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Mortgage Rate Update

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This just in.
A signal from the Bank of Canada that it’s not raising its key lending rate any time soon, coupled with the likelihood of falling mortgage rates, could be enough to keep the latest housing rally going.
There have been signs the housing market is in recovery mode with year-over-year sales rising in many markets, albeit generally below 10-year averages. Analysts have called it a short-term blip caused by consumers rushing to buy to take advantage of pre approved mortgages signed 120 days ago when long-term rates were lower.
But with the Bank of Canada signalling last week it won’t be raising rates – its neutral stance could even mean lower rates – consumers can safely slide back into variable mortgages tied to prime that track the central bank rate.
The short-term rate option and the possibility long-term rates will follow has people worried the market may be recovering too fast for the taste of Ottawa, leaving Finance Minister Jim Flaherty with no choice but to tighten lending rules again.


This article was provide by Pat Pelletier
info@patpelletier.com
http://www.patpelletier.com

Kind Regards,
Tibor Bogdan

 

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This past 7 days we had 58 new listings.
35 Residential detached and 23 condominiums/town homes.

Here are all the new listings by the price ranges:
Residential Detached listings that have come on the market in the
last 7 days:

$300,000 - and under Click Here: http://goo.gl/ImYqXx

$301,000 to $400,000 - Click Here: http://goo.gl/W8CUim

$401,000 to $500,000 - Click Here: http://goo.gl/pzVRLE

$501,000 to $600,000 - Click Here: http://goo.gl/L5dcmN

$601,000 and up -         Click Here: http://goo.gl/Gd3NSW

Here are all the new Residential Attached Listings that have come
on the market in the last 7 Days.

$250,000 and less Click Here: http://goo.gl/qf1ePr

$251,000 and up   Click Here: http://goo.gl/VAgdUh

If you'd like to see any of these homes - I'm holding a
Chilliwack House Tour weekly for the month of November 1.
Tours times are: Every Saturday 10am - noon. Click here to join us:
http://SearchChilliwackHomes.com/area/chilliwack/tour.htm

I'll be back next week with all the new listings.
Warmly,

Tibor Bogdan
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PLUS: Here are ways I can help you today:

Get A FREE Guide To Real Estate Prices
http://www.SearchChilliwackHomes.com/area/chilliwack/guide.htm

Get FREE updates of all the new listings that come on the market
in any price range and area you choose:
http://www.SearchChilliwackHomes.com/area/chilliwack/marketwatch.htm

Find out about the best little-known loan programs available with
our FREE Home Loan Report:
http://www.SearchChilliwackHomes.com/area/chilliwack/homeloan.htm

Find Out How Much Your Home Is Worth
http://www.SearchChilliwackHomes.com/area/chilliwack/cma.htm

FREE eBook for Home Sellers
http://www.SearchChilliwackHomes.com/area/chilliwack/seller.htm

Weekly Tour of Homes
http://www.SearchChilliwackHomes.com/area/chilliwack/tour.htm

Search for Homes
http://www.SearchChilliwackHomes.com/area/chilliwack/searchhomes.htm

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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
 
Kind regards,
 
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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