Oct 8, 2016 | Volume 25| Number 41 Phone: 604-502-6100 | Fax: 604-501-6111 | Email: voicerealtyads@gmail.com
LOWEST MORTGAGE RATES GUARANTEED
Vancouver home sales fell dramatically in September Sales of detached houses continued to fall dramatically in Vancouver last month and even hit a 10-year low in one neighbourhood, real estate agents say as data for the month of September is set to be released. Realtors say the high-end market is seeing the most substantial losses, while condominium and townhome sectors remain active. A foreign-buyers tax has increased uncertainty, causing investors to pull back while first-time buyers
dive in, agents say. The numbers are anticipated to provide more insight into the effects of British Columbia’s 15-per-cent foreign-buyers tax, which was introduced Aug. 2 after the market already showed signs of cooling. The tax is one of several policy changes that have been introduced or discussed by governments in recent months. B.C. has also ended self-regulation of the real estate industry, while the City of Vancouver is working on an empty-homes
Royal • ELECTRICAL • • INSULATION • • INTERIOR • • EXTERIOR •
tax. On Monday, the federal government announced two housing measures that could have an impact on Vancouver’s market in the months to come. As of Oct. 17, all insured mortgages will have to undergo stress tests to determine whether borrowers will still be able to make payments if interest rates rise or they lose their jobs. The government also limited to Canadian residents a tax exemption for capital gains
made when homeowners sell their primary residences. The real estate board has said the average price isn’t the best metric because it includes luxury homes. The board prefers to use benchmark price, which is a representation of the typical property sold in the area. The benchmark price of a detached home fell slightly in August to $1.5 million, a 0.1 per cent drop from the previous month and the first decline in nearly three years.
NO CREDIT, BAD CREDIT, NO PROBLEM! • • • • •
Upto 80% Financing on Residential Properties with Limited Income Verification Commercial Mortgages • First Time Buyers Equity Take Outs • Renewals • Debt Consolidation Refinances • Variable Rate Specials Cash Back Specials • Private Mortgages Rate Holds upto 120 days • Truck Leasing
Owner of #1 Centum Franchise in BC
Tony Hundal www.surreydeltamortgages.com
604-781-4594
email: kaintharvind@gmail.com website: www.royalhomeinspection.ca
Axis Mortgage Corp.
Manufacturers Of Quality Cabinetry
BUILDING INSPECTION & CONSULTING SERVICES ROOFING STRUCTURE HEATING PLUMBING
Over 25 Years of Banking Experience
604.897.4068
#204-12885, 80th Ave, Surrey • E: tony_hundal@centum.ca
ON TIME AND FRIENDLY SERVICE
SERVICE IN ENGLISH & PUNJABI
MEMBER OF
“Celebrating 30 years in Business”
Single Family Homes Multi Family Projects Hi-rise Apartments
Licence # 68759 (Since 2006) British Columbia Institute of Property Inspectors
Applied Science Technologists & Technicians of British Columbia
technology professionals
Sohan Singh Bhogal TM
Ph: (604) 597-0364 • Fax: (604) 597-2638
13375 comber way, Surrey, BC V3W 5V8 Canada, www.sunrisekitchens.com info@sunrisekitchens.com
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Saturday, Oct 8, 2016 | Indo-Canadian Voice
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Indo-Canadian Voice | Saturday, Oct 8, 2016
BUY OR SELL, LET’S DO IT!
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#103 12030 80TH AVE, SURREY Tel: 604-572-3088, Fax: 604-572-3077
Tanda Homes Ltd. : Licenced Builders Building your luxury home at an affordable price
7690 146A STREET
Built with style and class a Very nice & open building layout. This is loaded with 8 bedrooms & 6 washrooms in Chimney Heights are featuring (2+1) unauthorized suites with separate entrance high-end kitchen maple cabinets along with spice kitchen, crown moulding throughout the house, vaulted ceiling and new paint in and outside walking distance to bus stop and close to shopping.
Brand New House under construction. Ready in May or June 2016. Great location near shopping, bus stop and park. Two fireplaces. One bedroom in basement with half washroom, may be used as media room or rec room. Full bathroom on main floor. Upstairs 6 bedrooms, 5 full bathrooms, one media room and a laundry room. Living, Dining and Family rooms on main floor.
