Justin and I are thrilled to announce that we have been selected as CMP Canadian Mortgage Awards finalists in TWO categories:

Best Customer Service from an Individual Office
Award of excellence for outstanding customer service by a mortgage brokerage office. Customer service is an incredibly important measure of any brokerage’s long-term success. The finalists from this selection process will be invited to provide further details on the extra mile they go to give customers the perfect 10 of service.

Best Internet Presence
Award of excellence for the best Internet presence. The Internet is important medium for communication, and this category recognizes brokers who have harnessed this medium to provide consumers with practical, effective and easily accessible facilities to help streamline the mortgage process. As a change this year, the winner of this category will be picked through a combination of a reader poll and judge deliberation.

The Awards Ceremonies are held in Toronto on April 23, 2010.  It is an honour just to be selected as a finalist … but we have our fingers crossed for two wins!

Thanks to all of YOU (friends, customers, associates) for supporting us over the years. We could not have been nominated without you!

Mike and Justin

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Minister of Finance Jim Flaherty

This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.  CAAMP (Canadian Association of Accredited Mortgage Professionals) was actively engaged in the discussions around these changes which are as follows:

All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;

The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home;

Non-owner occupied properties will require a minimum down payment of 20%. There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

Averbach Mortgages will keep you informed on what this will mean to you.  We are here to answer your questions … so please feel free to give us a call. You can reach Justin Blacklock or Mike Averbach at 604-736-1855.

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Despite the recession, BC’s luxury home market remained strong in 2009. Based on the Greater Vancouver Real Estate Board MLS stats, 31 homes priced over $5 million sold in 2009 versus 25 that sold in 2008. What’s more remarkable is that none of these sales occurred in the first 1/3 of the year, when the world’s financial markets were seemingly in freefall. Take that period out of the equation and the rate of luxury home sales in 2009 was almost double that of 2008.

The same trend held true throughout the province as luxury home prices bounced back after a slow start to the year.

Bill Dick, Vancouver’s managing broker for Macdonald Realty, which sold the 3 of the 5 most expensive properties in the province in 2009, believes a number of factors contribute to a strong luxury market. “Everyone talks about how interest rates are driving this market,” he states, “but out-of-town buyers are the primary force behind luxury real estate.”

That said, the luxury market is still subject to the whims of the economy. The move-up process – first-time condo to marital townhouse to family home to dream property – is still built upon first-time buyers entering the market, who, in turn, are most influenced by interest rates. This was most obvious in the beginning months of 2009 as luxury property sales lagged nearly 4 months behind first-time home transactions.

Moving forward, it looks as though the luxury market is poised to remain strong throughout 2010. Western Canada is a pleasant, safe place to live, and out-of-town and overseas buyers will continue to look to this market for both investment and pleasure. And with the eyes of the world focusing on Vancouver, the number of wealthy foreigners who know about Canada’s West Coast will only increase.

Top 5 sales in BC according to MLS:

1. $15.2 Million
2. $14.2 Million
3. $11.8 Million
4. $11.3 Million
5. $10.65 Million

February 2010 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911

Here are a few resources that will help you navigate the Olympics:

The road closures have already begun. If you have to drive be sure to check for closures and restrictions ahead of time. Many of the major downtown routes will have Olympic Vehicles only lanes. You might decide to walk or take public transport instead!

Visit travelsmart2010.ca for road closures and parking restriction maps.

Want to share a ride? Find ride matches at  ride-share.com.

Buses, Sky Train and Sea Bus maps and schedules

Did you know the Olympic Line is FREE?
The Olympic Line connects Granville Island to the Canada Line Olympic Village Station (Cambie Street and West 2nd Avenue) between January 21 and March 21, 2010.
For more information on the Olympic Line CLICK HERE

MAPS, MAPS AND MORE MAPS

From walking tours and routes, to a public art map and transportation routes for transport trucks, to a half dozen city maps of various kinds.  FIND THEM HERE

WHAT’S HAPPENING on and around the Olympics?

VANCOUVER2010.COM is the main website for the Olympics. You could spend hours on the site finding interesting stuff to do.

Information about the VENUES for both sporting and non-sporting events

CULTURAL FESTIVALS AND EVENTS

Not interested in sports, or want a good dose of culture too? There is so much to do you’ll want to hire a social secretary. For your dose of culture CLICK HERE

Let’s not forget about RICHMOND and   WHISTLER

This year Justin and I were once again recipients of The Mortgage Group’s Summit Award. The purpose of the Summit Awards is to acknowledge the top producing brokers in the company.

Part of the Summit Award was a trip to a Five Star resort in Mexico.

Here are Justin and myself with two other Summit Award winners, Monique Cornish and John Charbonneau.

Honest … we didn’t have THAT much to drink, but somehow they managed to get us to pose for the following.    Cast your vote for your favorite mortgage team costumes!

Surf and Turf Team Special

Team Arriba!!

We’re planning on even MORE fun next year!

Here’s a market update from our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.

Welcome to 2010!

Last year at this time, uncertainty from the financial sector spilled over into every facet of the economy. The housing market was hardest hit as buyers and sellers froze in fear of whatever bad news lurked around the corner. However, by April, it looked as though the worst of the crisis was over, and pent-up demand, especially amongst first-time buyers, began to thaw the frozen housing market.

Fast-forward to today and it’s almost as though the crisis never happened. In many areas, prices are back up to pre-financial crisis levels, and multiple offer situations have been occurring throughout the winter months – traditionally the real estate market’s coolest period.

This year, we are expecting that momentum to continue as the strength of the winter selling season moves into the traditionally stronger spring. The continued ascension from this most recent recession is expected to be a positive factor in the market, as will Canada’s new Approved Destination Status with China. In addition, there is mild optimism that the seven-year build-up to the Olympics will translate into greater economic activity throughout Western Canada, although the jury is still out on whether this will affect house sales activity or prices.

Regardless, 2010 is shaping up to be an interesting year on a number of fronts. I look forward to answering any questions you may have.

January 2010 Market Update

If you would like to learn more, please feel free to contact us by phone or by clicking on one of the links below:

Simon Clayton 604-764-0711

Kristie Marsden 778-836-4389

Jason Low 604-790-5276

Sandra Ens 604-263-1911

Jenny Stephanson 604-675-6214

Jason Feinstadt 604-263-1911

MacDonald Realty 604-263-1911