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Price is What You Pay - Value is What You Get

Wed, 07 Mar 2012 00:40:39 GMT

PRICE IS WHAT YOU PAY. VALUE IS WHAT YOU GET. "There is hardly anything in the world that someone cannot make a little worse and sell a little cheaper, and the people who consider price alone are that person's lawful prey.

It is unwise to pay too much, but it is also unwise to pay to little. When you pay too much, you lose a little money, that is all.

When you pay too little, you sometimes lose everything because the thing you bought is incapable of doing the thing you bought it to do.

The common law of business balance prohibits paying a little and getting a lot ... It can't be done.

If you deal with the lowest bidder it is well to add something for the risk you run.

And if you do that, you will have enough to pay for something better."

- John Ruskin (1819 – 1900)

OIL TANKS !

Mon, 20 Feb 2012 19:01:20 GMT

OIL TANKS

As late as the 1970’s, heavy oil was still used to heat homes on the North Shore. Many of these tanks still remain, and are either buried in the ground or rest above the ground. Depending on how a home was converted to gas heating, there is a chance that the old tank may still contain petroleum product. As you can imagine, abandoned tanks potentially present environmental & health concerns. If you are selling a home where there is the possibility an oil tank exists, it will be YOUR responsibility to remove it. In accordance with the provisions of the BC Fire Code, Waste Mgmt Act & local bylaws, ANY unused underground tanks must be removed, the surrounding soil tested & cleaned if necessary. We have experienced the safe & uneventful removal of many oil tanks in our practise, and have a list of contractors who specialize in this, as recommended by the municipalities of North & West Vancouver. Selling or not, we highly recommend that homeowners should not ignore an unused tank, but get it removed as soon as possible. If you’d like more information, please call !

Property Assessments, the Appraisal of Real Estate and how it relates to Market Value

Tue, 31 Jan 2012 11:29:25 GMT

It is important to note that In British Columbia, property assessments, typically mailed in January, reflect market values effective July 1 of the preceding year.

In general terms, market value is the price expected if a reasonable amount of time is allowed to find a purchaser and if both seller and prospective buyer are fully informed. For assessment purposes in British Columbia, market value is the most probable price that an unencumbered property would sell for on the open market on July 1st.

The annual assessment process is often a confusing one for many commercial and residential property owners. Typically there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.

This difference is a result of two factors. The first factor involved BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighborhood or for units in a strata complex and then applies the information to arrive at an assessed value. This information is typically obtained from MLS sales, NOT by visiting the properties in question. The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.

The second factor depends on the time at which a property is assessed. Normally, a 2012 assessment notice is BCA’s estimate of a property’s market value as of July 1, 2011, whereas a REALTOR®’s market value reflects the current state of the market, not the market six months ago.

“Market value assessment” is widely considered to be the fairest system for distributing the property tax burden. As the real estate market can change very quickly, depending on an historical assessment (July assessment for next year’s tax purposes) to be an accurate indicator of market value can be erroneous.

Real Estate Contracts Must Be In Writing

Wed, 23 Nov 2011 16:43:04 GMT

Generally speaking, contracts between individuals can be made orally or in writing. The practice of reducing a contract to writing is simply a way of creating evidence of that contract and its terms and conditions. However, contracts that deal with land or interests in land receive special treatment. For various reasons, including the historical significance of land and its commercial value, contracts that deal with land or interests in land, such as contracts of purchase and sale, leases, mortgages and easements, must be (1) made in writing and (2) signed by the individuals that are parties to them in order to be enforceable. These requirements arise out of the Law and Equity Act and are well entrenched in our legal heritage.

This article courtesy of

BCREA &

Brian Taylor
Bull, Housser & Tupper LLP

Canadian Real GDP Growth Oct 31, 2011

Mon, 31 Oct 2011 11:41:48 GMT

BCREA ECONOMICS NOW

Canadian Real GDP Growth - October 31, 2011

The Canadian economy expanded 0.3 per cent in August following an upwardly revised 0.4 per cent gain in July. Economic growth was led by a 2.8 per cent increase in output in the energy sector as projects re-started from temporary shutdowns in the summer. Excluding the energy sector, monthly GDP growth was flat.

Through the first two months of the third quarter the Canadian economy is growing at about a 2.0 per cent rate – an improvement from the recession fears of the summer, but far from robust. We anticipate the economy will continue to grow at about a 1.5 to 2.0 per cent rate for the second half of the year. Slower than potential economic growth will put moderate downward pressure on inflation and keep the Bank of Canada in a holding pattern.

