Friday, January 22, 2010

Peterborough Celebrates New Affordable Housing

PETERBOROUGH, ON, January 22, 2010 — The Government of Canada, the Government of Ontario, and the City of Peterborough today celebrated the official opening of an affordable housing project. The project is supported by more than $2 million in funding under the Canada – Ontario Affordable Housing Program.

Dean Del Mastro, Member of Parliament for Peterborough, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation; Jeff Leal, Member of Provincial Parliament for Peterborough, on behalf of the Honourable Jim Bradley, Minister of Municipal Affairs and Housing; Henry Clarke, Deputy Mayor of Peterborough on behalf of Paul Ayotte, Mayor of Peterborough; and Bonnie Clark, Chair of Peterborough Housing Corporation made the announcement.

“This is great news for families and individuals in Peterborough. Our government is providing a hand-up to those families in need,” said MP Del Mastro. “Through projects like these, our government is stimulating the economy and creating jobs to help Canadians recover from the economic downturn.”

“The province is committed to helping people who live on lower or fixed incomes stay in their home communities,” said MPP Leal. “Investment in affordable housing is not only a fundamental support for individuals and families trying to break the cycle of poverty, it also improves job prospects and supports local trades and business.”
Today’s announcement recognized the official opening of 30 affordable housing units at Saunders Court, located at 130 Anson Street. The project for households with low incomes and persons with special needs is sponsored by the Peterborough Housing Corporation.

The federal and provincial allocations to the project were complemented by $355,459 in municipal financial incentives.

“Saunder’s Court is an exciting new development that will provide 30 new affordable housing units in the City of Peterborough,” said Mayor Paul Ayotte. “Peterborough Housing Corporation is to be congratulated for their continued efforts to create housing opportunities for low-income households in Peterborough.”

"We believe this building is our best effort yet", said Bonnie Clark, Chair of Peterborough Housing Corporation. “This site has been part of a continuum of service to the community for nearly a century, as both a refuge and home for those in need.”
The Canada – Ontario Affordable Housing Program Agreement comprises a commitment of $301 million from each of the two senior levels of government. In total, the federal, provincial and municipal governments will invest at least $734 million in the program, which will provide affordable housing for up to 20,000 households in Ontario.

In 2008, the Government of Canada committed more than $1.9 billion over the next five years to improve and build new affordable housing and to help the homeless. Canada's Economic Action Plan builds on this with an additional one-time investment of more than $2 billion over two years in new and existing social housing and lending of up to another $2 billion to municipalities for housing-related infrastructure. Combined for Ontario, this means a further $1.2-billion joint investment under the amended Canada – Ontario Affordable Housing Program Agreement. The federal and provincial governments are contributing equally to this overall investment.

Ontario is moving quickly to implement this additional funding. The province has already approved more than $224 million for construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.ca.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan. For more information on Canada’s Economic Action Plan, call 1-800-O Canada or visit www.actionplan.gc.ca.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Wednesday, January 20, 2010

Government of Canada Helps Expand Financing for Student Housing

LONDON, ONTARIO, January 20, 2010 — Ed Holder, Member of Parliament for London West, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today announced mortgage loan insurance policies to facilitate the financing of student housing in Canada.

“Our government is dedicated to meeting the increased demand for student housing across the country”, said Ed Holder, Member of Parliament for London West, “We’re helping developers and borrowers access competitive interest rates for the life of the mortgage, benefit from greater financing choices and lower renewal risk. Our government is supporting students and creating jobs in university and college communities across the country.”

The Government of Canada will help finance loans of up to 85 per cent of the lending value for the construction, purchase or refinancing of housing purposely built for students on or off campus through CMHC’s Mortgage Loan Insurance for multi-unit student housing. This initiative supports the housing needs of Canadian publicly-funded educational institutions, including universities and colleges.

The demand for student housing is anticipated to continue to increase for an extended period as a result of changing demographics, forecasted enrolment figures and continued growth in international students.

“Today's announcement is good news and will help developers in Canada respond to the housing needs of students,” said Ray Stanton, President of London Property Corporation.

