New Round of Tightening - Canadian Mortgage Regulations kicks in July 9th.

On June 21^st, Canada’s federal government announced a further tightening of Canadian mortgage regulations effective July 9^th.   In the announcement, Finance Minister Jim Flaherty stated that the new regulations were introduced “to keep the housing market strong, and help to ensure households do not become overextended.”  Changes include the maximum amortization period being reduced to 25 years from the previous 30 years. Also, the maximum amount of equity homeowners can take out of their homes in a refinancing is being reduced to 80% from 85%. These new mortgage regulations echo earlier reductions of amortization period and lowered refinancing maximums that came into effect last year.   

Although the changes have been endorsed in the media by Canada's big banks, including TD and Bank of Montreal, the Canadian Real Estate Association (CREA) urges the government to carefully consider the impact of further interventions in the market.  It is well known that housing is a key driver of the economy.  In fact, according to CREA, re-sale housing will add an estimated $20 billion in spin-off spending and over 165,000 jobs to the Canadian economy in 2012.  CREA also cautions the government to closely monitor the impact of these measures to ensure they have the desired effect without slowing the economy.

Meanwhile, the Canadian real estate market remains balanced, and Canada continues to enjoy near-historic low interest rates.  The dream of homeownership remains in reach for a large number of Canadians.  While the reduction in maximum amortization period may affect some buyers, there are many who will not be impacted by the changes.  Others who may have planned to amortize their mortgage over a 30-year period have several options, including saving for a larger down payment, choosing a slightly lower-priced home in their target area, or consider trading location for commute.  There are a variety of options, and buyers should work with their local Coldwell Banker© real estate professional to find the solution that’s right for them. 

I am the GUY that will make a difference!


 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake. 


Karen Guy, REALTOR® 
Coldwell Banker Horizon Realty


C 250.878.3605 O 250.768.8001 
http://www.connectwithkaren.com/

What makes a good neighbourhood?

There’s an old saying that ‘the three most important things in real estate are location, location, location. But what makes one community more desirable than another? Often, it’s the visible aspects of the neighbourhood such as pride of ownership in well maintained houses and clean, tree-lined streets. Sometimes it’s the intangibles: a look or feeling you get while driving down a street. When you’re house hunting, it’s important to remember that when you buy a home you’re also buying the neighbourhood.


Your home is probably the single largest investment you’ll ever make. So, it’s wise to buy in an area that is stable and has a good reputation. A community’s reputation is based on many factors, including close proximity to a thriving economic centre. Look for good schools and easy access to public facilities such as libraries, parks and recreation centres. Also consider commute time: how long will it take you to get to work? Remember not to make that decision based on how long it takes to make the drive to view the house, but actually during rush hour. Are you the type of person who doesn’t mind an hour’s drive each way to work? Or do you prefer to take public transit?


Before you purchase a home, it’s a good idea to check with the planning and zoning departments at city hall for proposed developments in the area. If you’re looking for a quiet area away from the hustle and bustle, you’ll want to know if there’s a proposed shopping mall going in at the corner. Or could there be an office tower slated to back up against your backyard?


The resale potential of the neighbourhood is important too. Your Coldwell Banker sales representative can create a report for you, showing the properties listed and sold in the area, and discuss the potential for appreciation in property values.
Try to get a sense of the community before you move in. Make several trips to the area you’re considering. Visit on different days of the week at different times of the day and night. Do you like what you see? Do you feel comfortable? Talk to residents—they are a wealth of knowledge about the area amenities and the community spirit. Read a few issues of the local newspaper to get up to date on current initiatives and developments. You might even want to visit the local library or community center to get an overview of what’s going on in the area.
You can rely on your Coldwell Banker sales representative to be a fountain of information too. Then, when it comes time to buy your first house, you’ll choose a community where you’ll feel right at home. 

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty

C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

The Okanagan-Shuswap Housing Market Ends Second Quarter With Double Digit Gains

July 5, 2012

Kelowna, BC –  The Okanagan Mainline Real Estate Board (OMREB) reported June 2012 sales activity of all MLS® property types showed marked improvement compared to the same month last year and the first half of 2011, as the housing market shifts into more balanced conditions and records double digit gains during the second quarter of this year.

“During the past three months straight, the Okanagan-Shuswap has experienced a marked increase in sales activity -- leveling off a bit in June (15%) compared to May (19%), as thoughts turned to the end of school and family vacations. Renewed buyer interest and consumer confidence are still on the rise and expected to see ongoing improvement as summer unfolds,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President.

“While the market has softened in the Lower Mainland, the Interior continues to see the greatest growth in unit sales and the Okanagan is now leading the province,” Shaw notes.  “Sales activity in all three zones and in most segments has strengthened.  June saw significant improvements in apartment and townhouse activity throughout the Board area, and single family residential sales remained strong. Total residential sales year-to-date have improved over 2011 – up 12.4% in the North Okanagan, 8.6% in the Central Okanagan, and 6.8% in the Shuswap.”

Shaw reports, “Overall sales were the strongest in the Central Okanagan in June with a 17% improvement over 2011, and with gains of 49% for apartments and 43% for townhouses.  In the Shuswap, total units sold picked up 14%, while the apartment segment jumped from zero sales last year to 8 this month, and rose dramatically (230%) year-to-date with 33 units compared to 10 in 2011. The North Okanagan saw a 9% increase in overall sales this month with apartments showing the biggest improvement – up 38% compared to units sold last year at this time.”

