Goodbye Summer, Hello Prime Rate Increase & Take My Zucchini, Please!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures

 

Sept 2022 Abbotsford Attached
Sept 2022 Abbotsford Detached
Sept 2022 BC North Attached
Sept 2022 BC North Detached
Sept 2022 Burnaby Attached
Sept 2022 Burnaby Detached
Sept 2022 Coquitlam Attached
Sept 2022 Coquitlam Detached
Sept 2022 Langley Attached
Sept 2022 Langley Detached
Sept 2022 Mission Detached
Sept 2022 New Westminter Attached
Sept 2022 New Westminster Detached
Sept 2022 North Vancouver Detached
Sept 2022 Okanagan
Sept 2022 Pitt Ridge Detached
Sept 2022 Richmond Attached
Sept 2022 Richmond Attached
Sept 2022 Richmond Detached
Sept 2022 Shuswap
Sept 2022 Surrey Attached
Sept 2022 Surrey Detached
Sept 2022 Vancouver East Attached
Sept 2022 Vancouver East Detached
Sept 2022 Vancouver West Attached
Sept 2022 Vancouver West Detached
Sept 2022 West Vancouver Detached

Above is a list of foreclosures in the Lower Mainland and beyond.

There are some great deals to be had for either your own home or as a rental property. 

Check them out at the links above.



Bank of Canada Update - Prime Increased By 0.75% Today

As expected, the Bank of Canada increased their overnight rate again this morning, driving  Prime rate up to 5.45%. This will impact only those in variable rate mortgages or with lines of credit.  Many people have deep discounts on their mortgages keeping them in the mid 4% range.

No, this is not fun, and yes, there may be another increase coming, likely in October.  There's no denying that we are feeling the pinch not only here, but everywhere.

Fixed rates increased rapidly quite a few months back and have been pretty stable since. They are still in the 5-5.5% range for a 5 year fixed term.  

Is locking in worth it now?  Well, that's the million dollar question.  Unfortunately, no one has the answer. No one.  Not the media, not your neighbour and not your family! There are too many factors at play, over which we have no control.

Many professionals in this field, including myself, feel that the Bank of Canada will likely make another one or two increases this fall and will then sit back and watch what happens. We feel there's a possible recession coming, some would say we're in it, which should stop increases and possibly start bringing things back down. 

We are still in favour of variable rate mortgage products, even though many of the deep discounts off of Prime have evaporated.  Besides rate, there are other important considerations that you have to think about when choosing a mortgage product, including the penalty to break a mortgage to get out. Fixed rates can have a penalty up to 4% of the mortgage balance. That's huge! Variable the mortgages always have a 3 month interest penalty cap. The difference can be many thousands of dollars.

If you are eager to explore locking your mortgage in, one thing you can do is call your lender and find out the options, including the lock in rate and payment amount, then send us this info and we can walk through it and see what may work.

Here are the numbers to some major lenders:
-First National 1888-488-0794
-RMG 1866-809-5800
-CMLS 1888-995-2657

For Scotia, TD, etc you will have to call the local branch

Please don't panic. We understand that this is a challenging time for many home owners, but we know that it can't go on forever. What goes up must come down. We will get through this, and we are always here to help with any questions you may have.  



BC enhances consumer protection for homebuyers

 

The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a recission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.

Read More...



Oh Summer & Blow Up Pool, How We Will Miss You!

 

It was a beautiful and busy summer here at West Coast Mortgages headquarters!  We were able to host several groups of family and friends over the past 2 months, including almost all of Jamie's family from Regina.

As the Regina contingent arrived right in the middle of the July heat wave, Michelle determined that the only way to stay cool was to get a surprise blow up pool, and conspired with Jamie's Dad to get it done.  The kids were in there cooling off well before it was even half way filled, so we call it a success!  Admittedly, we got pretty used to having a nice cold drink by the pool at the end of the work day. 

Alas, fall is on the horizon, so we bid you adieu, blow up pool, until next summer!  



Enough with the Zucchini Already!

 

Every year the garden is a little bit different. This year, most things have grown beautifully and we have been enjoying fresh produce all summer.  We have had endless salads and the dogs love snacking on all of the peas that we can give them. It has been really, really wonderful.

However, you can really only eat so much zucchini.  You can also only give away so much zucchini, and our friends and neighbours have had quite enough.  We have zucchini bread, and zucchini muffins stacked in the freezer... and it just keeps coming.  We've stopped feeding it, in the hopes that it would give up.  No such luck. Every day we go out to the garden and pick 3 or 4 more. 

Last year we couldn't grow a zucchini to save our lives, but this year is certainly making up for it.  There is no end in site, please help. 

Send zucchini recipes, (and mortgage info enquiries), to team@westcoastmortgages.ca.

 



If you are feeling bad about Canadian interest rates, check out this article - Argentina rate hiked to 69.5% as inflation hits 20-year high

 

Argentina's central bank has raised its main rate of interest to 69.5% as it tries to contain soaring inflation.

The bank put up its 28-day benchmark rate by 9.5% percentage points, its second hike in as many weeks.

It comes as new figures showed inflation in the country had hit a 20-year high of over 70%.

The numbers dashed hopes that price rises had peaked after the latest US data showed that inflation had eased.

"The rise in the policy rate will help reduce inflation expectations for the remainder of the year," the bank said in a statement.

The move came after the bank raised the rate by 8 percentage points two weeks ago and marks its eighth hike this year.

The country's inflation rate is forecast to top 90% by the end of the year.

Continue reading...



1% Increase to Prime Rate and a Garden Gone Wild

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures

 

July 2022 Abbotsford Attached
July 2022 Abbotsford Detached
July 2022 Burnaby Attached
July 2022 Burnaby Detached
July 2022 Coquitlam Attached
July 2022 Langley Detached
July 2022 Maple Ridge Attached
July 2022 Mission Detached
July 2022 New Westminster Attached
July 2022 Okanagan
July 2022 Pitt Meadows Detached
July 2022 Richmond Attached
July 2022 Shuswap
July 2022 Surrey Attached
July 2022 Surrey Detached
July 2022 Vancouver East Attached
July 2022 Vancouver East Detached
July 2022 Vancouver West Attached
July 2022 Vancouver West Detached
July 2022 West Vancouver Detached



A Super-Sized Rate Hike, Signalling More To Come

 

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds, which puts additional upward pressure on longer-term interest rates.

In its press release this morning, the Bank said that "inflation in Canada is higher and more persistent than the Bank expected in its April Monetary Policy Report (MPR), and will likely remain around 8% in the next few months... While global factors such as the war in Ukraine and ongoing supply disruptions have been the biggest drivers, domestic price pressures from excess demand are becoming more prominent. More than half of the components that make up the CPI are now rising by more than 5%."  

The Bank is particularly concerned that inflation pressures will become entrenched. Consumer and business surveys have recently suggested that inflation expectations are rising and are expected to be higher for longer. Wage inflation has accelerated to 5.2% in the June Labour Force Survey. The unemployment rate has fallen to a record-low 4.9%, with job vacancy rates hitting a record high in Ontario and Alberta. 

Central banks worldwide are aggressively hiking interest rates, and growth is slowing. "In the United States, high inflation and rising interest rates contribute to a slowdown in domestic demand. China's economy is being held back by waves of restrictive measures to contain COVID-19 outbreaks. Oil prices remain high and volatile. The Bank expects global economic growth to slow to about 3½% this year and 2% in 2023 before strengthening to 3% in 2024."

Further excess demand is evident in the Canadian economy. "With strong demand, businesses are passing on higher input and labour costs by raising prices. Consumption is robust, led by a rebound in spending on hard-to-distance services. Business investment is solid, and exports are being boosted by elevated commodity prices. The Bank estimates that GDP grew by about 4% in the second quarter. Growth is expected to slow to about 2% in the third quarter as consumption growth moderates and housing market activity pulls back following unsustainable strength during the pandemic."

