RealEstateTouchdowns.com

2.99% is Back with Improvements Program

Thu, 08 Mar 2012 20:44:00 GMT

PURCHASE WITH IMPROVEMENTS PROGRAM

Senior Manager, Residential Mortgages

Tel. (250) 361-7068

TD Canada Trust Offers 4-year Closed Special Mortgage Fixed Rate Of 2.99% Along With Flexibility For Homebuyers

- Flexibility is as important as affordability-

TORONTO, March 8, 2012 /CNW/ - TD Canada Trust is offering a four-year special mortgage fixed interest rate of 2.99%, effective March 9th, 2012. This complements its flexible mortgage payment features, which allow qualifying homebuyers to:

· Pay down their mortgage ahead of schedule and have the flexibility to reduce their payments later, for up to four months;

· Pay down their mortgage ahead of schedule and have the flexibility for a payment break later, for up to four months; or

· Pay down their mortgage on schedule and have the flexibility to defer or reduce a payment later.

"With all the available special offers in the market, consumers may be tempted by simply choosing the lowest rate," said Farhaneh Haque, Director, Mortgage Advice, TD Canada Trust. "However, for many customers, the best mortgage offer may be the one that recognizes that life isn't always predictable and that provides them with flexibility to accommodate their circumstances."

Flexible mortgage payment features mean that qualifying customers can pay their mortgage ahead of schedule and have the comfort of knowing that if circumstances change in the future, they may have the flexibility to modify their payments for up to four months.

"Many of our customers are serious about paying off their mortgage as soon as they can, in fact, nearly half of our customers are ahead of scheduled payments," added Haque. "TD is committed to making it easy for customers to do so and that's one reason why we offer flexible features as well as affordable rates."

Note: Special interest rate calculated semi-annually, not in advance. This rate is a discount off of posted rate and is only available on new mortgage applications made until March 30th, 2012. Mortgage must be funded by May 31st, 2012.

PURCHASE WITH IMPROVEMENTS PROGRAM BELOW.

How can you assist your purchaser in maximizing their buying opportunity? I have a solution!! How often do you hear the following from purchasers?

1. Great home, great location, but I don’t like the kitchen cabinets; bathroom is too old and it needs new flooring, but I don’t have the extra cash to renovate.

2. I like the house, but it needs a new roof and a new furnace otherwise I’d buy it.

3. I like the location, but its needs too much work and I don’t have the extra money to fix it up the way I want it?

Overview

The Purchase with Improvements and Refinance with Improvements product provides home buyers/owners with the opportunity to make improvements to their home and allows the homeowner to borrow against the increased value of the property.

The cost of improvements (increase in market value) are limited to the lesser of:

10% of the Improved Value, or $40,000

Important: Purchase/Refinance With Improvements requests are processed in 2 advances. Confirm that the customer is aware that they will not have access to all funds on the date of closing and that they will be required to make full principal and interest payments once the first advance is completed. We may be able to provide progressive advances (subject to inspection) on larger renovations >$10,000.00

Property types:

Max 4 units, where at least one unit is Owner Occupied Principal Residence . The value of the improvements must not exceed the lesser of:

10% of the ‘improved’ market value of the property, or $40,000

LTV is based on the improved value of the property.

Maximum LTV: Purchase 95% (1 & 2 unit properties) ; Purchase 90% (3 & 4 unit properties) ; Refinance 85% ; Maximum amortization of 30 years

Restrictions:

Not available for rental/investment properties, vacation/second homes or cottage properties.

Documentation Required for Improvement:

Obtain a list of improvements along with contractor cost estimates, quotes, invoices to support improvements.

Clients will be required to complete a Customer Declaration with their solicitor when the improvements are complete and before the final draw will be processed. This Declaration with paid invoices/receipts will need to be forwarded to the CAS by the solicitor before the second (final) draw will be released.

If Sweat Equity (owner labour) is requested, a reasonable estimate based on applicant's skills must be submitted to your credit centre. Amount must not exceed 50% of minimum equity requirement of the Improvement, to a maximum of $25,000 for conventional requests. Must be supported by 2 competitive quotations.

Advances

First advance will be up to 95% (based on approved LTV request) of the improved value of the property minus the cost of improvement. Progressive advances (inspection required) may be available on larger renovations ie. $20,000 and over.