I am the GUY that will make a difference!


I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.


Karen Guy, REALTOR®
Coldwell Banker Horizon Realty


C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Real Estate Matters - First Time Buyers

To Buy or Rent – that is the questions!

For a lot of people, the number one reason they choose to rent versus buy their
own home is their fear of signing their name to a long-term mortgage agreement.
But let’s face it – very few of us can go through life without paying for our place of
residence in one form or another. In that sense, you’ve already made a
commitment to a fixed schedule of payments for housing -- whether it’s in the
form of a mortgage or a rental lease. In actual fact, one of the major advantages
of a mortgage agreement is that it usually covers a longer time period than a
lease -- which can work in your favor. Since no one can guarantee what your
rental payments may be two or even five years down the road, your mortgage
agreement actually protects you from the increases – compounding annually --
you can often encounter when you rent.

Nevertheless, some people are still intimidated by the total debt that a mortgage
agreement represents. Yet if you added up all the rental payments you could
expect to pay over an extended period of time, you may find that going the
mortgage route is actually the more affordable of the two options. With today’s
relatively low mortgage rates, and creative financing options, the cost of carrying
a home may be lower than what you might expect. Your Coldwell Banker real
estate professional can show you how owning your own home may be more
affordable than you ever imagined.

While making mortgage payments may actually be more affordable than paying
rental costs, let’s not lose sight of the biggest financial benefit of buying a home.
The simple fact of the matter is, when you rent, you’re slowly but surely building
someone else’s ownership equity in the property. On the other hand, when you
buy a home, a portion of your mortgage payment is building personal equity for
you. And if sometime in the future, you decide to sell, that equity is something
you’ll take with you as you make your next move.

Lastly, let’s not forget the creative freedom and pride of ownership that comes
with owning your own property. When you buy, you decide the extent of home
improvements, and decor changes you want to make. You decide on color
schemes and where you want to build that bookcase. Maybe best of all, you gain
the equity that those improvements add to your home. Spending money to
improve a rental property just puts value in someone else’s pocket.

If you’re tired of paying off someone else’s home for them, talk to your Coldwell
Banker real estate professional for a no obligation consultation and find out how
to make your dream of home ownership a reality.


I am the GUY that will make a difference!

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake

Karen Guy, REALTOR®
 Coldwell Banker Horizon Realty

 C 250.878.3605 O 250.768.8001
 http://www.connectwithkaren.com/

Westbank Prime Location Condo with Spectacular Lakeview

1209 sq.ft. 2 bedroom + den / 2 bathroom condo at Aria. This is a 2nd floor unit prime location unit with spectacular lakeview. Watch the golfers tee off on the second hole just outside your window at Two Eagles Golf Course in West Kelowna. FULLY FURNISHED & LEASE PRE-PAID, granite counters, stainless steel appliances, and earth tone decor. Master with 5 piece ensuite and door out to the deck to enjoy those beautiful Okanagan summer mornings! This is a great lock and leave investment for the business savvy individual. Great time to buy! In suite laundry with storage as well, and two parking stalls included along with storage locker. For more details, photos and virtual tour go to www.connectwithkaren.com and then call Karen Guy, Coldwell Banker Horizon Realty #101 - 3500 Carrington Road, Westbank BC V4T 3C1 at 250.768.8001 or 250.878.3605. MLS® 10049519.

I am the GUY that will make a difference! 

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.  

Karen Guy, REALTOR® 

Coldwell Banker Horizon Realty 

 C 250.878.3605 O 250.768.8001 

http://www.connectwithkaren.com/

Lakeshore Terrace in the Heart of Lower Mission

Lakeshore Terrace is located in the heart of the lower mission and is walking distance to a few key places to note, such as one of the many beautiful beaches of Kelowna, the H20 Water Park and the Capital News Centre. This 1500 sq.ft. condo with loft, upon entering, is so much more like a townhouse or a house rather than a condo. Nice thing here being no yard maintenance! This home has hardwood flooring, gas fireplace, 3 bedrooms, 3 full baths, stainless steel appliances and soaring ceilings. Bright, cheery and spacious you will fall in love. Master & laundry on the main. Loft could be sitting area, den or office? This is a great lock and leave for all you snow birds out there. For more details & photo's & virtual tour go to www.connectwithkaren.com & then call Karen Guy, Coldwell Banker Horizon Realty #101 - 3500 Carrington Road, Westbank BC V4T 3C1 at 250.768.8001 or 250.878.3605. MLS®10043378.

I am the GUY that will make a difference! 

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.  

Karen Guy, REALTOR® 

Coldwell Banker Horizon Realty 

 C 250.878.3605 O 250.768.8001

 http://www.connectwithkaren.com/

True Ski In/Ski Out Location 1 Bedroom Condo

Top floor, one bed condo unit overlooks indoor pool & hot tub. True ski in/ski out location. 1 parking stall, storage closet, and ski locker included. Great revenue property or use as your own get away to the champaign powder at Big White.

I am the GUY that will make a difference! 

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.  

Karen Guy, REALTOR® 

Coldwell Banker Horizon Realty 

 C 250.878.3605 O 250.768.8001

 http://www.connectwithkaren.com/