The Government of Canada has taken additional measures to help Canadian families. As of August 1, 2009, new federal student financial assistance measures — the Canada Student Grants Program and the Repayment Assistance Plan — are helping students and families access post-secondary education and better manage their student loan debt. To find out more about how the Government of Canada is helping students achieve their educational goals, visit CanLearn.ca.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

Source: CMHC
It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Loonie falls 1.5 cents (U.S.) in biggest one-day drop since October 2009

The Canadian dollar fell to 95.47 cents (U.S.), a decline of 1.55 cents -- the biggest one-day decline since October 2009. The decline was attributed to a number of factors, including a Statistics Canada report that showed domestic inflation wasn't as strong in December as expected.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Tuesday, January 19, 2010

Bank of Canada Rate Remains Unchanged

Once again, the Bank of Canada announced it would keep the key interest rate at a record-low 0.25 per cent to achieve its inflation target of two per cent.
While the Bank said economic growth in Canada resumed in the third quarter of 2009 and there has been a slightly higher than expected rate of inflation in recent months, it reiterated that the economy is still lagging, particularly due to factors like a strong Canadian dollar and low levels of U.S. demand.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Monday, January 18, 2010

Large markets suffer as commercial vacancy rises in Canada

Office space vacancy rates in Canada are expected to rise to 10 per cent by year-end 2010, but there will eventually be a strong recovery in commercial real estate, said Avison Young in its annual report.

"Opinion remains divided on the question of whether Canada's economy will see the beginning of a sustainable recovery in 2010, or whether a further correction is to come before things start to look up," said Bill Argeropoulos, Avison Young's VP and director of research in Canada.

But he says Canada still remains in better shape than the U.S., and many others around the world, and "is poised for a more rapid recovery," particularly in the retail sector.

The downside of the report was the prediction that the national office space vacancy rate will likely rise by one per cent in 2010. Two of the country's strongest markets -- Calgary and Toronto -- have been hit the hardest, both with vacancy rates already just above 10 per cent. This has largely been due to new supply hitting the market, said the report.

Things could get even worse in Calgary, where office space vacancies are predicted to reach as high as 18 per cent by 2012, according to Avison Young. In Vancouver, the rate is expected to rise three percentage points higher than a year ago to reach eight per cent.

Source: www.mortgagebrokernews.ca

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Flurry of December home sales sets Canadian record

The Canadian housing market has roared into the new year at top speed, with existing home sales activity reaching the highest level ever for December, and with prices still rising.

According to statistics by the Canadian Real Estate Association, residential sales numbered 27,744 units in December 2009, a whopping 72 per cent above activity in December 2008. At this time last year, the CREA was reporting the lowest activity in a decade.

"Sales activity in 2009 came in like a lamb and went out like a lion," said CREA President Dale Ripplinger. "The continuation of unusually low interest rates may keep national sales activity near current levels over the coming months, as will a blip in housing demand in Ontario and British Columbia from homebuyers motivated to beat the introduction of the HST."

New records for the month of December were reported in Ontario, Quebec, Saskatchewan, New Brunswick, and Newfoundland & Labrador. The whole fourth quarterly performance of 2009 was also the strongest ever, with a seasonally adjusted 137,957 homes trading hands, up 2.6 per cent from the previous record set in the first quarter of 2007.

On an annual basis, the 2009 numbers were still down 10.7 per cent from the peak reached in 2007. The latest spurt has impacted prices, as the national average home price was up 19 per cent year-over-year in December to reach $337,410. Nearly all local markets saw new records set for average prices, according to CREA, with the exception of Alberta.

These results will likely continue fears of a housing bubble in Canada. CREA Chief Economist Gregory Klump says that is not the case, and the market could slowly start to correct itself in half a year. "Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer," he said.

Source: www.mortgagebrokernews.ca

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Thursday, January 14, 2010

U.S. foreclosures hit close to three million last year

The number of U.S. foreclosures hit a record-high 2.8 million properties in 2009, according to RealtyTrac, a 21 per cent jump from 2008.
The real estate data company said that while foreclosure prevention programs, including government-implemented loan modification programs, helped keep more homeowners in their homes, there is still a high level of re-defaults or bank repossessions. It predicted the high number of foreclosures will continue in 2010 due to an unemployment rate of over 10 per cent and wage cuts.

"Until the lenders start to get into principal balance reduction you're going to continue to see high re-default rates," Rick Sharga, senior vice president at RealtyTrac, said in an interview with Reuters, adding he hadn't seen any appetite for re-defaults on the part of the lenders.

