Take a look at this informative video!

RE/MAX CEO Margaret Kelly puts the market in perspective for buyers and sellers.

Positive signs: A message from RE/MAX CEO

With the media focusing on the doom and gloom of the Canadian housing market, its important to get the facts straight about the mortgage brokering industry.

The Canadian Association of Accredited Mortgage Professionals (CAAMP) released a new report in mid-February on employment impacts of housing and related mortgage activity that describes the impact of jobs in Canada related to the housing and mortgage sector.

Follow the link to read the entire CAAMP report.

http://www.caamp.org/meloncms/media/Housing%20and%20Mortgage%20Impacts%20FINAL.pdf

Yours Truly,

Brent North

Limit on CMHC mortgages could tighten lending and slow housing market

By Craig Wong, The Canadian Press  | January 31, 2012

OTTAWA – A federal limit on the amount of loans Canada Mortgage and Housing Corp. is allowed to insure could lead to stricter lending conditions and a cooling of the housing market, TD Bank economist Sonya Gulati said Tuesday.

“It may serve to tighten the housing market,” Gulati said.

CMHC had insured $541 billion in loans at Sept. 30, compared with $501 billion a year earlier and $514 billion as of Dec. 31, 2010. The limit was raised to $600 billion in total outstanding insured amounts from $450 billion in 2008.

Although Ottawa could increase the limit, as it did in 2008 in the wake of the financial crisis, it may not want to if it thinks too many people are borrowing more than they should, Gulati said.

Canadian mortgage rates have been near record lows in recent months. Earlier this month, some of Canada’s biggest banks began advertising promotional ultra-low fixed rate mortgages at 2.99 per cent for five years.

“If there are indications from the government perspective that there is overheating, one of the mechanisms can be to change mortgage eligibility rules,” Gulati said.

“Another way is to restrict or to indirectly make getting a mortgage tougher.”

Homebuyers who put down less than 20 per cent are required to pay for mortgage default insurance.

However, financial institutions may also take out mortgage default insurance where the borrowers put down more than the minimum required to avoid the mandatory insurance. The move allows banks to more easily bundle the mortgages and raise money on the capital markets with covered bonds backed by the mortgages.

CMHC said Tuesday it has recently received an unexpected level of requests for large amounts of CMHC portfolio insurance, which allows lenders to buy insurance on pools of previously uninsured low ratio mortgages.

“To ensure equitable access to portfolio insurance within CMHC’s annual limits, an allocation process is being established which has caused some delays,” the federal agency said.

CMHC noted that it does not affect the availability of CMHC’s mortgage loan insurance for qualified home buyers and would not impact the cost of buying a house.

RBC economist Robert Hogue noted that the government could raise the CMHC limit, but it is walking a fine line to keep the housing market from slowing too much or overheating.

“We’re looking for a middle of the road kind of performance so it would be, policywise, a very delicate balance to strike,” he said.

“I’m sure any kind of signal that might spook the housing market would be considered very prudently and at the same time, if there is any sign the market is starting to demonstrate signs it is going overboard it might want to find ways to cool it.”

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney have been warning for months that Canadians have been racking up more debt than they can sustain as a result of a long period of ultra-low interest rates.

Ottawa has been tightening mortgage lending rules in recent years in the effort to limit the dangers of a crisis in the real estate market in Canada.

Last year, the federal government reduced the maximum amortization period for new government-backed insured high-ratio mortgages to 30 years from 35 years and cut the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent.

The government has also withdrawn insurance backing on non-amortizing home equity lines of credit.

Realty Times – Five Great Things about Homeownership.

Alcroft Homes’ is receiving the praise it deserves once again! Well now we just want to brag! Check out this link to an article in The Daily Herald Tribune that speaks for itself on how great Alcroft Homes Ltd. really is. http://www.dailyheraldtribune.com/ArticleDisplay.aspx?e=3299268

For more info or to get in contact with the builder Alcroft Homes Ltd. email Brent; brent@brentnorth.com

Thanks for reading!

Team North

Brent North & Deri Wallan

If you’ve been considering buying a house but you’re still unsure, consider some of the personal and economic conditions that favor home purchases. If you find that a number of these signs ring true for you, it might be time to contact a REALTOR® and start shopping.

1. You’re ready to commit

2. Buying costs less than renting

3. A Buyers Market

4. Low Interest Rates.

5. Adequate funds for a down payment

6. Seasonal selection is highest

Occasionally, timing the buying or selling of your home may not be within your control, however, if you do have the opportunity to choose when you enter the market, doing it at the right time can save you a lot of money. Always remember that buying a home is a big commitment, so at the very minimum, you should never purchase a home without being completely sure that you’re ready to take on the responsibility. If you’re ready to commit and you find yourself with a number of other favorable factors like a low interest rate and a good sum of money you can put toward a down payment, then it’s probably a great time to take the plunge!

Yours Truly,

Brent North 780-876-6784

Here is a blog post from REALTORS Association of Edmonton

Thinking of buying or selling a home? Before you take one of the most important steps of your life, be sure to consult a REALTOR®. 

