in turn effects the Real Estate market in Calgary and Alberta. There are still players in the oilsands wanting to come to Alberta, dispite the Royalty hikes!
This new plant and company, Whitesands development, promises to use ease the burden of getting our black gold by using:
- Less Water
- Less carbon-dioxide emissions
This market isn’t over… and we will have many years of prosperity in Alberta.
If you have any comments or thoughts on this, I would encourage some discussion…
To read the full article CLICK HERE!
Jared Chamberlain
www.ChamberlainGroup.ca
Email Me!
Nov
27
Being Clutter Free can be Worth Thousands
Filed Under Home Tips, Selling | Leave a Comment
In listing and viewing many homes, there is a trend that we have seen. If your home when listed is clutter free, you will be getting top dollar for it. We have walked into too many homes where there is a large mess in a particular room, the floor hasn’t been vacuumed (in quite a while) and in general it is very cluttered. In some cases, the home could be sold for up to $10,000 more, if it was only cleaned!
We here are at The Chamberlain Group have a staging and cleaning team that will come into your home, assess your current clutter status, give advice, and help clear out, clean, pack boxes etc. to have your home in, or as close to show home condition. We will not move, or change anything that you do not agree to first.
When you are doing the cleaning around your home, and would like to donate or drop off some clothing, household items etc. We have compiled a list for you of the different locations around Calgary.
- Goodwill:
105 – 10426 MacLeod Trail SE (225-2258) Drop off : 9:00am – 9:00pm (Mon-Fri), 9:00am – 6:00pm (Sat.), 11:00am – 6:00 pm (Sun.) - Canadian Diabetes Clothesline:
(call for pickup – 1-800-505-5525) – you will need to call ahead to see when they will be picking up in your area… they also have a drop off box at the Shawnessey Zellers locations – where you can drop off anytime. - Salvation Army Thrift Store:
2840 Glenmore Trail SE (279-9035) – they take donations of clothing, small household items, Tuesday through Saturday 9:00am – 5:00pm…if you are dropping off furniture or large items, they would like you to call ahead to ensure there is room in the store. - Women in Need:
134 – 71 Avenue SE (255-7514) – they take donations of clothing, shoes, blankets, books, dishes, etc. and Christmas Decorations. There are large metal doors at the back of the building and you would drop off items between 9:30am – 4:00 pm.
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Downloadable Home Cleaning Schedule
I have come across an online copy of a house cleaning schedule that you are able to download found at numsum.com… Check It Out!
Clutter Free Forever.com
I have also come across a great online digital book written by Stephanie Roberts. Stephanie is a professional. And I’ve included excerpts from her “Clutter-Free Forever” digital book and Home Coaching Program here for you.
If you would like to find out more about Stephanie’s ‘Clutter Free Forever’ ebook and Home Coaching Program - go to www.clutter-free-forever.com.
Clutter-Clearing and Your Authentic Self
What Clutter-Clearing Can Do For You
Clutter’s Side Effects
When “Just Do It” Isn’t Enough
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Happy Cleaning!
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Email Us!
Nov
27
Christmas Tip Part 1 of 3
Filed Under Home Tips, Real Estate General | Leave a Comment
Here are some great tips and things to consider as the Christmas Season comes around the corner…
Perhaps you should consider a fake tree… (They are much safer and cleaner)
A Real Tree To Do List:
• A real tree should not lose green needles when you tap it on the ground.
• Cut 1 inch off the trunk to help absorb water.
• Leave the tree outside until ready to decorate.
• The stand should hold at least 1 gal. of water.
• A 6′ tree will use 1 gallon of water every two days.
• Mix a commercial preservative with the water.
• Check the water level every day.
• Secure the tree with wire to keep it from tipping.
• Keep tree away from floor heaters, fire places, or other heat sources.
• Use only UL-listed lights, and no more than 3 strands linked together.
• Use miniature lights–which have cool-burning bulbs.
• Turn off the Christmas lights when you sleep, or if you leave your home for very long.
• Never use candles, even on artificial trees.
• Clean the tree stand to improve the tree’s water intake, use one cap-ful of bleach to a cup of water.
• Dispose of the tree properly.
We purchased our first “fake” tree last year… when both of us grew up with a real tree… and I can honestly say that we will never go back. The ease of care and set up, out weighs the mess any day…
Have a great Holiday Season!
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Email Us!
Nov
26
Home Buyers Glossary Part 1 of 3
Filed Under Buying, Glossary, Mortgages, Real Estate General, Special Reports | Leave a Comment
The Home buying process can bring many questions. This glossary may be a great way to help outline and understand what it is those around you are talking about.
