Special Features - Real Estate Resource Guide

real estateRESOURCE GUIDE 2012

2 - Abbotsford News 2012 Real Estate Resource Guide

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Abbotsford News 2012 Real Estate Resource Guide - 3

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Looking for greater affordability?Head to the Fraser Valley

SURREY, BC – According to the president of the Fraser Valley Real Estate Board (FVREB), international affordability studies re-garding Vancouver are misleading because they don’t refl ect the reality that homebuyers purchase more affordable homes every day in neighbouring communities.

Sukh Sidhu is a REALTOR® who lives and works in Abbotsford. “So far this month, over 50 homebuyers in the Fraser Valley have purchased a condo for $199,000 or less and over 100 families are now proud owners of townhomes valued at $399,000 or less.

“About one-third of our buyers are fi rst-timers and two-thirds are using equity from an existing home to either buy up or down-size and they’re thrilled with the value and benefi ts home owner-ship provides.”

According to a recent Demographia International Housing Affordability Survey, Vancouver ranks the second most unafford-able major housing market in the world based on median house-hold income and a median home price of $678,000.

Based on January sales to date, the median home price in Fraser Valley is $405,000. Sidhu says, “To buy that home, you would need about $80,000 as a household income, however to buy a typical condo or townhome in Surrey or Abbotsford for example, you need less than $60,000 as a household income.

“We’re not suggesting that affordability isn’t an issue in Greater

Vancouver. In fact, REALTORS® in BC are amongst the most active proponents of strategies to make home ownership more accessible. What we are saying is that these broad, general stud-ies don’t refl ect what’s really happening within the local housing market.”

The FVREB is scheduled to release its fi nal January month-end sales statistics from its Multiple Listing Service® during the fi rst week of February.

Courtesy of the Fraser Valley Real Estate Board

The Fraser Valley Real Estate Boardis an association of

2,893 real estate professionals who liveand work in the communities of

North Delta, Surrey, White Rock, Langley,Abbotsford, and Mission, British Columbia.

The FVREB marked its 90-year anniversary in 2011.


Thinking of selling in 2012? How a REALTOR® can help

You may be surprised to learn that some people are willing to take the chance of gambling with the largest single investment they may ever make in their lifetime – namely the sale of their home.

Selling a home without the help of a profession-al is not as easy as it may appear to the uninitiated. Why should you use a REALTOR®? Ask yourself the following questions:

Do I know the home’s true market value or re-placement value?

Am I aware of the legal ins and outs?Can I arrange suitable fi nancing? Can I qualify a potential purchaser?Can I negotiate a successful close?Can I write an enforceable contract?Since today’s complex market demands exper-

tise and resources not available to the average consumer, there are many compelling reasons why you should enlist the professional services of a REALTOR®, not the least of which is that REALTORS® commit to protecting your interests and put that obligation in writing. Here are other

great reasons to hire a REALTOR®:• Statistics prove you will sell your home faster,

and chances are for a higher amount, when you use the services of a REALTOR®.

• When you work with a member of the Fraser Valley Real Estate Board, your home will get maximum exposure through the Board’s Multiple Listing Service® (MLS®).

• No one knows your neighbourhood, market conditions and property values better than a local REALTOR®.

• Your REALTOR® has been educated on the complex laws and regulations in real estate and is trained to put together a legally binding contract.

• Negotiating price is a skill. Your REALTOR® will negotiate objectively to get the best pos-sible price for your home.

Save yourself the time, stress and risk. Call an expert. REALTORS® are real estate marketing spe-cialists. Let them deliver the professional service you deserve.

Abbotsford - According to industry experts, there are over 33 physical problems that will come under scrutiny during a home inspection when your home is for sale. A new report has been prepared which identi es the eleven most common of these problems, and what you should know about them before you list your home for sale.

Whether you own an old home or a brand new one, there are a number of things that can fall short of requirements dur-ing a home inspection. If not identi ed and dealt with, any of these 11 items could cost you dearly in terms of repair. That’s why it’s critical that you read this report before you list your home. If you wait until the building inspector ags these issues for you, you will almost certainly experience costly delays in the close of your home sale or, worse, turn prospective buyers

away altogether. In most cases, you can make a reasonable pre-inspection yourself if you know what you’re looking for, and knowing what you’re looking for can help you prevent little problems from growing into costly and unmanageable ones.

To help homesellers deal with this issue before their homes are listed, a free report entitled “11 Things You Need to Know to Pass Your Home Inspection” has been compiled which ex-plains the issues involved.

To hear a brief recorded message about how to order your FREE copy of this report, call toll-free 1-800-478-1805 and enter 2003. You can call any time, 24 hours a day, 7 days a week. Get your free special report NOW to learn how to ensure a home inspection doesn’t cost you the sale of your home.

11 Critical Home Inspection Traps to be Aware of Weeks Before Listing Your

Home for Sale

This report is courtesy of mako @ keller williams realty. Not intended to solicit buyers or sellers currently under contract. Copyright © 2011.

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Landsculpting, or landscaping as it is more commonly known, is an art form that has been practiced by humans for thousands of years. Indeed, astounding earthworks are the only remaining traces of many a vanished and ancient civilization. Today, we continue this tradition of forming the land in an expression of our highest aspirations. Whether on the monumental scale of city urban planning, or the modest pocket-garden, we cultivate more than just plants in the earth we shape. We form the world and in turn, it forms us. Paths invite, draw, and lead us to spaces of congregation, and sanctuary; spaces, which by design, inspire the way we interact with the world.

A true landscaper is a child dreamily digging in the mud, or the architect of a pyramid to endure the ages. To become a mas-ter at it requires a career commitment, passion, years of dedica-tion and international experience.

Landsculpting is landscaping in its highest form. Too often landscaping is thought of as yard maintenance, that is, mowing, raking and weeding… tasks that the “boy next door” is perfectly capable of… then later and without any formal training, as he gets busier, the boy next door graduates from lawn-mowing, when he buys a beat-up old pick-up-truck and begins to offer his services as a landscaper. However, this does not make him a landscaper. Without the years of formal specialty schooling and apprentice-ship coupled with a decade of hands-on, in-depth training, while gaining vast experience under the supervision of his trainer and mentor, “the boy next door” cannot respond properly to the vast array of challenges involved, in true landscaping.

Indeed, the ‘profession of landscaping’ is a complex and di-verse discipline, and much more than a way to earn pocket-mon-ey during the summer.

In fact the knowledge base is so wide-ranging that only a team with comprehensive skills, combining the science and artistry of architecture, the know-how and craftsmanship of construction, with knowledge in domains as diverse as horticulture, botany, engineering, urbanism, sociology, etc. can meet the tremen-

Landsculpting

Stonehenge

Courtesy of The Lifestyle Consulting & Designwww.outdoor-spaces-.com

Continued on page 6


dously rich callings of landscaping. Only a true artist can rise to the vocation of landsculpting.

