New infill guidelines on the way

Scott Larson, The StarPhoenix, October 30, 2014

"After about a year of discussion, new guidelines that would regulate infill housing will soon come before council.

"We have some good consensus," said Alan Wallace, the city's director of planning and development. The city is proposing changes to the zoning bylaw to ensure infill development in established residential areas is more compatible with existing neighbourhood development.

The changes have been recommended as part of the city's Neighbourhood Level Infill Strategy, which was approved by council in December 2013.

The new guidelines would regulate the way new homes can be built in old neighbourhoods along with garden and garage suites. The planning and development department originally went to council in May asking for changes to the zoning bylaw, but there was criticism from a number of groups."

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Paying off your mortgage faster can pay huge dividends

Article by CBC News, July 28, 2014

"Paying down your mortgage faster. It's one of those boilerplate suggestions that financial advisers love to make to their clients.  After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner.

So why isn't everyone doing that?

According to a spring analysis by the chief economist at the Canadian Association of Accredited Mortgage Professionals, only 35 per cent of Canadians with mortgages took some kind of action in the past year to speed up the date of their "burn the mortgage" party.  That suggests that almost two-thirds of those mortgage holders paid off their mortgages as the contract dictated, at least over the previous year. "

To read the full article, please click here.

Top Six Mortgage Features

Article by The Mortgage Group, August 13, 2014

"Real estate is a still a hot commodity in most parts of the country, and it's also a competitive market. Prices are rising and listings are in short supply. And everyone wants your business -- from realtors to mortgage lenders. Interest rates are low and competition among lenders to offer favourable rates is high.  However, it's always a good idea to read the fine print of these" low rates" to see if they are the best rate for your situation.

Steve Nipius, TMG's Deal Centre Manager has complied his Top Six Strategies to assist home buyers assess their mortgage offers to make sure they're getting what they need. It's important for consumers to understand what features are important to them before deciding on a lender based on interest rate alone."

To read the full article, please click here.

What Exactly is a Pre-Approval?

Steel Van Veen, April 17, 2014

"When the topic of a "pre-approval" comes up in my client meetings, I try to educate my clients as much as possible - and this usually means being VERY BLUNT about how this step works. Let me be  clear on one thing about a pre-approval, pre-application, pre-qualification, whatever you wish to call it. THERE IS NEVER A 100% GUARANTEE !!!

Clients will often be referred to me with the excuse, "The bank pre-approved me, but when we wrote and sent the deal in, CMHC turned us down". So it's CMHC's fault you were declined, or the bank's? 99% of those people blame CMHC, but its almost ALWAYS the banks fault. Usually this is due to lack of experience at the bank level, not being able to recognize an application that fits with our insurer's guidelines. Or perhaps, not structuring the deal properly to fit those guidelines.

Now it's not always the bank's fault, sometimes a deal doesn't fit plain and simple. But sending clients out there to shop for a home, when they clearly shouldn't be, just ins't right. You're getting their hopes up to be homeowners, when really they should be educated on why they don't qualify. Alternatively offering them another solution, such as the option of a co-signer.

I have had Realtors ask me (or rather tell me) that if a client is pre-approved, that means they are guaranteed the approval once the offer has been accepted. Then are just mind blown when the file comes back declined for some reason. This is especially true when a file is being sent in with less than 20% down, and needs Mortgage insurance from CMHC, Genworth or Canada Guaranty. The lender AND the insurer reserve the right to decline an application for any reason they see fit. They also take into consideration the home itself, not just the buyer. If the home doesn't meet the guidelines of the lender or insurer, an application can be declined on that alone, even if the buyer is fine."

Click here to read the full article.

Click here to view video:  Carrick Talks Money:  The mortgage that marries you to your lender.

Buying your first home:  Three steps to successful mortgage shopping

Document by the Government of Canada

Click here to read the document.

"Shawna has been amazingly patient with us :) she worked with us for more than 2 years while we tried to make up our mind on when was the right time for us to buy our home.  We moved into our new place last week and we are so very happy!!!  Shawna, you are now a friend to us, not just some mortgage lady!  I would recommend all my friends and family to go to Shawna and look forward to renewing our mortgage in the future with her!"

Harmony & Mike Cole, October 2014

Canada's condo-mania to blame for lack of affordable rentals:  OECD

Article by Tara Perkins, The Globe and Mail, June 12, 2014

"Canada appears to have a shortage of affordable rental housing, and condos are a big part of the problem, the Organization for Economic Co-operation and Development says.

“Rising house prices have worsened affordability disproportionately for renters, who tend to have lower incomes than homeowners,” the OECD says in a report that it released Wednesday about Canada. The proportion of pretax income over and above 30 per cent that households are spending on shelter is much higher for renters than for homeowners.

“Maintaining a dynamic stock of good-quality and affordable rental housing is important for supporting labour mobility and immigration as well as good social, health and educational outcomes,” the OECD says.

It points to the fact that condo construction has increasingly been crowding out apartment construction over the past decade. And, while many of those condos wind up being rented out, they tend to have higher rents and be a less stable supply of housing for tenants."

To read the full article, please click here.

"As a first time home buyer, getting into the real estate and mortgage world is quite a mountain to climb. Having Shawna MacDonald as our mortgage broker made the challenge not only conquerable but provided excellent understanding. Shawna was able to provide us with a very competitive rate all while concluding it with pride in her work. I will be definitely recommending Shawna to anyone looking to obtain a mortgage. Thank you so much for making this a reality!!!!"

Sheldon Goertzen, October 2014

Five signs you are ready to take the home-buying plunge

Article by Augusta Dwyer, Special to the Globe and Mail, August 12, 2014

"It may seem obvious, with today’s low interest rates, high rents and a strong housing market: If you’ve got the money, buy now.

But how to know when you are truly ready to make the leap?

Not everyone who would like to buy is actually prepared, financially and emotionally. Real estate experts have recognized signs that indicate when someone is, and meeting those criteria can make the difference between frustration and success."

To read the article, please click here.