An Advance Blessed Christmas to One and All

Ah, it's that magical time of the year again! The air is filled with the familiar jingles of timeless Christmas carols, played on repeat to warm our hearts. And when it comes to the iconic sound of the "-ber" months, who else could outshine the legendary Jose Mari Chan? His festive tunes are like a warm hug that officially marks the start of the Christmas season! 🎄✨🎶

A HAPPY FAMILY

Dear Ate Mylene,

Nung makausap ka plang nmin sa phone you gave us the confidence na possible kami magkaroon ng bahay. We never even met you personally , sa phone calls lng and emails ang communication natin,ganyan kagaling si ate Mylene Lim natulungan niya kmi. We continue to recommend you po to our family and friends, dahil we trust you na mas marami pa kayong matutulungan. Thank you always from the bottom of our hearts.

Sincerely, 

Erick, Nerissa, Zaire and Zarine 

The Vibrant Hues of Autumn

Summer is come and gone. And soon we will have the Winter's chill. But for now, we have Autumn adorned in vibrant shades of gold and red.

This weekend was spent in Leavenworth, Washington. A Bavarian-styled village that is nestled by the Cascade Mountains. The quaint village is full of restaurants serving German beer and food line Front Street. But on the outskirts are beautiful scenic views where Autumn colours are ablaze.

New Mortgage Rules

There are a few BIG changes coming to the mortgage market and, for a change, they are actually good news!

No More Stress Test For Transferring A Mortgage To A New Lender

Effective December 15, 2024, current mortgage holders will no longer need to qualify using the Stress Test if they wish to transfer their mortgage to a new lender.  Borrowers will still need to income qualify to move their mortgage, and maintain their current balance and amortization.  Qualifying will be based on the contract rate rather than the Stress Test.

Increasing the cap for insured mortgages to $1.5 million

Effective December 15, 2024, applicants requiring an insured mortgage can purchase a home up to $1.5 million, which is up from $1 million.  This applies to those purchasing a home with less than 20%.   The down payment requirement is 5% of the first $500,000 of the purchase price and 10% of the remainder of the price up to $1.5 million.

30 Year Amortizations for First Time Home Buyers and New Construction Properties

First time home buyers who have less than 20% down payment and therefore require an insured mortgage, will now be eligible to get an amortization up to 30 years.  Also, all buyers of new construction properties who require an insured mortgage can also request a 30 year amortization.  

New Federal Program for Home Owners Adding a Rental Suite

Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million.  The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes.  Short term rentals are not permitted.  Insured mortgages with 30 year amortizations will be permitted under this program.

Let's Work Together

For those who have worked with me with their mortgage, they know that I fully customize their application taking into account their needs and goals. There's never simple "sign here, sign there" scenario where my clients don't know what exactly it is they are signing.

I always take time to listen and discuss with my clients so they are with me every step of the way in their mortgage application. I review and give options to the clients so that the mortgage they are getting is the best one available to suit their requirements.

It all starts with reaching out to me so we can set up a call. So pick up the phone and call me at 604 783 9097.

Can you find the Tarsier in the Photo?

The Philippine tarsier (Carlito syrichta) is a small primate endemic to the Philippines, primarily found in Bohol, Samar, and Leyte. This species belongs to the ancient family Tarsiidae, which has existed for around 45 million years. Previously classified under the genus Tarsius, it is now recognized as the sole member of the newly established genus Carlito, named in honor of conservationist Carlito Pizarras.

Measuring between 85 to 160 mm in height and weighing 80 to 160 grams, the Philippine tarsier is one of the smallest primates, often difficult to spot due to its size.

Following Bank of Canada rate cut, Macklem says it’s “reasonable” to expect more

At the beginning of September, The Bank of Canada announced a quarter-point cut to its overnight target rate, reducing it to 4.50%, and hinted that further reductions may follow if inflation trends positively. This rate is now 50 basis points below its previous peak of 5.00%. Governor Tiff Macklem suggested that additional cuts could occur depending on the inflation trajectory, emphasizing a cautious, data-driven approach. Despite easing price pressures overall, specific sectors like shelter and certain services continue to exert upward pressure on inflation.

Alongside the rate cut, the Bank updated its economic forecasts, projecting slower GDP growth for 2024 at 1.2%, down from the earlier estimate of 1.5%. Inflation is expected to remain stable at 2.6% for 2024, with a gradual decline to the 2% target by 2026. Although the recent rate cut is seen as a positive development for borrowers, rates remain restrictive relative to current inflation. Economists anticipate further cuts, with discussions suggesting potential reductions could occur in the coming months, contingent on upcoming economic data.

