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The Bank of Canada increased the target for its trend-setting overnight lending rate on July 20, 2010, raising it by a quarter of a percentage point to 0.75 per cent. The increase follows on the heels of an equal interest rate increase in June 2010, when it was raised for the first time since 2007. The Bank rate now stands at one per cent. In its most recent interest rate announcement, the Bank marked down its outlook for economic growth globally, emphasizing the uneven economic recovery in the U.S., and weakening prospects for European economic growth. In the Bank’s view, Canada’s domestic economy is evolving largely as expected in recent months, but trimmed its forecast for economic growth this year and next by 0.2 per cent to 3.5 per cent in 2010 and 2.9 per cent in 2011. While the Bank raised its forecast for Canadian economic to 2.2 per cent in 2012, it nonetheless left the easing trend for growth intact. The Bank indicated, “[this] revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada. The Bank anticipates that business investment and net exports will make a relatively larger contribution to growth. Where the domestic recovery had previously been led by housing and consumer spending it is now guided more by government stimulus.” The Bank also reaffirmed its view that housing activity and household expenditures was pulled forward into the first half of 2010, causing to soften in the second half. It also recognized that business investment has been weaker than it previously expected, “held back by global uncertainties.” The Bank anticipates “that business investment and net exports will make a relatively larger contribution to growth” over its forecast horizon. As of July 20th, the advertised five-year conventional mortgage rate of 5.79 per cent was down 0.06 per cent from one year earlier, and 0.2 per cent below where it stood when Bank made its previous interest rate announcement on June 1, 2010. However, it is 0.3 percentage points higher than it was at the beginning of the year. The Bank has signaled to financial markets that it is leaving its options wide open as to whether it will raise interest rates further when it makes its next rate announcement on September 8th. “As it did with its previous announcement in June, the Bank messaged financial markets that further interest rate increases are not pre-ordained,” said CREA Chief Economist Gregory Klump. “The strength of recent economic indicators have prompted the Bank to raise interest rates, but the Bank has signaled that may keep rates on hold should the economic recovery begin to show signs of loosing steam.” The Bank’s July MPR will be published on July 22. The Bank will make its next scheduled rate announcement on September 8th. http://creastats.crea.ca/natl/interest_rate_trends.htm
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Jeremy Torobin Ottawa — Globe and Mail Update Published on Friday, Jul. 09, 2010 7:06AM EDT Last updated on Friday, Jul. 09, 2010 12:56PM EDT The Canadian jobs machine kept powering ahead in June, as the economy created 93,000 new positions and unexpectedly pushed the unemployment rate below 8 per cent for the first time since January of 2009. The whopping employment gain reported by Statistics Canada, split about evenly between full- and part-time jobs, was nearly five times as big as economists had anticipated and came after increases of roughly 109,000 in April and 25,000 in May. The jobless rate dropped to 7.9 per cent from 8.1 per cent. The string of job gains through the second quarter reinforces the International Monetary Fund’s forecast this week for Canada’s economy to outperform those of other advanced countries, and indicates that the flat growth in gross domestic product during April wasn’t a sign that the recovery has sputtered to a halt. The Bank of Canada in early June became the first central bank in the Group of Seven to raise interest rates since the global downturn, and is expected to tighten again at its next meeting on July 20. Economists noted that the private sector has accounted for more than 246,000 new jobs over the past four months, which bodes well for the second half of the year as government stimulus spending fades.