For more information, please contact:

Cameron Muir	Brendon Ogmundson
Chief Economist	Economist
Direct: 604.742.2780	Direct: 604.742.2796
Mobile: 778.229.1884	Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca	Email: bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

Lynn Valley Elementary Pumpkin Patch This Weekend !

Thu, 13 Oct 2011 11:56:30 GMT

It’s HARVEST TIME !

Join us on Saturday, October 15^th for the 3^rd Annual Lynn Valley Elementary School PAC “Pumpkin Patch” – for Games, Food, Prizes, Fun, & of course, Pumpkins!

11am – 3pm

LYNN VALLEY ELEMENTARY

3207 Institute Road

NO CHANGE TO BOC PRIME RATE

Wed, 07 Sep 2011 14:56:12 GMT

This update Courtesy of Marjan Watt of AM Financial Services (604) 603-9119:

As you know, your variable rate mortgage and lines of credit are based on the Prime Rate. Here is an update on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate.

At 9:00 am EST, September 7th, 2011, the Bank of Canada did what we expected them to do… they maintained their overnight rate. What this means to you is that the prime rate on your mortgage or line of credit will not change and remains at 3.00%. This is great news as you still have a great low rate and so continue to make the most of the low payments

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“The global economic outlook has deteriorated in recent weeks as several downside risks have been realized. The European sovereign debt crisis has intensified, a broad range of data has signalled slower global growth, and financial market volatility has increased sharply. Recent benchmark revisions show that the U.S. recession was deeper and its recovery has been shallower than previously reported. Canadian net exports are now expected to remain a major source of weakness, reflecting more modest global demand and ongoing competitiveness challenges, in particular the persistent strength of the Canadian dollar.”

HEADWATER SERENADES LYNN VALLEY !

Tue, 16 Aug 2011 17:06:50 GMT

One of our local favorites and all round group of GREAT guys, "Headwater" performed at "Live in Lynn Valley Village" last Friday ! It was a beautiful evening and everyone had so much FUN !! THANK YOU to Rory @ Booster Juice and Dr. Glen van As of Canyon Dental for sponsoring the evenings show ! Wait til you hear the new "Booster Juice" Jingle by Headwater !! LOL ... Thank you, guys, we really enjoyed your show, and can't wait to see you again !

HEADWATER -coming this Friday to Live in Lynn Valley Village !

Tue, 09 Aug 2011 17:40:15 GMT

We are pleased to present the next band coming to you Live in Lynn Valley Village this Friday, August 12th ... a great group of local guys, "Headwater" ! Be sure to catch the FREE CONCERT at Lynn Valley Village from 7pm - 9pm ! Balloons and Facepainting for the kids - with all proceeds going to benefit CANUCK PLACE !

The MATINEE Rock Lynn Valley Village !

Tue, 09 Aug 2011 17:17:18 GMT

Last Friday, THE MATINEE rocked Lynn Valley Village along with AJ Woodworth... we can't wait to see these guys again ! Be sure to check out their website and music at www.thematineemusic.com !

FRIDAY NIGHT CONCERTS @ LYNN VALLEY VILLAGE !

Fri, 05 Aug 2011 17:30:20 GMT

Join us tonite at Lynn Valley Village as we celebrate SUMMER ! Two fabuolous artists performing this evening ! AJ Woodworth - an award winning country musician ... and one of our favorites ! The Matinee - a hip, new Vancouver band that is making waves all across BC ! www.thematineemusic.com -- www.ajcountry.com. 50/ 50 draw and facepainting in support of CANUCK PLACE. www.canuckplace.org Come enjoy some fun with us for a great cause !

Live In Lynn Valley Village !

Thu, 14 Jul 2011 12:30:00 GMT

Live in Lynn Valley Village- First Night a great success ! Join us each Friday through July and August at Lynn Valley Village and hear some terrific bands - free of charge ! Face Painting for the Kids - with all proceeds to Canuck Place ...

Lots of parking underground, off Lynn Valley Road - and the shops, services & eateries will be open !

Music Nights in Lynn Valley !

Mon, 04 Jul 2011 15:55:03 GMT

Live in Lynn Valley Village Plaza free concert series begins this Friday, July 8th at 7 pm. The first concert features Jake and Elwood's Blues Brothers Revue, a classic R & B show. Lynn Valley Village is located at the intersection of Lynn Valley Road and Mountain Highway (an easy bus ride from Phibbs Exchange or Lonsdale Quay). For more information about all the concerts and Lynn Valley Village CLICK HERE !