two level+bsmt can be built .the serviced lot will be ready aruond oct. 2015 this year
SOLD LISTINGS SOLD 10486 144th St., Surrey SOLD 14298 88TH AV., Surrey SOLD 15005 91AVE., Surrey SOLD 10938 131A ST., Surrey SOLD 10486 144TH ST., N.Surrey SOLD SOLD 15005 91A Ave, Surrey SOLD 13051 59A Ave., Surrey SOLD 13029 59A Ave., Surrey SOLD 941Qualding Ave., Surrey SOLD 9228159A St., Surrey
WANT TO SELL FAST AND FOR TOP $$$ ? PROFESSIONAL SERVICES WITH TRUSTED NAME IN THE COMMUNITY
Lot for sale in clayton area cloverdale, lot is approximate 3470 sq ft.. The house
15716 97TH Ave., N.Surrey
778.859.5932
ATWALTRIPAT16@GMAIL.COM
19890 72 AVE
Lot For Sale
13188 101ST AV.,N.Surrey 13037 59A Ave., Surrey 9689 126TH ST., Surrey 10827 Brandy Dr., N.Delta 13275 97th Ave., N.Surrey 2553 156th St., S.Surrey 8642 149St., Surrey 15387 82nd Ave.,Surrey 13067 59A Ave., Surrey 13029 59A Ave., Surrey
TRIPAT ATWAL
SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD 25/07
CALL NOW FOR A NO OBLIGATION FREE EVALUATION... SUTTON GROUP - WEST COAST REALTY UNIT #106 7565 132 ST. SURREY BC V3W 1K5 OFFICE: 604 572 3005 • FAX: 604 572 7970
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Saturday, Oct 8, 2016 | Indo-Canadian Voice
The 3 Factors That Have The Biggest Impact On Your Home Insurance
Although your homeowner’s insurance may seem like an unnecessary expense at times, it is an invaluable safeguard. Property and casualty risk research firm ISO -- Verisk Analytics states 5.3 percent of all insured homes made a claim in 2014. In addition, the Insurance Information Institute (III) and SNL Financial reported that the incurred losses for homeowner’s insurance in the United States totaled $39.84 billion in 2014. This data indicates that even though only a small percentage of homeowners submit home insurance claims, the overall costs associated with these claims can be substantial. Clearly, home insurance can make a world of difference for homeowners, but that does not mean you should be forced to break the bank to find the proper coverage. If you understand the factors that impact your home insurance, you should have no trouble picking up the right coverage at the right price. Ultimately, you’ll be able to insure your home against a wide range of risks for a reasonable cost. Here’s a closer look at three factors that have the biggest impact on your home insurance. 1. Your Home’s Value Consider the price of your house as well as the total cost
wind storm dangers. Crime -- Risk is lower for homeowners in low-crime areas. Thus, these homeowners often pay less for home insurance than those who live in high-crime areas. Performing research about your home’s location is paramount. If you spend some time learning about risks related to your home’s location, you can make sure your home is adequately insured.
it would take to rebuild your residence as you study home insurance options. Remember, if your home is damaged or destroyed, you’ll want to be insured for the full cost to replace your residence. In many cases, this cost will exceed the price you paid for your home, so you should purchase a policy that guarantees you’re fully covered against any damage or destruction. To determine the replacement cost of your home, get an estimate from a reputable builder who can evaluate your current residence and give you an accurate idea of how much it would cost to replace your house. After a builder’s evaluation of your home, you’ll be able to insure your residence accordingly. 2. Your Home’s Location Location is everything. From
the town or city where you live to the number of fire stations near your house, many factors associated with your home’s location can affect your home insurance. Some of the key factors linked to your home’s location that can impact your home insurance include: Fire Protection -- Insurers frequently use Public Protection Classification (PPC) grades to measure the fire protection capability of local fire departments. Wind Storms -- III points out that many insurers in coastal states along the Atlantic seaboard and Gulf of Mexico provide homeowner’s insurance with percentage deductibles for hurricane damage instead of traditional dollar deductibles. This means that some homeowners may end up paying higher deductibles due to
3. Your Home’s Condition The age and condition of your home may affect your homeowners insurance, but it is also important to recognize that the design of your residence may impact your home insurance. For example, a home that features a custom design with many exterior corners may be more expensive to replace than a residence with a simpler design. Therefore, the price to insure the former may be more expensive than the cost to insure the latter. Insurance companies also consider what’s called “morale hazard” when deciding to offer you coverage or not, which is an increase in the risk of hazards caused by a person’s apathy due to having insurance. Because of this, maintaining the condition of your home can make you more attractive to insurers. If you fail to perform regu-
lar home maintenance, your insurer may have the right to void your coverage in the event of damage or destruction to your residence. The aforementioned factors will likely have the biggest impact on your home insurance. Furthermore, many insurers now review your credit score to perform a predictive analysis of your risk levels. Your credit score is affected by a number of factors, including: Payment history Credit report inquiries New and existing credit accounts A higher credit score means a lower risk. However, if you pay your bills on time, avoid excessive credit card debt and understand your credit history, you may be able to lower your home insurance costs. You’re entitled to a free copy of your credit report from each of the three major credit reporting bureaus (Equifax, Experian and TransUnion) once a year. Request a copy of your credit report from these bureaus annually and you’ll be able to identify any credit report issues that could affect your home insurance. Lastly, don’t forget to work with an insurance agent as you explore your home insurance options. These professionals will help you identify risks and guarantee you can protect your home against loss both now and in the future.