Second advance will be the cost of improvement, released once solicitor has forwarded a completed Confirmation Letter and paid invoices/receipts confirming that improvements have been completed as per the contractor estimates/invoices/quotes provided to TD at the time of application.

Example:

Improved Value: $400,000

Current Value/Purchase Price: $360,000

Improvements: $40,000

Mortgage Approved at 80% LTV; mortgage amount $320,000 (80% of $400,000)

First draw: $320,000 - $40,000 = $280,000

Second draw: $320,000 - $280,000 = $40,000

If you have questions or want more information on this product, please don’t hesitate to call me for more details. I actually already go into detail with all clients on this program right from the start when we meet for a pre-qualification.

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Should you get a second opinion?

Fri, 02 Mar 2012 19:42:44 GMT

Senior Manager, Residential Mortgages

Tel. (250) 361-7068

Email: gerry.smith@td.com

ANSWER IS YES!!

§ Sometimes a fresh set of eyes in a financial situation may give a different perspective

§ Your client if they have seen someone else may only have a rate guarantee and not an actual pre-qualification

§ We do an actual pre-qualification with full credit information, income confirmed and the file is adjudicated by our credit department – the only thing missing is the actual real estate

§ My extensive knowledge of the mortgage industry; appraisal certification and working with financial planners and accountants will help in providing a more comprehensive financial solution for your client.

§ The more information I can get from the client, the better the solution.

It’s not always about rate. This is the biggest purchase your client will ever make in their lifetime, make sure they have all of the information to make an informed decision.

The cost of a second opinion? Nothing but a little of their time and it may save them thousands of dollars on their purchase.

The Perfect Buying Opportunity?

Sat, 18 Feb 2012 01:23:10 GMT

The amount of new articles over the past month and a half certainly point to the Federal Government leaning heavily toward reducing the amortizations to 25 years – Will they or Won’t they?

Here’s what I do know for sure –

· Interest rates are at historical all time lows, yes they really are this time.

· Mortgage money is readily available, albeit the government is putting increasing pressure on the financial institutions to provide more and more paper work and information to back up submissions, so a little more work at the front end to verify financial information, not necessarily a bad thing. It just may take a little longer to get an approval since there is more document verification required.

· We are still active in ‘stated income self –employed” applications both for conventional financing and CMHC insured mortgages – some institutions have curtailed or eliminated these types of mortgage loans.

· According to the real estate board we are in a buyer’s/balanced market

SO THIS MEANS – THERE IS A AN OPPORTUNITY FOR YOUR PURCHASERS TO PURCHASE UNDER THE BEST POSSIBLE TERMS NOW AND DON’T WAIT - IF THE GOVERNMENT REDUCES THE AMORTIZATION PERIOD, IT MAY REDUCE YOUR BUYER’S PURCHASING POWER BY UP TO $55,000.00.

FOLLOWING ARE TWO TABLES SHOWING THE POTENTIAL IMPACT.

I though you might be interested to see what effect this would have on a borrower’s purchasing power if the amortizations were reduced from 30 years down to 25 years. I’m just saying - food for thought.

Here are the key implications:

· Per the tables below, an increase in annual income of approx. $10,000.00 is required to qualify for the 95% mortgage based on a purchase price of $489,900.00

· Using income of $85,000.00 as the annual family income, the purchaser would qualify for a mortgage of approx. $55,000.00 less with a 25 year amortized mortgage compared to a 30 year amortized mortgage. A bit shift downwards in the purchaser’s buying power for sure.

Table 1 Income required to qualify on a purchase of $489,900.00 with the respective down payments noted below at 3.29% for a five year fixed term with 30 year amortization

Downpayment		Mortgage	CMHC Fee	Total Mortgage	Monthly P & I	Income Req'd
5%	$24,495	$465,405	$12,799	$478,204	$2,086	$85,288
10%	$48,990	$440,910	$8,818	$449,728	$1,962	$80,631
15%	$73,485	$416,415	$7,287	$423,702	$1,848	$76,374
20%	$97,980	$391,920	$0	$391,920	$1,709	$71,175

Table 2 Income required to qualify on a purchase of $489,900.00 with the respective down payments noted below at 3.29% for a five year fixed term with 25 year amortization.

