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Archive for the ‘Chilliwack BC Real Estate’ Category

47136 Peregrine Ave Chilliwack Promontory H1204686 New Listing

Posted on: December 7th,2012 By Rod Friesen

I just listed 47136 Peregrine Ave Chilliwack Promontory H1204686.

Chilliwack Real Estate New Listing

As good as new without the tax hassle. Quality Domae built 2 Storey w/bsmt home on Promontory. Nearly 3,200 expansive
sqft featuring an open floor plan concept with beautiful hand scraped hardwood flooring and crown mouldings.
Wrap around maple kitchen with large pantry. 3 bedrooms upstairs including a huge master bedroom w/5 piece ensuite
features and large walk in closet. You also get a den on the main with french doors and its own balcony. The on demand hot
water system will have you wondering how you have ever lived without out it. Back yard is fully fenced providing peace and
privacy. 2×6 quality construction and a high efficiency furnace as well. Call today to view.

New Canadian Mortgage Rules – April 19th, 2010

Posted on: February 28th,2010 By Rod Friesen

New Mortgage Rules in Canada have been implemented by the finance minister Jim Flaherty to begin on April 19th, 2010. The new rules are as follows:

1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term (eg. if you qualified for a 3 year variable, you may not qualify for a 5 year fixed);

2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home;

3. Non-owner occupied properties will require a minimum down payment of 20%. This has a direct affect on those purchasing for investments and my phone has begun ringing as investors look to get into the market again before April 19th.

but there is a further change taking place with CMHC, regarding their rental offset calculation. This is a biggy if you want to buy rental properties and are trying to qualify with the rental income from a legal suite. CMHC is changing how rental income is used in a borrower’s debt service calculations (TDS formula)

Effective April 19th, 2010, CMHC will be changing the way they calculate rental income, no longer allowing for rental offsets. The new policy will involve a percentage of rental income to be added to the client’s (purchaser/buyers) gross income. The ratios and numbers are not yet solidified but when I have them I will post them.

It’s going to be more difficult to qualify for Buyer’s that are in need of rental income to keep the ratios in line.

I encourage you to make a decision very soon if you are thinking of buying as an investor or someone who needs to purchase with a suite.

You can still qualify under the current structure, but here are the changes that are coming:

– Down payment allowed from own resources, borrowed funds, or gifted from a family member. April 19th borrowed funds and gifted funds will likely disappear.

-80% rental offset allowed on all rental properties or legal suites that the client owns. April 19th offset discontinued. and now add percentage to income which will lessen the amount you will qualify for.

-CMHC will not insure a mortgage where 1 client owns more than 4 units in any one building. April 19 investor clients must have 20% down.

These are very tight restrictions and the water cooler thinking is they are doing this to shelter against possible interest rate increases. Stay tuned…

Mortgage Rates: February 12, 2010

Posted on: February 12th,2010 By Rod Friesen

Provided by Terry Enns of National Mortgages

Terms

Posted Rates

Our Rates

6 MONTHS

4.60%

4.50%

1 YEAR

3.65%

2.55%

2 YEARS

3.95%

2.85%

3 YEARS

4.50%

3.40%

4 YEARS

5.14%

3.59%

5 YEARS

5.49%

3.79%

6 YEARS

6.10%

4.75%

7 YEARS

6.60%

5.20%

10 YEARS

6.70%

5.30%

1 YEAR
VARIABLE

Prime = 2.25%

Prime – 0.25% =
2.00%

3 YEAR
VARIABLE

Prime = 2.25%

Prime – .30% =
1.95%

5 YEAR
VARIABLE

Prime = 2.25%

Prime – 0.30% =
1.95%

New Client Testimonials – Oct.26.2009

Posted on: October 26th,2009 By Rod Friesen


We met Rod when looking at a new property which we fell in love with. Our problem was we already owned a home and needed to sell it quickly in order for the purchase to happen. Rod came up with an action plan for us and he was able to list our current home and had it sold within three weeks.

Throughout the process of selling and buying our house Rod was very helpful. He was always there to answer our questions and guide us through the process. Rod was up to date with current marketing resources and not only had our listing on MLS, but Craigslist, Facebook, Twitter and many more that we had never heard of.

Thank you Rod for all your hard work and for making our sale and purchase as easy and stress free as possible!

We would highly recommend Rod Friesen to all our friends and family. click here for more…

New BC Strata Age Restriction Rules

Posted on: April 9th,2009 By Rod Friesen

Previous to March 2009, the only legally enforceable age restriction in stratified condo/townhomes in Abbotsford had been the 55+ age restrictions. In a building that was previously 19+ or 30+ etc… they were not legally enforceable and often stratas had to fine owners who did not follow. The stories of stratas causing trouble with owners are too numerous to name, but a few examples are constant fines, liens on title and other sorts of trouble.

All that has changed now. They are now legally enforceable.

If you are 30 years old and your partner is 28 and you are trying to by into a strata building that has a 30+ age restriction, you no longer are legally allowed to do so without expressed written consent by the strata corporation. Permission to do so would likely require a vote by the strata.

Please ensure your Abbotsford Realtor knows the all the age restrictions and rules pertaining to age restricted buildings in Abbotsford.

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