While foreclosure rates in the U.S. dropped in the fourth quarter of 2009 compared to the rest of the year, December saw a 14 per cent jump in foreclosure notices compared to November, according to RealtyTrac. The company said California, Florida Arizona and Illinois accounted for more than half of all foreclosure actions in 2009.
Sharga told Reuters the U.S. housing market would see a "long, slow, and flat" recovery that "probably won't feel much better until 2013."

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Research shows Canadian mortgage market can manage risks

New data collected by CAAMP indicates homeowners are borrowing less, not more, than they can afford to borrow

Toronto, Ont. (January 14, 2010) – New research using data collected by the Canadian Association of Accredited Mortgage Professionals (CAAMP) from its corporate members strongly suggests that Canadian mortgage lenders and borrowers, including first time home buyers, are being extremely prudent with their borrowing and lending.

Last month, CAAMP surveyed members who issued more than 40,000 mortgage loans totalling $10 billion, which were funded during 2009 (the data is for home purchases only and excludes renewals or refinances of existing mortgages). The dataset represents about one-sixth of total mortgage activity for home purchases in Canada. The research is published in a report titled Revisiting the Mortgage Market – risk is small and contained.

Key findings include:

• 86 per cent of these home buyers chose fixed rate mortgages. This share fell late in the year as variable rates became more attractive (at 2.25 percent compared to 4 percent for fixed rates)
• Among borrowers who chose fixed rates, a significant number opted for longer terms – less than 5 per cent chose terms of two years or less. 20 percent took three year terms, 5 per cent four years, leaving 70 percent with a fixed rate for five years or more
• The vast majority of people who took out their first mortgage last year borrowed less than they could afford to, as their Gross Debt Service (“GDS”) ratios are far below allowed maximums, even at the higher interest rates that are used to qualifying them for their mortgage
• The high share of fixed rate mortgages and low GDS ratios for home buyers are contrary to perceptions that consumers and financial institutions are taking on more risk

“This new research shows that Canadians are assessing their abilities and vulnerabilities,” said Jim Murphy, AMP, President and CEO of CAAMP. “They are being prudent and the vast majority of Canadian mortgage borrowers are not taking on undue risks. They have factored rising interest rates in to their mortgage decisions.”

Will Dunning, CAAMP Chief Economist and author of this new report said that a small minority of homebuyers are cutting it close when it comes to affordability. He stressed that “this dataset is primarily focused on first-time homebuyers who are considered to be most at risk. Each year, about 2.5 to 3 per cent of Canadian households make a first-time home purchase. Our data shows that only a small percentage of them are pushing-the-envelope – about 4,000 households which amounts to a tiny fraction of the 13.25 million homeowners in Canada. For those who borrowed in prior years, risks are even lower.”

Speaking to the stress tests conducted by CAAMP, Dunning said that “the bottom line from the simulations is that even though mortgage payments will probably rise for most borrowers, the increase in their incomes will more than offset the higher payments. All in all, the degree of risk from rising mortgage rates appears to be small and manageable.”
Source: www.caamp.org

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Commissions Reach 9-Year Peak

Real estate commissions today are at the highest point since 2001, according to Bloomberg News Service, which combed through statistics from the NATIONAL ASSOCIATION of REALTORS® and Real Trends Inc. to get its results. Total commissions through November 2009 reached $40.6 billion, and the average payout for the year was 5.29 percent.

Agent pay initially begin its descent at the turn of the decade, when the housing market was first taking off. Brokers offered concessions in order to get listings, and discount brokerages cropped up to cash in on the sellers' market.

However, once the housing bubble burst in 2006 and property owners found it more difficult to unload their homes, commissions resumed an upward pattern and have remained on that trajectory for the past four years.

Higher commissions and more sales should not be equated with greater profit at brokerages, though. Brokerage income has been eroded by home-price declines as well as more interest in the lower end of the market due to 2009's first-time home buyer tax credit.

Source: United Press International, Steve Cook (01/10/10)

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Monday, January 11, 2010

Getting your home ready to sell

“You never get a second chance at a first impression.” We’ve all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind.