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Indo-Canadian Voice | Saturday, Oct 8, 2016
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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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Saturday, Oct 8, 2016 | Indo-Canadian Voice
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Indo-Canadian Voice | Saturday, Oct 8, 2016
Mortgage rules: What do the changes mean? A major shift in mortgage rules announced by the federal government this week will drive up rates for consumers and cut competition in the lending sector, say some in the industry. Mortgage expert Robert McLister says Ottawa is cracking the housing market with a “sledgehammer.” He predicts consumers will bear the brunt of the blow and that housing prices will tumble because a “sizable minority” of first-time and high-ratio buyers will no longer qualify for the mortgage amount they want. The federal government says it’s responding to concerns that sharp increases in housing prices in Toronto, Vancouver and elsewhere could increase defaults in the future, should historically low interest rates finally start to climb. One of the key changes means that all homebuyers seeking an insured mortgage, regardless of how much they have for a down payment, will be subject to a mortgage rate stress test beginning Oct. 17. Before now, those with less than a 20 per cent down payment were required to pass a stress test and have mortgage insurance backed by the federal government through the Canada Mortgage and Housing Corporation. But those putting down more than 20 per cent who were seeking an insured mortgage through a private insurer were not subjected to the stress test. The test measures whether the buyer could still afford to make payments if mortgage rates rose to the Bank of Canada’s posted five-year fixed mortgage rate. That rate is usually significantly higher than what a buyer can negotiate with banks or other lenders. For instance, TD
has a five-year fixed rate mortgage at 2.59 per cent, while the Bank of Canada’s rate is 4.64 per cent. The stress test also sets a ceiling of no more than 39 per cent of household income being necessary to cover homecarrying costs such as mortgage payments, heat and taxes. Until now, buyers with more than a 20 per cent down payment opting for mortgage
for Canadian Mortgage Trends, told CTVNews.ca. He says the effect is that refinances, jumbo mortgages and rental business will have to be handed over by brokers and non-bank lenders to the banks, says McLister. That will hurt competition and drive up mortgage rates and fees. “There was no industry consultation. Every lender I spoke to said they had no
insurance have escaped such scrutiny. They were able to obtain low-ratio insurance sold through two private insurers, but backed by the federal government, subject to a 10 per cent deductible. Starting Nov.30, new criteria for low-ratio insurance will take effect. To qualify, the mortgage’s amortization period must be 25 years or less, the purchase price be less than $1 million, the property be owner-occupied, and the buyer have a credit score of 600 or more. “I don’t think this has been thought through at all,” McLister, who writes
inkling this was coming. This is a big fat mistake.” In fact, McLister says the changes are a “solution to a problem that doesn’t exist” because only one in 357 Canadian homeowners defaults on a mortgage. “Regulators are under intense pressure to do something because home prices are climbing fast and may be over-valued in some markets. They want to avoid any kind of catastrophe on their watch,” he said. “But the knee-jerk reaction will be so damaging, they could cause the sell-off
they are trying to avoid.” He says mortgage insurance provider Genworth Canada estimates the new rules mean up to one-third of its first-time homebuyers will not qualify for a mortgage. Suzanne Boyce, owner of The Personal Mortgage Group in Hamilton, says she fears the changes will ultimately limit options available to the public. Canada already has some of the stiffest standards for qualifying for mortgages in the world, she says. Boyce says young people trying for the first time to get into a booming housing market and those who qualify for the low posted rates might not qualify for the higher rates right away. “Those borderline people trying to break in before they get out-priced permanently may be kept out. It makes me wonder if we’re heading for a European-type market where home ownership is not as common.” The new rules also mean that, beginning this tax year, all home sales must be reported to the Canada Revenue Agency. The gains from sales of primary residences will remain tax-free, but the government is aiming to block foreign buyers from purchasing and flipping homes while falsely claiming the primary residence exemption from capital gains tax. Finally, the government says it will shift some of the risk of defaults against insured mortgages to banks and other lenders. Ottawa says its shouldering 100 per cent of the cost of a defaulted mortgage is “unique” in the world. How the government plans to share some of that risk with lenders remains to be seen.
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Indo-Canadian Voice | Saturday, Oct 8, 2016