Construction materials and techniques employed in their instal-lation span from those traditionally used, to the latest cutting-edge and ‘green’ technologies. Every material is a world unto itself, with its associated specialized-trade requiring years to master.

The successful landscaper will not try to master them all… this can only lead to mediocrity.

To truly succeed, and become a master of his trade, he will need to orchestrate the best-skilled of these highly special-ized trades in a coordinated team of specialists and distinguished craftsmen. Ideally, this crew functions like a well-oiled machine, all working together for a professional, experienced, fi nely-tuned, and one-stop organization, such as www.out-door-spaces-inc.com and, under the supervision of a master craftsman.

The advantages of having a single company take care of a clients’ various outdoor living concerns are multi-fold: fi rst of all, this unifi ed crew can master the most ef-fi cient and logical sequence for the diverse elements to be built, consequently maximizing the use of labour, materials and machinery. Secondly, many elements tie-in together and certain functions overlap. A stable, well-coordinated team will be able to reduce redundancies. Another advantage is from a planning and execution perspective. Simply. The entire process is seamless, and the fi nished product can be delivered within reduced timelines. An important factor to consider is warranties: it is impossible to guarantee work that numerous constructors have been involved with. Finally, and certainly of importance to most clients, is the clar-ity and simplicity of having one company to deal with, from design through to fi nal product.

Homeowners who understand the rich benefi ts of developing their landscape, are rewarded by much more than accrued prop-erty value. Their lifestyles are enhanced immeasurably. Humans thrive on fresh air, beauty and peace. We all need a sanctuary to escape the turmoil of life, reconnecting with the elements and ourselves. The projects that landscapers design and build provide secure environments of beauty, with the power to transform lives for generations. However, when poorly executed, they can result in unsightly, ineffi cient spaces, which can lead to property dam-age, even loss of life. This is why it is paramount to work with a

master landscaper, who can offer superior dimensions of outdoor experience.

So much of the landscape lies beneath the surface; invisible, yet of extreme importance. If neglected or incorrectly installed, vital elements, such as proper drainage and adequate sub-base mate-rials, can have extensive negative consequences. Retaining walls that fail produce disastrous landslides. Heaving ground, due to temperature and humidity variations, places pressure on build-ings, walls and paths, deforming and ultimately destroying these constructions. With the right precautions, these built elements

can endure natural weathering gracefully, providing a lifetime of service.

“Water will always fi nd a way.” This fun-damental guiding-principle, if fully inte-

grated, can ensure the longevity of our built environment. The fi rst steps to control the damage of fl owing water, or stagnation of sitting water, are the comprehension of soils, climatic con-

ditions, and how best to respond to the lay of the land in order to properly direct

water. As well as applying the appropriate methods and technologies to remedy any given

hydrodynamic situation, will alleviate the devastating re-sults of the eroding passage and accumulation of water.

A healthful site has a perfect balance of irrigation and drainage, allowing the grounds to breathe, while maintaining the correct humidity levels for optimal growth. Even in climates with ample precipitation, careful provisions must be made for the brief, hot intervals that can exterminate plant life.

Water is the ultimate source of life, and mastering it is one of the most serious aspects of landscaping, giving demanding challenges to even the most seasoned landscapers. Often, the culminating touch in a garden is its water feature, which offers serenity with dreamy refl ections, and gurgling songs…

While landscaping is a highly technical fi eld, it is also a high art form. The art of landscaping, or landsculpting, lies in harmonizing all the technical parameters with the human concerns of land usage, while also producing an aesthetic and meaningful environment. Like all great works of art, there remains an element of mystery in what imbues a landscape with that spark of inspiration, elevating it to art. Experience, married with talent and dedication are essential ingredients. The landscaper needs to have a strong vision, unen-cumbered by common practice, and be able to uncover unique so-lutions that can be executed with creativity and mastery.

The genius of André Lenôtre, 17th Century French Landscaper, Chateau de Versailles

Continued from page 5

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10 questionsto ask your Realtor:

nsor:or

If you have decided to sell your home, and you’re looking for a REALTOR® here are questions to help you decide who will best fi t your needs.

1. How long have you been a REALTOR®? A new REALTOR®

can do a wonderful job and will have up-to-date training. Those in the business longer bring practical experience to the table.

2. What is your average list-to-sales ratio? A good REALTOR®

should hold a track record for how many properties they have listed compared to how many they have sold within a given time period. In a good market, there would be about six sales for every 10 listings. In a poor market, there would be about four sales for every 10 listings.

3. How will your marketing plan meet my needs? Specifi cally, how will you sell my home? Where and how often will you ad-vertise? Do you have sample fl yer, advertisements, and web copy?

4. Will you provide references? Ask if you can talk to past clients. Then follow up and talk to them.

5. What separates you from your competition? Key phrases to listen for: assertive, available by phone or e-mail, analytical,

able to maintain a good sense of humour under trying circum-stances.

6. May I review documents that I will be asked to sign? A good REALTOR® makes forms available to you before you are required to sign them. Ask to see agency disclosure, listing agreement, seller disclosure forms.

7. How will you help me fi nd other professionals? Ask for a written list of referring vendors. Get an explanation if you see the term “affi liated.” It could mean the REALTOR® is getting compensation from vendors.

8. How much do you charge? You don’t have to ask if the fee is negotiable, since all real estate fees are negotiated.

9. What kind of guarantee do you offer? If you sign a list-ing agreement with the REALTOR® and later fi nd that you are unhappy with the arrangement, will the REALTOR® let you cancel the agreement?

10. What haven’t I asked you that I need to know? Pay close attention to how the REALTOR® answers this question, be-cause there is always something you need to know.

Courtesy of the Greater Vancouver Real Estate Board


[email protected]@JohnCorrie.Com

www.JohnCorrie.com

JOHNJOHNCORRIE

Little Oak RealtyLittle Oak Realty

E X P E R I E N C E C O U N T S

Carole Ball604.859.2341 www.caroleball.comTop 3% of Realtors in The Fraser Valley Board (F.V.R.E.B.)

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RE/MAX Little Oak Realty #9 - 2630 Bourquin Cr. West, Abbotsford

EACH OFFICE INDEPENDENTLY OWNED & OPERATED

Why not give the Ball a call?

When it comes to buying a home…you know who to call

When you make the decision to invest in a new home, sell your current home and fi nd another, or perhaps lease offi ce space to launch your new business, most people fi rst think of hiring a REALTOR®. For good reason. REALTORS® have the knowledge, skills and experience to help.

In 2011, REALTORS® in the Fraser Valley facilitated over 15,500 sales and listed over 31,500 residential and commercial properties on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). Through the assistance of REALTORS®, over 7.7 billion dollars worth of real estate has exchanged hands.