In the July Monetary Policy Report, released today, the Bank published its forecasts for Canada's economy to grow by 3.5% in 2022--in line with consensus expectations--1.75% in 2023 and 2.5% in 2024. Some economists are already forecasting weaker growth next year, in line with a moderate recession. The Bank has not gone that far yet. 

According to the Bank of Canada, "economic activity will slow as global growth moderates, and tighter monetary policy works its way through the economy. This, combined with the resolution of supply disruptions, will bring demand and supply back into balance and alleviate inflationary pressures. Global energy prices are also projected to decline. The July outlook has inflation starting to come back down later this year, easing to about 3% by the end of next year and returning to the 2% target by the end of 2024."

 

Bottom Line

Today's Bank of Canada reports confirmed that the Governing Council continues to judge that interest rates will need to rise further, and "the pace of increases will be guided by the Bank's ongoing assessment of the economy and inflation." Once again, the Bank asserted it is "resolute in its commitment to price stability and will continue to take action as required to achieve the 2% inflation target."

At 2.5%, the policy rate is at the midpoint of its 'neutral' range. This is the level at which monetary policy is deemed to be neither expansionary nor restrictive. Governor Macklem said he expects the Bank to hike the target to 3% or slightly higher. Before today's actions, markets had expected the yearend overnight rate at 3.5%.

 Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres



Dog Days of Summer

 

Samson and Lila love being outside! Just as long as it's not too hot, or too cold, or too wet, or too windy, the grass isn't too scratchy, and nobody is burning anything...  So basically, this is a photo of their first picnic of the year. Enjoy!  



Garden Gone Wild

 

One of the best parts about summer at our house is the garden.  This year, following a big expansion of the garden beds, we are happy to report that our harvest is going really well. 

We have had a few casualties, the watermelon, cantaloupe and some squash plants pretty much drowned in all the June rain, but the rest of the crops are coming along nicely. 

We both have fond childhood memories of "helping" our Grandparents in the garden as kids.  Of course, that mostly meant stealing peas, making mud pies, and being of very little actual help.  But our Grandpa Stirr and Grandma Lou did plant the seeds of passion for gardening in us, and we think they'd be pretty pleased with how we are progressing! 

Wishing you all a happy and safe summer!



Bank of Canada's larger-than-expected interest rate hike is biggest jump since 1998

 

Jordan Gowling, CTV National News Producer

Updated July 13, 2022 8:54 a.m. PDT Published July 13, 2022 1:28 a.m. 

The Bank of Canada has hiked its overnight interest rate by 100 basis points to 2.5 per cent, following higher than-expected inflation. It is the biggest rate hike by the central bank since August, 1998.

The central bank attributes the war in Ukraine and ongoing supply chain issues as the main drivers, but also highlights excess demand in the domestic Canadian economy as a growing factor.

In May, the Consumer Price Index (CPI) reached 7.7 per cent, the highest yearly increase in almost 40 years. The Bank says more than 50 per cent of price categories have risen by 5 per cent.

The bank projects inflation will continue and peak at around 8 per cent over the next few months. Inflation is expected to ease starting in late 2022, going to 3 per cent by the end of 2023 and back to target by the end of 2024.

The central bank has also cut its economic growth projection, with gross domestic product (GDP) slowing to 3.5 per cent in 2022, and 1.75 per cent the following year.

A contributing factor to this tapering is commodity prices, such as the price of oil, which are expected to continue to decline. The central bank expects global supply chain bottlenecks will start to ease.

Higher interest rates are also expected to help reduce inflation on the domestic front, with prices in the Canadian housing market set to decrease in the second half of 2022 and into 2023, as “as borrowing rates rise and the pandemic-induced boost in demand wanes.”

Interest rate hikes are expected to continue until the end of this year, to help temper an overheated Canadian economy.

“Given the high rate of inflation, and barring unforeseen economic events, it is likely that the policy rate will continue to rise above 3 per cent before year end,” says Kevin Page, president and CEO of the Institute of Fiscal Studies and Democracy at the University of Ottawa.

The next policy rate announcement is expected on September 7, 2022.



Reverse Mortgages Help First Time Home Buyers

 

Are you a Canadian over 55 trying to help your children with a down payment on their first home or to upgrade their home?  Due to rising home prices, It is now more difficult than ever to afford a home. That means your family could benefit from some help now, instead of waiting for an inheritance.

Reverse Mortgages allow home owners over the age of 55 to access the equity in their homes, without needing to worry about qualifying on income.  The funds you access can then be gifted  to your kids, who can use it as a down payment for their own home purchase. There are no monthly payments on reverse mortgages, and no income tax is payable on the money taken from the home.

Feel free to call us so we can talk about whether you can access a Reverse Mortgage and use it to generate a 'warm inheritance' that can benefit your family members. As a bonus, you can enjoy going to their house for dinner for a change.  It's a win/win!  



Rates are up, Prices Are Down, and What's a "Cooling Off" Period?

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosure List in BC by Area

 

Agassiz Condos and Townhouses
Burnaby Houses
Burnaby Condos and Townhouses
Cloverdale Condos and Townhouses
Coquitlam Houses
Coquitlam Condos and Townhouses
Langley Houses
Langley Condos and Townhouses
Maple Ridge Houses
Maple Ridge Condos and Townhouses
Mission Houses
Mission Condos and Townhouses
North Surrey Houses
Pitt Meadows Houses
Port Coquitlam Condos and Townhouses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Houses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
West Vancouver Condos and Townhouses
Whistler Condos and Townhouses

Here is a list of the latest foreclosures in BC. 



The Bank of Canada Hikes Rates Again By 50 bps. Another Jumbo Rate Hike, Signaling More To Come

 

By Sherry Cooper - DLC Chief Economist - June 1, 22

The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back half-point increases are without precedent, but so were the dramatic pandemic rate cuts in the spring of 2020. Indeed, with the surge in Canadian inflation to 6.8% in April, the Bank of Canada is still behind the curve. The chart below shows that inflation remains well above the Bank’s forecasts. Today’s press release suggests they now estimate that inflation rose again in May and could well accelerate further.

Today’s policy statement emphasized that “As pervasive input price pressures feed through into consumer prices, inflation continues to broaden, with core measures of inflation ranging between 3.2% and 5.1%. Almost 70% of CPI categories now show inflation above 3%. The risk of elevated inflation becoming entrenched has risen. The Bank will use its monetary policy tools to return inflation to target and keep inflation expectations well anchored.”

“The increase in global inflation is occurring as the global economy slows. The Russian invasion of Ukraine, China’s COVID-related lockdowns, and ongoing supply disruptions are all weighing on activity and boosting inflation. The war has increased uncertainty and is putting further upward pressure on prices for energy and agricultural commodities. This is dampening the outlook, particularly in Europe. In the United States, private domestic demand remains robust, despite the economy contracting in the first quarter of 2022.”

Continue reading...



Cooling-off legislation: What impact will it have on BC market?

 

By Fergal McAlinden - May 31, 2022

Amid the furore over rising interest rates and a sales slowdown in recent weeks, one story that may have crept under the radar of housing market observers was British Columbia’s provincial government pushing ahead with plans for a cooling-off period in the purchasing process.

Bill 12 passed through the BC legislature at the end of April, amending the Property Law Act to allow would-be buyers to back out of a deal during a limited time period.

Some clarity was shed on the move last week when the province’s Financial Services Authority recommended that the cooling-off period last three business days while also advising that buyers not be allowed to waive the period for backing out (with exceptions including court-ordered sales or auctions).

The report also said sellers should be allowed reasonable access for a property inspection during that three-day period, with a “modest” termination fee of 0.1-0.5% of the home price recommended for buyers who change their mind on a deal.

Continue reading...



The New & Improved Garden!

 

Earlier this year Michelle's green thumb began to itch and so she decided to begin a vast array of seedlings in the house under grow lights.  Little did she know, but seeds actually grow when you offer then love and care and water and light. 

