Archive for July, 2008

Mike is In the News!

Tuesday, July 29th, 2008

The Big News in the past month has been the announcement by the Canadian government that the 40-year, zero down mortgage will no longer be available as of Oct. 15, 2008.

There has been an enormous amount of interest generated over this move … and as a result Mike has been interviewed by various members of the media, across Canada.

Check it out:

Averbach Mortgages in Realty Times

Realty Times gets Mike Averbachs’ opinion on the tightening of mortgage rules.  Read the article.

Averbach Mortgages in Business in Vancouver

Business in Vancouver interviews Mike Averbach to get his opinion on changes to the long term mortgage rules. Read the article.

Averbach Mortgages featured in Globe and Mail Article

Averbach Mortgages talks with the Globe And Mail about the recent changes in Canadian mortgage policy in regards to cancelling 40-year mortgages and 100% financing. Read the article.

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July 2008 Market Update

Friday, July 25th, 2008

Over the past few months there has been a definite shift in Vancouver’s housing market.

After years of double-digit growth, the market has now slowed down and is definitely favoring home buyers.

Though prices have not gone down, they have stabilized. At the same time, the inventory of homes on the market has increased. This is giving buyers not only the opportunity to look around for that “perfect” location, but for a home that is suitable for them. Buyers can now take the time to make educated decisions vs getting caught up in a buying frenzy.

According to the British Columbia Real Estate Association, resale inventory in the Greater Vancouver area is at its highest since 1998.

The unemployment rate is still at an all time low, and at the same time BC’s population continues to grow.

The Demise of the 40-Year Mortgage, which comes into being on October 15th,  is sure to affect the market over the next few months, as some first time buyers try to take advantage of the old rules.

Be sure to give us a call if you need help making your way through the rapidly changing mortgage market. We work hard for our clients, getting you the best mortgage available. 

Mike Averbach 604-710-2550
Justin Blacklock 604-736-1855

Posted in Real Estate in Vancouver | No Comments »

Find Your Perfect Home

Saturday, July 5th, 2008

Your perfect home is “out there” somewhere! After you have been pre-qualified for a mortgage, you will know how much you are comfortably able to spend on a mortgage payment (including all applicable fees, taxes, etc.). Even if you don’t think it’s possible to find your ideal home on your current budget, you can take a first step in that direction.

 

The first step after pre-qualification is to make a list of all the features you want/need in a home. These should include number and size of rooms, type of home (detached, town home, condominium, etc.) and nearby community amenities. Then divide your list by what is non-negotiable and what are “nice to have” features. Your real estate broker will be better able to better serve you by knowing not only your home price range, but also the features that are important to you.

 

Some options to consider: Purchase a home that meets most of your “must haves” and plan to set aside savings each month toward a remodeling fund. If you love the family room and bedroom sizes but want to update or remodel your kitchen, you can move in now and begin getting estimates for your dream kitchen.

 

Another option is to buy a home that is slightly less than the maximum you can afford now. It may not qualify as your dream home, but you will be accumulating equity in your house and after several years, you’ll have additional funds available to finance another home that does offer everything you hope for in a home!

Posted in Mortgage Advice, Uncategorized | No Comments »