Market slow down or stabilization?

Hello,

I hope you are enjoying your summer and have taken time for vacation and relaxation.


Let me ask you this. Is the market slowing down? Or is it just stabilizing? 2007 was a record year for home sales in Canada with 520,192 sales through MLS. We really can't get spoiled and expect it to always be increasing at the same rate. So what is expected for 2008? The expected number of sales through MLS for 2008 is 476,000 units representing a decrease of 8.5% from 2007. In 2009, that number is expected to drop another 2.3% to 465,000 units.

The fact is, the economic fundamentals in Canada remain strong. We have a very high employment rate, rising incomes as a whole, and low mortgage rates. This represents a strong foundation for a solid housing market. Now, this is expected to trend downwards slightly over the next year and a half, but it is no where near as bad as some people make it out to be.

Overall, the market is still relatively healthy. The average price of resale homes grew by 11% in 2007 and is expected to grow another 5.5% in 2008 and 3.3% in 2009, keeping the average MLS sale above the inflation rate. While the growth is slowing as the market stabilizes, it is important to keep in mind that it is STILL GROWING and DEMAND IS STILL STRONG by historical standards. Mortgage interest rates are expected to stay low through the end of 2009 with possible increase of only 25 to 50 basis points (1/4 to 1/2%) by the end of next year.

The reasons for the stabilization are of course, tied to the US market, as well as increasing carrying costs due to home inflation. I am not going to say that the market or economy isn't slowing. It is. It is unrealistic to think that it will always stay at the same pace.

Our economic growth is expected to slow to 1.8% in 2008, pick up to 2.3% in 2009 and by 2010 we are expected to be at 3.3%. Income levels are still increasing nicely, migration is still very strong and overall consumer confidence is still high as a whole, all fueling a strong market.


Source for the above numbers: CMHC and Bank of Canada.

On another note, The Bank of Canada had their rate meetings today and there has been no change to the prime rate. Their next meeting is September 3rd. Today's low 5 year fixed rate remains at 5.45% and the variable at 4.15% (with teaser variable rates available as low as 2.24%).


Please let me know if I may be able to help you with anything to do with real estate,
Mark

Where is our market heading?

If you're thinking of moving this year, you'll be glad to hear that the forecast for the Canadian real estate market continues to look positive for 2008. The Canadian economy continues to thrive with a high employment rate, a strong dollar and a relatively low cost of borrowing. In fact, more ?rst-time purchasers are expected to take advantage of the reasonably low mortgage rates, longer amortization periods and subsequently more affordable monthly mortgage payments.

If you've been holding off making a move, wondering if Canada will follow in the turmoil of the U.S. real estate market, rest assured that the problems stemming from the U.S. "subprime meltdown" do not necessarily apply to the Canadian real estate market. For one thing, the mortgage products offered in Canada are different than those offered to our neighbours to the south. In addition, our sub prime market is just a small part of our mortgage market, so the extent of any problems within that market do not affect our overall economy as in the United States.

Local conditions vary, even within a given area, so it's important that you consult a real estate professional familiar with the specific nuances of your neighbourhood for the local real estate climate.

As a real estate sales representative, I invite you to call me to discuss your plans for any upcoming moves. If you're not planning a move at this point but know of someone who is, I would appreciate your passing my contact information on to that person, and to your friends and relatives too.

To see a graph of how the spring market sales increase, please browse to this page:

http://www.mississauga4sale.com/TREBprice.htm

Enjoy the nice weather we are experiencing!

Mark

Mortgage interest rates in Mississauga Real Estate

Current mortgage interest rates in the Mississauga area

Terms Posted Rates Our Rates 1 YEAR 6.95% 5.05% 2 YEARS 7.00% 5.25% 3 YEARS 7.00% 5.25% 4 YEARS 6.99% 5.50% 5 YEARS 7.15% 5.24% 7 YEARS 7.60% 5.80% 10 YEARS 7.95% 5.90% Rates are subject to change without notice. *OAC E&OE

• Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2008 Calendar?

Trends in Seniors Housing

Current and Future Trends in Seniors Housing are –

i. A landowner who wants to know what to develop

ii. A developer who wants to hear his choices in the Over 50s Market

iii. An Architect who needs to know what the Boomer Market is buying

iv. An existing Aged Care Housing provider who wonders if there are any economic opportunities beyond the running of a Nursing Home

This is a growth sector that requires much more attention and focus

- There are dozens of market niches in Housing for the Over 50s

- How can we assist with enthusiasm and renewed passion for developing Over 50s Housing.