While logical factors such as price and location narrow the pool of houses a potential buyer will look at, the ultimate decision to buy a particular house is fuelled by a mixture of logic and emotion. And emotion often wins out. The same might be said for the process of selling a home. For this reason, Real Estate Agents, when they talk to you about buying real estate, will refer to your purchase as a “home.” When discussing the sale of your current home, however, an agent will refer to it as the “house.” This is a conscious choice. The agent knows that buying a house is often an emotional decision, while, when selling a house, emotion should be separated from the process.

Buyers are searching for a “home”—a place in which they will feel comfortable, secure, and happy, a place in which they can imagine settling down and raising their family. As a seller, your goal is to cultivate these feelings through the property you’re selling. Look at your house as a marketable commodity. A buyer’s emotional response is triggered early, so you want to ensure you have done everything you can to encourage a positive response to your house from the outset. Within minutes—even seconds—of pulling into your driveway, buyers have formed an impression that they will carry with them through the rest of the showing, and beyond. Keep in mind, this impression will not only influence whether or not they make an offer, but also what they consider to be the value of the property.

If you’ve ever visited model homes, you’re familiar with effective presentation styles. Have you ever walked into one of these homes and immediately begun taking stock, planning how to get your home to look that good? Well, now is the time to take some of these steps. Of course, there are ways to achieve the same effect in your own home without incurring model home costs.

When homes create this immediate type of emotional appeal, they tend to sell quickly—and for more money. Use the following step-by-step guide to get your house into selling shape before you put the property on the market, and you’ll be well on your way to a successful sale!

1. Outside the House

Work your way from the outside in. It is essential that your home possess a certain “drive-up appeal.” Remember, a potential buyer’s first impression of your house is formed while s/he is still sitting in the realtor’s car. So, first you need to view your house from this perspective. Go stand on the opposite curb and observe your property. Compare it to surrounding properties. Concentrate on the following four areas:

Landscaping:

How does your landscaping measure up compared to the rest of the neighbourhood? If you guess it would rate below-average, make a few adjustments. You might want to consider buying some bushes and planting them around the property. Do not buy trees, however—mature trees are expensive, so you will not see a return on your investment. And immature trees don’t tend to significantly improve the immediate appearance of your home.

If the problem with your yard isn’t a case of too little greenery, but rather too much, get out the pruning shears. The purpose of landscaping is to complement the home, not hide it. Overgrown shrubs should be sheared to a height near the bottom of the windows. Remove any ivy clinging to the side of the house. Tree limbs should be high enough that you’re able to walk beneath. Trim any branches that bar the way.

Your lawn should be freshly cut and watered, and an even colour. If there are brown spots, make sure you begin to remedy this well in advance of putting the house on the market. You may want to re-sod areas, and you need to make sure these spots are given enough time to grow, so they will match the existing lawn. Also, if you decide to use fertilizer, you’ll want to allow enough time for it to take effect. Rake up any leaves or grass cuttings.

Planting a few flowers is an easy way to add colour and vibrancy to your yard, enhancing the first impression of your home. Invest in a full flat of mature, colourful flowers, such as petunias or periwinkles, which last the length of the growing season. Do not buy bulbs or seeds—they won’t necessarily grow enough by the time you begin showing to achieve the desired effect. If you don’t have an area in which to plant flowers, consider purchasing a few flower pots for your porch and planting flowers or blooming plants.

If you have a pool, keep it sparkling and leaf-free.

House Exterior:

When you view your house from across the street, does it appear weathered or faded? If so, it’s probably time to treat it to a fresh coat of paint. This is usually a sound investment; new paint can do wonders to increase a home’s perceived value.

Stay away from unusual or loud colours. The new colour should fit in with surrounding houses, and complement the style and structure of your house.

Examine the roof closely. Old or leaking roofs should be replaced. If there are leaks, you’ll have to disclose this detail to the homebuyer anyway, and they will want it replaced. If there isn’t any apparent damage, however, wait for word from the home inspector before making repairs.

The Front Door and Porch:

The front door and surrounding area should look particularly fresh and welcoming, as this will be the buyer’s first up-close impression as they enter the house. If you paint nothing else, at least give the door a new coat. Replace the doorbell if it is broken and polish the door fixture until it gleams. Wash the mail box. Keep the porch swept and buy a new plush door mat. All of these little things will contribute to the overall effect of a well cared-for and welcoming home.

