Fixed rates going the wrong way...

Christos Gitersos - Mortgage Planner

christos@gitersos.com
604.786.9099
http://www.gitersos.com/

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Foreclosure Lists

 

Attached - Chilliwack, Sardis
Attached - Mission, Abbotsford
Detached - Langley
Detached - Chilliwack, Sardis
Detached - Pitt Meadows, Maple Ridge
Attached - Surrey, N. Delta, Coverdale
Attached - Burnaby, New West
Detached - Mission, Abbotsford



Meetings - fixed rates

Bank of Canada meets on the 23rd of this month. Expected to drop, but by how much

Canada's job numbers Friday

US inflation numbers on Thursday. Hoping for 2.3% or less

The US employment numbers were good this past week which is putting pressure on fixed rates, to go up, as the bond yields have increased. Hoping it's a blip for now. 
On Friday we did see a couple lenders increase. I haven't seen any more today, however, we'd need to see the yields, stop going up and/or start coming back down in the next day or two, to feel comfortable. 



New Mortgage Rules Make Homeownership More Affordable for Canadians

 

As of August 1, 2024, the federal government introduced changes to support homebuyers, particularly Millennials and Gen Z. First-time homebuyers purchasing new builds can now access 30-year insured mortgage amortizations, reducing monthly payments and making it easier to afford a home.

Additionally, as of December 15, 2024, several major reforms will take effect:

The price cap for insured mortgages will rise from $1 million to $1.5 million, helping more Canadians qualify for mortgages with less than 20% down. 30-year amortizations will be available to all first-time homebuyers and buyers of new builds, including condominiums. This expansion will incentivize new housing supply, addressing the country’s housing shortage and making homeownership more accessible.

These reforms are part of a broader housing strategy that includes the Canadian Mortgage Charter, which enables insured mortgage holders to switch lenders without undergoing a new stress test at renewal. This promotes competition among lenders, ensuring more Canadians can access better mortgage deals.

In addition to these housing measures, the government has introduced the Renters’ Bill of Rights and the Home Buyers’ Bill of Rights to protect Canadians from unfair practices, ensure transparency in leases and sales, and simplify homebuying procedures. With $5 billion available through the Canada Housing Infrastructure Fund, the federal government is working with provinces and territories to make housing fairer and more accessible for all Canadians.



One more hike

 

Got out for one more around Burnaby mountain. Was more of a walk than a hike, however, was challenging in some spots and definitely broke a sweat. Worked out to be about 12km's in total.

I've seen much more rewarding hikes and I wouldn't put this one in the top few, however, definitely worth it especially since it's a short drive away for most.



Be rewarded for being awesome!

 

You can earn up to $2,700 just for referring your family, friends or co-workers.

The more you refer the more you make. Just for referring a name you'll get $20 cash so you can do with it as you please!

Some more information here http://www.gitersos.com/client-appreciation/

This year has been so overwhelming with the support I've received. I have many amazing people who have received quite a bit and I can't be more thankful! 



Get Set For Winter With This HVAC Checklist

 

Weather extremes are putting more pressure on homeowners’ heating, ventilation, and air conditioning systems in keeping homes cool during the summer and warm in the winter. That's one reason it's more important than ever to keep up your HVAC maintenance. But that's not always top of mind for homeowners.

The HVAC often runs in the background, which means you likely don’t give it much thought — until it breaks down, that is. And that can happen at the worst times. Forty-two percent of homeowners say they’ve experienced HVAC system issues during heat waves, according to a new survey. A failing HVAC system during a scorching summer can lead to discomfort, costly utility repairs, and even health risks for more vulnerable populations.

But many costly HVAC disasters can likely be prevented. For example, fewer than half of homeowners, 47%, say they’ve had HVAC servicing within the last year. Yet, experts advise annual HVAC servicing to avoid expensive repairs. Even fewer homeowners, 32%, say they’ve done basic cleaning and HVAC maintenance to help prevent heat-related home damage, according to a recent survey.

HVAC Maintenance Checklist

To be fair, many homeowners may not be sure what to do. Refer to this checklist regularly to make sure you’re doing 10 activities that will keep your HVAC humming.

Change filters regularly. Swap them out every 30 to 90 days

Clean air vents and registers. Use a brush to clear dust and dirt at the top of the registers and the bottom of vents or use a vacuum cleaner.

Keep outdoor units clear of debris. Make sure the area around your HVAC unit is free of overgrown plantings, leaves, and dirt.

Seal drafts. Weather strip doors and caulk around windows to keep your HVAC from overworking.

Examine exposed ductwork. Seal any holes or leaks with duct sealant or metal-backed tape

Monitor your thermostat. Consider a programmable thermostat to increase your system’s efficiency and avoid overrunning it

Check the flame. Natural gas furnaces should have a crisp, blue flame; if not, call an HVAC tech immediately

Clean the drain line. Flushing it out regularly will help avoid clogs

Check carbon monoxide detectors. Test monitors monthly. Replace batteries annually

Schedule a professional checkup. Have units inspected at least yearly.



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