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So here is a simple explanation of the new mortgage rules:


Clients purchasing a residence for their own personal use
  1. CMHC or GE insured mortgage require 5% down payment (1st time buyers)
  2. To avoid CMHC you need 20% down payment (not 25%)
  3. To qualify for a variable rate mortgage they must quality by using the 5 year fixed rate regardless of what you go for
Clients purchasing an investment property
  1. CMHC will no longer insure rental properties
  2. Clients must have 20% down payment (not 25%)
  3. The financial institution will only use 50% of the rental income to service the debt
So if you looking to buy either 1st time home or investment now is the time!



Best regards
Dean Birks


Royal LePage Prince George
Phone: 250-612-1709
Fax: 1-888-870-4132
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By Michelle Cyr-Whiting
Tuesday, February 23, 2010 11:47 AM


Architect's rendering of the Northern Cancer Lodge

Prince George, B.C. - The Canadian Cancer Society’s National President and CEO is in Prince George to see, first-hand, the local branch’s involvement in the Northern Cancer Control Strategy...

The society is taking a leadership role in establishing a Northern Cancer Lodge to support those undergoing treatment at the future Northern Cancer Treatment Centre. The lodge is estimated to cost between $12- and $13-million dollars, at this point -- its opening is hoped to coincide with the opening of the cancer centre in December of 2012.

President and CEO, Peter Goodhand, says the Canadian Cancer Society has between 12 and 15 similar facilities set up across the country. He says the lodges are “in essence, a home” for patients undergoing cancer treatment and their families – he says the environment needs to support people in the middle of treatment. He points...

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Friday, February 19, 2010 03:45 AM

by Bob Quinlan

Earlier this week, Federal Finance Minister Jim Flaherty announced the following changes:
1.        First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term. "This will guard against higher rates in the future," Flaherty said.  (Many of the better banks are already doing this, or close to it)
2.        Second, the rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent. (Using the entire equity in your home to consolidate debts or fund investments, renovations, vehicle, vacations not only puts the borrower at risk but also the lender. And some lenders have already taken this step)
3.        And finally, Ottawa will now...
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Today I drove by the University Hospital here in Prince George and just behind it they are starting the construction of the new 2 story Cancer Clinic with underground parking. The first thing they are building is the 3 story park aide for both the hospital & clinic staff.


Best regards
Dean Birks


Royal LePage Prince George
Phone: 250-612-1709
Fax: 1-888-870-4132
Read full post

There seems to be alot of misunderstanding about the new mortgage rules so here is the straight goods:
  1. Still 5% down for 1st time buyers
  2. Investors will need to pony up 20% down instead of 10% (CMHC Insured) starting in April. So if you looking to invest now is no better time in the Prince George market.


Cheers


Best regards
Dean Birks


Royal LePage Prince George
Phone: 250-612-1709
Fax: 1-888-870-4132
Read full post

What a great tool for checking out the neighborhood. Google maps now has 'Street View' for Prince George BC so when you click on any of my listings and then click on the street view icon you can now see what is around on that street address.


Best regards
Dean Birks


Royal LePage Prince George
Phone: 250-612-1709
Fax: 1-888-870-4132
Read full post

FYI -You can claim an amount of $5,000 for the Home Buyers' Tax Credit (HBTC) if both of the following apply:
  • you or your spouse or common-law partner acquire a qualifying home after January 27, 2009, (closing after this date); and
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or any of the four preceding years (first-time home buyer).


Best regards
Dean Birks


Royal LePage Prince George
Phone: 250-612-1709
Fax: 1-888-870-4132
Read full post
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