 A REALTORS® expertise and experience are invaluable and can guide you through the details of the complicated buying or selling process. His or her knowledge of the housing market can help you make the best possible choice.REALTORS® are extremely dedicated individuals whose professional obligation is to serve the best interests of their clients.

REALTORS® are uniquely qualified to serve your home ownership needs, and it takes a lot for these individuals to become real estate professionals.

Before receiving a real estate license in Ontario, an individual must go through an intensive educational process developed by OREA on behalf of the Real Estate Council of Ontario. But that’s only the beginning. During the first two years of practice, registrants are required to successfully complete three additional courses as part of their articling with an experienced broker. In addition, all registrants must continue to attend courses throughout their careers in order to maintain their registration.

In order to be called a “REALTOR®,” a licensed real estate professional must become a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). When you work with a REALTOR®, you can expect strict adherence to provincial law as well as to a national code of ethics ensuring you’ll receive the highest level of service, honesty and integrity. In fact, Realtors are governed by the legal concept of “agency”. An agent is legally obligated to look after the best interests of the person he or she represents. The agent must be loyal to that person.

WHAT A REALTOR® OFFERS

Rigorous training and high standards are not the only things that make a REALTOR® so valuable his or her expertise extends into every aspect of home ownership. REALTORS® know how best to sell or buy a home, and their intimate knowledge of the real estate market will ensure that you get the best price possible. They will gladly clarify any legal terminology or government regulations for you. 

For sellers, REALTORS® develop a marketing plan that can include scheduling open houses, placing advertising if desired and listing your property. They can pre screen buyers so that only those who are truly interested and qualified view your home.

When it comes time to negotiate a price, a REALTOR® can act as a mediator between you and the buyer. This will allow you to remain at ‘arm’s length’ during the often stressful negotiation process. Assistance in evaluating financing options and mortgage rates is also yours for the asking. But a REALTOR® not only helps you to buy or sell a home. He or she can also provide you with a list of lenders, lawyers, mortgage brokers and other professionals whose expertise you may need to complete a real estate transaction. When you work with a REALTOR® , you’re working with a professional who has a strong commitment to quality education, ongoing training and top-notch customer service.

Your REALTOR® will work hard to determine exactly what you want in a home, and will go to extraordinary lengths to meet your needs. You can expect a high level of service and a strong sense of loyalty. In fact, a large proportion of homeowners use the same REALTOR® for each new house they purchase because of the relationship that they have developed. Before you take that big step of buying or selling your home, enlist the services of a REALTOR® . 

This article is provided by local REALTORS® and the Ontario Real Estate Association for the benefit of consumers in the real estate market.

PUBLIC OPEN HOUSES ON SATURDAY MARCH 12th, 12pm-4pm LUNCH PROVIDED

L062671 – $799,000

 This immaculate 2 storey is simply beyond compare. Finished magnificently, on 3.12 acres, with over 90 planted trees, minutes from Grande Prairie. Walk in admiring two grande staircases, on the main floor there is an office and living room with beautiful stone mantel fireplace. The kitchen has amazing details; granite counter tops and custom walnut cabinetry and high end appliances. There is a side entrance with large coat closet and garage access. Up to the bedrooms you will find a dream master bedroom with 5 piece ensuite and walk in closet. An additional full bathroom, 2 bedrooms and exquisite laundry room complete the upstairs. On the opposite end of the home is a gigantic bonus room above the garage, perfect for recreational use. Downstairs consists of a spacious theatre room with Four Zone Audio System, another full bathroom, plenty of storage and 2 bedrooms. Call to view today and enjoy the beauty this home has to offer.

L062689- $679,900

Magnificent Acreage living minutes from Grande Prairie. Goldenrod Estates is home to this fantastic bungalow on 2.85 acres. Large living room and kitchen have 9 and 11 ft ceilings making this bungalow grande! The living room has a gorgeous fireplace and stone mantel and large windows. The kitchen is finished with amazing granite counter tops and walnut cabinets, large walk in pantry and semi formal dining. There is a covered deck right off the dining area. The main floor also includes laundry room, 3 bedrooms, one full and one half bathrooms and the Master bedroom with delightful ensuite. Downstairs is completed with another 2 bedrooms one with ensuite, huge amounts of storage and an enormous family area/ “rec” room. The garage is finished with in floor heat. Driveway is gravel with stamped concrete parking pad. Call today to experience this magnificent property.

DIRECTIONS:

Go to Windsor Ford, and go East on highway 670 to RR 54 then go North 1 mile to Goldenrod Estates, turn West into subdivision.

White Ridge Home’s “The Maverick II”

White Ridge Homes presents “The Maverick II”. A beautiful modified bi-level, in sophisticated Signature Falls. This plan has a very large entry and coat closet. The open living room and kitchen is perfect for visiting with your guests. A large island compliments the spacious kitchen and gorgeous cupboards and counter tops. There is a full bathroom and 2 generous sized bedrooms on the main floor. The master bedroom is above the garage with all the room you need, double sink ensuite and a massive walk in closet. There is no adjustments to be made, the floor and wall colours are exquisite, the fireplace and light fixtures are very modern and flatter the home. Price of this home was reduced to $339,900 today! This is incredible value for your money! Call today for more information 780-876-6784

The Maverick on YouTube

- Brent North