Thursday, December 23, 2010

Merry Christmas!

Just wanted to take a moment to say Merry Christmas and Happy New Year to you all! 2010 has been a very “interesting” year in real estate; filled with many ups and downs. That being said, I really do think the storm is over and calm waters are on the horizon!

I also wanted to take a moment to remind you all of the bank hours over the holidays. If any of you are considering purchasing a home over the holidays please keep in mind that the lenders are closed for two and a half days next week, only leaving 2 and a half days for business. I ask that you please consider these dates when writing your finance condition into your offer to purchase.

FRIDAY, DECEMBER 24TH – CLOSED AT 1 PM Mountain Time
MONDAY, DECEMBER 27TH – CLOSED
TUESDAY, DECEMBER 28TH – CLOSED
FRIDAY, DECEMBER 31ST – CLOSED AT 1 PM Mountain Time
MONDAY JANUARY 3RD - CLOSED

Link: interest rates

May Peace be with you all!

Thursday, December 16, 2010

Resale housing activity rose in November.

I haven't been posting much lately as I have been very busy with loads of corprate Christmas events (no complaining here:) but I've just found a good news story and figured it was time to get posting!

Edmonton resale house sales were up 6.9% over October. I certainly agree with these findings as November was a very busy month for me! Hopefully this trend continues and the spring brings a healthy and robust housing market here in Edmonton!

On another note, financial blogger, Frugal Trader, has blogged some pertinent points about purchasing a rental property that he wrote in 2007. While the post is a little old, the information is still very relevant. If you are considering purchasing a revenue property it would be a good idea to go through this list of rules from someone who has been doing this sort of thing for a while, and according to him very successfully.

Here is a breakdown of his rules:
1. The property must have a positive cash flow from the date you purchase it.
2. Purchase a home in a nice neighbourhood, one with typically low vacancy rates.
3. Buy properties that are in good shape and move-in condition.
4. Try to find a deal, a home under market value.

He doesn’t seem to give an opinion on what type of property is best, apartment style condo, duplex, townhouse to detached single family home. With a townhouse or apartment you won’t have to worry about an exterior maintenance which is great but you will have to pay a condo fee so be sure to include that cost when you calculate your monthly cash flow on the property.

Tuesday, December 7, 2010

Bank of Canada remains firm at 1%...

In an announcement earlier today, the Bank of Canada left the key interest rate unchanged citing that the economy still has a lot of recovering to do. This is good news for variable rate and home equity line of credit mortgage holders as their interest rate will not change. The bank also predicted that they may keep the key interest rate low for some time if economic conditions remain the same.
The next interest rate announcement is scheduled for Tuesday, January 18th 2011.

Wednesday, December 1, 2010

December CAAMP Stats

Here is the latest issue of CAAMP Stats, (CAAMP= Canadian Association of Accredited Mortgage Professionals) providing detailed information on all sorts of things like the Bank of Canada interest rate, Bank of Canada prime lending rate, Government of Canada bond rates, new housing starts, and the average MLS house prices. It’s a great quick reference resource!