Downpayment		Mortgage	CMHC Fee	Total Mortgage	Monthly P & I	Income Req'd
5%	$24,495	$465,405	$12,799	$478,204	$2,335	$94,626
10%	$48,990	$440,910	$8,818	$449,728	$2,196	$89,413
15%	$73,485	$416,415	$7,287	$423,702	$2,069	$84,648
20%	$97,980	$391,920	$0	$391,920	$1,914	$78,828

Gerry Smith AACI, P.App

Senior Manager, Residential Mortgages

Tel. (250) 361-7068

Email: gerry.smith@td.com

HST Threshold being raised to $850,000 effective April 1, 2012

Sat, 18 Feb 2012 01:19:34 GMT

HST Threshold being raised to $850,000 effective April 1, 2012

Government announces the transition rules for the HST early

The Honourable Kevin Falcon, Minister of Finance, held a press conference today in Victoria to announce transition rules for the harmonized sales tax and the affect it will have on the home building industry. Effective April 1, 2012, the threshold for new housing rebates will be increased from $525,000 to $850,000. Furthermore, this rebate will not be available for secondary homes (outside the Metro Vancouver and Capital Regional District).

The Victoria Real Estate Board was present for a pre-briefing with Minister Kevin Falcon, along with other key stakeholders from BC’s housing sector in the province.

Be reminded that if your clients are considering amending existing agreements as a result of this announcement, they should seek legal advice before doing so.

BCREA is working with legal and tax experts to prepare draft contract language that REALTORS® can include in their listing agreements and Contracts of Purchase and Sale, as well as a series frequently asked questions. This material is expected to be available the week of February 20, and will be posted on the BCREA website as a resource for both REALTORS® and their clients.

Members can find the government’s announcement here: http://www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html

Some of the key elements include:

- The B.C. new housing rebate threshold will be increased to $850,000, effective April 1, 2012 with a maximum rebate of $42,500.

- A provincial grant of up to $ 42,500 will be available for purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000, effective April 1, 2012.

- For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the seven per cent provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of two per cent on the full house price.

- The temporary housing transition measures will be in place for two years, until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

The BC Ministry of Finance has updated their PST in BC website: http://www.pstinbc.ca/buying_goods/buying_a_home

The Canadian Ministry of Finance has also released its transitional rules, with examples related to the sale of real property. The rules note:

- In the case of a sale of real property, tax generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient under the agreement of purchase and sale. However, where the property supplied is a residential condominium unit in a condominium complex which has not, at the time possession is transferred, been registered as a condominium, tax is not payable until ownership of the unit is transferred or, if earlier, 60 days following the date of registration.

There are several examples listed in the rules, which can be found here: http://www.fin.gc.ca/n12/data/12-017_1-eng.asp

The Board will post further information as soon as it becomes available.

Maggie Kerr-Southin, Manager, Communications, Victoria Real Estate Board - www.vreb.org
3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652

P Please consider the environment before printing this email.

The Devil in the Details

Sat, 21 Jan 2012 21:36:31 GMT

As I’ve said for years, it’s not all about the rate, never is, never should be! It’s about providing the right advice and information to the client so they can make an informed decision. Read the fine print.

16. Read fine print on low-rate mortgages

Toronto Star

Jan 19, 2012

Madhavi Acharya-Tom Yew

Bank of Montreal made headlines with the 2.99 per cent five-year mortgage it unveiled last week.

Most of the other big banks have followed suit, but before signing on the dotted line, you should read the fine print. These mortgages have restrictions that you won't find on other products.

"It's the lowest rate available, but I would only recommend it to people who are very sure of their circumstances for the next five years," said Kerri-Lynn McAllister, of RateHub.ca, a website that compares mortgage rates.

"You may want to look at a slightly higher rate that offers all the flexibility of a standard mortgage."

The Bank of Montreal says this mortgage offers Canadians a way to be mortgage-free faster because it offers a great rate and a shorter amortization.

The BMO product differs from a typical mortgage in several ways:

The maximum amortization period is 25 years. A typical mortgage offers an amortization period of up to 30 years.

You can make extra payments during the year or one annual lump sum payment as long as the total doesn't exceed 10 per cent of the principal amount owed. Most mortgages allow prepayments up to a maximum of 20 per cent or more of the principal.

You cannot skip a payment once a year for reasons of financial hardship or absence, a common feature of many mortgages. Nor can you double-up on a payment.

