Aug 05, 2017 | Volume 26 | Number 31
Phone: 604-502-6100 | Fax: 604-501-6111 | Email: voicerealtyads@gmail.com
Canadian realtors brace for the end of the boom as housing market tightens CANADA’S long housing boom has drawn thousands into the sector, from realtors and home stagers to construction workers, and a looming slowdown threatens to trigger an exodus that could wipe out many of those jobs and force the economy to shift down. While housing has long been the main engine of Canadian growth, economists say a drop in home sales has already started to weigh on the economy and if price declines follow, consumer spending and jobs will suffer. “To a lot of people, it is a get-rich-quick scheme,”
Royal
Toronto realtor David Fleming said about the real estate market. “But history shows when the market turns, half of the agents leave.” Realtors’ ranks in Canada’s largest city and hottest housing market have surged 77 per cent since 2008 to more than 48,000 — nearly 10 times the pace of Canadian job growth. Nationwide, that number has risen 26.9 per cent. With Canadian home construction jobs rising at nearly the same pace as real estate jobs, housing has become the top driver of employment and economic growth, ac-
counting for the bulk of Canada’s economic growth last year. As the nearly one million housing sector jobs now far outstrip those in oil and gas extraction and mining combined and approach the size of the manufacturing sector, economists brace for a painful reckoning if the housing slowdown turns into a long correction. More than half of the analysts polled by Reuters in May said a sharp housing correction was somewhat or very likely in Toronto and Vancouver, but unlikely nationally.
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Indo-Canadian Voice | Saturday, Aug 05, 2017
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RESIDENTIAL, COMMERCIAL & PRIVATE MORTGAGES
Refinance & Renew Your Mortgage
with us at Better Rates â&#x20AC;˘ â&#x20AC;˘ Â â&#x20AC;˘ Â Â? â&#x20AC;˘ â&#x20AC;˘
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ALPHA MORTGAGE HOUSE CORPORATION
#202-12830, 80th Ave. (York Business Centre) Surrey Tel: 604-501-9837 Fax: 604-501-9847 amhc@shawbiz.ca
*Lender/Broker Fee may apply but not without prior written consent of the client
GURHIMAT S. GILL
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SUKHKARAN S. BHATTY
604.825.4880
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604.765.4023
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Indo-Canadian Voice | Saturday, Aug 05, 2017
Easy Steps to Buy a Second Home BEFORE setting out to buy a second home, you probably have reservations that are stopping you from making an immediate decision. You might wonder if it’s too extravagant, especially if you’ve grown up with the financial outlook that only rich people buy a second home. When interest rates are low, if you can afford a high-end car payment, you can probably afford a second home; providing you don’t go hog wild and are looking for this home in a reasonably priced area. Step 1: Determine Your Location You might assume that deciding on a sales price first is the most important step, and while price carries weight, it is not what always drives the decision to buy a second home. If you’ve got your heart set on a vacation home on the beach, let’s say, on Hawaii Island, for example, you may find it a bit shocking that you cannot buy a single family home on the water for half a million. If the only place you can afford is near Puna and you don’t want to live where it rains a lot, then your search on that island is over. Location is the driving factor in real estate. It’s why you hear the mantra location, location, location repeated so much. You need to decide if you want to buy a second home within a short distance from your present home or if you will take a train or fly to get there. For the moment, there is no Scotty to beam us up. How often you plan to use the second home will have a direct bearing on its location.
