Our in-house mortgage broker just handled me the new mortgage guidelines as announced by Finance Minister Jim Flaherty. Three main changes are:
maximum loan to value on a refinance is now 85%, down from 90%
maximum amortization rate is now 30 years, down from 35 years
Home Equity Line of Credit are no longer an eligible insured product and will not be offered
So ...
Posted by Paul Burns
on January 17, 2011
This is the YWCA property located in downtown Moncton. Built as a single family home in 1905, by the Peters family, it was purchased in 1920 by the YWCA. Mr. Peters owned a lock company and this place is full of custom made door knobs, hinges, and striker plates. The workmanship in the building is amazing.
This is a shot of the foyer and stairway to the second floor. The ...
Posted by Paul Burns
on October 20, 2010
The short answer is absolutely!
Having a survey done tells you if the property you're buying has anything of the neighbours encroaching on your property or if anything that you're buying is encroaching onto a neighbour or an easment or right-of-way. Remember, just because you can see survey markers at the corners and everything looks fine, it doesn't mean it is. Underground cables ...
Posted by Paul Burns
on September 19, 2010
Last night I had 3 hours, plus a bit more, to kill while waiting in the Pierre Elliott Trudeau airport in Montreal for my flight back to Moncton. I had gotten up at 4am the day before to fly to Ottawa for real estate meetings and here it was, after 9 pm the next day - and I volunteered to do this to myself. Duh!
I have done a lot of volunteering over the past 25 years. I was a Cub ...
Posted by Paul Burns
on September 15, 2010
The Greater Moncton Real Estate Board continues to have a good year regardless of the melt down's going on in the larger centers. We are still up 4% on total number of sale at the end of July, out dollar volume is up 6% and our average sale price is up 4.4%. Nice steady growth - like we always seem to have.
The New Brunswick Real Estate Association (NBREA) has come out with a discussion ...
Posted by Paul Burns
on August 20, 2010
Vintage cars and hot rods take to the streets for the next few days as the Atlantic National car show returns to Moncton again. Nearly 2000 vehicles participate and they are something to see. If you're a car lover or, like me, just think they are really cool, you need to be in the City this weekend. Here is a shot I took at last years event:
A portion of Main street ...
Posted by Paul Burns
on July 8, 2010
In the last MoneySense magazine, Moncton was chosen, along with Regina, as having the best real estate deals in the country. See the full article at http://ca.finance.yahoo.com/personal-finance/article/moneysense/1662/best-deals-in-real-estate
Just another great reason to live in the area!
Posted by Paul Burns
on June 18, 2010
Despite the rain, the REALTOR dragon boat team had a great day on Saturday. They were good Canadians by finishing 4th in the racing but where it really counts - fundraising - they finished first! Our intrepid paddlers raisied approximately $8200, the majority of which goes to the charity of the day - Lions Sick Children Fund. A small portion goes to the Moncton ...
Posted by Paul Burns
on June 7, 2010
Metro Moncton experienced a bit of a flattening of our market in May. The units sold is still up 12% for the year but May was down 7% over May 2009. Part of this might have been caused by the new mortgage rules put in place on April 19th by the Federal Finance Minister to cool off the inflated market that we never seem to get in Moncton. Regardless, the market remains good and sellers ...
Posted by Paul Burns
on June 2, 2010
For the first time in many years the NBREA AGM went somewhere besides the "Big 3" cities. We "took over" the entire Fairmount Algonquin in beautiful St. Andrews. It was a two day event with our Members Open Forum and AGM on Wednesday and our manditiory education being held today. Approximately 325 REALTORS (r) were in attendence.
This morning Pat Cassidy did a super job going through ...
Posted by Paul Burns
on April 29, 2010