Seniors Housing, discoursing on trends and weaving the knowledge into your dilemmas, conundrums and land development opportunities.

Analyze the Seniors Housing Sector - giving some shape to the new future of Over 50s Housing in Canada.

Who can benefit by observing trends in seniors housing? Builders, developers, financiers, architects, owners, seniors housing executives who are either, contemplating entering the over 50s housing sector and long standing industry players who need an outside view to freshen up thinking, perspective or re-evaluate industry positioning.

I will be providing detailed analysis of the 100 sub-trends in 50s independent housing, as well as the sub-trends in semi-dependant housing and the future of nursing homes, socio-economic trends, social impacts, financing techniques and an overview of best practice developers, finders, managers and operators as well as a review of design, architecture, construction and business models.

Check back in the future for more content.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Financial Benefits to Owning Your Home versus Renting

Financial Benefits to owning your home

We all know the old adage about nothing being certain except death and taxes. However, on a more positive note, you can also be certain of tax benefits if, that is, you are a homeowner. If you have read this, and you are located in Canada and you don't know how to do this, send me a quick email with SM in the subject and I will send you details.

Purchasing a home can provide valuable tax savings to homebuyers in Canada if you know how to do it.

Another financial advantage to owning a home is that as you begin to pay off your mortgage loan, you build equity in your property. In other words, the value of your home can increase as your total mortgage amount decreases over time.

For those who rent, the tax savings of ownership go to the landlord, not to the tenants. Wouldn't you rather build equity for yourself every month instead of paying someone else and giving away "your" tax savings?

Additional Advantages of Homeownership


Scheduled Savings: When you are a homeowner, your monthly mortgage payments serve as a type of savings plan. Over time you will accumulate what lenders call "equity," an ownership interest in your house that you may be able to borrow against or convert to cash by selling the house.

Stable Housing Costs: While rents typically increase year after year, the principal and interest portion of most mortgage payments remains unchanged for the entire repayment period. Because of the effect of inflation, you pay the same amount with ever "cheaper" dollars.

Increased Value: Houses typically increase in value over time. It's not unusual for a house that sold fifteen years ago to be valued at much more than its selling price today. This increased value is as good as money in the bank to the homeowner.


Read more about if you should rent or own

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

RBC thinks that the US Federal Reserve to keep rates low in first half of 2009

RBC thinks that the US Federal Reserve to keep rates low in first half of 2009 and initiate process to return to neutral in the second half

Our forecast calls for the U.S. economy to grow at a lacklustre rate in the first quarter of 2009, gain some traction about mid-year as financial market volatility eases and the cost of capital moderates and then expand at a sub-potential pace for several quarters, meaning that the U.S. output gap will widen and relieve some of the upward pressure on prices.

However, core inflation is likely to remain at about 2% next year. With the economy reaccelerating and the financial system mending, the Fed will begin to remove some monetary stimulus. We expect the Fed funds rate to rise to 2.5% by the end of 2009, with the first increase likely to come in the summer. We believe that the yield on the two-year bond will end 2009 at 3.25%, considerably lower than our previous forecast of 4.15%, with the 10-year rate forecast at 4.75% (from 5.1% previously).

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Rule of 72 and how it works

Have you heard of the Rule of 72 and how it works?

The Rule of 72 is an easy way to calculate the approximate time it will take your savings to double. You can divide 72 by the interest rate you earn to determine the number of years it will take your money to double. It shows the way money can grow so much faster with a higher rate of return. For example: if your interest rate is 7.2% then it will take 72/7.2 = 10 years, thus at 7.2% interest rate it will take 10 years to double your money. If you earn 10% then it's 72/10 = 7.2 years, which is quite a bit less than 10 years, especially if you plan to invest for say 21 years. Thus at 10% your investment would triple plus the interest on the interest, so it would actually grow to about 3.5 times the original investment. But at 7.2%, your investment will only double plus a fraction, about 2.2 times the original investment amount.

Thus you can see why it's so important to attain the highest return on your investment and that every 1 or 2% over a long period makes a huge difference on your return.

By using the Rule of 72, you can see why it pays to fight for every extra percentage point of interest you can get. Once you know your rate, use the Rule of 72 to compute how fast YOUR savings will double!