AMORTIZATION PERIOD:
The actual number of years it will take to pay back your mortgage loan
APPRAISED VALUE:
An estimate of the value of the property. Conducted for the purpose of mortgage lending by a certified appraiser. This appraisal is not to be confused with a building inspection.
ASSUMABILITY:
Allows the buyer to take over the seller’s mortgage on the property.
CLOSED MORTGAGE:
A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
CONDOMINIUM:
The owner has title to a single unit, as well as a share in the common elements such as elevators
or surrounding land.
CONDOMINIUM FEE:
A common payment among owners which is allocated to pay expenses.
CONVENTIONAL MORTGAGE:
A mortgage loan issued for up to 75% of the property’s appraised value or purchase price, whichever is less.
DOWN PAYMENT:
The buyer’s cash payment toward the property. The difference between the purchase price and the amount of the mortgage loan.
EQUITY:
The difference between the home’s selling value and the debts against it.
Stay tuned for the rest of the list…
Regards,
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Email Us!
Nov
22
Canada’s sub-prime market will experience more blows in the coming months as a result of the US credit crunch, but the effects won’t be permanent, predicts Ben Tal, senior economist with CIBC World Markets.
In an interview with CMP, Tal admits the US market’s effect on Canada was greater than he initially predicted but, because the issues facing Canadian lenders are sparked by panic, the situation will settle down within six to eight months.
“Six months from now, the sun will rise on the US market. It’s not that the sub-prime problems will disappear, but the risk and the fear of the market will disappear and common sense will prevail,” he says. “And at this point, people will look at the fundamentals of the Canadian market and realize that it’s not even close to what we’ve seen in the US in terms of the types of mortgages issued to sub-prime borrowers in Canada.”
Tal says there is still plenty of potential for growth in Canada’s sub-prime market and, although it may stall in the coming months, the market is still on target to grow by approximately 10-15% in the coming years.
The US crisis will probably leave some permanent scars on Canada’s sub-prime arena including more expensive mortgages due to the repricing of risk but this might actually be a blessing in disguise, he says.
“We probably won’t see teaser rates,” he says. “Maybe if there wasn’t a crisis in the US, they would have caught fire here as well.”
While Tal says tying a home purchase to the state of the housing market isn’t usually a wise decision, he says borrowers looking to purchase a sub-prime mortgage will be better off seven or eight months from now.
“Sub-prime borrowers will still be able to finance their debts, but down the road the situation will be better,” he says.
So really it’s a matter of waiting out the storm, and understanding that this too shall blow over…
Regards,
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Article Source: November 2007 (re-printed from Canadian Mortgage Professional magazine)
Nov
22
Home Tip - The Wonders of Alka Seltzer
Filed Under Home Tips | Leave a Comment
There are many wonders in this world… but did you know…
Alka-Seltzer can be used around your house for various tasks.
- Clean Your Coffeemaker
Fill your percolator or the water chamber with water. Plop in four tablets, let them dissolve, and run a cycle through the machine and this will clean out our coffeemaker. - Unclog a Drain
Drain clogged again? You can have instant relief with this tid-bit! Drop a couple of tablets down the drain and chase it down with a cup of vinegar. Wait a couple minutes, then flood the drain with ‘hot’ water. This is also a great way to get rid of a odor in a kitchen drain. - Soothe Insect Bites
Mosquito or other insect bite driving you nuts? Take a half glass of water, drop a couple tablets in, dip a cotton ball into the water and dab the cotton ball on the bite. CAUTION: Don’t do this if you are allergic to ASPIRIN, which is a key ingredient to Alka-Seltzer tablets.
Until next time…
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
Email Us!
Article Source:”Extraordinary Uses for Ordinary Things” Readers Digest
Nov
21
Higher Home Costs Fueling Inflation
Filed Under Buying, Mortgages, Real Estate General, Selling | 2 Comments
The rising cost of home ownership is finally starting to fuel inflation.Last month, the cost of carrying a Canadian mortgage rose more than it has in over 16 years as home prices continued to climb, according to Statistics Canada’s October Consumer Price Index (CPI) report.
“It took a lot of time for upward pressure on home prices and mortgage rates over the past couple of years to feed through, but now we’re seeing that more significantly, and I would see that as an inflation risk going forward,” said Adrienne Warren, senior economist at Bank of Nova Scotia.
The cost of the interest on a mortgage grew 6.7 per cent in October, the highest monthly increase since June, 1991.
Most of that spike was caused by a sustained increase in house prices, which is leading buyers to borrow greater amounts of money and boosting taxes as property values go up. Last month, property taxes across the country rose 3.8 per cent from October, 2006.