You cannot refinance or switch your mortgage to another lender for five years. Most homeowners who sign a five-year term don't make it that long. On average, they last three years and 9 nine months, and then they either refinance or move, according to Rate Hub.

McAllister said that because the amortization is capped at 25 years, you may not be able to borrow as much. That could hurt first-time buyers in markets such as Toronto and Vancouver where home prices are in the stratosphere.

The refinancing restriction means, "the only way you can refinance is if you do so with BMO," McAllister said.

"They know you're locked in to them, so you don't have any bargaining power if they don't offer you a good rate or term."

BMO agrees that this mortgage is best-suited for someone who plans to be in their home for awhile.

"Customers were telling us they wanted something simple and easy to understand that would allow them to be mortgage-free faster," said Katie Archdekin, head of mortgage products at the Bank of Montreal.

Archdekin said the shorter amortization rate is designed to do just that.

While many homeowners have good intentions when it comes to prepayments, very few actually take advantage of these options, she added.

"This product carries fewer features than our other mortgage products, but it's very easy to understand," Archdekin said. "This product really supports customers to pay off their mortgage faster by instilling that discipline directly into the regular payments."

BMO's 2.99 per cent mortgage offer is the lowest 5-year rate in modern Canadian history.

Other banks have also followed suit, with Toronto-Dominion Bank and Royal Bank of Canada cutting four-year rates to 2.99 per cent.

Canadian banks are becoming more competitive for mortgage business because they're concerned the market won't be growing as quickly over the coming years, experts say.

TD Economics

January 17, 2012

Bank of Canada leaves rates unchanged

• As was widely expected, the Bank of Canada held its benchmark overnight rate at 1.00% for the eleventh consecutive fixed announcement date. It continues to judge that historic low interest rates and a well functioning financial system are providing considerable policy stimulus in Canada.

• While more details will be released in tomorrow’s Monetary Policy Report, the Bank released its updated GDP growth outlook. It now expects growth to be 2.4% in 2011 2.0% in 2012 and 2.8% in 2013, compared to 2.1%, 1.9% and 2.9% respectively in the October MPR.

• That growth forecast implies less slack in the Canadian economy than previously forecast, and the Bank now sees the output gap closing, and inflation returning to target in the third quarter of 2013, one quarter earlier than in the October MPR.

• This stronger growth in 2012 is a product of a solid gain in the second half of 2011 that provided a good hand off to 2012, and the Bank expects growth going forward to be more modest than previously envisaged, largely due to the external environment.

• That weaker external environment includes (1) a recession in Europe, (2) a modest U.S. recovery hampered by household deleveraging and fiscal consolidation, and (3) Chinese growth that is decelerating to a more sustainable pace.

Key Implications

• Today’s statement is broadly in line with December’s, with a more explicit growth outlook. Our own outlook for the Canadian economy is somewhat more pessimistic over the next two years, and we view today’s announcement as consistent with our call for the Bank of Canada to leave interest rates unchanged until the first quarter of 2013.

• Once again, the Bank reminded markets that Canada has a target rate near historic lows, a well functioning financial system and considerable monetary policy stimulus. In fact, one new item in the statement was that these favourable financing conditions will buttress consumer spending and housing activity, taking the household-debt-to-income ratio even higher. Given Canadians record debt levels, we judge that the global financial situation would have to become quite dire for that Bank to cut rates. The theme that interest rates will need to remain lower for longer remains intact.

Leslie Preston, Economist

416-983-7053

3. Flaherty keeping wary eye on housing market

The Globe and Mail

Jan 18, 2012

TARA PERKINS, GRANT ROBERTSON and BILL CURRY

Online link

Finance Minister Jim Flaherty says he stands ready to intervene in the housing market again, just as a mortgage price war breaks out among Canada’s major banks.

Mr. Flaherty said Tuesday that he’s watching the market closely, although he has no plans to tighten the market again at this point.

His comments came on the same day that the Bank of Canada projected that the debt burden on households will continue to rise, a troubling sign that means stretched consumers are vulnerable to shocks in this climate of heightened economic uncertainty.

Mr. Flaherty said he is in close contact with the big banks, most of whom are now offering 2.99-per-cent fixed-rate mortgages, the lowest ever.