Why are so many working with a REALTOR®? Let’s take a closer look. REALTORS® #1 job is to protect your interests

When you’re dealing with a major invest-ment, such as property, you need to know that the people you have working for you are on your side. When you entrust a REALTOR® to serve as your agent, you get exactly this.

Through agency, REALTORS® are le-gally obligated to protect and promote the interests of their clients, as they would their own. They must:

• provide undivided loyalty to their client;• obey all lawful instructions of their client;• keep the confi dences of their client;• exercise reasonable care and skill in perform-

ing all assigned duties; and,• account for all money and property while acting for

their client.

This means that your REALTOR® is working for you and only you. They will be committed to ensuring you, as their client, un-derstand the details of the transaction and will negotiate in your best interest. REALTORS® listen and explain

Real estate transactions can get very complex, very quickly. Luckily, REALTORS® know what to watch out for and can help explain.

Concerned about whether that secondary suite in the house you’re looking at concurs with municipal by-laws? REALTORS® know how to fi nd out; and whether there are any special condi-

tions for a particular neighbourhood. Not sure how to best price your extensively renovated home in a

fl uctuating market? Wondering how to sell your business when it’s time to retire? Looking for a wonderful neighbourhood in which to settle down and raise your family? REALTORS® are a tremen-dous resource.

REALTORS® not only listen carefully to your requirements and explain the details of the transaction, they often pick up on un-spoken needs and can suggest options that you may not have even

considered, but turn out to be exactly what you want. REALTORS® adhere to a higher standard

What is the difference between a REALTOR® and a real estate agent? The term REALTOR®

is a trademark, and can only be used by mem-bers of the Canadian Real Estate Association (CREA). It signifi es membership and a com-mitment to pledge to a higher standard and to abide by Rules, By-laws, Standards of Business Practice and the REALTOR® Code of Ethics.

Why does this matter? It means that REALTORS® are committed to:

• professional competent service;• absolute honesty and integrity in business

dealings;• cooperation with and fairness to all; and,

• personal accountability through compliance with CREA’s Standards of Business Practice.

Not all those who are licensed to practice real estate in BC choose to become a REALTOR®; it’s optional. Those who do choose to become a REALTOR® hold themselves and their peers to a higher standard. In addition to pledging to these standards, REALTORS® in BC are required to meet ongoing professional development requirements, not only to maintain their real estate licence, but also to maintain their membership with their local professional association.

Though the market has seen its ups and downs over the last few years, one thing is certain. There are always people looking to buy and always people looking to sell. In the Fraser Valley, there are nearly 3,000 professional REALTORS® who can help.


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Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. © 2011 Century 21 Canada Limited Partnership®™ Trademarks of AIR MILES International Trading B.V. Used under license by LoyaltyOne, Inc. and Century 21 Canada Limited Partnership.

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CENTURY 21 AGENTS ARE


Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. © 2011 Century 21 Canada Limited Partnership®™ Trademarks of AIR MILES International Trading B.V. Used under license by LoyaltyOne, Inc. and Century 21 Canada Limited Partnership.

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By facing your new fi nancial responsibilities head-on, you may even manage to dodge some of them. Don’t forget to ask your REALTOR® about these and other costs when calculating the total cost of your new home.Mortgage costs• Mortgage fi nancing rules - January 2011• Mortgage company’s lawyer or notary• Appraisal, if applicable• Land title registration fee

Mortgage loan insurance and application fee - if you get a high-ratio mortgage (where you pay less than a 20% down payment) you will have to buy the mortgage loan insurance from CMHC or a private company. Legal or notary fees and expenses• Title search• Investigating title• Drafting documents• Land title registration feeProperty transfer tax • Pre-paid property taxes or utility bills• You will need to reimburse the sellers for any prepayments.HST• When you buy a newly constructed home, you must pay the

12% HST.However, new home buyers can apply for a rebate of the federal

portion of the HST (the 5% GST) if the purchase price is less than

$350,000. The rebate is up to 36% of the GST to a maximum re-bate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.For more information:HST residential advisoryCanada Revenue Agency - GST new housing rebateAppraisal feeBefore your lender approves your mortgage, you may be re-quired to have an appraisal done. Sometimes your lender will cover this cost, if not, you are responsible. The fee ranges from $150 to $350.Home inspection fee

A home inspection is a report on the condition of the home that can alert you to any potential issues such as moisture problems, pyrite, radon gas or urea-formaldehyde. The fee is about $500 to $700, depending on the size and complexity of the inspection.Home insurance

To be safe, make the insurance effective on the earlier of either the completion date or the date that you pay the balance of the funds in trust.Survey fee

Your lender may require an up-to-date survey of the property. If the seller does not provide the document, you will have to pay to have one done. The fee ranges form $150 to $350.Moving fees

Maintenance and utility costs of your new home

Costs of buying a homeCourtesy of the Greater Vancouver Real Estate Board


Irene KluskaREAL ESTATE PROFESSIONAL

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Helpingyou is

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Irene is dedicated to helping you. Call to get the expert advice and dependable service you need to make the most from your home!


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When you decide to buy a property, your REALTOR® will pre-pare what is known as an Offer to Purchase. The standard form used for this is called the Contract of Purchase and Sale. Once accepted by the parties it becomes the contract between the buyer and seller.

Verbal offers – It’s important to note that while any verbal com-munication about offers, counter-offers and acceptance of offers can be useful to the parties, in British Columbia; a contract deal-ing with land is not enforceable against the parties unless it has been made in writing and properly signed by all parties to the contract. If you do not have a written contract, agreed to by all the parties, then you do not have an enforceable real estate contract.

Offer to purchase – It contains the date of your offer, the descrip-tion of the property you are making the offer on, the amount of your deposit, the amount you are offering (based on data pro-vided by your REALTOR®), the amount you intend as your down payment and fi nancing details, as well as your name and address and the name and address of the owner of the property you want to buy, subject-to clauses, closing dates, and any special require-ments you want to impose on sellers (for example, you want the kitchen appliances).

Presentation of offer – Once your offer has been prepared and you have signed it, it will be presented to the seller without delay through the seller’s REALTOR® (unless otherwise instructed by the seller).

Buyers’ REALTORS® have a right to be present when their buy-ers’ offers are presented to sellers unless the seller has given his/her REALTOR® written instructions to the contrary.

Sellers’ REALTORS® are obligated to advise buyers’ REALTORS® in advance if more than one offer is to be presented unless they have received written instructions from the seller to do otherwise. If more than one offer is being presented, the offers are present-ed to the seller in the order in which they were written. Buyers’ REALTORS® may only be present when their own buyer’s offer is presented to the seller.

Decision time – Once all the offers have been presented, the sell-er’s REALTOR® and the seller consult in private and decide how they will deal with the offer(s).

