Blog
MortgagesForWomenBC.com Has Launched to Serve Your Mortgage Needs
2010-08-18 | 14:08:16
MortgagesForWomenBC.com Has Launched to Serve Your Mortgage Needs
It is with much excitement that we announce to you that we’ve expanded by launching a new website information portal: MortgagesForWomenBC.com. It is a website dedicated to helping women achieve the dream of home ownership.
Our team has many years of experience in the mortgage industry. We are well prepared to provide you with the best customer service, products and rates to meet your unique needs. We are here to help you!
At MortgagesForWomenBC.com we have one simple goal in mind – to provide every past and future client with unbelievable service, options and the very best mortgage for your family’s needs. Please let us know if you have any questions. We look forward to serving you soon!
Sincerely,
Shannon Maybin / Brent Irving
About Dominion Lending Centres
Dominion Lending Centres is Canada’s fastest-growing national mortgage brokerage and leasing company with more than 1,600 Mortgage Professionals spanning the country. Launched in January 2006, the company was named Best Newcomer (Mortgage Brokerage Firm) at the prestigious CMP Canadian Mortgage Awards 2008. And at the 2009 CMAs, the company received the Best Branding Award. Dominion Lending Centres was also ranked 23rd on the PROFIT HOT 50 list of emerging growth companies that appeared in the October 2009 issue of Profit Magazine. For more information, visit
For more information, please contact:
Shannon Maybin / Brent Irving
604 – 897 – 2212
1-888-665-1344
Info @mortgagesforwomenbc.com
www.MortgagesForWomenBC.com
MAJORITY OF ATTACHED HOMES IN FRASER VALLEY FALL UNDER HST THRESHOLD
2010-06-28 | 15:37:04
SURREY, BC – The Fraser Valley will offer buyers of new homes noticeable savings after July 1 when the Harmonized Sales Tax (HST) comes into effect, according to the Fraser Valley Real Estate Board.
Deanna Horn, President of the board explains, “Since the majority of new townhomes, apartments, as well as select, new single family homes in our region sell for less than $525,000, the BC new housing rebate threshold in BC, the impact of the new HST will be lessened.”
On July 1, the seven per cent Provincial Sales Tax (PST) will join the five per cent Goods and Services Tax (GST) for a combined HST rate of 12 per cent. The HST will apply to the sale price of all new residential homes however; the BC government will provide a rebate up to a maximum amount of $26,250. According to the provincial government, homes that sell for up to $525,000 will cost the same or less than what they would have when only the GST applied.
“When the HST was first announced, we were concerned for our clients,” explains Horn, who represents nearly 3,000 REALTORS® working in the Fraser Valley.
“Although the HST impacts new home purchases more dramatically than resale, we’re pleased that through our lobbying efforts alongside other BC housing industry representatives, we were able to convince the government to increase both the threshold for the new housing rebate, and the amount of the rebate itself.
“The result is that most buyers of new, attached homes and select detached homes in the Fraser Valley will be able to maximize the benefit of the government’s rebate program. Just recently, I was recommending a lovely new, single family home in Cloverdale to one of my clients with an asking price of $519,000. A similar home in other Lower Mainland communities could be considerably higher in price and after July 1, will result in higher taxes because it is above the HST threshold.”
According to Canada Mortgage and Housing Corporation (CMHC), the average price of new townhomes in Surrey in May was $475,154 and in Abbotsford $403,469. The average price of new detached homes in Abbotsford in May was $532,129. CMHC also reports new apartments – 1,000 square feet in size – are selling currently on average for $294,860 in Surrey; $232,800 in Abbotsford; and, $273,880 in Langley.
Brent Irving
Your friend in the mortgage business
604-764-6336
Parade of Renovated Homes: Sunday, June 13, 2010
2010-06-09 | 12:37:16
The Greater Vancouver Home Builders’ Association (GVHBA) Renovation Council invites the public to tour 17 professionally renovated homes in Burnaby, New Westminster, North Vancouver, Surrey, Tsawwassen, Vancouver, West Vancouver and White Rock on Sunday, June 13 from 10 a.m. to 4 p.m.