Both the Finance Minister and Bank of Canada Governor Mark Carney have been urging consumers to get a handle on their debts, the bulk of them in mortgages, and not allow low interest rates to entice them into taking on more credit than they can handle.

Mr. Flaherty announced his most recent round of tightening a year ago, when he made a number of changes, including reducing the maximum length of insured mortgages to 30 years from 35 and restricting the amount Canadians could borrow when refinancing.

While low interest rates in Canada, the U.S. and Europe are intended to help fuel economic growth, they are also causing issues for Canadian policy makers, who worry homeowners will take out bigger mortgages than they’ll be able to afford once rates rise.

Some bank executives have recently indicated that they would support Mr. Flaherty taking further steps to tighten the mortgage market, for example by trimming the maximum length of federally insured mortgages to 25 years from 30.

Toronto-Dominion Bank chief executive officer Ed Clark told The Globe and Mail last month that he would not be opposed to the government tightening the mortgage rules further. “If you thought the Canadian economy was strong enough to take another adjustment, then we would say take the 30 [year amortization limit] down to 25 and get this back to where it originally was,” Mr. Clark said.

Bankers also argued that the 2.99 per cent fixed-rate mortgages they have begun to offer, after Bank of Montreal spurred a price war, are not a big problem for consumer debt levels, in part because many Canadians still have variable-rate mortgages that are even lower than that.

“We have been cautioning Canadians for some time that they need to be prepared to have higher interest rates in the future and be aware of the affordability issue that that may create for some Canadians, not to assume that mortgage interest rates will remain low for a long period of time,” Mr. Flaherty said Tuesday. “So we all have to be cautious in our financial planning.”

The ratio of Canadian household debt to personal disposable income hit 152.98 in the third quarter, compared to 150.57 per cent in the prior quarter and 146 per cent in 2010.

Mr. Flaherty added that there are some signs that Canada’s housing market is softening, and he hopes it will continue to moderate.

Mortgage credit, which accounts for 69 per cent of total household credit, “shows no signs of slowing in the near term,” said National Bank Financial analyst Peter Routledge.

“A substantial array of leading and coincident indicators suggests to us that Canadian households will continue to augment their leverage,” he wrote in a note to clients Monday. That, in his opinion, is not a good thing.

“It would be great if everyone just settled down and we saw housing come off 5 or 10 per cent and we kept having an economy that was growing but household credit levelled off, and that would be what I call a soft deleveraging,” he said in an interview. “But we’re not going to have it. And so, I think folks should prepare for – not this year, but somewhere down the line – a more disruptive resolution.”

CANADA – BANK OF CANADA: HOW TO REITERATE A MESSAGE AND SAY NEW THINGS AT THE SAME TIME

As uncertainty spreads among Canadian households and businesses, increased attention is being paid to announcements by the Bank of Canada. This week, the Bank was in the news on separate days for two different reasons, but the message it sent out was quite consistent.

On Tuesday, the Bank of Canada announced that it was keeping its benchmark overnight rate at 1.00%, where it has been since September 2010. This was widely expected by markets. Given the absence of any surprise, analysts turned to their new hobby: parsing Bank language to find a “word of the month”. The new key word is now considerable, as in “with the target interest rate near historic lows and the financial system functioning well, there is considerable monetary policy stimulus in Canada.” Translation: rates are not far from their lower effective bound (generally considered to be 0.25%), and that is very expansionary monetary policy. Barring a recession, don’t expect them to go any lower. This is consistent with our call for the Bank of Canada to leave interest rates unchanged until the first quarter of 2013.

Then, on Thursday, the Bank released its winter Financial System Review, which often flies under the radar compared to other releases and announcements. This time, the Bank worked out the details of how the European crisis could have a financial impact on Canada’s economy. This led observers to stop and listen. The Bank explained that Canadian institutions are not too vulnerable, given that they have only 10% of their tier 1 capital in European sovereign debt. Overall, Canada’s financial system is doing relatively well, but risks remain elevated. In fact, a look at pension and life insurance funds revealed that low interest rates have lowered the returns on their investments, putting their ability to meet future financial obligations at risk.