The result was that we had no choice but to expand our garden beds to foster all these new plants.  With any luck by the middle of summer we will have watermelon, cantaloupe, peppers, pumpkins, squash and much more.   



Brown Food Tastes Good!

 

Is there anything better than a meal cooked on an open fire?  We just don't think so.  The scenery ain't bad either.  Gotta love Spring!  



Average detached home prices in Surrey, Langley seeing double-digit drop

 

By Lisa Steacy for CTV News, May 24, 22

While home prices in Metro Vancouver remain sky-high, the price for single-family detached homes in two of the region's fastest-growing markets have seen a significant dip recently, according to one industry group.

HouseSigma uses AI to compare historical listings and estimate current values in real-time. Its latest data compared prices from February and May 17, 2022.

In Surrey, the average price dropped from $1.9 million to $1.59 million – a decrease of 16.3 per cent. In Langley, the price dropped from $1.75 million to $1.5 million – a decrease of 14.3 per cent.

While higher interest rates are said to be cooling the market in B.C. and beyond, HouseSigma agent Hao Li says there is likely something else at play in these two places. As people flocked outside of the city looking for cheaper housing, the population boom drove up prices. Now, Li says the demand has eased.

"One of the reasons that it is going downward even more is because it's been rising much quicker in those two cities compared to other cities of Greater Vancouver for the past two years," he says.

"We can forecast that the price and the sales volume will drop initially. But as time goes on, will get more stabilized."

Continue reading...



Bank of Canada Increase, Federal Budget & Gardening Tips!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures

 

Apr 2021 BC North Attached
Apr 2021 BC North Detached
Apr 2022 Burnaby Attached
Apr 2022 Burnaby Detached
Apr 2021 Chilliwack Detached
Apr 2022 Coquitlam Attached
Apr 2021 Langley Attached
Apr 2021 Mission Attached
Apr 2021 Mission Detached
Apr 2022 Okanagan
Apr 2021 Pitt Ridge Attached
Apr 2021 Pitt Ridge Detached
Apr 2022 Richmond Attached
Apr 2022 Richmond Detached
Apr 2021 Surrey Attached
Apr 2021 Surrey Detached
Apr 2022 Shuswap
Apr 2022 Vancouver East Attached
Apr 2022 Vancouver East Detached
Apr 2022 Vancouver West Attached
Apr 2022 Vancouver West Detached
Apr 2022 West Vancouver Attached
Apr 2022 West Vancouver Detached

Above is a list of foreclosures in the Lower Mainland and beyond.

There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.



Bank of Canada Raises Key Rate to 1% - Warns Further Hikes Still to Come

 

OTTAWA - CTV News

The Bank of Canada raised its key interest rate by the highest amount in more than 20 years and warned more rate hikes are coming as it increased its outlook for inflation.

The central bank hiked its policy interest rate by half a percentage point to one per cent on Wednesday.

Bank of Canada governor Tiff Macklem said inflation is too high and is expected to stay elevated for longer than the bank previously thought.

"The invasion of Ukraine has driven up the prices of energy and other commodities, and the war is further disrupting global supply chains," he said.

"We are also concerned about the broadening of price pressures in Canada."

Macklem said Canadians should expect interest rates to continue to rise toward more normal levels.

"By more normal we mean within the range we consider for a neutral rate of interest that neither stimulates or weighs on the economy," he said.

The Bank of Canada on Wednesday returned its estimate for the nominal neutral rate -- what the interest rate would be if inflation were stable and the economy at full employment -- to its pre-pandemic level of a range between two per cent and three per cent.

The bank's April 2021 estimate was a range of 1.75 per cent to 2.75 per cent.

Macklem's warnings about further rate hikes were echoed in the central bank's policy statement.

"With the economy moving into excess demand and inflation persisting well above target, the governing council judges that interest rates will need to rise further," it reads.

"The timing and pace of further increases in the policy rate will be guided by the bank's ongoing assessment of the economy and its commitment to achieving the two per cent inflation target."

Continue Reading...



Locking in a Variable Rate Mortgage

 

If you have a variable rate mortgage and recent economic news has you thinking about locking into a fixed rate, you may want to think again. You can expect to pay a higher interest rate over the remainder of your term, and you could end up paying a significantly higher mortgage penalty, should you need to break your mortgage before the end of your term.

Interest rates on fixed rate mortgages

Fixed rate mortgages come with a higher interest rate than variable rate mortgages. If you’re a variable rate mortgage holder, this is likely the primary reason you chose a variable; to secure the lower rate.  Currently 5 year fixed rates are ranging from 3.84% - 4.14%.  

The perception is that fixed rates are somewhat “safe” while variable rates are “uncertain.”  And while it’s true that, because the variable rate is tied to prime, it can increase, (or decrease), within your term, there are controls in place to ensure that rates don’t take a roller coaster ride. The Bank of Canada has eight prescheduled rate announcements per year, where they rarely move more than 0.25% per announcement. Today's rate increase of half a percent is the largest increase in over 20 years, quite unusual.  What this means is it is impossible for your variable rate to double overnight.

Penalties on fixed rate mortgages

Each lender has a different way of calculating the cost to break a mortgage.  However, generally speaking, breaking a variable rate mortgage will cost roughly three months of interest, or approximately 0.5% of the total mortgage balance. Comparatively, breaking a fixed rate mortgage could cost upwards of 4% of the total mortgage balance, if you are required to pay an interest rate differential penalty.

For example, on a $500k mortgage balance, the cost to break your variable rate would be roughly $2500.  The cost to break the same mortgage at a fixed rate could be as high as $20,000, eight times more, depending on the lender and how they calculate their interest rate differential penalty.

This flexibility is likely another reason you initially chose a variable rate product.

Breaking your mortgage contract

Nearly 60% of Canadians will break their mortgage at an average of 38 months.  While you may intend to stay stay with your existing mortgage for the whole term, life happens, and you might need to make a change.

Locking your variable rate mortgage into a fixed rate is choosing to voluntarily pay more interest to the lender, while giving up some of the flexibility you might need to break your mortgage. That being said, it still may be the right decision for you.  As we like to say, if your mortgage rate is going to keep you up at night and give you grey hair, by all means, lock it in!  However, if you can stand the fluctuations, we still think the variable product is the way to go. 

If you have any questions or would like to discuss this in greater detail, please feel free to contact us by phone or email. We are always here to help! 



Lovely Cultus Lake

 

We recently had a visit from our eldest niece and her boyfriend, who hails from the UK.  Despite the chilly weather we took them for a stroll around Cultus Lake.  We figured that a lad from England was unlikely to be scared off by a little drizzle!

The rain held off just long enough for us to get back to our car, the only one in the lot.  The lake was just beautiful, totally deserted, and so close to home!  We are definitely going to make the time to visit more often.  



Gardening Tips for Beginners

 

Do you want to grow a garden?

There are many reasons to dig in, including to:

-Eat delicious, fresh, local, organic food.

-Save money and avoid wasteful packaging, e.g., a small urban lot with less than 0.024 hectares (0.06 acres) in production might enjoy yields worth $3,500 to $6,000 per year! 

-Enjoy physical and mental health benefits of digging in the dirt (soil microbes).

-Help pollinators. 

-Take climate action. Did you know “greenhouse gas emissions can be cut by 2 kilograms for every kilo of homegrown vegetable when compared to the store-bought counterpart?”

WHERE AND HOW WILL YOU PLANT?

Sketch a sun map

Is your yard, balcony or windowsill in full shade, part shade, full sun or a combination? No need to guess. Find out how to map or sketch the sun’s daily pattern. You’ll save time and money planting in the correct place and you’ll learn how to interpret instruction tags on plants. Did you know “full sun” means the site receives more than six hours of sunlight each day? Beware of frost pockets (dips or the lowest part of your yard) and note if you need wind protection.