If it’s a getaway house for the weekend, most likely you want this home within an easy commuting distance. If the second home is for a couple of family vacations a year, it can further away or located in another state or country. Step 2: Determine Type of Home The type of home you may choose to buy as a second home could also involve location. For example, if you’re planning to buy a home in the mountains, on the more affordable end are small cabins all the way to high-end ski resort haciendas that can run in the millions. If you want an oceanfront home, situated squarely on the ocean, even a small shack will cost a lot more than you may imagine. The harsh truth is in today’s economy you may need to settle instead for an ocean view. A home in the country is on the bucket list of many people. Maybe you would like a farm or a quiet estate found down a dirt road and
behind a locked gate? Or a home on a lake? Or a modular home/manufactured home that you can place on a lot? Perhaps a condo or townhome is more your style because you might prefer more amenities, less yard work or maintenance. Condos also offer a lock-and-go lifestyle, which makes some absentee owners feel more secure while away from their second home. Step 3: Determine Your Sales Price Buyers who get in over their heads usually either get swept away by the grandeur of it all, or they have failed to establish an upper-end limit, a maximum amount they are willing to pay to buy a second home. Many buyers who want to buy a second home intend to finance that purchase. Part of the reason to get a mortgage is because it offers tax deductions such as interest and property taxes. If you intend to finance the purchase, your maximum price might
be affected by interest rates, and the amount of your mortgage payment (plus taxes, etc.) may have a greater impact on you than sales price. One way to figure out if you can afford the mortgage payment is to begin socking away that amount into a savings account every pay period. If it’s comfortable and not a strain on your budget, you will most likely be OK down the road, providing you maintain a cushion. Experts recommend at least 6 months of a reserve fund. If you begin to find there are few homes for sale in the price range you have established, then it is time to revisit steps one and two. You may need to adjust your expectations. Either choose a different location or a different type of home. You will notice I did not suggest exceeding your budget. Step 4: Find a Realtor Not just any Realtor. This is not the time to haul your cousin George out of the cobwebs and ask him to help you to buy a second home. Look for a local real estate agent who represents buyers in the area where you want to buy. A local agent should possess valuable insight and knowledge in the area. Make sure the agent has completed a sufficient number of transactions and can produce reviews from satisfied clients. Also, don’t make the mistake of thinking the listing agent will have your best interests at heart or that the listing agent will give you a break
somehow because that’s not how it works. I’m not suggesting there are no unethical agents in the business because there are bad agents in the business just like in any other profession, but do you want a bad, unethical agent to represent you in any way, shape or manner? Probably not. Step 5: Secure a Preapproval Letter Your local real estate agent can probably refer a local lender to you. You will fare better with your offer if you use a lender the seller and listing agent are familiar with. You may want to use your own lender back home, but your preferred lender might not lend in that area. And, if an unknown mortgage lender will hurt your chances when submitting an offer, why take that chance? Many listings agents will advise their clients to reject an offer if it appears without a preapproval letter and there is financing involved. Ask if you can fill out a mortgage application online. You do not need, in most instances, to meet with the mortgage lender in person. Also, by using a local lender, you increase the chances the lender will pull an appraiser from a local pool of appraisers. It is important to have a local appraiser who is familiar with the neighborhood to appraise your home. Some “online” mortgage lenders end up with out-of-area appraisers, and that’s one way to get a low appraisal that could blow your transaction.
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Saturday, Aug 05, 2017 | Indo-Canadian Voice
FICO Score vs. VantageScore WHILE both the FICO and the VantageScore were created to help lenders avoid risky, and therefore costly, borrowers, there are some key differences in the two credit scoring
Total balances/debt - 11% Recent credit behavior and inquiries - 5% Available credit - 3%
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models.
VantageScore 2.0
Credit Score Range The FICO score ranges from 300 to 850. VantageScore 3.0 adopted the 300 to 850 range, but earlier versions of the VantageScore use a 501 to 990 range. Both credit scores consider borrowers with higher credit scores to be less risky than borrowers with low credit scores. The VantageScore 2.0 and earlier assigned a letter grade to its credit score depending on where it falls within the range: 901 – 990 = A, Super Prime 801 – 900 = B, Prime Plus 701 – 800 = C, Prime 601 – 700 = D, Non-Prime 501 – 600 = F, High Risk
32% 23% 15% 13%
Credit Score Calculation The FICO score bases its credit scoring formula on five categories of information, while the VantageScore uses six. FICO Score 35% 30% 15% 10% 10%
payment history level of debt age of credit history types of credit credit inquiries
VantageScore 3.0 Payment history - 40% Age and type of credit - 21% Percent of credit used - 20%
payment history utilization balances depth of credit
10% recent credit 7% available credit Both the FICO and VantageScore credit scoring formulas give about the same amount of percentages for payment history and new credit inquiries. But, there’s a big difference in the treatment of utilization, age of credit history, and types of credit. FICO gives utilization 30% of its credit score, while the VantageScore places a heavy 45% on how much credit you’re using. FICO gives a total 25% to age of credit history and types of credit. The VantageScore gives these two factors 13%. Which is Better From a consumer standpoint, the better credit score is the one your lender is using to approve or decline your application. Since more lenders use the FICO score, you may be better off checking that score. Don’t take that for granted though. Always ask your lender which credit score they’ll be checking. Be aware that the credit score you purchase from the internet probably won’t perfectly match the one the lender checks, but it can give you an idea of where you stand.
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Indo-Canadian Voice | Saturday, Aug 05, 2017
Line of Credit Special Rate call today
604-616-6001
Construction Mortgage Commercial Mortgage Private Mortgage Second Mortgage Self Employed Low Income Bad Credit Debt Conslidation 5 Yr Variable
2.20% 2.59% 5 Year Fixed
*OAC Lender/Broker fees may apply. Mortgage Pre-Approvals, Rate holds up to 120 days. Rates are subject to change without notice
Lucky (Sanjeev) Batta Mortgage Specialist
604-616-6001
Asari Mortgage Solutions #205 - 8556 120 St Surrey, BC V3W3N5 sbatta@outlook.com
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Indo-Canadian Voice | Saturday, Aug 05, 2017