Sellers are entitled to deal with offers as they choose. Sellers do not have to accept an offer even if it is for the full asking price. Sellers are not obligated to counter an offer or otherwise respond to an offer, although most do.

In multiple offer presentations, the seller can accept or counter any offer of his/her choosing, and is not bound to deal with the highest or fi rst offer if s/he does not wish to do so.

Sellers’ REALTORS® are obligated to advise buyers’ REALTORS® of the seller’s decision in writing, if they are asked to. Seller’s REALTORS® are not obligated to disclose any information about other buyers’ offers nor the seller’s reasons for dealing with a par-ticular offer.

As agents for their clients, both sellers’ and buyers’ REALTORS®

must not reveal confi dential information about their clients.Remember: even though a REALTOR® has drafted the buyer’s

offer he/she is not a party to that contract. REALTORS® cannot force their clients to fulfi l contractual terms (or to deal with your offer).

What is an offer to purchase?Courtesy of the Greater Vancouver Real Estate Board


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When you’re looking to buy a home, it’s important to under-stand the steps for getting a mortgage.Mortgage terminology:

Before approaching lenders, you should get to know some basic mortgage concepts. Get pre-approved:

Pre-approval of a mortgage is when your lender has reviewed all your fi nancial information and has determined the maximum amount of money you can borrow. The advantages include that you:• know how much you can borrow, so you don’t waste time look-

ing at properties you can’t afford• don’t have to worry about rising interst rates while shopping for

a home, as usually the mortgage borker will guarentee the cur-rent interest rate for 60 to 90 days

• have an edge when you make an offer, because the seller knows you’re more likely to get a loan

• save time when you apply for your loan because you’ve already assembled your paperwork

Where to get pre-approved:Many banks and fi nancial institutions are competing for your

business so it makes sense to shop around for a mortgage. Most lenders will reduce their posted interest rate so don’t be shy about bargaining. Your ability to bargain for a low rate and a fl exible mortgage will often depend on how much business you have with the institution. You can contact banks and credit unions directly, or work with a mortgage broker. A broker will help you fi nd a lender and the best mortgage package.

Once you have selected your lender, you will need to provide your fi nancial information.

Your lender will want the following:• personal information such as number of dependents and mari-

tal status• details of employment, including a letter from your employer

verifying your salary• banking and investment information• details of your assets (i.e.- a car, other property)• information on loans and other liabilities• permission to do a credit check

After your application is complete, you will know how much you can borrow and you will be ready to start searching for a home.Mortgage payment tips:

Whether you’re a fi rst-time buyer or you’ve decided to refi nance your home, consider the following money-saving steps when cal-culating your mortgage payments:

By shortening your loan repayment or amortization period to 20 years from 25 years, you’ll pay your mortgage off fi ve years sooner. You’ll pay higher monthly payments, but you’ll build equity faster and you’ll pay less in interest over the long term.

Apply for a prepayment option. If you receive one, you can di-rectly pay down some of your principal before it’s due. Make sure to check for prepayment penalties.

By paying biweekly instead of monthly, you’ll make 26 payments in a year or 13 months instead of just 12 months and reduce your amortization to about 20 years from 25 years.

Financing your homeCourtesy of the Greater Vancouver Real Estate Board


604-557-8229www.MaureenHoltsbaum.ca

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REALTORS® are subject to a higher standard than the minimum required by the Real Estate Services Act.

REALTORS® are members of real estate boards and as such are required to adhere to the Canadian Real Estate Association’s REALTOR® Code and Standards of Business Practice.

Both the Real Estate Council of BC and the 12 BC real estate boards use a comprehensive investigatory and disciplinary pro-cess to deal with complaints. REALTORS® who are found to have breached either the legislation or REALTOR® Code are subject to sanctions by their board and/or the Council.

Real estate boards deal with breaches of the REALTOR® Code and the Real Estate Council deals with breaches of the Real Estate Services Act.

Real estate services actLicensed REALTORS® in BC are governed by the Real Estate

Services Act and rules and regulations. The Real Estate Council of BC protects consumers through the

licensing of all REALTORS® and brokerages engaged in real estate sales, rental and strata property management. The Council enforc-es entry qualifi cations, investigates complaints and imposes disci-pline under the Real Estate Services Act.

Special compensation coverageThe Real Estate Special Compensation Fund is authorized by

the Real Estate Services Act and provides protection for consum-ers who have lost deposit monies entrusted to a real estate licensee (or an unlicensed individual related to the brokerage, for example, a receptionist, director or offi cer) that is misappropriated, wrong-fully converted, intentionally not paid or accounted for or obtained by fraud.

As a condition of licensing, it is mandatory for all REALTORS® to participate in the fund. The maximum amount that may be paid to a single claimant is $100,000. The maximum amount that may be paid in respect of claims related to a single brokerage is $350,000.

Transaction deposits held by real estate brokerages are protect-ed by the Special Compensation Corporation and are held by the REALTOR®’s brokerage as the stakeholder until the transaction completes or the parties give instructions as to the disposition of the deposit. Deposit monies can only be removed from a broker-age trust account under specifi c circumstances – check with your REALTOR® for more information.

Realtors are educated:REALTORS® complete rigorous educational and licensing re-

quirements and must be of good reputation in order to become licensed.

REALTORS® are committed to continuing education through participation in the profession’s required Professional Development Program.

Every two years, members must complete a required number of courses as a condition of continued membership in their Board. These courses are designed so that REALTORS® are always up-to-date with new and changing information relating to the real estate industry.

As licensees, they are also required by the Real Estate Council of BC to complete a re-licensing education program every two years.

Marketing expertise:REALTORS® are trained marketing professionals.One of the most important marketing tools your REALTOR® uses

to price and market your home is market statistics. This informa-tion includes comparisons between ‘listed’ properties (properties currently for sale) and ‘sold’ properties (properties that sold within a one-month period).

These comparisons are generated at the end of every month by the Multiple Listing Service®. These reports are not available to the public.

REALTORS® also rely on their expert knowledge of the commu-nities in which they work to locate homes for prospective buyers, or to price and market homes for the quickest possible sale.

In addition, REALTORS® will use the most effective advertising methods to sell your home. This could include holding open hous-es, advertising in various media , mailing fl yers, etc.

Access to MLS:REALTORS® have access to and use the Multiple Listing Service®,

the most extensive and successful real estate listing website in Canada.

If you’re selling your home, a listing on MLS® will be shared with other REALTORS® for the broadest distribution possible. If you’re buying a home, MLS® will have the largest pool of homes to choose from.

Only REALTORS® have access to MLS® and the highly detailed information it contains on all listings in Canada.

The public has access to www.REALTOR.ca (formerly named mls.ca) and is able to view basic property information for any MLS® listed property in Canada.