Since 2000, the cost of both new and resale homes has been climbing steadily across the country. The average price of a resale home in Canada is expected to ring in at $305,200 in 2007, an 86-per-cent increase from the average of $163,992 in 2000 and a 10.2-per-cent rise from 2006, according to data from the Canadian Real Estate Association (CREA).
Even if mortgage rates and prices level off, mortgage interest will likely continue to put pressure on inflation, Ms. Warren said.
Homeowners do appear to be getting some relief from lower insurance rates, maintenance and repair costs, said Derek Burleton, senior economist at Toronto-Dominion Bank.
“There are some offsets. Unless you believe that either interest rates are going to spike or incomes are going to fall dramatically, both of which are highly unlikely, the interest burden should continue to be manageable,” Mr. Burleton said.
However, some buyers, particularly in areas where affordability has dropped dramatically in a short time, appear to be getting pushed out of the market.
In Alberta and Saskatchewan, for example, resale home prices are expected to increase 25.3 per cent and 28.9 per cent, respectively, in 2007, far outpacing price gains in the rest of the country, according to CREA.
Lack of affordability in cities such as Calgary and Edmonton has caused a boom in the rental markets, said Rob Geremia, president of Boardwalk Real Estate Investment Trust.
“If you look at the difference between the average carrying cost of a condominium unit in Calgary and the cost of a similar rental unit, we’re at a historical high spread of approximately $900 per month,” Mr. Geremia said.
Higher mortgage rates are of serious concern to brokers who, in the past three months, have seen the banks slash the discount on their posted mortgage rates, said John Panagakos, owner of Toronto brokerage Mortgage Centre.
His clients are paying a lot more to own a home, he said. “People are qualifying. Affordable is a different question. Almost everyone I’m talking to is taking out 40-year amortizations to qualify.”
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As the cost of ownership is rising in Alberta in general, prices currently are dropping, so in turn, this is a great buyers market. You are able to get into a home at a lower price, have lower monthly payments, and still be able to shop around for a house without the worry that it is going to go somewhere, but have time to think about the decision.
If you have any Real Estate needs, please give us a call!
Regards,
Jared & Rebecca Chamberlain
403-999-9694
Source of Article: http://www.theglobeandmail.com/servlet/story/LAC.20071121.RHOMES21/TPStory/Business
Nov
20
Townhouse vs. Single Family
Filed Under Buying, Selling, Special Reports | Leave a Comment
By June Fletcher
From The Wall Street Journal Online
Question: I can’t decide whether I should buy a town house or a single-family home that’s about the same size. Which appreciates faster?
June Fletcher: Pop quiz: What’s the difference between a town house and a condominium?
Answer: The truth is, sometimes they’re the same and sometimes not.
The answer matters because some local data collectors arbitrarily group price and sales statistics on town houses with those of single-family detached homes; others include them with condominiums. Either way, it’s likely that at least some town-house developments in any city have been put into the wrong group.
The confusion comes because a town house, which is simply a multi-story, attached residence, can be owned one of two ways — either with or without the lot. If the developer includes the town house’s lot in the sale, ownership is “freehold” or “fee simple,” just like most single-family detached homes. If the lot isn’t included in the sale, the town-house development is considered either a condominium — where owners own everything up to party (or shared) walls individually, but share ownership of the land and common elements like pools and swimming pools with other neighbors — or a co-op, where individuals receive a fractional stake in buildings, land and common elements that are owned and controlled by an association.
The way a property is owned has a big impact on payments for insurance, maintenance and homeowners’ association fees. So it doesn’t make much sense to try to compare a condominium or co-op town house with a fee-simple single-family house merely on the base of purchase price.
Other factors, like finishes, location and demographics, muddy the comparison, too. For instance, will a 2,000-square-foot urban town house with granite countertops, crown molding and marble floors, targeted to empty-nesters, build up equity faster than a same-sized house with a big yard way out in the suburbs, built for young families? It depends on whether there are more empty-nesters in the area looking for homes at the time you want to sell, or more young families.
If you have already narrowed your search to a particular town house and single-family house, it may be worthwhile to check public records at your local municipality or online. But don’t assume that these rates will be constant forever (even though some economists make that very assumption when they make their pricing prognostications). A change in traffic patterns that creates gridlock might make an urban town house more valuable to buyers in the future than a comparable suburban tract house; conversely, an uptick in crime in a neighborhood may cause buyers to flee to the ‘burbs. Since such events are inherently unpredictable, you might as well just buy the house that you like best.
– June Fletcher is a staff reporter at The Wall Street Journal and the author of “House Poor” (Harper Collins, 2005).
If you have any questions on this, or anything Real Estate, give us a call!
Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
403-999-9694
The Chamberlain Group