In both cases, the Bank acknowledged that global financial markets are not in great shape, and that Europe is in recession. And while it noted that the U.S. and Canadian economies are doing better than expected in the second half of this year, not much of this momentum is likely to be carried into 2012. Regular readers of the Bottom Line will no doubt notice that the Bank of Canada and TD Economics are singing from a very similar hymn book these days regarding the economic outlook and the risks attached to it. More details on our views will become available next week as we release our updated Quarterly Economic Forecast.

The week closed with the release of Canada’s October trade statistics, raising the question as to whether they would align with recent signs of strength in the U.S. and of weakness in Europe. To a degree, they did. Exports to the U.S. declined only 1% in October, compared to a 13% drop in exports to Europe, albeit mainly caused by trade with the U.K. More in line with the prevailing narrative are the year-over-year numbers, which show a 15% increase in exports to the US, compared to a 2% decline in exports to Europe. Expect this divergence to become more severe over the coming months.

Overall, the October trade data were disappointing, as Canada’s trade balance shifted into deficit. Still, expect that the firming in U.S. demand will show through with improved results in November and December.

Jacques Marcil, Senior Economist 416-944-5730

“Did you know?”

Did you know - your purchaser can borrow up to 90% financing to purchase a second residence, could be occupied by son/daughter or direct relative!

Did you know – your purchaser can borrow up to 95% financing to purchase a condo if their son/daughter goes on Title as well.

Did you know – there are no interest rate premiums or surcharges for CMHC or Genworth for this type of program.

Did you know – the purchaser can also add improvements/upgrades into the purchase price under these programs.

PROJECT FINANCING OR SINGLE FAMILY DWELLING PROJECTS

Tue, 16 Aug 2011 20:29:00 GMT

PROJECT FINANCING OR SINGLE FAMILY DWELLING PROJECTS

“Did you know?”

Did you know - 12 month rate guarantee on construction of new single family dwellings, your client’s rate will not go up.

Did you know - up to 24 month rate guarantee on purchase of a to be or under construction apartment condominium or townhouse

Did you know – up to 36 month rate guarantee for projects such as Promontory and Era

Did you know - rates are expected to go up over the next couple of years. If you have a purchaser buying in a development either single family dwelling or strata – we can protect their rate

Did you know - once approved, the client does not have to re-qualify. They won’t be able to get a rate guarantee like this through broker distribution channels ie. Virtual banks do not offer this.

All it takes is a telephone call to get started!

Professional Athletes and Professional Sales People

Thu, 11 Aug 2011 12:15:58 GMT

What Do Professional Athletes And Professional Sales People Have in Common?
By Richard Robbins | Blog Update Aug 11, 2011

I've always believed that professional athletes and professional salespeople have a lot in common.

As a pro athlete, you wake every morning starting again at zero, understanding that your success is based on how you perform in the next game. There is no tenure, no taking it easy because you had a great game yesterday--it's today's game that matters.

Sales is much the same. What matters is how you perform today. To be successful, you need to be 100% in the game every day--whether you feel like it or not.

Like pro sports, sales is performance-based. I'm a huge fan of professional golf. I believe it's one of the purest sports there is. There are no lucrative long-term contracts like baseball, football, hockey, or basketball. There is no team to pick up the slack when you're down. You're on your own. Moreover, you're paid based on your success in each tournament. Much like sales, you only get paid when you perform.

Yes, some professional golfers have enormous endorsement contracts, but they got these because of their past performance and most of the compensation that comes from them is paid out based on future performance.

Sales and Sports Are Both Mental Games
What has intrigued me about golf lately is the number of players that now have mental coaches. For decades, fitness coaches, swing coaches and putting coaches have been commonplace, but more and more athletes now use mental coaches to take their game to the next level.

Dr. Bob Rotella has been the mental coach guru on the tour for years. He began at a time when it was almost unheard of to have a mental coach. When he started to produce great results for the likes of Tom Kite and Nick Price years ago on the PGA tour, many other players took notice. Now a mental coach has become as common as a swing coach.

Why the boost in mental coaching popularity? While physical coaching might create skill and technique, players have struggled for years to figure out why one day they can shoot 65, and the next day fumble their way to 75. Clearly it's not about ability--after all, they had the skill to shoot 65 the day before. It's about what's going on in their heads.

It has been said that 80% of success in golf is what goes on between the ears. Sales is no different. Why does a salesperson have a great couple of days, weeks or months and then go into a slump? It's not about ability--it's about mentality. It's what's going on upstairs. Like athletic slumps, all sales slumps are mental.