Get your lawn off grass

Use sheet mulch instead of tearing up sod. Put down about three layers of cardboard (free from tape and/or staples) to smother lawn. Then add soil, compost or raised beds and get planting annuals and perennials — maybe start a food forest! Free arborist wood chips are great for trails between beds. Call a tree-trimming company to ask for a free load or flag down a truck chipping in your neighbourhood.

Tip: Fill raised beds with 30-40 centimetres of soil and compost.

Continue Reading....



Federal Budget to Include $10B Housing Plan

 

As Canadians face a cost of living crunch, tackling housing affordability is going to be a main feature of Thursday’s federal budget, CTV News has learned.

From moving to make it illegal for foreigners to buy any residential properties in Canada for the next two years, to rolling out a tax-free savings account for first-time buyers, the government is looking to make good on a series of 2021 Liberal campaign commitments in the 2022 budget.

Coming at a time of considerable economic and international instability, Deputy Prime Minister and Finance Minister Chrystia Freeland appears to have focused considerably in this budget on what the government can do to counter the housing crunch, the lack of inventory, and the skyrocketing prices.

While spending an estimated $10 billion over the next five years on the overall housing package, the government will also be implementing new policies meant to help increase the inventory and help those being dramatically outbid, including shutting foreign buyers out of the market.

The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers, and students will be excluded from this new measure. Foreigners who are purchasing their primary residence here in Canada will be exempt.

The policy change will be legislated, giving the government powers to prescribe penalties and potential judicial powers to address instances of non-compliance, according to a government source. There is no cost attached to this foreign buyers measure yet.

Among the several housing-focused promises in the party’s platform, the Liberals promised to work with the provinces and territories “to better regulate the role of foreign buyers in the Canadian housing market.”

In the budget, the Liberals will also be moving to implement a new “Tax-Free First Home Savings Account” that, if it mirrors the Liberal platform promise, will allow Canadians under 40 to save up to $40,000 towards their first home.

With the aim of shortening the time it’ll take to afford a down payment, first-time home buyers would be able to withdraw this money tax-free to put towards their first home purchase, with no requirement to repay it, per the Liberal platform.

Also included in the sizable housing section of Thursday’s budget will be:

$4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties;$1 billion for the construction of affordable housing units; and$1.5 billion in loans and funding for co-op housing.

The $4 billion for municipalities appears to be addressing one of the housing elements from the Liberal-NDP deal. The confidence-and-supply agreement included a pledge to move ahead with “launching a Housing Accelerator Fund.”

This is in reference to a Liberal platform commitment, which is meant to incentivize housing construction by cutting red tape and building other digitized systems related to municipal planning, zoning and permitting systems.

It remains unclear how many housing units will be created under these spending measures.

“The objective is to keep houses in Canada for Canadians,” said a government official speaking to CTV News on a not-for-attribution basis.

Continue Reading...



Bank of Canada Increases Rate, Home Values are UP & Maybe We Can Save You $11,202!!!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures & Most Affordable Homes in Southern BC

 

TOP 10 MOST AFFORDABLE PROPERTIES
Looking for an affordable opportunity or investment in this market?
Here are the Top 10 Most Affordable Properties & the Foreclosure' lists in various categories and locations in the links below.


ACREAGES

The Chilliwack Board
Fraser Valley Board
Vancouver Board (Mainland)
Sunshine Coast
Islands Van & Gulf

SINGLE FAMILY HOMES
The Chilliwack Board
Fraser Valley Board
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Can You Refinance Now to Save Thousands of Dollars??

 

Today the Bank of Canada increased their overnight rate to 0.5%, which in turn will increase lenders' Prime rates from 2.45% to 2.70%.  However, there is still a ton of savings to be had with variable rates.  If you currently have a variable rate mortgage, and your discount off of Prime rate is 0.3% or less, now is a great time to refinance to save BIG!

For a $400,000 mortgage at Prime less 0.3% (2.40%), and a 25 year amortization, if you were to refinance into a new variable rate at Prime less 0.9% (1.80%) the savings in interest alone is $11,202 in 5 years.  Because variable rate mortgages can be broken with only a 3 month interest penalty, the penalty to refinance is small, in this example only $2388.  That is a net savings of $8814 over 5 years!

Maybe you have 3 years left in your term, well your savings over the next 5 years in moving from a 2.40% rate to a 1.80% rate is still $4511 after the penalty cost.  

Call us at 604-534-6504, or email us today to see if refinancing your mortgage can save you thousands of dollars!



2022 BC Assessment Jump Allows Home Owners to Access Even More Equity!

 

Home owners across the province have received their BC Assessments, and most are seeing significant increases to their property values, (see below for details).  This has many people thinking about options for accessing their equity to do home renovations, debt consolidation, or helping kids with down payments for homes of their own. 

If you are curious about options for accessing your home equity, give us a call at 604-534-6504 or shoot us an email at team@westcoastmortgages.ca.

Single-family Homes:

Vancouver: 16% increase

Burnaby: 19% increase

New Westminster: 24% increase

Coquitlam: 26% increase

Port Coquitlam: 31% increase

North Vancouver: 22% increase

West Vancouver: 21% increase

Whistler: 29% increase

Richmond: 21% increase

Surrey: 34% increase

White Rock: 27% increase

Delta: 33% increase

Maple Ridge: 37% increase

Abbotsford: 38 % increase

City of Langley: 39% increase

Chilliwack: 40% increase

Condos/Townhomes:

Vancouver: 7% increase

Burnaby: 10% increase

New Westminster: 9% increase

Coquitlam: 12% increase

Port Coquitlam: 14% increase

North Vancouver: 10% increase

West Vancouver: 15% increase

Whistler: 24% increase

Richmond: 11% increase

Surrey: 18% increase

White Rock: 17% increase

Delta: 13% increase

Maple Ridge: 23% increase

Abbotsford: 21% increase

City of Langley: 39% increase

Chilliwack: 40% increase



Did You Know That We Are Wizards?

 

Not all Wizards wear capes.  Last year was a record year for us at DLC West Coast Mortgages, and we are eternally grateful to our amazing clients for continuing to trust us with helping them navigate mortgage options. 

This month we were honored by First National Financial with this lovely award for reaching Wizard Status in 2021, which means we funded over $10 million in mortgages with the lender.  First National is one of our favourite lenders, and we could not be more proud of this coveted award! 



Bank of Canada Raising Key Interest Rate to 0.5%

 

Canadian Press - March 2, 2022

CTV News - Jordan Press

OTTAWA -- The Bank of Canada has raised its key interest rate for the first time since slashing the benchmark rate to near-zero at the start of the COVID-19 pandemic, in a bid to tackle inflation rates that are likely to keep rising from their current three-decade high.

The central bank increased its key rate by a quarter of a percentage point to 0.5 per cent on Wednesday in a bid to help fight inflation, which is at its highest level since 1991.

The move prompted Royal Bank and TD to raise their prime lending rates — and other big banks were expected to follow — to increase the cost of loans such as variable-rate mortgages that are linked to the central bank's benchmark rate.

In making its announcement, the Bank of Canada said it expects inflation to be higher in the near-term than previously thought. The central bank warned that this week's rate hike won't be the last, with economists expecting multiple increases before the end of the year.

Continue reading here...



Top Tips to get you Financially Ready for the Spring Market

 

The Spring real estate market is already heating up with more and more listings hitting the market every week.  If you are considering a move this Spring, here are our top tips for making sure you are financially prepared. 

1.  Get your personal taxes filed, especially if you are self employed, and use an accountant to help with complex matters.  Spending a little money now could save you thousands later in fines for being late or filing wrong.  If you must remit GST, get an accountant- I cannot stress this enough.  Lenders may want to see your Notices of Assessment to confirm you don’t owe any money to Canada Revenue Agency so file early and get this chore out of the way

 2. Review your savings and debts - eliminate any debts as soon as possible before you look to buy a new home.

 3.  Start locating your paper work.  Lenders will require documents to confirm the details on your mortgage application so make sure to keep documents locked away and handy.  Examples of what lenders can require are: pay stubs, 2 years of T4s or Notices of Assessment, 2021 property tax notice, current mortgage statement, annual investment statements. Getting a filing system is a must for the organized borrower.  