Dressing Up for an "Emily In Paris" Dinner With The Gals

Every once in a while, my friends and I try to find a reason to indulge in a bit of glamour when we head out for dinner, although truth be told, we hardly need any encouragement.

Last week, we decided to embrace an "Emily in Paris" theme for our night out, immersing ourselves in the elegance and charm of Parisian-inspired fashion. Dressed in chic elegance, we went about to enjoy an evening of sophistication.

As we settled for dinner, the ambiance was perfectly matched by our ensemble of glitz and glamour. Amidst the consumption of delicious food, the clinking of glasses, the laughter, and the endless photo ops, we relished the chance to catch up on each other's lives, sharing stories and updates since our last get-together.

It was a night of delightful indulgence, capturing the essence of our shared moments and the joy of celebrating life’s little pleasures.

Should I Add My Adult Children On The Title Of My Real Estate Property?

Deciding whether to include your adult children on the title of your property is a substantial choice that demands careful thought. This decision can have significant legal, financial, and personal repercussions, so it’s important to weigh both the potential benefits and risks thoroughly before moving forward.

In this article, we will examine the pros and cons of adding your adult children to your property title. We’ll explore various factors such as tax implications and family dynamics, providing you with a comprehensive overview to help you make an informed decision.

Click Here to read more

Credit Lilian Cazacu Notary Corporation

A Cool Shade on a Hot Summer Hike

Summer! One of my favourite seasons of the year! With its clear blue skies and warm weather, this is the perfect time to explore the great outdoors. The vibrant sunshine and long days invite countless opportunities for adventure and relaxation.

Whether it's lounging on a beach, having a picnic in the park, taking a refreshing swim, or hiking up the mountains, summer provides the ideal backdrop for enjoying nature's beauty.

One of my hike this season was in Mt. Baker-Snoqualmie in Washington where a mini snow cave provided a much-needed respite from the searing temperature that day.

5 Factors That Affect Your Credit Score

Credit scores are intended to help financial creditors and others financial institutions make fair decisions on whether or not to “take a risk” on someone. The risk might involve giving that person a loan (will they repay it?), offering a credit card (will they make the payments?) or approving their mortgage application (will they pay their mortgage?).

Credit scores are designed to predict the likelihood that individuals will pay their bills as agreed.The five main factors that are taken into account in determining a credit score are:

) Payment history. Do you pay your bills on time? Your credit score may take into account any missed or late payments, how long they went unpaid, and how often.
2) Amounts owed. This includes totals you owe to all creditors, how much you owe on particular types of accounts, and how much available credit you have used.
3) Length of credit history.The age of your oldest credit account, the age of your newest account, and the average age of all your accounts may each play a role in the calculation of your score. 
4) New Credit. Have you shopped for or received new credit recently? Applying for credit with different lenders within a short period of time may lower your score, especially if you have a relatively short credit history to begin with.
5) Types of credit. Generally speaking, the more types of accounts you have (credit cards, retail accounts, mortgage loans, installment loans), as well as the total number of accounts you have, influences your credit score.

Summertime is Hiking Time

There's no better way to enjoy summer in BC than by being outdoors. The province offers countless beautiful places to explore, activities to enjoy, and memories to create. Best of all, many of these experiences are affordable or even free.

Take for example, a recent outing with my friends. We packed a lunch, hiked up a trail, and enjoyed our meal surrounded by the breathtaking scenery of a snow-capped mountain and a clear, emerald lake.

How To Have A Guilt-Free and Balanced Vacation

If it's hard for you to relax, if vacations are too stressful, or if you feel guilty when you take time off, here are six steps that you can take for an enjoyable, guilt-free vacation.

1) Set boundaries by limiting communication with the office to prevent stress from piling up.
2) Manage your devices by using custom ring tones and reducing instant messaging to avoid feeling constantly on-call.
3) Buffer work exits and re-entries with extra days before and after your vacation to ease transitions.
4) Balance activities by alternating between physical activity and rest to boost endorphins and reduce stress hormones.
5) Plan ahead by designating a trusted colleague to handle tasks and notifying coworkers of your absence.
6) Work at not working by questioning why you deny yourself breaks and recognizing the importance of self-care.

HAPPY CANADA DAY!

A trip to the Philippines and Korea

I recently took an much-needed vacation to the Philippines and Korea. Despite the extreme heat in the Philippines, with a heat index averaging 45 degrees Celsius, I managed to visit my usual favorite destinations and enjoyed precious, albeit brief, moments with family and friend.

In South Korea, I explored Seoul for the first time. The city captivated me with its blend of traditional and modern influences, featuring historical landmarks like Geoungbokgung Palace and Bukchon Hanok Village, alongside modern skyscrapers and bustling shopping districts such as Meongdong and Gangnam. I also spent countless hours shopping for Korean facial products which are not readily available elsewhere, unless you're willing to pay exorbitant prices. 