Ensure the lock works smoothly and the key fits properly. When a homebuyer visits your house, the Realtor will open the front door with a key. You don’t want the buyers’ first experience to be of waiting on the doorstep while the Realtor fumbles with the lock.

2. Depersonalize.

This should be one of your first steps when you begin preparing your house to sell. Over the years, a home inevitably becomes tattooed with the owners’ lives, covered with touches that have made it that special place for you. At this point, however, you want buyers to recognize it as a property they could make into their unique place. When a homebuyer walks into a room and sees these personalizing touches—such as photos on the walls or trophy collections—their ability to picture their own lives in this room is jarred, impairing a positive emotional response. So, your first step will be to remove all the family photos, the trophies, collectible items, and souvenirs. Pack them all together, so you’ll have everything you need at your disposal when it comes time to personalize your new home. For the time being, rent a storage space and keep these items there. Do notDo not hoard them away in a closet, basement, attic, or garage, as the next step in preparing your home is to minimize clutter—and these areas of your house will all be targeted. simply transfer these items to another place in your house.


3. Remove all clutter.


The next step on the list is to purge your house of the excess items that have accumulated over the years. This is the hardest part for many people, as they have an emotional investment in many of these things. When you have lived in a house for several years, a build-up of personal effects occurs that is often so gradual that you don’t notice the space is becoming cluttered. If you need to, bring in an objective friend to help point out areas that could stand to be cleared. Try to stand back yourself and see your house as a buyer might. Survey shelves, countertops, drawers, closets, the basement—all places where clutter often accumulates—to determine what needs to go. Use a system to help you decide: get rid of all items, for example, you haven’t used in the past five years, and pack up everything that you haven’t used in the past year. Although getting rid of some things might be hard, try to do it without conscience or remorse. You’ll be forced to go through this process anyway when you move, and with each box you eliminate, your storage space—and the room in general—begins to look larger. We’ve broken down the process into specific areas of your house to help you concentrate your efforts:


Kitchen:


The kitchen is an ideal place to begin, as it’s easy to spot and eliminate the type of clutter that tends to accumulate here. Homebuyers will open your drawers and cabinets as they’ll want to check if there will be enough room for their own belongings. If the drawers appear cluttered and crowded, this will give them the impression there is not enough space.

* First of all, remove everything from the counters, even the toaster (the toaster can be stored in a cabinet, and brought out when needed).
* Clean out all the cabinets and drawers. Put aside all of the dishes, pots and pans that you rarely use, then box them and put them in the storage unit you have rented (again, not in the basement or a closet).
* If you, like many people, have a “junk drawer,” clear this out.
* Get rid of the food items in the pantry that you don’t use. Begin to use up existing food—let what you have on your shelves dictate your menus from now on.
* Remove all extra cleaning supplies from the shelves beneath the sink. Make sure this area is as empty as possible. You should thoroughly clean this spot as well, and check for any water stains that might indicate leaking pipes. Buyers will look in most cabinets, and will notice any telltale signs of damage.

Closets:

* Go through all clothes and shoes. If you don’t wear something anymore, get rid of it. We all have those clothes, too, that we wear only once in awhile, but can’t bear to give away. Box these items and keep them in the storage unit for a few months.
* Go through all other personal items in the closet. Be ruthless. Weed out everything you don’t absolutely need.
* Remove any unsightly boxes from the back of the closet. Put them in storage if need be. Get everything off the floor. Closets should look as though they have enough room to hold additional items.

Furniture:

* You may want to tour a few model homes in order to gauge the type of

furniture chosen by design teams to create a spacious, yet comfortable atmosphere. Note how that furniture is arranged to cultivate a certain feeling.

* After having armed yourself with some ideas, stand back and look at each

of your rooms. What will you need to remove? Remember, most homes contain too much furniture for showings. These are items that you’ve grown comfortable with and that have become incorporated into your everyday routine. However, each room should offer a sense of spaciousness, so some furniture will likely need to be placed in storage.

Storage Areas:

* Basements, garages, attics, and sheds: these are the “junkyard” areas of

any given home. It is possible to arrange simple clutter into a certain order, but junk is sent packing to these often-hidden rooms. First, determine which of these boxes and items you actually need. Can some of it be sent to the dump once and for all?

