Winterize your yard...

Winterize your yard....

1. Mulch everywhere, 2 inches of shredded bark, leaves or pine needles insulate plants and soil from the frost.

2. Trim the Grass, mow down to 2.5-3inches and rake to keep bugs nests out.

3. Remove Dead Leaves, mulch them into the grass for a natural fertilizer with your lawn mower.

Visit www.NewImageHomeSales.com for more tips around the home.

Arran

Mortgage Assumptions and Ongoing Liabilities....

A buyer of a property may wish to finance the purchase by way of assuming the mortgage financing. It must be determined if the mortgage is assumable or not.

What is the liablity to the Seller after closing with respect to the assumsed mortgage?

Under the terms of the mortgage, the Mortgagee(lender) is entitled to look to the convenant of the Seller if there is default.

Therefore it is important to provide the Seller with a means of release from the ongoing liabilites associated with an assumed mortgage.

There are two ways to release the Seller from his/her convenant....

1. Consent to assumption - all parties accept the assumption by the Buyer from the Seller...

2. Novation - This is operation of law... If it can be determined that the Mortgagee, the Buyer and the Seller had all the relevant facts and the Mortgagee accepted the Buyer as principal borrower and accepted the new mortgage in full satisfaction of the old mortgage, then a defence of Novation can be raised....

Why is this important to you?? If you have an interest in property, are looking to sell, and have an assumable mortgage then this information should be considered.

Arran McLellan

250.884.3980

As many of you may know, we are transitioning back to the old GST/PST system.
This is expected to be completed by MARCH 31,2013This means the the
affordability of homes and fees for other services will be exempt from the 7%
PST and will be subject to the 5% GST. This will result in more demand
for new homes which will help stimulate the local economy.Months of Inventory - The number of months to
sell all the inventory at current sales levels.... why care? Currently we are at 6 months... What this means
is that it will take 6 months to sell the current inventory.... As the
months of inventory is increasing = more sellers and less buyers = buyers market
as more product is on the market.Here is a link to the last 2 years of
Months of Inventory levels.... http://www.victoriamls.ca/matrix/public
... 9600075664

Fall is here!!!

Fall is in the air and the time is right to prepare the home for the fall and winter season.

It is important to have the chimney cleaned and the furnace and all duct work blown out...

You need to keep the yard up by keeping everything trimmed and the shrubs and the bushes prunned..

The water tends to flow to area of least resistance, therefore it is a good idea to have the drains and gutters cleaned out so that the water not pool around the foundations..

Make sure that the windows and doors have good weatherstripping and are draft proof, as this will help reduce the energy consumption....

Hope these small tips......

Shelter Taxes

Shelter Taxes - PTT and HST

Property Transfer Tax - currently is a 1% on the 1st $200,000 and 2% on the remainder. Currently the BC Realtors Assoc is trying to have the PTT threshold increased from $200,000 to $525,000 with the 2% applying to the remainder of the fair market value.

Index the HST new housing rebate threshold from $525,000 to what the current New Housing Price Index dictates.

Index the 1% PTT threshold of $525,000 using the New Housing Price Index, and make adjustments annually.

My take on this..... These changes will allow consumers to have a more cost-effective way of making a home purchase... Especially true for 1st time home buyers, with the taxes being less this will allow a larger number of buyers to take the leap and will positively affect the economy. This economic boast will also help increase home values for current home owners.

James Bay Real Estate!

Risto Louhimo interviews Arran McLellan REALTOR with Pemberton Holmes and the Mark Imhoff Group


CLICK HERE FOR VIDEO

Most Expensive Markets in North America

Vancouver is 3rd in north america behind Newport Beach and Pacific Palisades.

An average 4bed, 2 bath home is $1.55million in Vancouver and only $144,456 in Windsor Ont!

In Canada, Vancouver (1.55million) is the most expensive market, followed by Kelowna ($1.1million), Burnaby ($797,455), Fort McMurray ($652,382) and West Kelowna ($640,055) these are the average for the 4 bed, 2 bath house in these areas. Victoria is around the $628,297 mark.

Note that average prices are based on all areas of the city, so the higher priced areas are factored in which tends to bump up the average value.

To put the value of buying in Windsor Ont, you would pay $617 per month on the $144,460 4bed, 2bath house. That's with 20% down and 5% rate in 30yr amortization.

If you have any questions about the value of your home and would like a free home market evaluation, please call me at 250.884.3980 or visit my site, www.NewImageHomeSales.com