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Veronica Palin
First Place Realty
3916 - 1 Street NE, Calgary, Alberta
P: 403 819 1399  F: 403-592-8081
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Hello Everyone:

 Well, I have been talking about this long enough and finally I did it. My first newsletter, the Palin Voice. Thank you so much for taking a moment to check out our site.
 
If you read my mission statement, that pretty well says it all. At last I have an opportunity to better serve you.
 
Buying and selling a house is a huge undertaking I don’t need to tell you. What this newsletter/blog will enable is for Michael and I to give you even more relevant information on this and reduce your anxiety in the process.
 
In these times where everyone is pummelled with data when we make important purchases, often times we don’t always have the time (or get distracted) to ask all the pertinent questions. When this occurs, often times details can get missed.  
 
Now with the Palin Voice you are able to check out a variety of information sources that will assist you in your final transaction. Knowing how busy your life is, I want to keep all of the communications brief and concise. Please give me feedback on how you like the format and user friendliness of the Palin Voice.
 
This site is here to serve you and your real estate needs more effectively. I look forward to hearing from you.

 

Mission Statement: To provide better, more comprehensive communications to my friends, clients and colleagues concerning the Calgary real estate market, thus enabling better informed decisions with home buying and selling.

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Monday, January 31, 2011 - Calgary, Jan. 18, 2011

Calgary, Jan. 18, 2011 – The Calgary real estate market appears to be on its way to recovery.
In the coming months, Calgary‘s housing inventory levels are expected to stabilize, resulting inan eventual return to a more balanced and sustainable housing market, according to CREB‘s 2011 forecast report released today.  Click here to read more!


posted in General at Mon, 31 Jan 2011 14:13:05 -0700



Wednesday, January 19, 2011 - New Mortgage Rules

Concern over rising consumer debt levels prompted Ottawa to make three new changes to Canada's mortgage rules.

Finance Minister Jim Flaherty announced Monday [http://www.fin.gc.ca/n11/11-003-eng.asp] that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than 80 per cent.

Secondly, Ottawa will lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.

Thirdly, Ottawa will withdraw government insurance backing on lines of credit secured by homes.

By reducing maximum amortization from 35 to 30 years, will reduce interst paid by the borrower as the mortgage will be paid off faster, but it also reduces the borrower's purchasing power, too -- lower amortization = higher monthly payments, therefore tougher to qualify for a more expensive property.
The Finance Minister says that by lowering the maximum refinancing from 90 to 85 per cent means that borrowers will be able to borrow less for renovations and consolidate less of their high interest debt (no wonder the banks applaud these changes), and it will limit the borrower's cash flow, thus limiting reinvestment.

In addition to cutting mortgage terms, Ottawa is taking action to reduce the rapid rise in home equity lines of credit, or HELOCs. The government will do this by clamping down on the insurance that Canada Mortgage and Housing Corp. offers to the lines of credit.

These changes will not take effect imediately because of a requirement to give the industry 60 days notice before making policy changes of this nature, so please contact me if you or any of your contacts is looking to purchase or refinanace a home.

Regards,
George


posted in General at Wed, 19 Jan 2011 16:15:57 -0700



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