Happy Easter !

Sun, 24 Apr 2011 00:56:44 GMT

http://conta.cc/fdvh1h

Bank of Canada Scheduled Interest Rate Announcement Dates:

Tue, 12 Apr 2011 17:49:47 GMT

April 12

May 31

July 19

September 7

October 25

December 6

Bank of Canada Maintains Rates

Tue, 12 Apr 2011 12:48:48 GMT

As suspected rates have held steady this morning, meaning no change to variable rate mortgages or lines of credit with the current payments. Fixed interest rates (which are tied to the bond market) have been on the rise over the last week on average 30 basis points. With a strong Canadian dollar, low inflation levels and an election imminent, it’s almost certain that the Bank of Canada will wait until later in the year to raise interest rates. While time is taken to digest the results of the election, watch for variable rate mortgages to remain mostly unchanged during this period.

An anticipated increase in Government of Canada bond yields due to improving economic conditions and higher inflation should eventually lead to higher fixed rates by the end of the year. Vist our "Mortgage Broker" page for more information !

SPRING MARKET UPDATE !

Wed, 06 Apr 2011 12:57:32 GMT

http://conta.cc/ghOCEp

FIXED TERM RATES ON THE RISE

Mon, 04 Apr 2011 23:17:56 GMT

Rates are hopping this week. "Bond yields have passed the comfort zone and will result of course in lenders moving rates up. Economists are saying bond yields will continue to fluctuate which of course affects our long term fixed rates. What everyone cannot predict is if they will lower again to where they are now." - thank you to Karen Cameron, Maureen Young & the Gibbard Hoffart Group for the news today.

Prudential Sussex Sales Success !

Fri, 18 Mar 2011 12:25:07 GMT

Our organization sold over 2 billion dollars of real estate in 2010 - that's over 3318 homes sold !

New Mortgage Rules for High Ratio (< 20% down) Financing

Mon, 17 Jan 2011 17:37:16 GMT

If you have been sitting on the fence about whether now is the right time to refinance, you may not want to delay. This morning, Jim Flaherty announced three changes to mortgage financing in Canada that will affect you if you are purchasing or refinancing your home.

There are three areas that they are considering at this point:

1. They are reducing the maximum allowable amortization period from 35 to 30 years for government-backed insured mortgages with Loan to Values of more than 80%

2. Ottawa will lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.

3. Ottawa will withdraw government insurance backing on line of credit secured by homes.

Maximum Amortization

This one seems to be something that has really bothered the Bank of Canada for certain. Reducing the amortization if you believe the stats from the Canadian Association of Mortgage Professionals that only 30% of new mortgages happen at 35 years then it will have a moderate effect on Canadians. Overall, I believe this is going to mean less qualified buyers and first time buyers will be priced out of the market with current prices and trying to qualify at reduced amortizations.

Maximum refinance to 85%

This one is going to force Canadians to retain some sort of equity in their properties rather than using them to consolidate debts and be used as a proverbial ATM machine. This is a key strategy for the government to say to Canadians to keep their spending under control and to try to keep their debts under control. The options to consolidate debts into equity are going to be less and less

Withdrawal of government insurance backing on line of credit secured by homes

This point won’t affect very many people and is a very minor change.

Implications: Although the above changes are not expected to impact a large number of Canadians, personally I believe that the big loss is for those who are trying to refinance their mortgages into lower rates. Many clients opt to add the penalty to their mortgage and accelerate their payments, thereby reducing their principal balance over the term, saving back both the penalty, and extra thousands by benefiting from the lower rate. This strategy has saved many clients thousands of dollars over the remaining term of their mortgage. For many, the penalty added to the mortgage will be higher than 85% of the property value. PLEASE NOTE: CMHC purchases with 5% down are not affected by these rules. A purchase is treated differently than a refinance.

Certainly, if you are thinking of having your mortgage analyzed for a lower rate, or thinking about consolidating your debts, call me today. The changes will take effect in April, so it’s best to call now.

You may pass this along with my contact information should you think this would be informative to a friend, family member or business associate.

It is our commitment to continue to educate our clients and assist them with the best mortgage strategies in any market.

Courtesy of Sabeena Bubber, Mortgage Professional:

604-862-8526