The 17th annual Parade of Renovated Homes showcases leading-edge design, advanced construction techniques, and innovative building products.
Projects include the relocation and restoration of a 1902 heritage-designated Colonial bungalow, the creation of an ultra-contemporary family home/showroom, and extreme transformations of homes built from the early 1900s to the early 2000s.
GVHBA President and CEO Peter Simpson said Metro Vancouver homeowners will spend $3.5 billion sprucing up their homes this year, and this popular one-day event offers exceptional sample renovations.
“Professional renovators, many of them award winners, will be on site to offer expert advice and discuss their craftsmanship. Project values range from $50,000 to more than $1.8 million, offering people an abundance of ideas they can possibly incorporate into their own renovations,” said Simpson.
Admission is by passport, available at each home for $10 per person. Children 17 and under are free. Passports can be purchased at any home, and then used for entry to the remaining 16 homes. Part proceeds from passport sales will help fund the purchase of tools, building materials and safety gear for a carpentry training program offered by Guildford Park and Frank Hurt secondary schools in Surrey.
The event is limited to six hours, so review the selection of homes, then plan your route to ensure you have sufficient time to visit specific homes that capture your interest.
Click on the addresses below to view photos of the homes on the 2010 GVHBA Parade of Renovated Homes.
Home locations, directions, descriptions and renovator contact:
BURNABY
4241 GRANT STREET (From Lougheed Highway turn north on Gilmore Ave., turn right at Douglas Rd., turn left onto Carleton Ave., turn right onto Grant St.). This home was in need of more space and an exterior facelift as the homeowner's family grew. A second-storey addition became a parents’ retreat from the children with a spacious balcony and large, easy-access closets. The master bathroom is equipped with an extravagant step-in-tub and a glass walk-in shower. This West Coast contemporary-designed home also boasts an impressive kitchen with touch-screen ovens, large breakfast bar and a beautifully displayed eye-level fireplace.
Kerr Construction, 604-263-0343, www.kerrconstruction.ca.
NEW WESTMINSTER
500 – 4 AVENUE (From Columbia St., turn west on 6 St.). The project began with the re-location of a 1902 Edwardian or Colonial heritage-designated bungalow from its original location to a newly created lot. The renovation is the result of a careful analysis of the historic value of the house through a Heritage Revitalization Agreement. The project involved rehabilitation of the structure and roofline, diligent restoration of the siding, trims, masonry, front porch, windows, doors and painting. This house is a true testament to the passion, dedication and commitment of everyone involved to maintaining the historical integrity of the Howay Cottage.
Basil Restoration Ltd., 604-324-9364, www.basilrestorationltd.ca.
#1, 168 – 6 STREET (From Royal Ave., turn west onto 6 St.). The designer’s own home, the lower floor has been converted to an art studio and the stairway became galley space for paintings and sculptures. The main floor now features the new kitchen as the heart of an open, multi-purpose room that contains an office, living room, library, and a loft-style stairway leading up to private spaces, and down to the studio. Special emphasis was placed on light and reflective surfaces in glass, wood and metal. A mix of iconic images – from Buddha to the Godfather – add depth and dimension.
Intermind Design Inc., 604-338-9936, www.interminddesign.com.
NORTH VANCOUVER
1160 ADDERLEY STREET (From Hwy. 1, take exit 21, left at Mountain Hwy., first right on E. Keith Rd. Sharp right at Adderley St.). This classic post-and-beam home needed an upper-level master suite to complement its bright living spaces. Lines and colours reflect the original home. The addition has a dramatic roof structure, open stair risers, a private deck with a view to Mount Baker, and many special finishing touches. The new clerestory windows at the bedroom and stairwell bring in natural light. A walk-in closet is neatly tucked into the new upper-level layout. A Douglas Fir trellis over the new balcony adds a special touch, making this new upper-level suite a perfect addition to this much-loved home.
