Cindy Haggerty - Blog

More Canadians Plan To Buy A New Home!

Cindy Haggerty — Mon, 08 Mar 2010 00:00:00 GMT

Here is more great information for those seeking to buy a home and those looking to sell.

The Canadian Press

Date: Monday Mar. 8, 2010 7:59 AM ET

TORONTO — A new study by the Royal Bank suggests more Canadians are very likely to buy a new home in the next two years.

Ten per cent of the 2,047 people surveyed for the 17th annual RBC home ownership study said they plan to buy a home by 2012 -- up from seven per cent two years ago.

The bank says 15 per cent of those in the 18-to-24 bracket say they are very likely to buy -- almost double the level recorded in 2009.

The RBC study also found that 91 per cent of Canadian homeowners believe a home is a good investment, the highest level in 12 years.

One-quarter of those surveyed, 26 per cent, said they expect their home to be their primary source of income when they retire.

In addition, 44 per cent of Canadians who plan to buy a new home in the next two years plan to take a fixed rate mortgage.

"With the Canadian housing market showing continued vigour, it's not surprising that Canadians feel more confident in the long-term value of owning a home," said RBC senior economist Robert Hogue.

"Exceptionally low mortgage rates and improved affordability have been key reasons for the resurgence in the housing market this past year."

You can read more on this article by clicking the following link.http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20100308/home_ownership_100308/20100308?hub=TopStoriesV2

Interesting Facts About the Olympics.....

Cindy Haggerty — Wed, 03 Mar 2010 00:00:00 GMT

So although the Olympics have come to an end I thought I would share with you some interesting facts that I read about the Olympics.

The 5 Rings on the Olympic Flag Symbolize 5 significant continents and are interconnected to symbolize the friendship to be gained from these international competitions.

The First winter games were held in Chamonix, France in 1924.

Prior to the first winter games, figure skating & Ice hockey had been events at the summer Olympics.

The next winter games in 2014 are to be held in Russia for the first time ever.

Canada has competed in ever winter Olympics since they began in 1924.

Canada won its first gold medal in 1924 for Men’s Hockey.

And of course the fact that as a Canadian you must know and remember

Alexandre Bilodeau won Canada its first gold medal at home, at this years's Olympics in Vancouver.

YEAR TO DATE MLS STATISTICS JANUARY 2010 vs. JANUARY 2010

Cindy Haggerty — Wed, 03 Mar 2010 00:00:00 GMT

I recently came across some fantastic news for the Kingston and Area housing Market. So I thought I would share with you. According to KAREA (Kingston and Area Real Estate Association) This is the comparison from January 2009 vs. January 2010.

2010 2009

Listings 644 590

Sales 185 127

Dollar Volume 40,076,885 26,713,164

Average Residential Price 224,018 213,143

So if you were considering selling? Now would be a great time! Rates are great, the market is hot and things are booming in Napanee and surronding area.

NEW LENDING GUIDELINES....ARE THEY REALLY NEW??

Cindy Haggerty — Wed, 24 Feb 2010 00:00:00 GMT

There has been much discussion in the last few weeks surrounding the new lending guidelines within Canada. When you break it all down nothing has really changed. So let go through these new guidelines.

A) A borrower must qualify for a 5yr Fixed Mortgage (Banks have always had the ability to qualify you for a 5yr fixed mortgage prior to giving you other options)

B) 20% down payment for investment purchases. Previously was 15%. An investment property is a purchase of a home that you do not intend to make your primary residence.

C) Refinancing your home for investment purchase can be no more than 90% LTV.

What many people are not aware of is, the major banks and even private lenders started to tighten these same guidelines over a year ago to the point of max 80% LTV.

So really in my opinion would you want it any other way? When your lender is putting financing together you would hope that your lender is going to put many factors into consideration so you don’t end up going back to your lender a year or two down the road advising them you can no longer afford your payment and you walk away from your biggest investment.

If you’re buying an investment property, you want it to be just that. Make some money off your new investment don’t over finance your primary residence to the point of leaving yourself little to no room in the event that something should happen and you need some extra income.

To further your readings feel free to click the following link and read the announcement http://www.fin.gc.ca/n10/10-011-eng.asp