Negotiating experience:REALTORS® are trained negotiators. Sellers and buyers do not

generally negotiate for a living. This places them at a disadvantage because they can become emotionally involved when dealing di-rectly with an unrepresented buyer or seller.

Realtors are professionalsCourtesy of the Greater Vancouver Real Estate Board


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10 Steps to selling your homeHere’s a step-by-step guide to help you sell your home.

1. Decide when to sell in real estate, timing can infl uence your home’s selling price. Factors like how quickly you need to sell, whether it’s a buyers or sellers market and seasonality all play a role in your home’s fi nal selling price.

2. Find a REALTOR® who is right for you. The REALTOR® who helped you buy your home is a good place to start. They already know your home and they know you, so you’ll be saving time right from the start. Or look for names on “For Sale” signs in your neighbourhood or ask your friends and family. Make sure to inter-view two or three candidates and choose the one you like best.

3. Sign a Listing Agreement. This authorizes your REALTOR® and their brokerage to market and sell your home. It will defi ne the legal relationship between you and the real estate brokerage and also set a time limit for your REALTOR® to sell your home.

4. Determine your home’s asking price. The right asking price will attract buyers and pay you a maximum return. Setting too low a price means you could miss out on thousands of dollars. Setting too high a price will scare away buyers. Your goal is to fi nd fair market value.

5. Add some specialists to your team similar to when you bought your home. It is essential to have a notary public or a lawyer han-dle all the various documents that change hands and make sure your best interests are being protected at all times.

6. Prepare your home for sale. First impressions matter. Now is the time to see your home through a buyer’s eyes: get rid of the clutter, clean and repair as much as you can, within reason.

Remember, weigh the cost of all your improvements versus the potential fi nancial return.

7. Let your REALTOR® do what they do best. Your home has never looked so good and now it’s time for your REALTOR® to market it to potential buyers. This happens with a “For Sale” sign, open houses, newspaper ads, a listing on the MLS®, the inter-net, and, of course, through your REALTORS®’ relationship with other REALTORS®.

8. Prepare your fi nances. Will the buyer “assume” your mort-gage or are you “discharging” it? If you’re buying a new home, is your mortgage “portable”? What taxes are involved? These are im-portant questions to ask your REALTOR®, your mortgage lender and your notary public or lawyer.

9. Receive an offer. Although your REALTOR® will walk you through the process, be prepared for some stress. You will see ev-ery offer since it’s required that your REALTOR® show you every offer that’s submitted. You will have three options: you can ac-cept, you can reject or you can “sign back” or “counter”. Ask your REALTOR® what these terms mean. Happy negotiating!

10. Close the deal. You were successful and have drafted a le-gally binding agreement. Are you done? Not quite yet. Contact your lawyer or notary public, contact your lending institution and consult your REALTOR®. Immediately start satisfying any condi-tions of the agreement that require action on your part. On clos-ing day, your lawyer or notary public will fi nalize all the details and give you a cheque for the net proceeds.



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To attract buyers and to ensure you receive a fair price, your REALTOR® will establish your home’s value. They will review the assessed value on your Property Assessment Notice, a value determined by BC Assessment, the BC government agency respon-sible for classifying and assessing all BC real prop-erty, current to the previous July 1.

Then your REALTOR® will:• examine the exterior and interior of your prop-

erty in detail, noting new features added since the assessment that could affect your home’s value;

• scrutinize the most recent comparable data for homes recently sold in your neighbourhood and homes for sale in your neighbourhood;

• analyze the economy. An improving economy may mean rising prices, while a declining economy may mean falling prices.Based on this information, your REALTOR® will

provide you with an estimate of the value of your home and together you can determine the appro-priate selling price.

Most successful home sellers have some-thing in common: they use an informed, expert REALTORS® to help them through the complex process of selling their home.

How does a realtor establish the selling price of my house?



With housing prices in the Lower Mainland being some of the highest in Canada, it may seem like home ownership is a farfetched dream for those in their 20s and even in their 30s. However, with interest rates currently sitting at record lows, you may want to consider taking the plunge to purchase your fi rst home – just make sure you do your research fi rst.

“Entering the housing market for the fi rst time can be daunt-ing,” says Julie Lomas, personal account manager at Envision Financial’s Minter Street branch. “There are so many factors to consider when planning to buy your fi rst home, from saving up for a down payment to fi guring our how much you can afford, to understanding the hidden costs associated with home owner-ship. However, with some careful fi nancial planning, patience and research, home ownership may be a lot closer than people realize.”

Here are Lomas’ top tips for fi rst-time home buyers:

Save up for a down payment“It may seem like an overwhelming task, but as with any big

purchase, the fi rst step to home ownership is to save money for the down payment,” says Lomas. “Although it can be tempting to put down the bare minimum, the larger the down payment you make, the smaller your mortgage will be and the less interest you’ll pay over the term of your mortgage.”

It seems simple, but Lomas encourages anyone who has a large savings goal to start by paying themselves fi rst. “Before you spend any of your pay cheque, transfer a set amount of money into a savings account. That way you’re not tempted to spend the money and you’d be surprised how quickly it adds up.”

First-time home buyers can also take advantage of a one-time opportunity to withdraw up to $25,000 from their RSPs to fi -nance their home purchase and use those funds to offset a down payment or to help with other closing costs.

Buy only what you can afford“We all have visions of what our dream home will look like

but when it comes to actually buying a place, the last thing you want to do is get in over your head,” stresses Lomas. “All home buyers should meet with a fi nancial planner to help them sort through all the costs associated with home ownership. Generally, your monthly housing costs should not exceed 35% of your gross monthly income, which includes everything from your mortgage payments to property taxes, hydro and heating bills to strata fees.”

Educate yourself on mortgage basics“Choosing between a fi xed rate mortgage or a variable rate

mortgage is really a personal choice,” says Lomas. “While a fi xed rate mortgage offers less fl exibility, it is a great option for people who value security and want to know exactly how much interest and principal they’ll be paying throughout the term. Variable rate mortgages fl uctuate with the market and are often pre-ferred by people who are willing to take a chance for possibly lower interest costs.”

You’ll also want to research mortgage protection options.

When you buy a home, chances are you’re not thinking about who’s going to make the payments should you face unexpected tragedy. But it’s an important consideration—especially when there are two incomes involved.

Be aware of all the costs“Beyond the initial purchase price of the home, there are

many other costs people need to consider,” says Lomas. “From inspection, appraisal and legal fees to tax adjustments and home and mortgage insurance, people need to factor all of these mis-cellaneous costs into their budget. Additionally, there are many one-time expenses a home buyer will face including the HST, which applies to new or recently constructed homes, property transfer tax, moving costs and utility transfer fees.”