T.Q. Construction Ltd., 604-430-9900, www.tqconstruction.ca.
SURREY
13090 CRESCENT ROAD (Heading south on King George Highway, turn right on Crescent Road). This 40-year-old former summer home was completely remodeled, with an addition, to restore its West Coast architectural style. Western red cedar window walls on the front and back of the house add to the home’s character. Grand gluelam beams and glass extend outside, creating a covered entry and outdoor living space. The relocation of the stairs allowed for the creation of a spacious greatroom and kitchen with a dynamically shaped island. The master suite is complete with walk-in-closet and luxurious en-suite steam shower.
My House Design/Build Team Ltd., 604-694-6873, www.myhousedesignbuild.com.
8853 – 164 STREET (From 88 Ave. turn north onto 164 St.). This 25-year-old home exemplifies how small changes can make a huge impact on how a home functions and feels. The new kitchen was expanded into the original, underutilized dining room, creating a great room with attached family room. In the kitchen, a grand island was added and the outdoor living space is easily accessible through the new sets of French doors. The main floor received a complete makeover: Natural walnut flooring was installed, with a unique travertine inlay in the foyer, stair rails and trim were refinished, and energy-efficiency upgrades were completed.
My House Design/Build Team Ltd., 604-694-6873, www.myhousedesignbuild.com.
TSAWWASSEN
336 52 STREET (From Hwy.17 south, turn left at 52 St.). This spacious Tsawwassen home had potential but the floorplans were convoluted and the circa-1970s décor was in desperate need of an upgrade. The second floor was rebuilt and the main floor was completely remodeled with the help of a professional designer. The home now features all new insulation, drywall, fireplace, tile, steam bath and fixtures. Even the original forced-air system was replaced with a ceiling radiant system combined with an HRV system for continuous fresh air and an 18-zone comfort control.
Kemp Construction Management Ltd., 604-948-1124, www.kempconstruction.ca.
VANCOUVER
95 EAST 17 AVENUE (Proceed either north or south on Main St. and turn west on 17 Ave., one block to Ontario St. with the house on the north-west corner of the intersection with 17 Ave). This home originally consisted of five suites (and possibly more) with the homeowners occupying the main-floor suite. The extensive eight-month renovation removed the suites from the upper two floors and combined the space to make a new home for the homeowners, while making significant upgrades to the home’s structure and infrastructure. Other exterior renovations included new upper decks and stairs, and a refresh of the trim, windows, doors and paint.
CCI Renovations, 604-980-8384, www.ccirenos.com.
3950 GRANT STREET (From East 1 Ave. turn north on Nootka St., turn right onto Grant St.). The home, owned by an interior furnishings specialist, underwent a complete re-construction and now reflects a West Coast theme with a contemporary black-and-white Italian style. The highly customized makeover includes natural and reflected light to create variety of shade on the all-white walls; marble and zebra-pattern floors, all glass doors, metal tiles and appliances and two floors of glass railings on the staircase. Bold furniture and minimalist black-and-white photographs complete both a comfortable family home and main-floor display space.
Intermind Design Inc., 604-338-9936, www.interminddesign.com.
6309 MACDONALD STREET (From West 49 St., turn north onto Macdonald St.). The renovator’s challenge was to modernize the layout and traffic patterns of this typical 1960s suburban family home. The renovation required upgrades to the mechanical and electrical systems, as well as changes to address life-safety issues for use by today’s modern family. Upgrades included the latest technology for life safety and convenience, as well as the installation of larger, more energy-efficient windows and doors. The new vaulted ceiling and large skylights allow natural light into the home. All the bedrooms now have ensuite bathrooms.