* Hold a Garage Sale. You’ve heard the saying, “One person’s trash is

another’s treasure.” Let these items go to a better home.

* Transfer some items to the rental storage unit. You’ll want to clear the

storage areas in your house as much as possible, in order for them to appear spacious to potential home-buyers. Buyers want the reassurance that their own excess belongings will find places for storage in their new home.



4. Inside the House


Once you’ve cleared the house of excess items, you’ll have room to work on other areas.

Walls and Ceiling:

Examine all the ceilings and walls for water stains or dirt. We don’t often look closely at the walls that surround us, so be careful—there could be residual stains from leaks that have long been fixed, or an accumulation of dirt in an area you hadn’t noticed.

Painting the walls may be the best investment you can make when preparing your home to sell. You can do it yourself, and relatively inexpensively. Remember, the colours you choose should appeal to the widest range of buyers, not just to your own personal taste. A shade of off-white is the best bet for most rooms, as it makes the space appear larger and bright.

Carpet and Flooring:

Does your carpet appear old, or worn in areas? Is it an outdated colour or pattern? If the answer to either of these questions is yes, you should consider replacing it. You can find replacement carpeting that is relatively inexpensive. And always opt for neutral colours.

Any visibly broken floor tiles should be replaced. But make sure you don’t spend too much on these replacements. The goal isn’t to re-vamp the entire home, but, rather, to avoid causing any negative impressions due to noticeable damage or wear around the house.

Doors and Windows:

Check the entire house for any cracked or chipped window panes. If they are damaged in any way, replace them. Test all windows, as well, to ensure they open and close easily. Try spraying WD40 on any with which you’re having trouble. This should loosen them up.

The same can be done with sticking or creaking doors. A shot of WD40 on the hinges should make the creak disappear. Check to make sure each door knob turns smoothly and polish it to gleaming.

Odour Check:

Begin by airing out the house. Chances are, you’d be the last person to notice any strange or unpleasant smell that may be immediately apparent to visitors.

If you smoke indoors, you’ll want to minimize the smell before you show your home. Take your cigarettes outside for a period of time before you begin showing. Ozone sprays also help eliminate those lingering odours without leaving a masking, perfumed smell.

Be careful if you have a pet. You may have become used to the particular smell of your cat or dog. Make sure litter boxes are kept clean. Keep your dog outdoors as much as possible. You may want to intermittently sprinkle your carpets with carpet freshener as well.

Plumbing and Fixtures:

All sink fixtures should look shiny and fresh. Buy new ones if scrubbing fails to get them into shape. Replacing them can be done fairly easily and inexpensively. Check to make sure all hot and cold faucets are easy to turn and that none of the faucets leaks. If you do find a leaking faucet, change the washer. Again, this is an easy and inexpensive procedure.

Finally, check the water pressure of each faucet, and look for any stains on the porcelain of the sinks or tubs.

Once you’ve covered all these bases, your house will be in prime shape for its time on the market. Congratulations, you’re ready to begin showing!

It's Your Career - I'm here to Support YOU!

Constantine Isslamow

Real Estate Broker / Mortgage Broker

Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.

Independently Owned and Operated

Friends, followers, and connections are the way of the future.

Twitter / Facebook / LinkedIn / Blog

CENTUM Core Financial Inc. Brokerage License #: 10642

Constantine Isslamow License#: M08005391

Saturday, January 9, 2010

Here is a review of the Peterborough real estate market for the month of December 2009 compared to December 2008.

CLICK HERE to download attachment.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Mortgage Information

Historical Interest Rates
Some of you may remember when mortgage rates hit 21%-. Those were volatile and different times. In the last 10 years we have seen mortgage rates in the 3%-7% range. The market has changed dramatically.

The interest rates we have in Canada today are low compared to the past. This is another reason to consider the security of a fixed rate term. 20 years ago most people would lock in their mortgage rate for 25 years and never think about it again – now the typical choice is a 5 year fixed term mortgage and many people consider variable rates. When making a choice that is where the expert advice from CENTUM Core and a Mortgage Broker will make it easier for you.

Should I Take a Variable Rate Mortgage or Lock in My Rate Now?