“Buying your fi rst home can be both exciting and intimidating. There is a lot to learn and there are many big decisions involved,” acknowledges Lomas. “Many credit unions, like Envision, will work with you to take the worry out of home fi nancing and give you the information you need to make an informed decision and take that fi rst step towards home ownership.”

Four essentials forfi rst-time home buyersEnvision Financial’s top tips on how to navigate through the housing market

Find yours in the pages of The Abbotsford News Real Estate Review.

Nothing says “success”like a new home.

Inserted into the Abbotsford Newsevery Friday, or online at

www.abbynews.com click on

Courtesy of Envision Financial


I Love ReferralsI Love ReferralsI have been successfully helping thousands of people make the right move for over 30 years. Consistently placing in the top 10% of over 3000 realtors in the Fraser Valley Real Estate Board, I have earned the Medallion Award annually. Locally, I was the 6th realtor to be given the Lifetime Achievement Award for RE/MAX.

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Buying a home is one of the most important decisions you’ll ever make. So it’s always best to get all the help you can get. Here are some steps to consider.

1. Are you ready to buy? You should already have saved some of your down payment and you should be good at managing debt like credit cards or student loans. A mortgage is a fi nancial responsibility that also requires constant upkeep.

2. Decide how much you can afford. Use this simple equa-tion to consider what you can expect after you’ve saved for your down payment. The cost of buying a home = one time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).

3. Decide what you want to buy. First, decide where you want to live (urban, suburban, rural) and then decide which neigh-bourhood suits you best and what type of home (detached, at-tached or apartment) you want. Whether or not the property is new or resale may also affect your costs. See the Dream Home Checklist for more information.

4. Find the right REALTOR®. There are many ways to fi nd a REALTOR®: drive through neighbourhoods that interest you and jot down names, go to open houses, look at advertising, ask friends and family if they have worked with a REALTOR® they like. Interview two or three and pick the one you like best. Find a REALTOR®.

5. See what’s out there. REALTORS® run an incredible search tool called the Multiple Listings Service® (MLS® for short) which contains information on property listings. Your REALTOR® can send you listings that fi t your criteria and together, you can draw up a short list and visit a handful of homes to make an informed and wise decision. You can also view listings here.

6. Sell your current home. It’s the age-old question, do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home fi rst so you have the security of knowing where you’ll be living. But there are advan-tages to selling fi rst, buying later:

• You’ll know how much your house is worth, so you can be surer of how much you can spend.

• There’s a chance you won’t have to make your offer subject to fi nancing.

• You might be able to arrange a long closing to give you time to look.

It could be a stressful situation, but it’s also stressful to own two homes!

7. Look at the section 10 steps to selling your home for useful tips.

8. Add some specialists to your team. A mortgage broker may be able to get you the best possible rates. A notary public or a lawyer will help you understand the many legal documents that come with buying your home. A home inspector can save you from unpleasant surprises when you move in.

9. Make an offer. REALTORS® are expertly trained and will prepare your offer for you. If you have any concerns or hesita-tions, ask your REALTOR® to explain.

10. Arrange a mortgage. There are hundreds of banks, credit unions and other lenders. How do you select which one is best for you? Now is not the time to be money-shy! Talk to your fi -nancial institution and call around to others. Ask friends, fam-ily and colleagues. REALTORS® are very knowledgeable about mortgages and have lots of good advice and they may be able to refer you to a mortgage broker.

10 steps to buying your homeCourtesy of Greater Vancouver Real Estate Board

Close the deal and move in. Your offer has been accepted! Great news! Your REALTOR® and notary public or lawyer will do most of the closing work. But make sure to ask about any conditions of the agreement that require im-mediate action on your part. Before you know it, you’ll be handed the keys to your new home.


604.857.2413Call today!

[email protected]

“Our aim is to help you be as knowledgeable and confi dent as possible about your investment. Includes a guided walk-through with time for questions plus a narrative typed report with details and recommendations.”

Location – Choosing where you live1. Green neighbourhoods. Buy a home in a neighbourhood

close to work, transit, shopping, community centres and other services.

2. Transit-oriented density (TOD). New, compact, complete green neighbourhoods are being built with transit as their focus. Instead of owning a car, join a car share cooperative, take transit, cycle or walk.

3. Lower-cost luxury. If it’s features such as a gym or pool you want, buy a strata unit with these amenities and share costs.

4. Score your location. Walkable neigh-bourhoods offer health, environmental, fi -nancial and community benefi ts. Enter your address or the address of a home you want to buy at www.walkscore.com. This tool calcu-lates a walkability score based on the home’s proximity to transit, grocery stores, schools and other amenities.Home improvement - Heating and cooling

5. Get an energy audit. LiveSmart BC will cover $150 of the cost.

6. Install a high-effi ciency heating system. Make sure it’s ENERGY STAR rated.

7. Weatherize your home. From windows (BC Hydro provides grants of $60-$120) to doors to insulation and weather stripping. Don’t forget to seal your ducts.

8. Insulate your pipes. It will prevent costly heat loss. Here’s how.

9. Insulate your hot water heater. Buy a pre-cut jacket or blanket for $10–$20. You’ll save up to 10% on heating costs.

10. Install a programmable thermostat. Set it lower at night and during the day when you’re away. Lower the tem-

perature. Each degree below 20C saves you 3-5% on heating costs.

11. Clean your furnace fi lter. This optimizes performance.

12. Get the most from your fi replace. Here’s how to make it effi cient.

13. Use curtains. In the daytime during summer, close to help cool your home. top of page

14. Install ceiling fans. The energy it takes to run a fan is less than an air conditioner. In

summer, make sure the fan’s blades are rotating anti-clockwise for a cooling effect. In winter, the

fan should be running clockwise, pushing the warm air down.

15. Use a portable fan. On hot summer days, place a bowl of ice in front of it to cool down.Water

16. Fix leaks. Fix leaking taps. One drop per second equals 7,000 litres of water wasted per year.

17. Install a fi lter. Stop buying costly bottled water which adds to the landfi ll.Lighting

18. Change your light bulbs. Lighting accounts for 15% of your energy bill. Replace old bulbs with ENERGY STAR rated bulbs. Check for rebates.

19. Sensor lights. Turn lights off outside when not in use.20. Keep it dark. Light pollution is an increasing problem. Turn

off outdoor lights to save energy and encourage night life such as bats and frogs. A single bat can eat tens of thousands of mos-quitoes nightly. If you have safety concerns, use motion detector lights – which come on, only as needed.

21. Holiday lights. Use LED lights.Kitchen

22. Replace your fridge. An old energy guzzling fridge costs you about $85 a year to operate. Replace it with an ENERGY STAR fridge. BC Hydro will rebate you $50. BC Hydro will also not only come and pick up your old fridge free-of charge, they’ll rebate you $30.