G. Wilson Construction Co. Ltd., 604-873-8013, www.gwilsonconstruction.com.
1291 WEST 64 AVENUE (From Oak St., turn west onto W. 64 Ave.). The scope of this project was to lift the house to produce a full-height, two-bedroom basement suite and storage. An addition to the rear of the house incorporated a new modern galley kitchen. The entire main floor was renovated, including the installation of a stunning floor-to-ceiling fireplace, which now separates the living and dining rooms. The addition of a gable to the upper floor allowed the creation of a new bathroom, as well as the renovation of the two upstairs rooms.
Quinton Construction Ltd., 604-271-4876, www.quintonconstruction.com.
4739 CHANCELLOR BOULEVARD (From W. 4 St, turn south on Blanca St., turn right onto Chancellor Boulevard). This previous Tudor-style home was completely renovated to a distinctive west-coast aesthetic to complement the heavily-treed neighborhood. The second floor’s combined five-foot rear extension and raised roofline maximizes usable square-footage. Previously two-bed and one-bath, the upper floor now contains a spacious master bedroom with ensuite, plus three bedrooms and two bathrooms. The one-car attached garage was converted to a fully equipped gym with sprung flooring. A detached two-car garage was added in rear.
Reid Developments Ltd., 604-733-3799, www.reiddevelopmentsbc.com.
41 EAST WOODSTOCK (From Main St., turn west onto Woodstock Ave.). This 1912 heritage home was given a modern facelift complete with skylights, floor-to-ceiling windows and a gorgeous kitchen. The original floorboards throughout the house were refinished with a natural wax oil to restore their luster. A new living space was created out of the former attic, retaining details such as the exposed brick wall. The attic staircase now features 2x12’ reclaimed fir treads and curved wrought-iron railings. The home’s character was preserved by reinstalling the original chandeliers, performing rewiring through the walls and installing a new 34-ft. ridge beam without removing the roof.
reVISION Custom Home Renovations Inc., 604-835-4033, www.revisionrenovations.com.
1955 EAST 6 AVENUE (From Lougheed Hwy., turn north on Victoria Dr., turn right on East 6 Ave.). The house was raised and a new foundation and perimeter drain were built. This allowed for a full-height basement which included a master bedroom and an ensuite, as well as two bedrooms, a family room and a mud room. The existing boiler was adapted to facilitate hot-water heat in the expanded area. A sprinkler system was installed to bring the house to code. The kitchen was reconfigured to allow for an open kitchen/great room concept. Fibre-cement siding was chosen to match the upper floor and meet today’s durability requirements.
RJR Construction Management Ltd., 604-254-1760, www.rjrrenovator.com.
WEST VANCOUVER
4148 RIPPLE ROAD (From Hwy.1, take Westmount exit (Exit #7). Proceed to four-way stop, continue west on Westridge Rd. - straight coming from the east or right turn coming from the West. Follow Westridge to stop sign, turn right onto Ripple Rd. House is two blocks ahead on left.). This complete renovation with extensive additions, including living areas, decks and landscaping, transformed an old, almost chalet-style 1970s home into a West Coast wonder. The upgrades are numerous and the attention-to-detail is exquisite. The home scored an amazing EnerGuide 85 rating when completed and features energy upgrades like solar and instant hot water and a heat pump.
CCI Renovations, 604-980-8384, www.ccirenos.com.
780 – 14 STREET (From Marine Dr., go north on 14 St., just past Esquimalt Ave.). The renovation of this 1920s Craftsman house updated the ground floor of the home, improved the curb appeal with a new veranda, while keeping the classic heritage style. The basement was completely rebuilt, adding a bright two-bedroom suite and family recreation area. Radiant heat and hot water on-demand systems were integrated into this renovation. The bright classic suite is designed for rental now with flexibility and options for family and homeowner use in the future. The new covered porch integrates seamlessly with the exterior look of the homes.