How Do You Make your House Beautiful On A Budget?

Beautifying your home without breaking the bank is achievable with a few simple steps.

1) start by eliminating clutter and organizing your space
2) create a calming environment for you and your family
3) incorporate plants and flowers to bring nature indoors
4) brighten your home with additional lighting
5) display items that bring you joy
6) rearrange furnitures for a fresh look
7) have fun with colourful pillows and throws to add a touch of personality and warmth.
8) splurge on a fresh coat of paint on a focal or accent wall in your home

What is Spring Without Tulips?

Vivid explosions of colourful blooms announce the onset of spring, promising the arrival of a beautiful sun-filled summer.

Bank of Canada holds key interest rate at 5%, says things moving in right direction

The Bank of Canada has held its key interest rate at five per cent for the sixth consecutive time since July, saying it will look for signs that slowing inflation is sustained before moving on rate cuts.

The central bank said that inflation is still too high, but noted that core inflation measures — which strip out volatile sectors like food and energy — have trended downward in recent months.

"I realize that what most Canadians want to know is when we will lower our policy interest rate. What do we need to see to be convinced it's time to cut?" Bank of Canada governor Tiff Macklem said during a news conference following the announcement.

"The short answer is we are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained. The further decline we've seen in core inflation is very recent. We need to be assured this is not just a temporary dip."

Macklem said that a rate cut in June is "within the realm of possibilities."

While inflation cooled to 2.8 per cent in February, with price growth slowing across goods, food, clothing and services, high rent and mortgage interest costs continue to drive up the overall inflation rate.

The bank expects inflation will move closer to its two per cent target this year, and that it will reach it in 2025. The bank also expects solid GDP growth this year and in 2025, due to population growth and increased household spending.

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My Website Just Got a Make-Over

My website has undergone a significant makeover, and I'm excited to share it with you.

I invite you to take a look at the updated design and content by visiting www.MyleneLim.ca.

I hope you enjoy exploring the new features and finding valuable information tailored to your interests. Thank you for your continued support and interest in my online presence. Your feedback is always appreciated as I strive to provide an enhanced user experience.

BC Government Budget Affecting Real Estate

One of the measures being introduced by the Government aimed at addressing the ongoing housing crisis in British Columbia is the BC Home Flipping Tax.

Starting January 1, 2025, a new tax will be implemented on the sale of residential properties within two years of purchase, targeting speculative real estate practices. This move is expected to contribute to stabilizing housing prices and increasing the availability of affordable homes. Exemptions to the home-flipping tax will be available to people who face unavoidable life changes, including death and divorce, job relocation or loss, and people who are adding to B.C.’s housing supply.

A Goodbye Party for Philippine Consul General in Vancouver Arlene Magno

The current term of Madam Arlene Magno, the incumbent Philippine Consul General in Vancouver, is nearing its conclusion in a few months. The Filipino Community has expressed their gratitude for her support, dedication, and commitment by organizing several gatherings in her honor.

A step back in time with heartthrob Gabby Concepcion

Encountering Gabby Concepcion in the flesh felt like stepping into a whirlwind of nostalgia, where memories of watching him and Sharon Cuneta's chemistry on screen came rushing back. In that moment, it was as if time folded upon itself, transporting me back to those enchanting 'Dear Heart' days, where every scene was laden with anticipation and romance. Meeting the embodiment of those cherished memories was a thrill, reigniting the fascination of yesteryears.

How Much Do You Need For Downpayment?

A mortgage down payment your portion of the purchase price which is coming from you when when you purchase a property. This is typically calculated as a percentage of the home price and this includes the initial deposit that you give when you have an accepted purchase offer.

In Canada, the minimum down payment varies depending on the home price. For homes up to $500k, it's 5%. Homes between $500k and $1M require 5% on the first $500k and 10% on the rest.  For properties over $1M, the minimum downpayment is 20% and follows a sliding scale set by individual lenders. Meaning, the higher the value, the bigger downpayment is required.

Your down payment affects the home price you can afford, the size of your mortgage and monthly payments, and the amount of mortgage insurance required. Acceptable sources of funds include savings, sale proceeds, family gifts, borrowed funds, investments, and RRSPs. 

If you need more information, please call/text at 604 783 9097.

Speculation And Vacancy Tax

Residential property owners in the designated taxable areas declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31.

When a property has more than one owner, each person on title needs to make a separate declaration, even if the other owner is your spouse or relative. There may be special circumstances to consider such as a deceased owner or an owner who is out of town during the declaration period.

The fastest and easiest way to declare is online. If you cannot declare online, you can declare over the phone.