This is not an easy decision on your own–that is where we can help you out. We take into consideration your risk tolerance – past rate trends–the current market–the future predictions – to help you make the best decision that you will be comfortable with. Variable rate mortgages are about 35% of the marketplace now. When you understand how a Variable Mortgage works—you will see that you will have the option to change or covert to a fixed term anytime you are in your term—most important is to get the RIGHT variable rate product because they can be tricky and they are not all alike—we know the preferred Variable products and give you access to them.

How About Short Term or Fully Open Mortgages?
Sometimes you have to consider your future plans before locking in your mortgage term and rate.

Are you going to move in 1 or 2 years? If so you might need a short term mortgage—since breaking long term mortgages can often cost thousands in penalties to break–so we will ask you about your future plans so you are guided properly. There are Fully Open Mortgages that allow you the opportunity to break them anytime without penalties or hassles... But you need to get the right one.

A lower Rate Can Cave You Big Bucks!
Because the mortgage most people require to buy a home is so large, a small difference in the interest rate can really add up over the life of a mortgage - usually 20 or 25 years. Here are some examples.

First, let's look at the total cost of buying a home with a mortgage. A $160,000 mortgage loan at an interest rate of 7 per cent will cost you an unbelievable $176,200 in interest over 25 years. That means your total outlay is $336,200, not including your down payment. The impact of interest rates on the cost of your mortgage is so great that even if you manage to only lower your interest rate by a fraction, you can significantly reduce that total price tag. For instance, if you reduce the interest rate in the above example by half a percentage point, you would save $14,685 over 25 years. Another effective way to cut your total bill is by paying the loan off faster. For instance, shortening the amortization (or life) of the mortgage to 20 years will save you $40,785 in interest.

Note that these calculations assume that interest rates will remain constant for the next two decades or more. Chances are they won't. When your mortgage comes up for renewal in six months or a year or five years, whatever term you have chosen, rates may be substantially higher - or lower. This will have a significant impact on your payments.

The Interest Rate Gamble
Each time your loan comes up for renewal, you are faced with the difficult choice between less expensive, short-term financing and more expensive, longer-term financing. Fortunately at CENTUM Core we can assist you in finding the best rates and best products available that are always changing. We take into consideration all the lenders in the business and rate specials that come available only to our company — this way you have access many opportunities instead of dealing with just one lender!

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Importance of Credit Score

Your credit score and underlying history is one of your most vital parts of your financial life. Your credit score follows you forever and it will play a huge role in many major financial situations throughout your life. Many people think that a credit score only really matters when it comes to being approved for a loan or credit card, but it goes far beyond that. An increasingly common and somewhat controversial practice is taking place as employers check the credit of prospective new employees. The argument for doing this is that employers believe they can use credit history to determine responsibility.

Your BEACON score is calculated based on the information contained in your Equifax credit history. While knowing your actual score is a good start, understanding the key factors affecting your BEACON score is much more important. These factors will provide you direction on how you can increase or maintain your BEACON score over time. Your BEACON score is crucial in how the lenders see you.

An initial way for improving your score is to make sure your credit report has no errors. Even small errors can fundamentally hurt your score. If you presume that your low score has been caused by the inaccuracy, and then you must contact the credit reporting agencies and request them regarding the correct the errors in your report. There are different types of inquiries that reside on your credit bureau report.

The score only considers those inquiries that were posted as a result of you applying for credit. Other types of inquiries, such as account review inquiries (where a lender with whom you have an account has received your credit report) or consumer disclosure inquiries (where you have requested a copy of your own report) are not considered by the score. The scores can identify "rate shopping" so that one credit search leading to multiple inquiries being reported is usually only counted as a single inquiry. For most consumers, the presence of a few inquiries on your credit file has a limited impact on BEACON scores.

A common misperception is that every single inquiry will drop your score a certain number of points. This is not true. The impact of inquiries on your score will vary - depending on your overall credit profile. Inquiries will usually have a larger impact on the score for consumers with limited credit history and on consumers with previous late payments. The most prudent action to raise your score over time is to apply for credit only when you need it.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391

Mortgage Myths

Applying for a mortgage can be intimidating. At times, it can appear downright scary. But that fear often comes from a lack of knowledge, and there are many misunderstandings when it comes to mortgages. To help you better understand the process, we explain a few common areas of confusion.

1) A pre-approval is the same as an approval.