Kengary Contracting Inc., 604-299-5755, www.kengarycontracting.com.
WHITE ROCK
906 STEVENS STREET (From Marine Dr., turn north onto Stevens St.). This 20-year-old home with a bay view features a renovated main floor, kitchen, dining, living room, entrance way, staircase and bathrooms. Traditional bleached oak railings were replaced with oil-rubbed bronze spindles, wood posts and rails to match the cherry flooring. The re-configured kitchen features a larger island, while a recycled-glass, mosaic-tiled splash glistens over the flowing pattern in the granite. Lighting was improved by installing specialty high-performance glass to reduce heat build-up, UV and glare off the water, eliminating the need for blinds, and by upgrading the recessed lighting throughout the main floor.
My House Design/Build Team Ltd., 604-694-6873, www.myhousedesignbuild.com.
Brent Irving
Your Friend in the mortgage business!
604-764-6336
European Crisis Wreaks Havoc on Canadian Mortgage Rate Outlook
2010-06-07 | 15:05:04
RateSupermarket.ca's panel of financial experts are torn on the direction of fixed mortgage rates but believe that variable rates will continue to rise
Vancouver, June 7 /CNW/ - RateSupermarket.ca, the go-to website for a complete comparison of mortgage rates in Canada, has announced the results of their Mortgage Rate Outlook Panel for June 2010. Uncertainty is the key word in this month's Outlook as turmoil continues in Europe, dampening the domestic economic recovery.
Fixed mortgage rates: Unchanged
The panel members cited a number of drivers for fixed mortgage rates this month, including a slight dip in consumer spending, strong demand for mortgages by the big banks, and national inflation remaining within a tight band. The result is a split decision, but the common thread is uncertainly within the international markets, justifying a sit and wait approach. The picture should become clearer when the Bank of Canada releases its next Monetary Policy Report on July 22nd.
Variable mortgage rates: Up
Following the Bank of Canada's announcement to increase the target for the overnight lending rate on June 1st, the debate amongst the panel members is whether this is the start of a continuous and steady incline, which was considered a given only a few weeks ago, or if the Bank of Canada will wait to see what happens overseas before making another move.
Consensus is that we'll see another 0.25% increase in July. However, it really depends on Europe - domestically we may need a rate hike, but internationally the fear of a double dip recession is still prevalent.
To read detailed commentary from our panel members, please visit: www.ratesupermarket.ca/mortgage_rate_outlook_panel/
About the Mortgage Rate Outlook Panel
The panel includes some of the country's top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month's panel members:
- Dan Eisner, MBA. AMP. President, Verico True North Mortgage
- Elisseos Iriotakis, President, SAFEBRIDGE Financial
- George Hugh, Vice President, Treasury, ING DIRECT
- Gregory Klump, Chief Economist, Canadian Real Estate Association
(CREA)
- Garth Turner, Noted Canadian Author, Columnist, Speaker and Financial
Commentator, Former MP
- Rob McLister, Editor, CanadianMortgageTrends.com
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is an independent, impartial resource that is not affiliated with any mortgage lender or broker. It is the only resource in Canada that allows visitors to compare the whole mortgage market in the country. RateSupermarket.ca also compares insurance products, credit cards and GIC rates.
RateSupermarket.ca's panel of financial experts are torn on the direction of fixed mortgage rates but believe that variable rates will continue to rise
TORONTO, June 7 /CNW/ - RateSupermarket.ca, the go-to website for a complete comparison of mortgage rates in Canada, has announced the results of their Mortgage Rate Outlook Panel for June 2010. Uncertainty is the key word in this month's Outlook as turmoil continues in Europe, dampening the domestic economic recovery.
Fixed mortgage rates: Unchanged
The panel members cited a number of drivers for fixed mortgage rates this month, including a slight dip in consumer spending, strong demand for mortgages by the big banks, and national inflation remaining within a tight band. The result is a split decision, but the common thread is uncertainly within the international markets, justifying a sit and wait approach. The picture should become clearer when the Bank of Canada releases its next Monetary Policy Report on July 22nd.