 4.  Take time to talk with a Mortgage Broker about an interest rate hold and assessment of purchasing power.  Don't enter the market blindly, have an idea of what you can afford BEFORE starting to shop for a home.

 5.  Hold off buying a new car or other major purchases that require you to borrow money.  or will impact your savings for a down payment.  For every $400 per month payment for a car or other loan, your mortgage borrowing power is decreased by $100,000!!!

 6.  Consider putting your tax refund towards your down payment or paying off a large loan

 7.  Don’t take a loan for RRSPs!!!  This will show up on your credit bureaus and will impact your borrowing power.  Although you can use your RRSPs for a down payment, talk to a Mortgage Broker before taking a loan to ensure you qualify for your goal mortgage amount with an RRSP loan.

  



What the Heck is Going On with Rates? & Snow? & Ugly Carpet?

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

January Foreclosures

 

Jan 2022 BC North Attached
Jan 2022 BC North Detached
Jan 2022 Burnaby Attached
Jan 2022 Chilliwack Detached
Jan 2022 Langley Attached
Jan 2022 Mission Detached
Jan 2022 Okanagan
Jan 2022 Pitt Ridge Attached
Jan 2022 Pitt Ridge Detached
Jan 2022 Port Moody Attached
Jan 2022 Richmond Attached
Jan 2022 Richmond Detached
Jan 2022 Shuswap
Jan 2022 Surrey Attached
Jan 2022 Surrey Detached
Jan 2022 Vancouver East Attached
Jan 2022 Vancouver West Attached
Jan 2022 Vancouver West Detached
Jan 2022 West Vancouver Attached
Jan 2022 West Vancouver Detached



What the Heck is Going On with Rates???

 

Tring to figure out what is going on with interest rates these days can be pretty challenging. Sometimes the best way to try and forecast the future is to take a look at where we have been. 

There are 2 kinds of interest rates for mortgages in Canada, fixed and variable.  Fixed rates are based on the bond market, which has already started to rise, creating increases in fixed rates.  Prime rate is based on the Bank of Canada’s overnight rate and Prime is currently 2.45%.  With inflation rising and the housing market driving growth in the economy, it is not unreasonable to expect that Prime rate will increase by 0.50% to 1.50% in the next year to 1.5 years with increases beginning around March or April, 2022.  When we have a crash in the market, the way we did when the pandemic hit, it is a hard and long process for rates to rise and it often happens in spurts.  Typically the Bank of Canada only raises their overnight rate by 0.25% per meeting, and they only meet 8 times a year. 

The most recent example of a market crash, similar to what we have seen during the pandemic, was the recession of 2008/ 2009.  In November of 2007 Prime rate was at 6.25% and plummeted to 2.25% by June of 2009.  The Bank of Canada then raised their rates, driving Prime to 3% by September of 2010, and Prime stayed at 3% until it dropped again in January 2015.  The fastest rise we saw was between June of 2017, when Prime was at 2.70%, and rose to 3.95% by December of 2018.  As you can see, we have never reached close to having Prime near 6.25% like it was in 2007. 

The pandemic has created an environment of disturbance in many markets, shutting some industries to a halt and dramatically impacting the operations of many others.  How we produce, transport and acquire goods of all kinds has been impacted, and because of this our economic future is fuzzy.  If the pandemic becomes endemic, we will likely see faster economic growth spurring interest rate increases.  The challenges we will face in coming months and years include labour shortages, supply shortages and climate crises. 

The only thing I can really tell you is that your borrowing, and which kind of mortgage product you take, is a personal choice.  Historically, borrowers who have chosen variables rates over fixed rates have done financially better and paid less interest.  Having said that, I am a believer in what I call the “Sleep Factor”.  If you are concerned about movements in Prime, and it will keep you up at night or give you gray hair, it may not be worth it.  Stressing month over month about your mortgage is not the way we want things to play out.  For most clients who are interested in taking a low variable rate, I suggest setting the payments at higher amount to mimic a fixed rate payment.  This will dramatically reduce the mortgage principal and make you mortgage free much faster.  Feel free to email or call our office to further discuss your personal mortgage solutions.  



Bank of Canada Holds Key Interest Rate, But Warns of Looming Hikes

 

OTTAWA - CTV

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won't stay there for much longer.

The trendsetting rate has been at its rock-bottom level since March 2020 during the first wave of the COVID-19 pandemic as the economy went into a downturn and three million jobs were lost.

The central bank said Wednesday the rebound since then and especially over the last few months has been stronger than it anticipated.

In a statement, the bank's senior decision-makers said the economy is running at capacity, including a labour market that is by most standards back at pre-pandemic levels.

The rebound is why it now says it will no longer promise to keep its key policy rate at 0.25 per cent, adding that rates will need to rise to bring inflation back to the central bank's two per cent target.

"Interest rates will need to increase to control inflation. Canadians should expect a rising path for interest rates," Bank of Canada governor Tiff Macklem said in a statement.

He also pointed to the rapid spread of the Omicron variant as an economic "wild card" at home and abroad to explain why the bank held off on hiking rates Wednesday.

"Our approach to monetary policy throughout the pandemic has been deliberate, and we were mindful that the rapid spread of Omicron will dampen spending in the first quarter. So we decided to keep our policy rate unchanged today, remove our commitment to hold it at its floor, and signal that rates can be expected to increase going forward," Macklem said.

CIBC chief economist Avery Shenfeld said he expects the Bank of Canada to raise rates in March if the country gets better news about the Omicron variant.

Continue reading here...



Dashing Through the Snow!

 

Happy New Year!  We hope that you all had a safe and enjoyable holiday break.  As some of you may know, we purchased a property in Chilliwack just over 3 years ago and, boy oh boy, did we ever get a lot a snow this holiday season!  Samson and Lila were little troopers about all the white stuff, and were happy to walk the neighbourhood when it wasn't too freezing. Though, in all honesty, it may have been more trudging than dashing... If this volume of snow is going to be a regular event, we may have to consider purchasing a sled and trying to train them as the world's smallest sled dogs! 

Happily it has nearly all melted now. We know it's only January, but we are more than ready for Spring. Brrrrrr!   



Remember Our Ugly House Contest?

 

So many of you bravely sent us shots of the ugliest parts of your homes last year.  So, we thought we would share some of our ugly with you.  Lila may be looking extremely adorable in this photo, but we know what she is really thinking...  Why do we have such ugly carpet, Momma???  Don't worry, puppy, we are working on it! 

P.S. Yes, this article may be a thinly veiled excuse to share a super cute pic of our adorable little Lila Lou. Hmmmm, maybe a cute pet contest this year?? We shall see.... 



Are you over the age of 55 and want to help your adult children buy a home of their own?

 

Are you a homeowner over the age of 55 looking for options to help your adult children get into a home of their own?

Much has been written of late about generational wealth, and how more and more parents are gifting their children money for down payments to help the next generation get into the housing market.  How to access these funds for gifting can be confusing.  Withdrawing from your retirement savings, or selling assets to generate cash, may not be the best solution, as it could ultimately lead to challenging tax or pension implications.

Instead, allow us to show you how a reverse mortgage can help you unlock up to 55% of the equity in your home tax-free. It is a long-term solution that can help you access funds to support your family members in need. The CHIP Reverse Mortgage provides the following benefits:

- The ultimate deferral plan: no regular (monthly) payments required

- No Negative Equity Guarantee: You never owe more than the value of your home

- Qualification criteria are designed for retired Canadians and not based on your income, but rather on the value of your home

- The CHIP Reverse Mortgage funds are tax-free and do not affect CPP, OAS or income tax brackets

- You have the flexibility to withdraw funds in a lump sum or in monthly installments.

If you would like more information about how a reverse mortgage can help you support your family, please contact us today at 604-534-6504.