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Canadian Banks Divided Over Mortgage Broker Strategy

Good morning,

Canadian Banks Divided Over Mortgage Broker Strategy

By Monica Gutschi Of DOW JONES NEWSWIRES
TORONTO (Dow Jones)--Frank Techar shrugs off news that Bank of Montreal (BMO) has lost significant market share in domestic mortgages.

The head of BMO's Canadian banking unit was well prepared for that to occur when he made the decision last year to stop selling the bank's mortgages through mortgage brokers.

A growing number of Canadians are using brokers to shop around for their mortgages. According to the Canadian Association of Accredited Mortgage Professionals, 34% of first-time homebuyers worked with a broker last year, up from 25% in 2005. Even experienced homebuyers are opting for the broker channel - 27%, according to a recent CAAMP survey.

For homebuyers who may not have individual negotiating power or significant real-estate experience, a broker is a valued middle-man, observers say. And Canada's buoyant real estate market, a surge of buyers who are either young, self-employed or new to Canada, and intense competition in mortgages have all spurred their popularity.

But Canadian banks are deeply divided about the use of brokers. Some, like Bank of Nova Scotia (BNS) and Canadian Imperial Bank of Commerce (CM), wholeheartedly embrace the channel, developing specialized products such as home equity lines of credit, to lure new clients.

Others - like BMO - say brokers bring in low-margin mortgages, which can increase market share at the expense of profitability. And they say brokers can impede the bank's goal of fostering a deeper banking relationship in which a homebuyer becomes a valued customer.

"We didn't like the return profile of those assets," Techar said in a recent interview. As well, he noted, "we had a more difficult time building relationships with those customers."

Royal Bank of Canada (RY) also eschews the use of brokers, and Dave McKay, group head of Canadian banking, says that hasn't hurt its mortgage business in the least, noting Royal Bank holds more than C$140 billion worth of mortgages, and its book is growing at 17% annually.

The broker model "just doesn't work for us," McKay said at a recent investor conference. McKay argued that using brokers makes the bank "lose control" of the customer, a consideration that BMO cites as its principal motive for taking its mortgage business back in house.

BMO found it difficult to "cross-sell" other banking products to those customers who had opted for a BMO mortgage because of the broker-negotiated rate, says Lynne Kilpatrick, senior vice-president of personal banking. That's because those customers built a relationship with the broker, not the bank, she notes.

Customers whose connection to the bank is based on a good interest rate tend to be "a bit promiscuous," she says. "When the mortgage comes up, they tend to chase the next best rate."

For a bank struggling to improve its relationship with customers and to build its sagging "share of wallet," that temporary connection was counterproductive. Following its decision to abandon the mortgage channel, BMO increased the number of "mortgage specialists" on staff to 300 from 170 previously. These specialists work with real estate agents and others to bring the homebuyer in to the bank.

Kilpatrick says the specialist is the customer's initial contact with BMO "with a warm handoff to the banker, where they can then have a conversation about other banking needs."

In fact, Kilpatrick says BMO has been successful in replacing the mortgages lost by abandoning the broker channel and has now moved to step two: increasing its share of the growing mortgage market. BMO officials believe they can achieve that goal by the end of next year.

And BMO executives say they're happy with their decision: "We do find our ability to cross-sell products that come through the mortgage specialist is exceptional," Kilpatrick says. "That's the bread and butter of the retail banking business."

Although BMO believes the broker channel has hindered its client relationships, other banks find it gives them access to a whole new group of clients.

"We see a tremendous advantage in attracting customers through brokers," says Rick Lunny, executive vice-president of lending at Canadian Imperial. The broker-sourced mortgage gets the client in the door, and "allows us to build on the relationship."

Since many of the homebuyers who do use brokers are making their first major purchase, they typically haven't done much financial planning, he says. Once they have a CIBC mortgage, the bank can then begin discussing their other financial needs.

CIBC also employs about 500 mortgage specialists, and sells mortgages through the brank branch as well. "The key is that CIBC is committed to a multi-channel approach," he says.

Bank of Nova Scotia is so keen on the broker channel that in 2006 it purchased Maple Trust Co., one of the country's largest alternative lenders. The transaction immediately increased the bank's market share.

In fact, last year 53% of all of the mortgages funded by the bank were originated by brokers associated with either Maple Trust or Scotia Express - the bank's Web site for mortgage brokers.

Maple Trust Chief Executive John Webster believes brokers have a competitive advantage because of the nature of real estate sales in Canada - which typically take place on weekends or after tradition banking hours.

"The person who gets there first gets the business," he says. Moreover, brokers are able to tell a potential homebuyer that they have offers from three or four lenders.