The difference between the good and the great in sports and in sales is not how we perform on the days we feel like performing. It's how we perform on the days we don't. It's not what we do when our confidence is high, it's what we do when our confidence is low. The difference is almost entirely psychological.

Just like great athletes, great salespeople don't just have the ability to perform at a high level. They have the ability to do it more often than the rest.

Mobile Mortgages

Thu, 14 Jul 2011 12:20:17 GMT

Did you know?”

Did you know - Mobile Home financing is available up to 95% of the purchase price?

Did you know – Mobile Homes can be financed on both leasehold and monthly rental situations.

Did you know – Mobile Home amortization can be up to 25 years. Older mobile homes may have amortization reduced if they have not been upgraded.

Did you know - All mortgages on mobile homes have to be CMHC insured, regardless of the amount of down payment.

For further information, don’t hesitate to call, if I don’t have an immediate answer, I’ll find out and get back to you.

BC Home Sales to Rice 5% This Year

Thu, 30 Jun 2011 11:58:51 GMT

Home Sales to Rise 5 Per Cent This Year
BCREA 2011 Second Quarter Housing Forecast

Vancouver, BC – June 30, 2011. The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.

“Home sales will post some modest gains over the next two years,” said Cameron Muir, BCREA Chief Economist. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”

“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,000 units. A record 106,300 MLS® residential sales were recorded in 2005.

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The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf

Did you know?

Wed, 22 Jun 2011 13:56:05 GMT

Gerry Smith AACI, P.App

Senior Manager, Residential Mortgages

Tel. (250) 361-7068

Email: gerry.smith@td.com

“Did you know?”

Did you know - we can provide Bridge financing where there is a mismatch between possession dates as long as we are involved in providing some end mortgage financing.

Did you know - we can provide Interim financing (subject to qualification) where a purchaser wants to complete a new purchase prior to selling their existing residence.

Did you know – our pre-approvals for clients are a full and complete credit adjudication, the only thing missing is the real estate.

The majority of approvals through brokers are essentially only a ‘rate hold’ as the client’s file has not been adjudicated by a lender.

How many times has a client advised you they are pre-approved and then there is a problem with the deal after the contract has been written. Ask the hard question or refer them to me to make sure they are actually pre-approved and don’t just have a rate guarantee.

A Home for your College Kid

Wed, 25 May 2011 14:02:51 GMT

“Did you know?”

Did you know - your purchaser can borrow up to 90% financing to purchase a condo for their son/daughter to live in while they attend school.

Did you know – your purchaser can borrow up to 95% financing to purchase a condo if their son/daughter goes on Title as well.

Did you know – there are no interest rate premiums or surcharges for CMHC or Genworth for this type of program.

Did you know – the purchaser can also add improvements/upgrades into the purchase price under these programs.

Home Sales to Climb Eight Per Cent in 2011

Wed, 23 Feb 2011 11:19:24 GMT

Home Sales to Climb Eight Per Cent in 2011
BCREA Housing Forecast Update - First Quarter 2011

Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.

“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”

“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”

The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.

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The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

For more information, please contact:

Cameron Muir	Damian Stathonikos
Chief Economist	Director of Communications and Public Affairs
Direct: 604.742.2780	Direct: 604.742.2793
Mobile: 778.229.1884	Mobile: 778.990.1320
Email: cmuir@bcrea.bc.ca	Email: dstathonikos@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

Mortgage changes for March from Gerry Smith of TD

Fri, 11 Feb 2011 10:52:41 GMT

Gerry Smith AACI, P.App

Senior Manager, Residential Mortgages

Tel. (250) 361-7068

I COULD GO INTO A WHOLE LITANY OF THE PERMUTATIONS, RAMIFICATIONS AND MACHINATIONS OF THE RECENT GOVERNMENT CHANGES APPLICABLE TO PURCHASERS. HOWEVER FROM YOUR PERSPECTIVE IN DEALING WITH BUYERS, THESE ARE THE IMPORTANT ISSUES AND HOW TO DEAL WITH

THEM.

1. MAKE SURE YOUR PURCHASER IS FULLY PREQUALIFIED, NOT JUST AN INTEREST RATE GUARANTEE! ASK TO SEE THEIR PREQUALIFICATION CERTIFICATE, MANY PURCHASERS DON'T KNOW WHAT THEY HAVE IS A RATE GUARANTEE CERTIFICATE AND THAT'S ALL.