A Busy December, Bank of Canada, and What's Up With Rates?

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures List

 

Abbotsford Houses Foreclosures
Abbotsford Condos & Townhomes Foreclosures
BC Northern Houses Foreclosures
BC Northern Houses With Acreage Foreclosures
BC Northern Condos and Townhomes Foreclosures
Burnaby Houses Foreclosures
Burnaby Condos and Townhomes Foreclosures
Chilliwack Houses Foreclosures
Chilliwack Condos and Townhomes Foreclosures
Coquitlam Houses Foreclosures
Coquitlam Condos and Townhomes Foreclosures
Hope Houses Foreclosures
Hope Houses Foreclosures
Langley Houses Foreclosures
Langley Condos and Townhomes Foreclosures
Maple Ridge Condos and Townhomes Foreclosures
Mission Houses Foreclosures
North Delta Houses Foreclosures
North Surrey Houses Foreclosures
North Surrey Condos and Townhomes Foreclosures
Pitt Meadows Houses Foreclosures
Port Coquitlam Condos and Townhomes Foreclosures
Port Moody Houses Foreclosures
Port Moody Condos and Townhomes Foreclosures
Richmond Houses Foreclosures
Richmond Condos and Townhomes Foreclosures
South Surrey White Rock Houses Foreclosures
South Surrey White Rock Condos and Townhomes Foreclosures
Squamish Condos and Townhomes Foreclosures
Surrey Houses Foreclosures
Surrey Condos and Townhomes Foreclosures
Vancouver East Condos and Townhomes Foreclosures
Vancouver West Houses Foreclosures
Vancouver West Condos and Townhomes Foreclosures
West Vancouver Houses Foreclosures
West Vancouver Condos and Townhomes Foreclosures
Fort McMurray Foreclosures
Kamloops Suited Homes around $500k
Edmonton Foreclosures List

Calgary Foreclosures 



What's Going On With Rates?

 

Fixed mortgage rates have increased between .50% to .60% over the last couple of weeks.  This is largely due to the Bank of Canada ending quantitative easing (QE).  QE was a stimulus program that was introduced at the start of the pandemic to pump money into the economy.  What it also did was artificially lower the bond prices and, by extension, the fixed mortgage rates.  Taking away the stimulus raised the price of bonds and immediately increased the fixed mortgage rates.  It became more expensive for lenders.  

Depending on who you talk to, by eliminating Quantitative Easing and moving up the timetable for future policy rate hikes, the Bank of Canada was either reacting to the impending doom of increased inflation, or the risk of inflation is way overblown, and the Bank of Canada acted to calm the fears of the market.  

With people returning to work, and the economy doing well, we run the risk of inflation getting out of control.  On the other hand, we're not nearly out of the COVID woods, and a full recovery is still a ways out and any future policy changes should be delayed.  

For variable rates, Scotiabank announced that it expects the Bank of Canada to deliver eight quarter-point hikes (totaling 200 basis points, or 2%) by the end of 2023.  Housing analyst Ben Rabidoux, says the fear of rate hikes is overblown, and that eight hikes in the next two years is close to a “pipe dream.”   To keep things in perspective, the other big banks expect anywhere between one and three Bank of Canada rate hikes by the end of 2023.  

Take a look at the above graph.  The light grey lines shows the various predictions and the red line shows the actual increases.  Coming out of the 2009 recession, predictions were much more aggressive than what actually happened.  I expect that we will see a very similar outcome, considering that Canadians are extremely risk-sensitive.  

An increase by the Bank of Canada's policy rate would directly impact the variable rate mortgage rates and by extension the monthly payment.  Every 0.25% increase would be the equivalent of $13/month for every $100K in mortgage outstanding.  A $500K mortgage would increase by $65/month.  

My crystal ball is still cloudy, but if history repeats, an aggressive hike in the Bank's policy rate seems very unlikely.  Fixed rates on the other hand seem to be settling into this range.  Any future economic recovery news will likely push the fixed rates a bit higher.  

Reach out to us to discuss your specific situation, we are always happy to help!



Bank of Canada keeps key interest rate on hold

 

OTTAWA - 

Canada's central bank has sent a warning that increases in the cost of living would continue into next year, but signalled it wasn't yet prepared to pull its key lever to rein in inflation.

The annual pace of inflation in October rose to 4.7 per cent, a pandemic-era high and the fastest year-over-year gain in the consumer price index in 18 years.

The Bank of Canada said high inflation rates will continue through the first half of next year, but should by the second half of 2022 fall back to its comfort zone of between one and three per cent.

By the end of next year, the bank is forecasting the annual inflation rate to fall to 2.1 per cent.

While the path for inflation and the economy are largely following the central bank's expectations, the statement released Wednesday said the bank "is closely watching inflation expectations and labour costs" to make sure they don't take off and cause a spiral of price growth.

Continue reading here...



Happy Holidays!

 

It's only December 8th and already this month has been full of activity.  We managed to survive the atmospheric rivers relatively unscathed, despite living right on the Chilliwack River.  We got to celebrate little Lila Lou's 6th birthday with homemade pupcakes! Also, Jamie was excited, but then disappointed, that her beloved Saskatchewan Roughriders made it all the way to the CFL Western final.  Anyone who knows Jamie knows that her blood runs green with Rider Pride.  

As this is the last newsletter of 2021, we want to thank all of our amazing clients and referral partners.  This was a year for the record books, despite plagues, fires, and floods.  Our team will be taking a longer than usual holiday break this year to get rejuvenated for 2022, but, as always, we will have coverage in place.  

Some of you may have noticed that our annual holiday mail out with our magnetic calendar is missing this year.  Sadly, due to supply issues, we were not able to source any calendars.  Don't worry, we will try again next year!  

We want to wish you all a Merry Christmas and a very Happy New Year!  May you and yours have a marvelous holiday season.



'Bank of Mom and Dad': Affluent families giving average of $145K for kids' first home, report finds

 

NORTH BAY - 

Children from many affluent families are receiving "significant funding" from the "Bank of Mom and Dad" for post-secondary education, a first home and new businesses, a study of high-net-worth households has found.

The report, by IG Private Wealth Management, on affluent Canadians and wealth transfer found those with at least $1 million in investable assets have been "reconsidering their finances in ways that prioritize not only their children but the world around them," a news release Tuesday said. That includes giving each child, on average, $145,000 towards the purchase of a first home, the report said.

"Increasingly, Canadian families are viewing wealth created by older generations as family assets, and as means to help their children and grandchildren enjoy a more secure financial future," IG Wealth Management president and CEO Damon Murchison said in a statement.

Continue reading here...



The 6 Hottest Holiday Decorating Trends of 2021 (& 2 That Are Officially Over)

 

By Candace Davison | Nov. 2, 2021 - Purewow.com

If there were ever a year to go all out with your holiday decor, this is it. After 2020’s (somewhat somber, often lackluster) micro-celebrations, it seems everybody’s making up for lost time with a more-is-more approach to decking the halls. And as they start planning their decor, a lot of people are taking things in one of two totally fresh directions, which reflect two major design movements over the past year: the colorful, retro Memphis aesthetic or the minimalist-but-make-it-natural organic modern approach. After culling trend reports from Etsy and home decor marketplace Riverbend Home and gleaning insights from The Great Christmas Light Fight host and designer Taniya Nayak, here are the top holiday decorating trends to consider as you start untangling those Christmas lights.

1. BRIGHT COLORS OVER GREEN & RED

This is the year we’re bucking tradition. Green and red are a classic holiday color combination, sure, but 2021 is all about expressing your individual tastes, right down to the garlands and ornaments on your tree. Etsy has seen searches for colorful, pastel and neon-hued holiday decor surge 47 percent year over year. That doesn’t mean green and red is dead; it simply underscores “there’s no right or wrong way to celebrate the season,” explains Etsy’s trend expert Dayna Isom Johnson. Think flecked pink wreathsneon-and-gold-leaf metallic ornaments and holiday cards featuring the squiggly, abstract shapes popular in Memphis

Continue reading here...