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For immediate release BC Real Estate Association Encourages Housing Affordability: Urges Government to Reduce Shelter Taxes Victoria, BC – April 26, 2010. The British Columbia Real Estate Association (BCREA) is in Victoria this week to highlight to the Government of British Columbia that, with the highest home ownership costs in the country, BC is at a competitive disadvantage to attract skilled labour and professionals to the province. "The availability of affordable housing not only dramatically impacts one’s quality of life, it also significantly impacts the ability of the province to attract the labour and talent we need to ensure future economic growth," says BCREA President, John Tillie. "BCREA is committed to working with the provincial government to find solutions to make the purchase of a home in British Columbia as affordable as possible." BCREA is asking the Government of British Columbia to examine shelter taxes and take measures to encourage housing affordability and tax fairness for British Columbians. This is necessary in order to attract much‐needed skilled workers to the province. Although BC ranks as one of the four most competitive provinces in terms of sales tax, fuel tax and net property tax, high shelter taxes and housing costs serve as a deterrent for workers and companies considering relocation to BC. Shelter taxes significantly contribute to the cost of a home purchase. A growing proportion of British Columbians have been subject the Property Transfer Tax (PTT) – originally intended as a luxury tax on high‐priced homes – since its introduction in 1987. BC families pay 12 per cent of their annual income in PTT when buying a home, a heavy burden on households. For example, a couple earning $40,000 each in taxable income pays almost three times their annual BC income tax for the privilege of buying a home, $2,880 versus $7,811. The implementation of the new Harmonized Sales Tax (HST) will add an additional tax burden on BC homebuyers, homeowners and landlords. The government has taken some steps to lessen the tax burden on British Columbians, including competitive personal and corporate tax rates, and increasing the threshold for HST rebates for house purchases. However, the total tax burden in BC is still a heavy one – British Columbians pay at least 122 per cent more in property transfer taxes than the average buyer in Ontario, for example. With additional shelter taxes, attainable housing is becoming increasingly unrealistic for many. Specifically, BCREA is asking government to implement the following measures: - Recognize significant differences in home prices across the province and implement regional rebate thresholds for new housing, which will be indexed annually
- Index the HST rebate threshold to maintain the current percentage of tax exempt buyers – unless the threshold is indexed, as new home prices rise over time, a higher proportion of buyers will have to pay HST on new homes
President John Tillie | Vice President Moss Moloney | Past President Scott Veitch | Chief Executive Officer Robert Laing 604.683.7702 | 604.683.8601 (fax) | bcrea@bcrea.bc.ca | www.bcrea.bc.ca 1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 President John Tillie | Vice President Moss Moloney | Past President Scott Veitch | Chief Executive Officer Robert Laing 604.683.7702 | 604.683.8601 (fax) | bcrea@bcrea.bc.ca | www.bcrea.bc.ca 1420 – 701 Georgia Street West, PO Box 10123, Pacific Centre, Vancouver, BC V7Y 1C6 - Adjust the PTT to help restore fairness by implementing a three‐year phase‐out of the PTT, including increasing the one per cent tax threshold (from $200,000 to $500,000) starting on July 1, 2010
"Through implementing our recommended measures to enhance shelter tax equity, the provincial government can make great strides in improving housing affordability in British Columbia," added Tillie. "BCREA encourages British Columbians to get educated and advocate for housing affordability in their community – together we can work to improve housing attainability." For more information about HST and how it will affect British Columbians, visit http://www.bcrea.bc.ca/sheltertaxes/.
About BCREA BCREA represents 12 member real estate boards and their approximately 17,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe). To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities, respects the environment and builds communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale. ‐ 30 ‐ For more information, or to request an interview with a BCREA spokesperson, please contact: Laura Cropper Damian Stathonikos Hill & Knowlton British Columbia Real Estate Association O: 604.692.4231 O: 604.742.2793 C: 778.323.3827 C: 778.990.1320 E: laura.croper@hillandknowlton.ca E: dstathonikos@bcrea.bc.ca
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When considering buying a property that has been foreclosed upon bear in mind that you don't always save money. You can get some good deals, but ALL OFFERS need to be subject free and be accompanied by a schedule that goes with it to the courts. The courts act as the vendor and can accept, reject or negotiate offers. All court ordered sales are "as is where is" meaning there is no recourse if you find a issue big or small after purchasing. Given your care with a good realtor such as myself and sufficient "buyer beware" there is no reason not to check out some of these properties. Give me a call for further discussion: 250-306-2384
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There is a common tendency to speak about all of a home's faults when negotiating a price to purchase but this can backfire hugely. Not all, but most people selling a home have an emotional attachment with it; the memories, the renovations, the paint colours, the neighbourhood...just imagine putting yourself in their place when all of a sudden someone comes along listing all of the faults of your "baby", your house. Guess what? Sometimes sellers will take less money in order to sell to someone who appreciates their home! Always acknowledge the love and hard work apparent in a home, let the seller see you as the buyer who will take their dream and keep improving on it and appreciating what has been done. When you point out things which still need to be done or repaired, do so respectfully in an attitude assuming if the seller stayed they would have it on their "to do list". You, as the buyer, are simply noting items still on this great home's "to do list". For a more comprehensive discussion on how to save money buying your next home, give me a call! My toll free number is 1-877-227-4073.