Many people think that once a lender for a mortgage has pre-approved them, they are guaranteed an approval. But this is not always the case.
More than anything else, a preapproval represents an interest rate guarantee. There is still plenty of paperwork to be done as lenders examine more closely one’s source(s) of income and confirming documents. If they find something they don't like, or that you did not reveal in your initial application, your application could be declined.

Mortgage lenders determine what you can afford based on your salary alone. For example, if you reported that you earned $50,000 of income during the past year and a portion of that came from working overtime or receiving a bonus, both of which can vary from year to year, the lender will find out and may change the terms of the deal. Always be upfront with your lender.

In the case of high-ratio mortgages (mortgaging more than 80% of the purchase price of a house), the insurer, the Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial, has final approval. However in most cases, if the lender has approved you and your income is not in question and you have good credit, the insurer will generally grant you an approval as well.

Nevertheless, there is always some risk associated with obtaining an approval. As such, it is prudent to add a financing condition to your offer to purchase. This way, if financing happens to fall through for whatever reason, you will not lose any deposit you may have put down.

2) Self-employed people cannot qualify for a mortgage

Lending institutions’ attitudes toward the self-employed have improved over the years.

There are many different products now available for self-employed individuals. Lenders tend to view self-employed persons on a case-by-case basis. As a rule, lenders are looking for a good credit score, a two to three year history of self-employed income and no outstanding taxes. If you fit this description, you should have no difficulty securing a mortgage.

3) You need a down payment of at least 25%

In fact, you can put down as little as 5%.

To do this, you must obtain a high-ratio mortgage, securing an insured mortgage through CMHC or Genworth. In this process you will incur added costs, including a one-time insurance premium that can either be added to the principal balance of your mortgage as part of the loan or in a lump sum. But as long as you have at least a 5% down payment, you should have no trouble securing a mortgage.

4) You can't borrow your down payment

There are restrictions, but lenders are far more flexible in this regard than they have been in the past. Monetary gifts are perfectly acceptable as long as they are from an immediate family member. Your lender wants to ensure that what you are getting is actually a gift and that you are not incurring additional debt that will need to be repaid.

Some “B” lenders are even more flexible than banks in this regard, but you will pay for that flexibility with higher fees and interest rates.

5) Those with poor credit cannot obtain a mortgage

Lenders are aware that people and circumstances change. A student who maxed out his first credit card in university and defaulted on payments will not pay for his mistakes forever.

Many lenders look for a year to 18 months of good credit. A good and easy way to rebuild a tarnished credit rating is by applying for a major credit card, making a few small purchases on it each month, and paying the balance on time for 12 months or so. Alternatively, you could apply for an RRSP loan as a way to rebuild your credit. Not only will this help you establish a history of installment payments, but you can also borrow from that RRSP to form a down payment for a house.

6) If you've ever declared bankruptcy, getting a mortgage is impossible

Bankruptcy does not have to put an end to one’s dream of becoming a homeowner.
If one has a 25% down payment, one can secure a mortgage directly after their bankruptcy is discharged.

Mortgages with smaller down payments are also an option. CMHC will consider a borrower whose bankruptcy has been discharged for two to three years and has since established a good credit rating.

7) Private lenders are like loan sharks

Private lenders are not loan sharks; they are simply offering something the major banks are unable to. Private lenders can be a sensible alternative for those working on establishing or re-establishing a good credit rating.

Private lenders do tend to charge higher interest rates than major banks or “A” lenders, but they are usually flexible and tend to play a short-term role until the borrower qualifies for lower interest financing from a conventional lender.

When you are shopping for a mortgage, avoid making assumptions. Ask questions if you do not understand something and ensure you know the terms of your mortgage. Knowledge is power and at the very least, becoming familiar with the mortgage process will make it seem less.

When you're looking for a mortgage, don't assume anything -- ask questions and ensure you know the meaning of the terms being bandied around. Knowledge is power, and at the very least, it will make the process appear less daunting.

It's Your Career - I'm here to Support YOU!
Constantine Isslamow
Real Estate Broker / Mortgage Broker
Century 21United Realty Inc. Brokerage / CENTUM Core Financial Inc.
Independently Owned and Operated
Friends, followers, and connections are the way of the future.
Twitter / Facebook / LinkedIn / Blog
CENTUM Core Financial Inc. Brokerage License #: 10642
Constantine Isslamow License#: M08005391