Apple Sauce, October Stuff & Where Can We Get THOSE Parents?!

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

October Foreclosures

 

Oct 2021 Pitt Maple Attached
Oct 2021 Burnaby Attached
Oct 2021 Chilliwack Attached
Oct 2021 DeltaWhiterock Attached
Oct 2021 DeltaWhiterock Detached
Oct 2021 Langley Attached
Oct 2021 Chilliwack Detached
Oct 2021 Langley Detached
Oct 2021 Mission Detached
Oct 2021 Burnaby Detached
Oct 2021 Pitt Maple Detached
Oct 2021 Surrey Detached
Oct 2021 West Vancouver Detached
Oct 2021 Surrey Attached
Oct 2021 TriCties Attached
Oct 2021 Richmond Attached
Oct 2021 Richmond Detached
Oct 2021 Vancouver Attached
Oct 2021 Vancouver Detached
Oct 2021 TriCties Detached
Oct 2021 West Vancouver Attached



Bank of Canada Warns on Prolonged Inflation, Ends Bond-Buying Program

 

The Bank of Canada is warning inflation will stay higher for longer than it previously forecast and signalled that an interest rate hike may be coming sooner than expected.

The central bank said Wednesday it now forecasts that annual inflation rates will continue their upward swing through the rest of year, averaging 4.75 per cent, and be 3.4 per cent next year, up from its previous forecast of 2.4 per cent, before coming back to its two per cent target by 2023.

Driving the rise in prices are global forces that have snarled supply chains, pushed up costs for companies and limited the supply of in-demand goods. The bank expects the worst of supply problems will hit at the end of the year.

Adding to pressures are higher prices for gasoline and natural gas, and a rebound in prices for some in-person services like hotels and flight fares.

Bank of Canada governor Tiff Macklem said higher prices are challenging for Canadians, making it harder for them to cover their bills.

"I want to assure you that inflation is not going to stay as high as it is today, even if it is going to take somewhat longer to come down," he said.

"The Bank of Canada is committed to ensuring that price increases we're experiencing today don't become ongoing inflation. "As these forces play out, it is our job to bring inflation back to target, and I can assure you we will do that."

Continue Reading...



How Parents Can Teach Kids About Finances From an Early Age

 

Children should start learning about finances at an early age, and how parents teach them should depend on their age, according to Meridian Credit Union Senior Wealth Advisor Paul Shelestowsky.

Shelestowsky told CTV News Channel on Sunday that preparing kids early can help them navigate future financial challenges.

"Finances are one of the biggest stressors," Shelestowsky said. "The sooner the children can learn about these concepts, the more prepared they'll be to handle the stresses as well as develop some financial confidence."

While it can be difficult keeping a child's attention when they are aged five and younger, Shelestowsky recommends teaching in the form of games or other types of fun.

This can include playing "things like coin identification games and, when you go shopping, talking about the process of the purchases and then letting them help you find good deals," he explained.

"You want it to be engaging that age."

Continue reading here



The Best Apple Sauce Ever!

 

The garden harvest is finally complete and we are loaded up with beets, carrots, butternut squash, shallots and gorgeous apples. 

We have found the absolute best recipe for making apple sauce in the crock pot.  Just cut the apples off the core and toss them into the crock pot on high with a cinnamon stick, no need to peel!  Occasionally check to make sure the bottom is not burning and turn down if needed.  Once the apples are super soft, we run them through a food mill and, if you want to get super fancy, give them a blast with an immersion blender.  Delicious!

We also have an excellent recipe for cleaning up your finances, consolidating your debts, or planning for a Spring renovation! Just give us a call at 604-534-6504 to find out if now is a good time for you to refinance, and get everything put in order before the holiday break. 

Happy Halloween!  



Parents Gifted $10B to Adult Children in Past Year to Buy Homes: CIBC

 

As Canadian home prices continue to rise and become increasingly unaffordable, parents are giving their adult children record amounts of money -- even outpacing home price inflation -- to help with the expensive purchase, a move that also widens the wealth gap, according to a CIBC report.

The report, published on Monday, found that roughly 30 per cent of first-time homebuyers and nearly nine per cent of existing homeowners received financial help from family this past year to purchase a house, according to CIBC data. First-time buyers received an average gift size of $82,000, while “mover-uppers” were gifted a whopping average of $128,000 in September 2021.

In 2015, close to 20 per cent of first-time homebuyers received an average of $52,000 in help from family members. During the pandemic, the number of families helping out was steady among first-time buyers and fell slightly among those who had purchased a home before. The overall amount of money parents have given their children since 2015, however, has increased and decreased, tracking fluctuations in housing prices, but outpaced home price inflation by two percentage points at 9.7 per cent per year.

Continue reading here



30+ October Facts!

 

These are super interesting October facts and trivia for those born in the tenth month of the year.

1. Tourmaline and opal are the official birthstones of October.

2. The birth flower of October is the bright orange calendula, also known as the marigold.

3. The star sign of everyone born in October is either a Libra or a Scorpio. Libras are born between 23 September to 22 October and Scorpios are born between 23 October to 21 November.

4. Shakespeare never mentioned October in any of his plays or sonnets!

5. Matt Damon, Julie Andrews, Hillary Clinton, Bill Gates, Katy Perry, Julia Roberts and Christopher Columbus were all born in October!

6. In German and Dutch, October is called 'Oktober', in Italian it is 'Ottobre', in Turkish it is 'Oketopa' and in Korean it is 'Siweol'.

7. Babies born each year during October are thought to be very smart and are usually high achievers.

8. October is the tenth month of the year and is the sixth of seven months to have 31 days.

9. October and January always start on the same day of the week in common years. In leap years, October doesn't start on the same day of the week as any other month. October and February also always end on the same week day!

Click the link HERE to read more!🎃



Federal Party Housing Promises and Smoky Meats

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

DLC West Coast Mortgages - Facebook DLC West Coast Mortgages - Twitter DLC West Coast Mortgages - Linkedin

Foreclosures

 

SEPT 2021 Abbotsford Attached
SEPT 2021 Burnaby Attached
SEPT 2021 Burnaby Detached
SEPT 2021 Coquitlam Attached
SEPT 2021 Coquitlam Detached
SEPT 2021 Langley Attached
SEPT 2021 Maple Ridge Detached
SEPT 2021 Mission Detached
SEPT 2021 North Delta Detached
SEPT 2021 Okanagan
SEPT 2021 Pitt Meadows Detached
SEPT 2021 Richmond Attached
SEPT 2021 Richmond Detached
SEPT 2021 Shuswap
SEPT 2021 Surrey Attached
SEPT 2021 Surrey Detached
SEPT 2021 Vancouver East Attached
SEPT 2021 Vancouver East Detached
SEPT 2021 Vancouver West Attached
SEPT 2021 Vancouver West Detached
SEPT 2021 West Vancouver Attached
SEPT 2021 West Vancouver Detached

Above is a list of foreclosures in the Lower Mainland and beyond.  There are some great deals to be had for either your own home or as a rental property.   Check them out at the links above.



Canadian Federal Election on Monday, September 20th

 

The federal election has been announced and Canadians will go to the polls on Monday, September 20th to determine who will lead our great nation for the next term.  Having both studied political science at SFU, Jamie and Michelle take a keen interest in what each party's platform is, especially when it comes to housing.  

Below is a link to an excellent article summarizing each of the main political party's promises on housing.  Check it out!

Summary of Housing Promises from Canada’s Main Political Parties



Bank of Canada keeps key interest rate on hold at 0.25 per cent

 

OTTAWA -- The Bank of Canada kept its key interest rate target on hold Wednesday as it warned the fourth wave of the pandemic and supply bottlenecks could weigh on the economic recovery.

The central bank held its target for the overnight rate at 0.25 per cent, what it calls the effective lower bound, and said it will also maintain its quantitative easing program by buying bonds at a target pace of $2 billion per week.