Variable mortgage rates: Up
Following the Bank of Canada's announcement to increase the target for the overnight lending rate on June 1st, the debate amongst the panel members is whether this is the start of a continuous and steady incline, which was considered a given only a few weeks ago, or if the Bank of Canada will wait to see what happens overseas before making another move.
Consensus is that we'll see another 0.25% increase in July. However, it really depends on Europe - domestically we may need a rate hike, but internationally the fear of a double dip recession is still prevalent.
To read detailed commentary from our panel members, please visit: www.ratesupermarket.ca/mortgage_rate_outlook_panel/
About the Mortgage Rate Outlook Panel
The panel includes some of the country's top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month's panel members:
- Dan Eisner, MBA. AMP. President, Verico True North Mortgage
- Elisseos Iriotakis, President, SAFEBRIDGE Financial
- George Hugh, Vice President, Treasury, ING DIRECT
- Gregory Klump, Chief Economist, Canadian Real Estate Association
(CREA)
- Garth Turner, Noted Canadian Author, Columnist, Speaker and Financial
Commentator, Former MP
- Rob McLister, Editor, CanadianMortgageTrends.com
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is an independent, impartial resource that is not affiliated with any mortgage lender or broker. It is the only resource in Canada that allows visitors to compare the whole mortgage market in the country. RateSupermarket.ca also compares insurance products, credit cards and GIC rates.
Brent Irving
Your friend in the mortgage business!
604-764-6336
CMHC reports seeing rising housing starts over next two years
2010-05-20 | 09:50:12
BrentIrving.ca/May 20,2010/ The next two years are expected to see housing starts rise due to demand and strong economic conditions, the CMHC reported in their forecast for new home construction and residential sales.
They expect housing starts of 182,000 units, which is up from 175,000 units in a previous view. In 2010, they are expected to see a range between 166,900 to 199,600.
Next year, the CMHC said it sees housing starts at 179,600 units, ranging between 148,600 to 208,800 units, compared with the forecasting for 2011 of 175,150 units last quarter.
The new government measures for the mortgage market, which took effect in April, will aid in the long-term stability of Canada's housing market, CMHC's chief economist Bob Dugan cited.
According to the rule changes, borrowers are now required to qualify on a five-year fixed-rate mortgage even if they choose a lower-cost variable mortgage. The government also lowered the maximum amounts that can be withdrawn when borrowers refinance their mortgages. A minimum down payment of 20 per cent is also required now for insured mortgages coupled with properties purchased as housing investments that the owner will not occupy.
In 2009 there were 149,081 housing starts.
Brent Irving
Your Friend In The Mortgage Business!
604-764-6336
It's Time To Lock In
2010-05-12 | 13:45:16
BrentIrving.ca/ Vancouver, B.C. / With people banking on the main interest rate going up in June, it seems like a good time to for homeowners to lock in their fixed-rate mortgages.
About 12 percent of mortgage holders with fixed-rate mortgages "locked in," or switched from variable rate mortgages, in the past year, , according to a report this month by Will Dunning, chief economist at the CAAMP , and another 10 percent had already switched from variable more than a year ago.
The rate for conventional five-year mortgages was at 6.25 per cent at the end of April, nearing the 5.25 per cent rate at the end of May last year - the lowest since 1973 when the Bank of Canada data began.
"As interest rates rise, expect home buyers to increasingly opt for fixed-rate loans, in turn leaving banks with more fixed-rate assets to hedge in the swap market" said Mohammed Ahmed, a rates strategist at Canadian Imperial Bank of Commerce in Toronto.
Housing starts rose to a seasonally adjusted annual pace of 201,700 units last month.
Brent Irving
Your friend in the mortgage business.
604-764-6336
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