23. Replace your dishwasher. Buy an ENERGY STAR appliance. BC Hydro will rebate you $25.

24. Replace your freezer. Buy an ENERGY STAR appliance and BC Hydro will rebate you $25.

Bathroom25. Low fl ow shower. Hot water accounts for 25% of your energy

costs. For a $15 investment you can save half the water of a stan-dard shower say experts.

26. High effi ciency or dual fl ush (you choose the amount of water used) toilets. These are now required in new homes because of water savings.Offi ce

27. Use smart strips. Also known as power bars, this lets you power off all equipment at the same time.

28. Buy energy smart electronics. There are rebates.Continued on page 27

50 ways to green your homeCourtesy of the Greater Vancouver Real Estate Board

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29. Recycle your old electronics. Yard improvement

30. Conserve water. Fresh water comprises just 3% the world’s total water supply, so conserve. Get a rain barrel and harvest water you can use in your garden. Local governments such as Vancouver and Richmond will subsidize the cost.

31. Drip irrigation. It saves water compared to sprinklers.32. Elbow grease. Don’t power wash your driveway. Sweep it or

use a scrub brush and pail.33. Less lawn. Lawns waste water. Instead conserve and beautify

using indigenous plants such as ferns, tiger lilies and hostas.34. Grow your own. How much more will you spend on food

this year? Even a few miniature fruit trees and a small vegetable garden in a raised bed or in containers will help keep you healthy and save you dollars. Lettuce, spinach, tomatoes, cucumbers, strawberries and blueberries thrive in our climate.

35. Preserve your produce. Invest in home canning jars and equipment and a small freezer and enjoy your produce year round – at considerable savings.

36. Bee friendly. We need bees to pollinate, so get a few plant bee-friendly annuals such as asters, marigolds, sunfl owers, zin-nias; or perennials such as clematis, foxgloves, hollyhocks, roses or shrubs such as Buddleia.

37. Go chemical-free. “Get rid of weeds without using chemicals that harm us and our pets,” advises REALTOR® and Richmond City counselor, Derek Dang, who led the way to a bylaw banning cosmetic pesticides. His suggestion, “Use dish detergent or weed by hand.”

38. Plant fruit trees. They’ll give you shade and fruit. Plum, ap-ple, pear and more.

39. Compost. It will make your garden grow and divert waste from the landfi ll.Green and clean

40. Clean green. Vinegar, baking soda and lemons clean as well as expensive, chemical-fi lled cleaning supplies for a fraction of the cost.

41. Green Laundry detergent. Use phosphate-free, biodegrad-able detergent.

42. Upgrade your washing machine. Replace your old washing machine with an ENERGY STAR washer that gets clothes clean using cold water and BC Hydro will rebate you $75. Wait until you have a full load instead of washing clothes as you need them. Clean your lint trap after every use.

43. Install a clothesline. Dryers use a huge amount of energy.44. Get a rack. If your neighbourhood or strata prohibits clothes-

lines, buy a small drying rack.Living green

45. Recycle. Recycle plastic, newspaper, glass. Recycling facts: just one glass bottle saves enough electricity to light a 100-watt bulb for four hours. Each of us produces 4.4 pounds of solid waste

each day, adding up to almost a ton of trash per person, per year.46. Buy local. Your food doesn’t travel long distances, you sup-

port local farmers and the local economy and you consume less pesticides.

47. Don’t use paper or plastic. Use cloth bags when you shop or reuse your plastic bags.Financing

48. Borrow green. Most fi nancial institutions offer “green” mortgages, including:• BMO Eco Smart Mortgage offers home buyers a 3.89% rate on

qualifying green properties. • RBC Energy Saver™ Mortgage gives home buyers a $300 rebate

for a home energy audit and a fi ve-year 4.34% rate.• TD Canada Trust offers a Green Mortgage and Green Home

Equity line of credit. For each green mortgage TD donates $100 to the TD Friends of the Environment Foundation.

• Vancity offers a Bright Ideas home renovation loan at prime +1% to home buyers and owners making green renovations.

• CMHC offers a 10% Mortgage Loan Premium refund and pos-sible extended amortization for buyers purchasing an energy-effi cient mortgage or making energy saving renovations.

Coming soonPay-as-you-Save (PAYS) loan program will help home owners

and businesses fi nance energy effi ciency improvements through a loan from BC Hydro or FortisBC. Expected to launch in 2012.More savings

49. Get your $100 Green Your Home Kit. Lighthouse Sustainability Building Centre’s Greening Your Home Kit con-tains $100 of healthy, eco-friendly supplies, from laundry soap to adhesive weather stripping to help you go green.Resources

50. Green Tool Kit. BC Real Estate Association’s Green Tool Kit provides information, references and links. It also provides com-prehensive information on rebates and incentives.


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Amortization – The number of years it takes to repay the entire amount of a mortgage.

Appraisal – An estimate of a property’s market value, used by lenders in determining the amount of the mortgage.

Appreciation – The increase of a property’s value over time.Assessment – The value of a property, set by the local municipal-

ity, for the purposes of calculating property tax.Assumable Mortgage – A mortgage held on a property by the

seller that can be taken over by the buyer, who then accepts re-sponsibility for making the mortgage payments.

Benchmark – A property against which other properties can be evaluated.

Blended Mortgage – A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.

Buy-Down – When the seller reduces the interest rate on a mort-gage by paying the difference between the reduced rate and mar-ket rate directly to the lender, or to the purchaser, in one lump sum or monthly installments.

Closed Mortgage – A mortgage that cannot be prepaid, renego-tiated or refi nanced during its term.

Closing – The real estate transaction’s completion, when the parties involved agree that all legal and fi nancial obligations have been met, and the deed to the property is transferred from the seller to the buyer.

Closing Costs – Expenses in addition to the purchase price for buying and selling a property.

Conventional Mortgage – A mortgage loan that does not exceed

80% of the lending value of the property.Counter offer – One party’s written response to the other par-

ty’s offer during negotiation of a real estate purchase between buyer and seller.

Debt Service Ratio – The percentage of a borrower’s gross in-come that can be used for housing costs, including mortgage pay-ment and taxes. (and condominium fees, when applicable)

Down Payment – The part of the purchase price of a property that the buyer pays in cash and does not fi nance with a mort-gage.

Easement – A legal right to use or cross (right-of-way) another person’s land for limited purposes. A common example is a utility company’s right to run wires or lay pipe across a property.

Equity – The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner’s stake in the property.

First Mortgage – The fi rst security registered on a property. Additional mortgages secured against the property are “second-ary” to the fi rst mortgage.

Foreclosure – A legal process by which the lender takes pos-session and ownership of a property when the borrower doesn’t meet (defaults on) the mortgage obligations.