"The governing council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support," the bank said in its decision.

Continue reading here...



New Toys and Smoky Meats

 

This summer we had the wonderful privilege of having Jamie's parents out to visit from Regina, something they have not be able to do in a few years.  Granted, this is not the most flattering picture of Jamie, but it certainly expresses her elation at the brand new Traeger smoker that showed up during the visit. 

So far, we have now smoked chicken, pork ribs, trout and a beef brisket.  Next, we have beef ribs in the freezer just waiting for the right time to be cooked.  It looks like it's going to be a very delicious Fall!



Lazy Dog Days of Summer

 

We can only hope that you all had as fantastic a Summer as we did.  We didn't get away, but who needs to when they live in Beautiful British Columbia?  However, we had plenty of visitors and spent tons of time outside.

Recently, Lila decided that walking around the yard was beneath her, and she prefers to be pulled in the wagon.  It is also her new favourite outdoor napping zone.  Lila is hilarious, and obviously she is in charge around here!



10 Home Renovation Projects to Complete This Fall

 

Fall is here, bringing with it a new to-do list for property owners. Whether it's a renovation project for your primary residence or an investment property you're getting ready to rent or sell, fall is the time to get your home in tip-top shape before the colder weather arrives.

10 fall projects to get done

Here are some fixes and improvements that should be on your list.

1. Clean the gutters

Gutters are meant to drain water from the roof. When leaves and other debris clog them, it could spell trouble for a home, particularly if winter promises heavy snowfall. Make sure your gutters are cleaned in the fall and spring to avoid water seeping inside and causing damage.

2. Fertilize the lawn

A lawn needs TLC as it heads into its dormant season. Fertilize the lawn before the ground freezes (preferably by mid-October) so roots are fed throughout the winter. You'll be rewarded in the spring with healthy green grass, which is great for curb appeal if you're looking to sell.

3. Winterize the irrigation system

To avoid frozen pipes and damage to your outdoor sprinkler system, you'll need to drain out all the water. Some systems require "blowing out," which means forcing air through the pipes and sprinkler head. Not sure what your system needs? Call a pro to avoid damage.

Continue reading here....



Driveway Pot Roast, Lunch Dates & Kiddie Pools

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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Foreclosures

 

July 2021 Abbotsford Attached
July 2021 Abbotsford Detached
July 2021 Burnaby Attached
July 2021 Chilliwack Attached
July 2021 Langley Attached
July 2021 Mission Detached
July 2021 New Westminster Attached
July 2021 North Delta Detached
July 2021 North Vancouver Attached
July 2021 North Vancouver Detached
July 2021 Northern BC Attached
July 2021 Northern BC Detached
July 2021 Okanagan
July 2021 Port Coquitlam Attached
July 2021 Richmond Attached
July 2021 Richmond Detached
July 2021 Shuswap
July 2021 South Surrey White Rock Detached
July 2021 Surrey Attached
July 2021 Surrey Detached
July 2021 Vancouver East Attached
July 2021 Vancouver East Detached
July 2021 Vancouver West Attached
July 2021 Vancouver West Detached
July 2021 West Vancouver Attached
July 2021 West Vancouver Detached

Above is a list of foreclosures in the Lower Mainland and beyond.

There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.



Bank of Canada holds benchmark interest rate steady at COVID-19 low, but slows down other stimulus

 

Central bank will slow down its pace of bond buying, which is a way of removing some stimulus.

The Bank of Canada kept its benchmark interest rate steady at 0.25 per cent on Wednesday, noting that while the economy is improving in line with vaccinations, the specter of coronavirus variants makes the recovery uncertain.

Canada's central bank said Wednesday that it has no plans to raise its benchmark interest rate, known as the target for the overnight rate, until Canada's inflation rate shows signs of settling in at around two per cent.

"In the Bank's July projection, this happens sometime in the second half of 2022," the bank said, which means it expects to keep its rate right where it is for about another year at least.

Keep reading...



What is Bridge Financing?

 

Let’s say you own a home that you’ve outgrown, maybe because you have added to your family or because now you have the ability to work at home and need an office.  In any case, imagine that it’s time to move to something more suited for your family. However, you have no desire to own two houses, so you decide that selling your existing home, and moving into something new is the best idea.

Ideally, when planning out how that looks, most people want to take possession of the new house before having to move out of the old one. Not only does this make moving easier, it allows you to make the house a little more “you” by adding some paint, or doing some renovations before moving in.

However, like most people, you need the money from the sale of your existing house to come up with the down payment for your next house.  This is where bridge financing comes in. Bridge financing allows you to "bridge" the financial gap between the firm sale of your current home, and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property to use towards the down payment on the property you are buying.

Now, and here is the part that folks often don't understand, in order to secure bridge financing, you must have a firm sale on your existing house. If your house isn’t sold, you can't get bridge financing, because the property has to be sold in order for the lender to get their bridge loan back. So, this is a very specific and time limited type of borrowing, but if you are an the right position, it can be a game changer! 

If you think that bridge financing may be helpful for you, and you meet the above criteria, please feel free to give us a call at 604-534-6504 for more information. 

We are always here to help! 



Welcome Back, Social Life!

 

First we counted the months, then the weeks, then days, and finally the hours.  And now, it is done.  We are so thankful to be fully vaccinated against Covid-19! Go Science! 

The last 15 months have certainly been trying and we are excited to be able to start easing back into the real world. Let the lunch invitations commence! Any time after next Tuesday...  



Heat Dome 2021

 

If you live in Southern BC you had the immense pleasure of experiencing the "Heat Dome".  Temperatures were so hot that you could fry an egg on the hood of your car and bake a pot roast on your driveway. Not that we did, because who wants pot roast in the heat? 

This shot is of the, (decorative and admittedly not 100% accurate), thermometer we have on our deck.  Poor Samson and Lila didn't get walked for a few days, but they were happy to lay around and personify the dog days of summer, especially after we filled up the baby pool.   

Heat dome may be over, for the time being, but it has still been hot and dry. So, stay cool, friends, and remember, only you can prevent forest fires.  Those of us who live in the forest appreciate your efforts! Check out the article below for tips on beating the heat. 



B.C. heat wave: Here are 15 ways to beat the heat and stay cool

 

Such extreme heat isn’t something we’re used to. But don’t sweat it. Here are some heat wave hacks to help you cool down when the temperature rises.

Cheryl Chan Publishing date:Jun 25, 2021  Vancouver Sun

Temperature records are falling all over B.C. as a “heat dome” has descended over the province. A heat-wave warning remains in effect through Monday, with daytime temperatures ranging from 33 to 42 degrees.

Such extreme heat isn’t something we’re used to. But don’t sweat it. Here are some heat wave hacks to help you cool down when the temperature rises.

1. Stay hydrated

Start swigging even before you feel thirsty, then keep on drinking as replacing fluids lost to sweat is essential to keep cool and stave off dehydration. It’s best to drink plain old water, but you can fancy it up with some refreshing cucumber, mint or citrus. Try to avoid alcohol and caffeine, which can be dehydrating.

2. Skip the hot and heavy

Food, that is. No one feels like ramen on hot days for a reason. Go with a smoothie for lunch, or a salad for dinner. Water-rich foods that help keep you hydrated include cucumbers, watermelon, celery and lettuce. Skip fatty and fried foods and heavy meals. Your body works overtime to digest food and metabolize it, so give it a break by eating light.

3. Head to the Water

Vancouver’s official temperatures are taken from Vancouver International Airport, which is always a few degrees cooler than deeper into the city or the Fraser Valley. Visit your local beach. Go for a dip in the ocean. Have a seaside picnic. Don’t forget to bring a beach umbrella.

4. Pools and Parks

When it’s sweltering out, stay cool in a pool. Most indoor and outdoor pools in Vancouver have reopened, though registering for a swim slot is required due to the pandemic. Spray parks and wading pools are equally refreshing, especially for young kiddos.

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