In a recent research note, Desjardins Securities analyst Michael Goldberg said Scotia is able to cross-sell products on broker-originated mortgages at the same level as branch-originated mortgages.

"The key point is that brokered mortgages must be closed in person at a branch, providing the opportunity to get to know the client," Goldberg noted.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Ottawa revamps mortgage rules

Hello reader,

The federal government announced yesterday that as of October 15th, 2008, they will no longer be guaranteeing mortgages amortized beyond 35 years, or mortgages with less than 5% down payment. Please read the article below for full details. There are basically three companies currently providing mortgage default insurance in Canada. CMHC, Genworth Financial, and AIG.

This announcement refers to government backed mortgages only, namely CMHC, and will not necessarily affect the other two insurers. This doesn't mean the other two insurers will not follow suit, but it does mean that they are not obligated to. Both Genworth and AIG will be having meetings in the near future to discuss their existing product line and any changes they want to make, if any. There are also some alternative lenders who are self insuring and are currently offering 40 year, 100% financing products, so even if all three mortgage insurers drop these products, they still may be available beyond October 15th, although, at a higher rate.

In the meantime, everything will remain the same and 40 year, 100% financing products will still be available until mid-October.


Today's lowest rate on a five year fixed is 5.45% and the lowest variable rate is 4.15% or 0.60 below prime (although there are teaser rates available as low as 2.51% below prime)

Ottawa revamps mortgage rules

KEVIN CARMICHAEL

Globe and Mail Update, Reuters

July 9, 2008 at 4:36 PM EDT

OTTAWA — The federal government says it will no longer guarantee 40-year mortgages, one of a handful of measures aimed at guarding against a U.S.-style housing bubble.

The Finance Department said Wednesday in a news release that the government will guarantee no mortgages with durations longer than 35 years. The government also will demand a minimum down payment equal to 5 per cent of the value of the home.

"Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada," the Finance Department said.

The government hastened to emphasize that Canada's housing and mortgage markets were performing much better than in the United States.

Canadian housing prices are in line with economic factors such as low interest rates, rising incomes and a growing population and the demand for residential housing remains buoyant at more than 200,000 housing starts a year, it said.

The percentage of bank mortgages in arrears is also stable at 0.27 per cent, the lowest levels experienced since 1990 and well below the highs of 0.65 per cent in 1992 and 1997.

"The historically prudent and cautious approach taken by Canadian financial institutions to mortgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets," it said.

It nonetheless noted "accelerated financial innovation" in the mortgage markets since the fall of 2006, for example, allowing loans up to 100 per cent of the value of the house and increasing amortization periods to 40 years from 25 years.

The government will now require a consistent credit score for mortgages it backs, and a minimum level of loan documentation standards to ensure evidence of the reasonableness of property values and the borrowers' income.

In addition, government guarantees will not be allowed for high-ratio mortgages where amortization is not required in the first few years – e.g., mortgages that begin with interest-only payments.

Finally, it will set a maximum of 45 per cent on a borrower's debt-service ratio – the proportion of gross income that is spent on debt service and housing-related fixed or essential payments.

Mark

CMHC mortgages -Important changes announced

The Federal Government announced changes today on government backed mortgages - these changes will directly impact buyers who require 100% financing and the extended 40 year amortization.

Highlights:

• 40 year amortizations will no longer be allowed (for CMHC insured mortgages);
  
• Minimum 5% down payment will be required....(CMHC will no longer be able to insure 100% financing);
  
• Stricter documentation requirements:
  
• Higher minimum credit bureau score;
  
• New changes effective October 15, 2008.
  

This announcement was made today - so there will likely be more updates and clarifications made in the near future - I'll keep you posted.

Also, these changes are related to government backed mortgages (insured through CMHC). Two other mortgage insurers currently offer 100% financing and 40 year amortizations. At this time, they have not communicated any policy changes.

See the following link for the complete announcement: http://www.fin.gc.ca/news08/08-051e.html.

Also, word on the street....The Bank of Canada is considering a prime rate increase - and no doubt the banks would follow suit...if you need preapproval - this is a good time to secure a rate hold.

Read more about:

• Interest Rates


• Power of Sale Properties


• Price Trends


• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?


• On-Line Real Estate Newsletter sign up


• See seasonal housing patterns

How To Minimize Interest Rate On Your Investment Property

With low interest rates and many attractive loan programs available today on residential real estate, now may be the perfect time to buy an investment property or second home. Be aware, though, that lenders charge somewhat higher interest rates for mortgages on non-owner-occupied properties. There's good reason.