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A recent testimonial; much appreciated! Thank you Beth for the wonderful experience of buying a house in Vernon. I live in Calgary and have wanted to move to Vernon for the last few years. To pick up and move to a new city as single woman is difficult enough, so I wanted someone that was honest and that I could trust. I came across Beth Marks' website and the first thing that caught my attention was a picture of Beth and her two dogs. Being a dog lover myself this automatically created a bond. What was also immediately evident as we started to communicate, was Beth's down-to-earth attitude, her honesty and her professionalism. It was also clear that Beth was a great communicator and her emails were always timely and prompt. The first thing Beth asked me to do was to tell her a little bit about who I am and what I like. I could tell from our conversations that we shared a good understanding of our goals and that original feeling of trust I had in Beth was now firmly confirmed. Obviously being a good listener and a people person, Beth easily suggested areas of residence most suited to me. As we emailed more I realized with Beth's guidance that Coldstream was the area for me. Now that we found the area, it was just a matter of finding that perfect house. Beth would send me specs of houses over the internet and we soon came up with a list of prospects. Next Beth suggested that I come to Vernon to look at the Coldstream area and get a first hand look and feel. From the moment that I got into the car I felt at ease. It felt like I was driving around with a friend. We saw plenty of houses and Beth was right from the start-- I did fall in love with Coldstream. The day flew by with several showings. Beth's integrity and professionalism, her humor and old-world-wisdom made for a very productive day. As the day drew near, we went back to see a house I particulary loved. I told Beth I wanted to go home and think about it. I didn't take long as I phoned Beth the next day and made an offer. Beth was very efficient and by that evening she closed the deal and I got my dream house!!!!!!!!! Beth, I can't thank you enough! I have bought a few houses in my time, but this experience was definitely my favorite. You just made it so easy. Thank you Sandy
From the Joles Family My husband and I would like to commend Beth Marks on her professionalism and integrity during the sale of our home and acreage.
One of the biggest challenges for us when selling our 40 acre property was having an agent who was knowledgeable. Beth spent many hours with us walking the acreage and learning what it was all about. Beth was also present at each and every showing of our home; this was very efficient as she was able to answer any questions that were had on the spot. It saved hours of calling back and forth from client to realtor. Beth was very respectful of our home and property when showing and always gave us a timely ‘heads up’ before a viewing.
Beth also provided us with copies of all advertisements of our home and property and kept us informed of all enquiries.
Thanks for everything Beth! Your services were very much appreciated.
The Joles Family From Cindy Hamblin & Shane Rilling Just a quick note to thank you for all your guidance, advice and support with the purchase of our home. You couldn't have done a better job!
From Edythe Bobey I am very pleased Beth sold my property in the Coldstream. Beth proved to be very knowledgeable with the intricacies of the real estate market and very thorough with every aspect of the sale. Within two days of my phone call, the property was listed and REALTORS were visiting. Beth advised within a two week period that she had an offer which was within my asking price range. Of course I was delighted. I am still amazed at the speed and finesse of this very charming lady who went out of her way and beyond any expectation to have everything go smoothly and I greatly appreciate her efforts. I would certainly recommend her to any buyer or seller! From Ron & Dawn Schneider: You have been the perfect realtor and new friend - we so enjoyed your easy way and your professionalism. As you know our search for the perfect home has been a very stressful time for us but with your character and humour you helped eliminate the problems. Beth, we appreciate the time and effort that you put in to our home search - we never took your time and good work for granted - please know that - you went beyond what was normally expected and I hope our anxieties didn't mask our appreciation! From Bo at Investek: "I refer my clients to Beth so when it came time for me to purchase my own properties I only thought it logical I practice what I preach. I gave Beth my wish list, she zeroed in on the location that I specified and watched the market for me I didn’t have to waste days viewing several properties. She listened, she did her research, and she provided sensible and reliable service. When I refer my clients to Beth, I speak from experience. Thanks Beth for working with me and my clients as a Team!" Bo Jurcevic From Corey Tomiye: "First let me say when it comes to looking after your clients best interest and your integrity there is no one out there that is better!"
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