Gross Debt Service Ratio – A general rule is that your housing costs (mortgage payments, taxes, heating costs, and 50% of con-dominium fees, if applicable) should not be more than 32% of your gross monthly income.

High-ratio Mortgage – A mortgage that exceeds 80% of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing Corporation or a private insurer to protect the lend-er against default by the borrower who has less equity invested in the property.

Interest – The cost of borrowing money.Joint Tenancy – A form of ownership in which two or more in-

dividuals (often spouses) have an equal share in the ownership of a property. In the event of one owner’s death, his or her share is automatically transferred to the surviving owner(s), apart from the deceased’s will.

Leverage – Controlling a large asset with a relatively small amount of cash. In real estate, $20,000 down payment (or less) can be used to purchase (control) a $100,000 home, for example.

Lien – Any legal claim against a property, fi led to ensure pay-ment of a debt.

Listing Agreement – The contract between the listing broker

Glossary of termsCourtesy of the Greater Vancouver Real Estate Board

Continued on page 29


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and an owner, authorizing the REALTOR® to facilitate the sale or lease of a property.

Listing Broker – The REALTOR® who signs a contract with an owner to sell the property.

Maintenance Fee – A monthly fee paid by condominium owners for maintaining the development’s common areas.

Mortgage – A contract between a borrower and a lender. The borrower pledges a property as security to guarantee repayment of the mortgage debt. Lenders consider both the property (secu-rity) and the fi nancial worth of the borrower (covenant) in decid-ing on a mortgage loan.

Mortgage Broker – A person or company having contacts with fi -nancial institutions or individuals wishing to invest in mortgages.

Mortgage Insurance – Government-backed or privately-backed insurance protecting the lender against the borrower’s default on high-ratio (and other types of) mortgages.

Mortgage Life Insurance – Insurance that pays off the mortgage debt, should the insured borrower die.

Mortgage Payment – The regular installments made towards paying back the principal and interest on a mortgage.

Mortgage Prepayment Penalty – Is a fee paid by the borrower to the lender in exchange for being permitted to break a contract (a mortgage agreement); usually three months’ interest, but it can be a higher or it can be the equivalent of the loss of interest to the lender.

Mortgage Term – The length of time a lender will loan mort-gage funds to a borrower. Most mortgage terms run from six months to fi ve years, after which the borrower can either repay the balance (remaining principal) of the mortgage, or renegoti-ate the mortgage for another term.

Multiple Listing Service® (MLS®) – A system for relaying infor-mation to REALTORS® about properties for sale.

Open Mortgage – A mortgage that can be prepaid or renegoti-ated at any time and in any amount without penalty.

Portability – A mortgage feature that allows borrowers to take their mortgage with them without penalty, when they sell their present home and buy another one.

Pre-Approved Mortgage – Tentatively approved by a fi nancial institution for a specifi ed amount, interest rate and monthly pay-ment.

Prepayment Privilege – A mortgage feature that allows the bor-rower to prepay a portion or all of the principal balance with or without penalty. This privilege is frequently restricted to specifi c amounts and times.

Principal – The mortgage amount initially borrowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount.

Refi nancing – The process of obtaining a new mortgage, usually at a lower interest rate, to replace the existing mortgage.

Second Mortgage – A second fi nancing arrangement, in addi-tion to the fi rst mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the fi rst mortgage.

Term – (also referred to as Mortgage Term) The length of time a lender will loan mortgage funds to a borrower. Most mortgage terms run from six months to fi ve years, after which the borrower can either repay the balance (remaining principal) of the mort-gage, or renegotiate the mortgage for another term.

Term Mortgage – A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date. Sometimes called a straight loan.

Title Search – A detailed examination of the ownership docu-ments to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller’s ownership claim.

Total Debt Service Ratio – The maximum percentage of a bor-rower’s income that a lender will consider for all debt repayment (other loans and credit cards, etc.) including a mortgage.

Variable-rate Mortgage – A mortgage for which payments are fi xed, but whose interest rate changes in relationship to fl uctuat-ing market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a large portion of the payment is applied to the principal.

Vendor Take-Back Mortgage – When sellers use their equity in a property to provide some or all of the mortgage fi nancing in order to sell the property.

Weekly Payments – Mortgage payments made weekly or 52 times per year.

Zoning Regulations – Strict guidelines set and enforced by mu-nicipal governments regulating how a property may or may not be used.


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One of the biggest decisions you’ll need to make when fi nanc-ing your home purchase is whether to go with a fi xed rate or variable rate mortgage. And with fi xed mortgage rates at record lows, the choice has become even more challenging. According to Meghan Larson, personal account manager at Envision Financial, it all comes down to your comfort level and the fl exibility you have within your budget.

Fixed mortgage rates stay the same for the entire term length of your mortgage—anywhere from six months to 10 years and of-fer fl exible payment terms including weekly, bi-weekly and semi-monthly. This means you’ll have equal payments every month and if interest rates rise, your payments stay the same.

“Fixed mortgage rates are at all-time lows in Canada,” says Larson. “If you like stability and want to know exactly what your interest costs will be over the term of your mortgage, now may be the per-fect time to lock in your rate.”

Larson also encourages people considering a fi xed rate mortgage to review the fi ne details. You’ll want to make sure that there’s some fl exibility within your re-payment options so you can make adjust-ments and additional contributions to enable you to pay down your mortgage sooner as your circumstances allow.

Variable rate mortgages, on the other hand, can be a good op-tion for those who are comfortable knowing that their interest rate could change, but are willing to take the risk for possibly lower in-terest rates and costs. With a variable rate, if rates go down, more

of your payment is applied to reduce the principal. If rates go up, more of your payment goes toward paying the interest and it could take you longer to pay off your mortgage.

“Research has shown that over the long term, most consumers end up paying less interest with a variable rate mortgage,” says Larson. “But you need to be comfortable with the fact that your interest rate will fl uctuate with the market, as will the portion of your payment that goes toward reducing your principal changes. If you’re going to lose sleep worrying about rising interest rates, than a variable rate is probably not a good option.”

With an open variable rate mortgage, you also have the fl exibility to switch and lock into a fi xed rate mortgage at any time—with no penalty. If you choose a fi xed rate mortgage, the only way to change your rate is to refi nance, which can end up being quite costly.

If you can’t decide whether to go fi xed or variable, you always have to option to combine the two and have a blend of fi xed and variable rates. This means your will have some security to protect you against rising interest rates, while still having the fl exibility and benefi ts of a variable rate.

“The bottom line is that there’s no right or wrong answer,” con-cludes Larson. “You have to make the decision that works best for you and your family. I’d suggest talking it through with a knowl-edgeable fi nancial expert. Many credit unions, including Envision, will work with you to fi gure out the best option for your family’s situation.”

The great debate:Wrestling between fi xed and variable

Courtesy of Envision Financial


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