Lenders consider investment property a riskier proposition because owners have less to lose by walking away from an unaffordable investment than from leaving a home they live in. There's a greater risk the owner could walk away should the property sit vacant for any length of time because an owner who relies on rental income to make the monthly payment can quickly run into trouble. In addition, a renter may not take care of the property as well as an owner who lives in it—eroding the property's value.

If you are considering purchasing an investment property or second home, here are a few things you can do to minimize the interest rate on the mortgage:

• Make sure your credit is in the best possible shape before loan application.
  
• Show the lender you can afford the payments without relying on rental income—or that you at least have enough cash set aside to weather several months of vacancy.
  
• Make a sizeable down payment—more than the 20 - 25% standard if possible. The more you have invested in the property, the less risky the loan from the lender's standpoint.
  
• Demonstrate your ability to rent out the property by showing low local vacancy rates and proof that your rental amount jibes with other rental properties in the area. Also let the lender know if a renter is already lined up for the property.

Read more about:

• Interest Rates


• Power of Sale Properties


• Price Trends


• or Search the MLS and more at my website

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?


• On-Line Real Estate Newsletter sign up


• See seasonal housing patterns

If you need funds for improvements when you purchase

If you need more funds when purchasing or refinancing with improvements

Increase to the market value of the property is limited to 10% of the property’s as-improved market value

v First Advance – based on the properties as is value up to 95% LTV

v Improved Value – up to 10% of the market value after improvements. Advance after the improvements are completed.

v Down Payment – Based on improved value minimum 5%.

v EXAMPLE

Current market value $117,000

Acceptable as-improved market value of property $130,000

(i.e. maximum increase to market value = $130,000 x 10% = 13,000)

1^st advance up to 95% of current market value, and subsequent advance up to 95% of as-improved market value.

Products available for improvements that exceed 10% of the property’s as improved market value.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2008 Calendar?

RBC reports that markets have changed across country

Tide turns in 2008

Last year, major markets delivered a sixth consecutive year of 10% house price gains, sales-to-listings ratios held firmly in seller’s

territory, and housing starts held above 220,000 units for a fourth year running as excess demand in the resale market spilled over into

the new home market. But, housing markets are now on a clear cooling path.

Calgary and Edmonton have moved from chart-toppers to bottom-of-the heap in only a matter of months on a range of key housing

market indicators, including house prices and sales.

Regina and Saskatoon continue to clock year-over-year price gains that are several multiples above the pace of their local wage

growth. This lends evidence that current momentum is unsustainable,. with a similar fate to Alberta’s likely for both of these cities in a

year’s time.

Many of the middle-of-the-pack markets — like Toronto, Ottawa and Montreal — are maintaining their slow and steady cruising

speed. House prices across much of central and eastern Canada are growing between 5% and 10% year-over-year.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2008 Calendar?

Credit Repair - Reasons for poor credit and some help

There are many reasons that people fall into trouble with their credit. There are companies out there that can remove negative items from consumer's credit reports , such as

ü LATE PAYMENTS

ü SHORT SALES

ü CHARGE-OFFS

ü FORECLOSURES

ü TAX LIENS

ü COLLECTIONS

ü JUDGMENTS

ü REPOSSESSIONS

ü STUDENT LOANS

ü BANKRUPTCY

ü INQUIRIES

ü ADDING NEW TRADE LINES

FACT: Under the Fair Credit Reporting Act (FCRA), it is your legal right as a consumer to have your credit report improved.

FACT: Under the Fair Debt Collections Practices Act (FDCPA), it is your legal right to put an end to all of the harassing phone calls from creditors and collection agencies.

Creditors and credit reporting agencies have spent millions convincing Americans that credit repair is not possible. Don't be a victim any longer.

Millions of people are under the impression that the credit reporting agencies are part of the government, when in fact the credit reporting agencies are not government related. Credit reporting agencies are privately owned companies that make their money by collecting information ab out you and selling it to others.

Fortunately, Congress has passed a collection of laws called the Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACT Act) which regulates the actions of the credit reporting agencies. Before anything may be added onto your credit report, the credit reporting agencies must ensure that:

1) the information meets all legal reporting requirements,

2) the information was properly verified as accurate and complete, and

3) the information does not violate any FCRA or FACT Act laws,

Much of this is US slant, but many of the same principals hold true in Canada too!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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