2. PURCHASERS WILL REQUIRE AN ACCEPTED OFFER TO PURCHASE IN THEIR HANDS DATED NO LATER THAN MARCH 18, 2011 TO QUALIFY UNDER THE CURRENT RULES TO KEEP THE 35 YEAR AMORTIZATION.

3. THE PURCHASE OF THE NEW PROPERTY MUST COMPLETE WITHIN 90 DAYS OF MARCH 18, 2011 TO KEEP THE 'OLD' TERMS (35 YEAR AMORTIZATION)

4. THE EXCEPTION IS BUILDER'S PROJECTS OR CONSTRUCTION OF SINGLE FAMILY DWELLINGS WHERE WE CAN HOLD THE RATE FOR 12 - 24 MONTHS, ONCE WE HAVE AN APPROVAL WE CAN KEEP THE 35 YEAR AMORTIZATION, BUT AN ACCEPTED OFFER TO PURCHASE MUST BE

IN PLACE BY NO LATER THAN MARCH 18, 2011.

5. LASTLY. YOU JUST NEED MY TELEPHONE NUMBER 250 361-7068 THAT WILL SOLVE MOST OR YOUR PROBLEMS AND YOUR PURCHASER'S PROBLEMS. SEEMS SIMPLE DOESN'T IT? DON'T WAIT TO CALL.

Where did the buyers come from? 2010

Fri, 04 Feb 2011 12:45:14 GMT

Victoria Home Sales for 2010

70% of buyers were from the Greater Victoria area.

15% were from outside BC but within Canada

3% were from outside Canada.

The National Real Estate Picture

Thu, 16 Dec 2010 11:41:44 GMT

TD Economics

Release: November extends the climb in home sales to four months

Existing home sales increased for a fourth consecutive month in November, climbing by 4.8% M/M to nearly 38,000 units (seasonally-adjusted). As of these November figures, sales were roughly halfway between their peak of December 2009 and their trough of July 2010.
Sales activity increased in two-thirds of local markets. Within large core urban markets, the uptick in sales was led by Vancouver (+11%), Montréal (+8%), and Edmonton (+7%).
Stepping back to the national trough in sales of July, the 20% increase in sales since then has been led by British Columbia (+29%), Ontario (+24%), and Saskatchewan (+20%). Other regions/provinces have also seen an uptick in activity, but it has been more subdued in Alberta (+15%), Québec (+11%), and the Atlantic (+9%).
On the supply side of the national market, new listings were down 0.7% M/M. Combined with the sales figure, this resulted in a firmer market balance than in October. The sales-to new listings ratio rose to 0.55 (from 0.52 in October), while the months of inventory measure declined to 5.8 months (from 6.1 months in October).
The seasonally-adjusted average price rose by 1.8% M/M in November, while the actual (unadjusted) price gained 2.0% Y/Y. Monthly (seasonally-adjusted) average home values have been accelerating over past four months, reflecting the firmer market balance. Meanwhile, year-over-year changes, while still modest, have also been picking up over the last two months after near flat readings in August and September.

Key Implications

With the November figures in and assuming steady sales in December, Q4 would mark a 14% increase in sales. As such, and not coincidentally, it appears that Q3 was not only the low-water mark in economic growth, but also in resale housing activity.
We expect home sales to remain well supported over the next couple of quarters before increases in borrowing rates eventually begin to ease the pace of sales. Reading through the quarterly volatility, we expect the market to move mostly sideways over the next couple of years. The bottom line is that before long, eroding affordability and resale housing sector sluggishness will slightly dampen economic growth. Further analysis and forecasts are provided in “Canadian Housing Landing Safely” (Dec. 9) and the latest edition of our Canadian Quarterly Economic Forecast, to be released today.

Pascal Gauthier, Senior Economist

BC Lions

Mon, 08 Nov 2010 13:00:01 GMT

BC Lions! Otis my man.... did you see him flappin his gums after the game. That was Ti Cat linebacker and former BC Lion Otis Floyd commenting on the BC Lions chances of making the playoffs after the Lions beat them at home on Saturday. The Lions did make the playoffs and they play the Roughriders in Sk next weekend. Go Lions Go